0001628280-26-050869 | 10-Q | XBRL Viewer

^[1]

$ 8,078

$ 6,569

^[2]

2,185

Related Party

423

2,035

$ 0

$ 865

[1]	Includes related party amount of $423 and $2,035, for the six months ended June 30, 2026 and June 30, 2025, respectively.
[2]	Includes related party amount of $0 and $865 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 79: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 81: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(3))
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Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(5))
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Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(c)(1))
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Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(c)(2))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 86: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

Cash flows from operating activities:

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Adjustments to reconcile net loss to net cash used in operating activities:

$ (48,120)

$ (36,938)

^[1]

8,078

6,569

Gain on sale of assets

(1,770)

Depreciation expense

130

Changes in operating assets and liabilities:

^[2]

2,185

Non-cash lease expense

198

Accrued expenses and other current liabilities

(482)

4,417

Deferred revenue

(1,039)

Operating lease liability

(207)

Accounts receivable

18,000

Prepaid expenses and other current assets

(1,950)

(1,134)

Other assets

(282)

Net cash used in operating activities

(28,400)

(27,253)

Cash flows from investing activities:

Purchase of research and development license

(8,000)

Proceeds received from sale of assets

1,770

Purchases of property and equipment

(160)

(140)

Net cash used in investing activities

(6,390)

(140)

Cash flows from financing activities:

Proceeds from the Pre-Closing Financing, net

144,281

Cash acquired in connection with the reverse recapitalization

1,269

Proceeds from early exercise of options

Repurchase of equity awards

(177)

Payment of deferred offering costs

(7,089)

Proceeds from issuance of shares under employee stock purchase plan

280

Net cash (used in) provided by financing activities

(6,809)

145,378

Net (decrease) increase in cash, cash equivalents, and restricted cash

(41,599)

117,985

Cash, cash equivalents, and restricted cash at beginning of period

213,299

34,766

Cash, cash equivalents, and restricted cash at end of period

171,700

152,751

Supplemental disclosure of non-cash operating and financing activities:

Vesting of early exercised stock options

Deferred financing costs included in accounts payable and accrued expenses and other current liabilities

282

1,274

Operating lease liability arising from obtaining operating right-of-use asset

1,630

Assets acquired in connection with the reverse recapitalization

1,710

Other liabilities assumed in connection with the reverse recapitalization

(2,454)

Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities

Convertible note principal and non-cash accrued interest converted to ordinary shares

40,515

Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares

4,000

Nonrelated Party

Changes in operating assets and liabilities:

Accounts payable

(816)

(431)

423

2,035

Changes in operating assets and liabilities:

865

$ (140)

$ (2,038)

[1]	Includes related party amount of $423 and $2,035, for the six months ended June 30, 2026 and June 30, 2025, respectively.
[2]	Includes related party amount of $0 and $865 for the six months ended June 30, 2026 and June 30, 2025, respectively.

Share-Based Compensation - Parascent Warrant Obligation Fair Value of Awards (Details) - Parascent Warrant	6 Months Ended
	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	10 years
Expected volatility	96.80%
Risk-free interest rate	4.20%
Dividend yield	0.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Leases - Narrative (Details) ft² in Thousands, $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	May 31, 2025 ft²
Lessee, Lease, Description [Line Items]
Lease term			45 months
Operating lease right-of-use assets	$ 1,271	$ 1,469
Operating lease liability, current	471	435
Operating lease liability, noncurrent	$ 966	$ 1,209
Remaining lease term	2 years 8 months 12 days
Operating lease, discount rate	10.60%
Waltham, Massachusetts \| Building
Lessee, Lease, Description [Line Items]
Area of office space (in sqft) \| ft²			25

Related Party Transactions - Related Party Accounts Payable and Other Current Liabilities (Details) - Related Party - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Accounts payable and other current liabilities	$ 0	$ 140
Location, Statement of Financial Position, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Related Party Transaction [Line Items]
Accounts payable and other current liabilities	0	1
Location, Statement of Financial Position, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Related Party Transaction [Line Items]
Accounts payable and other current liabilities	$ 0	$ 139

