Logos Global Reports Sub-5% Stake in Crescent Biopharma — 575K Shares

Rhea-AI Filing Summary

Logos Global Management and related entities report ownership stakes in Crescent Biopharma, Inc. The filing shows Logos Global Management LP and Logos Global Management GP LLC each have beneficial ownership of 575,000 ordinary shares, representing 4.1% of the class. Logos Global Master Fund LP and Logos GP LLC each report 100,000 shares (0.7%). The percentage figures are calculated using 13,829,562 ordinary shares outstanding as reported by the issuer for the quarter ended June 30, 2025.

The reported positions are held with shared voting and shared dispositive power; no reporting person claims sole voting or sole dispositive power. The filers state they are investment adviser/related entities and expressly disclaim membership in a group and disclaim beneficial ownership except to the extent of pecuniary interest. The filing includes certifications that the securities were acquired in the ordinary course of business and not for the purpose of changing or influencing control.

Insights

Financial Analyst

TL;DR: A non-controlling, disclosed stake under 5%—transparent but unlikely to shift corporate control.

The Schedule 13G/A reports Logos Global-affiliated entities holding 575,000 shares (4.1%) and a related master fund holding 100,000 shares (0.7%). Holdings are reported as shared voting and dispositive power with no sole control. Because each primary reporting entity is below 5% and the filing disclaims group status, this disclosure is routine transparency by an investment adviser and related entities rather than an activist or control position. For investors, the filing signals interest but not a material ownership change that would trigger control-related filings.

Corporate Governance Expert

TL;DR: Governance impact is limited: shared power but no sole authority and holdings below reporting-control thresholds.

The form documents shared voting/dispositive power across Logos Global entities and an individual control person, with aggregate stakes reported at 4.1% and 0.7% for the main entities. The filers explicitly disclaim group membership and broad beneficial ownership beyond pecuniary interest. From a governance perspective, these disclosures fulfill regulatory transparency requirements and do not indicate attempted influence on board composition or corporate control given the percentages and certification of ordinary-course acquisition.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

CRESCENT BIOPHARMA, INC.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G2545C104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Logos Global Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.1 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: Percentage calculated based on 13,829,562 Ordinary Shares outstanding as of July 25, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Logos Global Management GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.1 %

12

Type of Reporting Person (See Instructions)

HC, OO

Comment for Type of Reporting Person: Percentage calculated based on 13,829,562 Ordinary Shares outstanding as of July 25, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Logos Global Master Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 100,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Percentage calculated based on 13,829,562 Ordinary Shares outstanding as of July 25, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Logos GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 100,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 100,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.7 %

12

Type of Reporting Person (See Instructions)

HC, OO

Comment for Type of Reporting Person: Percentage calculated based on 13,829,562 Ordinary Shares outstanding as of July 25, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. G2545C104

1

Names of Reporting Persons

Arsani William

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 575,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 575,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

575,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.1 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Percentage calculated based on 13,829,562 Ordinary Shares outstanding as of July 25, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CRESCENT BIOPHARMA, INC.
(b)	Address of issuer's principal executive offices: 300 Fifth Avenue, Waltham, MA 02451
Item 2.
(a)	Name of person filing: Logos Global Management LP ("Logos Global") Logos Global Management GP LLC ("Logos Global GP") Logos Global Master Fund LP ("Global Fund") Logos GP LLC ("Logos GP") Arsani William Logos Global is the investment adviser to investment funds, including Global Fund. Logos Global GP is the general partner of Logos Global. Logos GP is the general partner of Global Fund. Dr. William is a control person of Logos Global, Logos Global GP and Logos GP. The reporting persons are filing this statement jointly but not as members of a group, and they expressly disclaim membership in a group. Each reporting person disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Global Fund should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.
(b)	Address or principal business office or, if none, residence: One Letterman Drive, Building C, Suite C3-350, San Francisco, California 94129
(c)	Citizenship: See Item 4 of the cover sheet for each reporting person.
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G2545C104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Logos Global: 575,000 Logos Global GP: 575,000 Global Fund: 100,000 Logos GP: 100,000 Arsani William: 575,000
(b)	Percent of class: Logos Global: 4.1% Logos Global GP: 4.1% Global Fund: 0.7% Logos GP: 0.7% Arsani William: 4.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Logos Global: 0 Logos Global GP: 0 Global Fund: 0 Logos GP: 0 Arsani William: 0
	(ii) Shared power to vote or to direct the vote: Logos Global: 575,000 Logos Global GP: 575,000 Global Fund: 100,000 Logos GP: 100,000 Arsani William: 575,000
	(iii) Sole power to dispose or to direct the disposition of: Logos Global: 0 Logos Global GP: 0 Global Fund: 0 Logos GP: 0 Arsani William: 0
	(iv) Shared power to dispose or to direct the disposition of: Logos Global: 575,000 Logos Global GP: 575,000 Global Fund: 100,000 Logos GP: 100,000 Arsani William: 575,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Logos Global Management LP

Signature:	Arsani William
Name/Title:	Managing Partner
Date:	08/14/2025

Logos Global Management GP LLC

Signature:	/s/ Arsani William
Name/Title:	Managing Member
Date:	08/14/2025

Logos Global Master Fund LP

Signature:	/s/ Arsani William
Name/Title:	Managing Member of Logos GP LLC, General Partner of Logos Global Master Fund LP
Date:	08/14/2025

Logos GP LLC

Signature:	/s/ Arsani William
Name/Title:	Managing Member
Date:	08/14/2025

Arsani William

Signature:	/s/ Arsani William
Name/Title:	Reporting person
Date:	08/14/2025

FAQ

What stake does Logos Global hold in Crescent Biopharma (GLYC)?

Logos Global Management LP and Logos Global Management GP LLC each report beneficial ownership of 575,000 ordinary shares, representing 4.1% of the class.

How much does Logos Global Master Fund LP own in GLYC?

Logos Global Master Fund LP reports beneficial ownership of 100,000 ordinary shares, representing 0.7% of the class.

On what share count is the percentage ownership based?

Percentages are calculated using 13,829,562 ordinary shares outstanding as reported by the issuer for the quarter ended June 30, 2025.

Do the reporting persons have sole voting or dispositive power over these GLYC shares?

No. Each reporting person indicates 0 sole voting power and 0 sole dispositive power, and reports only shared voting and shared dispositive power.

Do the filers claim they are acting as a group to influence Crescent Biopharma (GLYC)?

No. The reporting persons state they are filing jointly but expressly disclaim membership in a group and disclaim beneficial ownership except to the extent of pecuniary interest.