CBIO
Crescent Biopharma, Inc.
NasdaqCMUSDEQUITY
Healthcare
DELAYED
Sell
-23/100
Last price
13.57
▼ 0.37 (2.65%)
MARKET · —
Price
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Tool
1D
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Range —
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Open
—
Prev close
13.94
Day high
14.78
Day low
13.46
Volume
492.37K
Market cap
$504.08M
P/E (TTM)
—
52W range
8.72 – 27.41
Trailing performance
Returnvs SPY
1W
-8.06%
-10.0%
1M
-35.01%
-36.2%
3M
-19.27%
-23.8%
6M
-29.36%
-47.5%
YTD
+14.42%
+0.2%
1Y
+15.78%
-0.6%
3Y
-90.95%
-173.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CBIO open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+785.29K
Net buying
Buy transactions
1
853.45K shares
Sell transactions
7
68.16K shares
Net transactions
+8
Buys less sells
Sell : buy shares
0.1 : 1
Mixed
Insider-held shares
114.71K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 16, 26 | FAIRMOUNT FUNDS MANAGEMENT LLC Beneficial Owner of more than 10% of a Class of Security |
BUY | 853.45K | $12.38M | Indirect |
| Jun 22, 26 | BRUMM JOSHUA T. Chief Executive Officer |
SELL | 42.30K | $761.07K | Direct |
| Jun 22, 26 | LYNCH RYAN Officer and Treasurer |
SELL | 465 | $8.37K | Direct |
| Jun 22, 26 | SCALZO RICHARD WILLIAM Chief Financial Officer |
SELL | 1.11K | $20.00K | Direct |
| Jun 22, 26 | MCNEILL JONATHAN President |
SELL | 20.55K | $369.68K | Direct |
| Jun 22, 26 | IM ELLIE EUNKYUNG Officer |
SELL | 1.22K | $21.93K | Direct |
| Jun 22, 26 | BISPHAM BARBARA HARLIN General Counsel |
SELL | 1.22K | $21.91K | Direct |
| Jun 22, 26 | PINKAS JAN Officer |
SELL | 1.29K | $23.17K | Direct |
| Dec 15, 25 | BRUMM JOSHUA T. Chief Executive Officer |
STOCK | 55.12K | $0 | Direct |
| Dec 15, 25 | LYNCH RYAN Officer and Treasurer |
STOCK | 12.38K | $0 | Direct |
| Dec 15, 25 | SCALZO RICHARD WILLIAM Chief Financial Officer |
STOCK | 19.42K | $0 | Direct |
| Dec 15, 25 | MCNEILL JONATHAN President |
STOCK | 25.51K | $0 | Direct |
| Dec 15, 25 | DOUGHTY CHRISTOPHER GRANT Officer |
STOCK | 22.71K | $0 | Direct |
| Dec 15, 25 | IM ELLIE EUNKYUNG Officer |
STOCK | 21.30K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BISPHAM BARBARA HARLIN |
General Counsel | 19.33K | Sale |
BRUMM JOSHUA T. |
Chief Executive Officer | 281.21K | Sale |
DOUGHTY CHRISTOPHER GRANT |
Officer | 62.19K | Stock Award(Grant) |
FAIRMOUNT FUNDS MANAGEMENT LLC |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
IM ELLIE EUNKYUNG |
Officer | 22.07K | Sale |
LYNCH RYAN |
Officer and Treasurer | 13.87K | Sale |
MCNEILL JONATHAN |
President | 139.16K | Sale |
PINKAS JAN |
Officer | 22.24K | Sale |
SCALZO RICHARD WILLIAM |
Chief Financial Officer | 20.30K | Sale |
Fundamentals
Market cap$504.08M
Enterprise value$414.65M
Revenue (TTM)$11.88M
Gross profit$11.88M
EBITDA$-170.03M
Net income$-165.12M
EPS (TTM)$-7.63
Free cash flow—
Total cash$171.59M
Total debt$1.44M
Book value / share$4.77
Shares outstanding37.14M
Float27.03M
Short % of float15.74%
Dividend yield0.00%
Beta (5Y)—
Valuation & profitability ratios
Trailing P/E—
Forward P/E-5.16
PEG ratio—
Price / sales—
Price / book2.85
EV / revenue34.90
EV / EBITDA-2.44