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued withholding taxes	$ 0	$ 8,000
Accrued research and development	3,073	2,424
Accrued professional and consulting	965	799
Accrued employee compensation and benefits	3,369	5,121
Total accrued expenses and other current liabilities	$ 7,407	$ 16,344

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Prepaid research and development services	$	5,242	$	4,185
Other prepaid expenses and other current assets	2,171		1,278
Total prepaid expenses and other current assets	$	7,413	$	5,463

Asset Sale	6 Months Ended
Asset Sale	Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]
Asset Sale	16. Asset Sale On April 2, 2026, the Company entered into an asset purchase agreement for its GMI-1687 and GMI-1271 technology, including intellectual property, which had been acquired as part of the reverse merger and was not in active development, for cash consideration of $1.8 million. Additional contingent consideration is included in the asset purchase agreement and is dependent on future development, regulatory, and sales milestones. The Company recorded the cash consideration of $1.8 million as a gain on sale of a nonfinancial asset under ASC 610-20. As there was no recorded value for the assets sold, $1.8 million was recognized as other income during the three and six months ended June 30, 2026 within the condensed consolidated statement of operations and comprehensive loss. The Company has fully constrained the variable consideration as of June 30, 2026.

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of financial assets carried at fair value

The following tables set forth the Company’s financial assets carried at fair value categorized using the lowest level of input applicable to each financial instrument as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	156,272	$	—	$	—	$	156,272
Total Assets	$	156,272	$	—	$	—	$	156,272


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	124,522	$	—	$	—	$	124,522
Total Assets	$	124,522	$	—	$	—	$	124,522

Schedule of changes in fair value for warrant liability

The following table shows the changes in fair value measurements using significant unobservable inputs (Level 3) for the warrant liability during the three and six months ended June 30, 2026 and June 30, 2025:


Description	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Beginning balance	$	—	$	—	$	824	$	61
Change in fair value	—		423		1,272		2,035
Issuance of warrant	—		(423)		—		—
Ending balance	$	—	$	—	$	2,096	$	2,096

Fair Value of Financial Instruments - Financial Assets Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	$ 156,272	$ 124,522
Total Assets	156,272	124,522
Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	156,272	124,522
Total Assets	156,272	124,522
Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	0	0
Total Assets	0	0
Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Money market funds	0	0
Total Assets	$ 0	$ 0

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of weighted-average assumptions

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended	Six Months Ended
	June 30, 2026	June 30, 2025
Expected term (in years)	6.0	6.1
Expected volatility	108.1%	97.3%
Risk-free interest rate	4.0%	4.1%
Dividend yield	0.0%	0.0%

Schedule of stock option activity

The following table summarizes the stock option activity during the six months ended June 30, 2026:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (thousands)
Outstanding balance as of December 31, 2025	6,186,318	$	10.00	9.5	$	14,715
Granted	525,389	15.13
Exercised	—	—
Forfeited or expired	(107,029)	12.53
Outstanding balance as of June 30, 2026	6,604,678	$	10.37	9.0	$	50,637
Vested and expected to vest as of June 30, 2026	6,604,678	$	10.37	9.0	$	50,637
Exercisable as of June 30, 2026	1,555,780	$	8.51	8.8	$	14,769

Schedule of RSU and RSA activity

The following table summarizes the RSU activity during the six months ended June 30, 2026:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	741,454	$	9.04
Granted	—	—
Vested	(174,105)	7.66
Forfeited	(6,179)	13.21
Unvested balance as of June 30, 2026	561,170	$	9.42

The following table summarizes the RSA activity during the six months ended June 30, 2026:


	Number of RSAs	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	82,129	$	2.76
Granted	—	—
Vested	(14,858)	2.77
Forfeited	—	—
Unvested balance as of June 30, 2026	67,271	$	2.76

Schedule of fair value of warrants

The following table summarizes the assumptions used in calculating the fair value of the warrants as of June 30, 2025 :


Expected term (in years)						10.0
Expected volatility						96.8%
Risk-free interest rate						4.2%
Dividend yield						0.0%

Schedule of share-based compensation expense

The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
General and administrative	$	2,269	$	4,410	$	3,639	$	4,078
Research and development	1,696		3,668		1,701		2,491
Total share-based compensation expense	$	3,965	$	8,078	$	5,340	$	6,569

The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of June 30, 2026:


	Total Unrecognized Compensation		Weighted Average Recognition Period
Unvested stock options	$	42,311	3.1 years
Unvested RSAs	$	184	2.2 years
Unvested RSUs	$	5,218	3.2 years

The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Stock options	$	3,440	$	6,621	$	3,721	$	4,135
RSAs	22		41		182		203
RSUs	411		821		165		196
ESPP	92		172		—		—
Parascent warrant obligation	—		423		1,272		2,035
Total share-based compensation expense	$	3,965	$	8,078	$	5,340	$	6,569

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of segment loss, including significant segment expenses

The table below is a summary of the segment loss, including significant segment expenses (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
License revenue	$	—	$	1,039	$	—	$	—
Less:
CR-001 external research and development costs	6,305		11,384		3,415		9,683
CR-002 external research and development costs	6,111		9,696		3,415		4,480
Discovery external research and development costs(1)	91		112		556		1,424
Personnel costs	11,243		21,888		9,347		12,437
Milestone and license fees(2)	—		2,500		855		1,820
Professional and other fees(3)	4,384		8,322		3,442		5,411
Other expense (income)	(3,297)		(4,743)		760		1,683
Net loss and comprehensive loss	$	(24,837)	$	(48,120)	$	(21,790)	$	(36,938)

_________________________

(1)Discovery external research and discovery costs include costs associated with CR-003 and other candidate discovery activities.

(2)Milestone and license fees include a $2.5 million payment to Paragon related to the first dosing of a human patient in a Phase 1 trial for CR-001 per the CR-001 License Agreement.

(3)Professional and other fees includes professional fees, consulting fees, office and facilities expense, and miscellaneous other expense.

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Paragraph 34
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Schedule of total remaining operating lease payments

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

As of June 30, 2026, the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands):


Period ended December 31
2026 (remainder of the year)	$	297
2027	609
2028	633
2029	107
Total undiscounted lease payments	1,646
Less: imputed interest	(209)
Total present value of operating lease liability	$	1,437

License Agreements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of expenses related to development costs

The following is a summary of expenses related to the development costs and license fees related to the Paragon Option Agreements recorded within the condensed consolidated statements of operations for the periods presented (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Research and development expense	$	—	$	2,500	$	5,019	$	13,033
General and administrative expense	—		—		164		480
Total Paragon expenses	$	—	$	2,500	$	5,183	$	13,513