Gross margin100.00%
Operating margin-1432.63%
Profit margin0.00%
Return on equity—
Return on assets—
Debt / equity0.88
Current ratio9.66
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | YoY |
|---|---|---|
| Total revenue | $10.84M | |
| Operating revenue | $10.84M | |
| Research & development | $138.09M | |
| Selling, general & admin | $25.39M | |
| Total operating expense | $163.48M | |
| Operating income | -$152.63M | |
| Net interest income | $690.00K | |
| Pre-tax income | -$151.94M | |
| Tax provision | $2.00M | |
| Net income | -$153.94M | |
| Net income to common | -$153.94M | |
| Basic EPS | -12.81 | |
| Diluted EPS | -12.81 | |
| EBIT | -$149.76M | |
| EBITDA | -$149.67M | |
| Basic shares | 10.41M | |
| Diluted shares | 10.41M |
| Line item | 2025 | 2024 | YoY |
|---|---|---|---|
| Cash & equivalents | $213.19M | $34.77M | +513.2% |
| Cash & short-term investments | $213.19M | $34.77M | +513.2% |
| Accounts receivable | $18.00M | $0 | — |
| Total current assets | $236.66M | $34.80M | +580.0% |
| Property, plant & equipment | $2.31M | $0 | — |
| Total assets | $240.29M | $35.62M | +574.7% |
| Total current liabilities | $36.07M | $9.61M | +275.2% |
| Long-term debt | — | $37.48M | — |
| Total debt | $1.64M | $37.48M | -95.6% |
| Total liabilities | $37.28M | $51.10M | -27.0% |
| Retained earnings | -$171.81M | -$17.87M | -861.6% |
| Shareholder equity | $203.01M | -$15.48M | +1,411.5% |
| Working capital | $200.58M | $25.19M | +696.3% |
| Net tangible assets | $203.01M | -$15.48M | +1,411.5% |
| Shares issued | 30.45M | 19.50M | +56.1% |
| Line item | 2025 | YoY |
|---|---|---|
| Net income | -$153.94M | |
| Depreciation & amortisation | $84.00K | |
| Stock-based compensation | $13.30M | |
| Change in working capital | -$13.37M | |
| Operating cash flow | -$71.53M | |
| Capital expenditure | -$72.92M | |
| Investing cash flow | -$72.92M | |
| Share buybacks | -$177.00K | |
| Financing cash flow | $322.98M | |
| Free cash flow | -$144.45M | |
| End cash position | $213.30M |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $0 | $1.04M | $10.84M | $0 | $0 | -100.0% |
| Operating revenue | $0 | $1.04M | $10.84M | $0 | $0 | -100.0% |
| Research & development | $19.39M | $17.90M | $95.03M | $20.35M | $12.08M | +8.3% |
| Selling, general & admin | $8.74M | $7.87M | $7.31M | $5.54M | $8.95M | +11.2% |
| Total operating expense | $26.36M | $25.77M | $102.34M | $25.89M | $21.03M | +2.3% |
| Operating income | -$26.36M | -$24.73M | -$91.49M | -$25.89M | -$21.03M | -6.6% |
| Net interest income | $1.53M | $1.45M | $1.09M | $1.28M | -$760.00K | +5.6% |
| Pre-tax income | -$24.84M | -$23.28M | -$90.40M | -$24.61M | -$21.79M | -6.7% |
| Net income | -$24.84M | -$23.28M | -$92.40M | -$24.61M | -$21.79M | -6.7% |
| Net income to common | -$24.84M | -$23.28M | -$92.40M | -$24.61M | -$21.79M | -6.7% |
| Basic EPS | -0.74 | -0.70 | -4.01 | -1.27 | -4.93 | -5.7% |
| Diluted EPS | -0.74 | -0.70 | -4.01 | -1.27 | -4.93 | -5.7% |
| EBIT | -$24.84M | -$23.28M | -$90.40M | -$24.61M | -$20.72M | -6.7% |
| EBITDA | -$24.77M | -$23.22M | -$90.34M | -$24.58M | -$20.71M | -6.7% |
| Basic shares | 30.53M | 30.40M | 20.17M | 16.54M | 3.86M | +0.4% |
| Diluted shares | 30.53M | 30.40M | 20.17M | 16.54M | 3.86M | +0.4% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $171.59M | $189.16M | $213.19M | $133.26M | $152.65M | -9.3% |
| Cash & short-term investments | $171.59M | $189.16M | $213.19M | $133.26M | $152.65M | -9.3% |
| Accounts receivable | $0 | $0 | $18.00M | — | — | — |
| Total current assets | $179.01M | $195.56M | $236.66M | $134.56M | $154.23M | -8.5% |
| Property, plant & equipment | $2.15M | $2.30M | $2.31M | $2.35M | $1.80M | -6.7% |
| Total assets | $182.76M | $199.13M | $240.29M | $138.27M | $157.43M | -8.2% |
| Total current liabilities | $18.54M | $14.19M | $36.07M | $20.30M | $16.75M | +30.6% |
| Total debt | $1.44M | $1.54M | $1.64M | $1.74M | $1.64M | -6.9% |
| Total liabilities | $19.50M | $15.28M | $37.28M | $21.63M | $18.18M | +27.6% |
| Retained earnings | -$219.93M | -$195.09M | -$171.81M | -$79.41M | -$54.80M | -12.7% |
| Shareholder equity | $163.25M | $183.85M | $203.01M | $116.64M | $139.25M | -11.2% |
| Working capital | $160.47M | $181.37M | $200.58M | $114.26M | $137.48M | -11.5% |
| Net tangible assets | $163.25M | $183.85M | $203.01M | $116.64M | $139.25M | -11.2% |
| Shares issued | 27.76M | 27.57M | 30.45M | 16.78M | 16.78M | +0.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$24.84M | -$23.28M | -$92.40M | -$24.61M | -$21.79M | -6.7% |
| Depreciation & amortisation | $66.00K | $64.00K | $54.00K | $28.00K | $2.00K | +3.1% |
| Stock-based compensation | $3.96M | $4.11M | $4.75M | $1.99M | $5.34M | -3.6% |
| Change in working capital | $3.01M | $10.07M | -$19.24M | $4.96M | -$2.16M | -70.1% |
| Operating cash flow | -$19.46M | -$8.94M | -$26.74M | -$17.54M | -$16.40M | -117.8% |
| Capital expenditure | -$13.00K | -$8.15M | -$72.19M | -$586.00K | — | +99.8% |
| Investing cash flow | $1.76M | -$8.15M | -$72.19M | -$586.00K | -$140.00K | +121.6% |
| Financing cash flow | $136.00K | -$6.95M | $178.86M | -$1.25M | $146.86M | +102.0% |
| Free cash flow | -$19.48M | -$17.08M | -$98.93M | -$18.13M | -$16.54M | -14.0% |
| End cash position | $171.70M | $189.27M | $213.30M | $133.37M | $152.75M | -9.3% |
Options analytics
Put / call volume
20.00
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
2.50
-81.6% from spot
ATM implied vol
12.5%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
1
Contracts, this expiry
Put volume
20
Contracts, this expiry
Heaviest call OI
2.50
0 contracts
Heaviest put OI
10.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.64 | -0.62 | +2.8% |
| Mar 2026 | -0.79 | -0.70 | +11.0% |
| Dec 2025 | -2.82 | -4.92 | -74.5% |
| Sep 2025 | -1.39 | -1.37 | +1.3% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.57 | 3 | $357.14K | 0.0% |
| Next quarter | -0.61 | 3 | $357.14K | 0.0% |
| Current year | -2.35 | 3 | $1.73M | 0.0% |
| Next year | -2.63 | 3 | $4.79M | +177.4% |
Analyst targets & ownership
Mean target$31.50
High target$36.00
Low target$27.00
Implied upside132.13%
Analyst count6
ConsensusSTRONG BUY
Strong buy / Buy1 / 7
Hold0
Sell / Strong sell0 / 0
Held by insiders0.27%
Held by institutions82.94%
Institutions holding120
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
14.24
-4.70% from price
SMA 20
16.16
-16.04% from price
SMA 50
16.71
-18.81% from price
SMA 100
17.27
-21.41% from price
SMA 200
15.74
-13.80% from price
EMA 12
14.82
-8.46% from price
EMA 26
15.87
-14.49% from price
EMA 50
16.48
-17.67% from price
RSI (14)
31.9
Neutral
MACD (12,26,9)
-1.04
Hist -0.25
ATR (14)
1.24
9.14% of price
Realised vol 30D
72.9%
Annualised
Bollinger upper
20.53
20, 2σ
Bollinger lower
11.79
20, 2σ
50 / 200 cross
Golden
16.71 vs 15.74
Trend bias
Below 200
-13.80%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.84
Less volatile than market
Correlation to SPY
0.14
Largely independent
Realised vol 30D
72.9%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-49.7%
Peak to trough
Max drawdown 5Y
-97.8%
Peak to trough
ATR 14
1.24
9.14% of price
Beta (reported)
—
5Y monthly, from filing
Short interest
Shares short
3.41M
Prior 3.22M
Change vs prior
+5.9%
Shorts adding
% of float
15.74%
Elevated
% of shares out
9.17%
Against total outstanding
Days to cover
12.3
Crowded exit
Float
27.03M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 6, 26 | HC Wainwright & Co. | UPGRADE | Neutral | Buy |
| Sep 14, 26 | Wedbush | MAINTAINED | Outperform | Outperform |
| Aug 27, 26 | Wedbush | MAINTAINED | Outperform | Outperform |
| Jun 1, 26 | HC Wainwright & Co. | DOWNGRADE | Buy | Neutral |
| Mar 2, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Jan 21, 26 | Guggenheim | INITIATED | — | Buy |
| Aug 27, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 25, 25 | Jefferies | INITIATED | — | Buy |
| Aug 11, 25 | HC Wainwright & Co. | INITIATED | — | Buy |
| Jul 14, 25 | Wedbush | INITIATED | — | Outperform |
| Jun 25, 25 | Stifel | INITIATED | — | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio—
Ex-dividend date—
Next pay date—
Last split1:100
Split dateJun 16, 2025
SEC filings
Offering Registrations
S-8 · 2026-09-18
Periodic Financial Reports
10-Q · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-07-15
Corporate Changes & Voting Matters
8-K · 2026-07-14
Offering Registrations
S-3 · 2026-07-01
Periodic Financial Reports
10-Q/A · 2026-06-22
Corporate Changes & Voting Matters
8-K · 2026-06-03
Periodic Financial Reports
10-Q · 2026-04-29
Headlines
Crescent Biopharma Announces Grants of Inducement Awards
GlobeNewswire · 12h ago
HC Wainwright Upgrades Crescent Biopharma to Buy From Neutral, Price Target is $36
MT Newswires · 22h ago
Crescent Biopharma's Investigational New Drug Application for CR-002 to Treat Solid Tumors Cleared by FDA
MT Newswires · 2d ago
Crescent Biopharma Announces FDA Clearance of IND Application for CR-002, a PD-L1-targeted Topoisomerase Inhibitor ADC, for the Treatment of Solid Tumors
GlobeNewswire · 2d ago
Crescent Biopharma Announces Grants of Inducement Awards
GlobeNewswire · 11d ago
Crescent's Tumor Treatment Validated by Akeso Trial Results, Wedbush Says
MT Newswires · 23d ago
Summit Packs A Punch For Merck's Keytruda — But Not Everyone Is Sold
Investor's Business Daily · 33d ago
Crescent Biopharma to Present at September Investor Conferences
GlobeNewswire · 34d ago
PRIVATE STRATEGY · BY QUALIFICATION
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