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Nature of the Business	6 Months Ended
Nature of the Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Background Crescent Biopharma, Inc., together with its subsidiaries (collectively “Crescent” or the “Company”), formerly known as GlycoMimetics, Inc. (“GlycoMimetics”), is a clinical-stage biotechnology company that is the result of the reverse recapitalization discussed below. Prior to the reverse recapitalization, the private company Crescent Biopharma, Inc. (“Pre-Merger Crescent”) was established and incorporated under the laws of the state of Delaware on September 19, 2024. The Company was founded to research and develop cancer therapy candidates licensed from Paragon Therapeutics, Inc. (“Paragon”), an antibody discovery engine founded by Fairmount Funds Management LLC (“Fairmount”). The Company is based in Waltham, Massachusetts and was formed to develop therapies for the treatment of solid tumors. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for a fair statement of the Company’s financial position as of June 30, 2026, its results of operations for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The condensed balance sheet as of December 31, 2025, included in the condensed consolidated balance sheets was derived from the Company’s audited financial statements. The condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial reporting and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and therefore do not include all information and disclosures normally included in the annual financial statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results expected for the full fiscal year or any subsequent interim period. The condensed consolidated financial statements include the financial statements of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reverse Recapitalization, Pre-Closing Financing, and Reverse Stock Split On June 13, 2025, the Company consummated the closing (the “Closing”) pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of October 28, 2024, which agreement was subsequently amended on February 14, 2025 and April 28, 2025 (as amended, the “Merger Agreement”). Immediately prior to the consummation of the Merger, GlycoMimetics effected a 1-for-100 reverse stock split of GlycoMimetics common stock, which became legally effective on June 13, 2025 (the “Reverse Stock Split”). The Company’s common stock commenced trading on a post-Reverse Stock Split, post-Merger basis at the open of trading on June 16, 2025. All references to common stock, options to purchase common stock, outstanding common stock warrants, common stock share data, per share data, and related information contained in the condensed consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented, unless otherwise specifically indicated or the context otherwise requires. We are led by the Pre-Merger Crescent management team and remain focused on developing differentiated oncology therapeutics for patients living with solid tumors. The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Pre-Merger Crescent was deemed to be the accounting acquirer for financial reporting purposes. In connection with the Merger, Pre-Merger Crescent and GlycoMimetics entered into an amended and restated subscription agreement (the “Subscription Agreement”) with certain new and existing investors of Pre-Merger Crescent (the “Financing Investors”), pursuant to which such investors purchased, immediately prior to the first merger, 85,506,824 shares of Pre-Merger Crescent common stock and 19,149,690 Pre-Merger Crescent pre-funded warrants, for gross proceeds of approximately $200.0 million (which includes $37.5 million of proceeds previously received from the issuance of convertible notes and $3.0 million of accrued interest thereon) (the “Crescent Pre-Closing Financing”). Under the Subscription Agreement, the number of shares of Pre-Merger Crescent common stock or Pre-Merger Crescent pre-funded warrants were converted into 12,355,716 shares of Company Common Stock and 2,767,122 pre-funded warrants of Company common stock in accordance with the Exchange Ratio (defined below). The Exchange Ratio was calculated using a formula intended to allocate existing GlycoMimetics and Pre-Merger Crescent security holders a percentage of the Company. Based on GlycoMimetics’ and Pre-Merger Crescent’s values as of the date of the Merger Agreement and capitalization as of June 13, 2025, the Exchange Ratio (as adjusted for the Reverse Stock Split) was 0.1445 shares of GlycoMimetics common stock for each share of Crescent common stock. Redomestication On June 16, 2025, Crescent changed its jurisdiction of incorporation from the State of Delaware to the Cayman Islands (the “Redomestication”) pursuant to a plan of conversion (the “Plan of Conversion”). The Redomestication became effective on June 16, 2025 and was accomplished by the filing of (i) a Certificate of Conversion with the Secretary of State of the State of Delaware and (ii) the requisite documents required under section 201 of the Companies Act (as amended) of the Cayman Islands (the “Companies Act”), as well as the Cayman Islands memorandum and articles of association of the Company (the “Articles”), with the Cayman Islands Registrar of Companies. For purposes of these condensed consolidated financial statements, references to “Crescent Delaware” mean Crescent prior to the Redomestication. Upon the Redomestication, among other things: (i) each outstanding share of common stock, par value $0.001 per share, of Crescent Delaware automatically converted into one ordinary share, par value $0.001 per share, of the Company; (ii) each outstanding share of Series A Non-Voting Convertible Preferred Stock, par value $0.001 per share, of Crescent Delaware automatically converted into one share of Series A Non-Voting Convertible Preferred Share, par value $0.001 per share, of the Company (the “Series A Preferred Shares”); (iii) each outstanding option to purchase shares of common stock of Crescent Delaware automatically converted into an option to purchase ordinary shares of the Company; (iv) each outstanding restricted stock unit of Crescent Delaware automatically converted into a restricted stock unit of the Company; and (v) each warrant to purchase shares of common stock of Crescent Delaware automatically converted into a warrant to purchase ordinary shares of the Company. The rights of holders of ordinary shares of the Company are now governed by the Company's memorandum and articles of association and Cayman Islands law. PIPE Financing On December 4, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and other accredited investors (each, a “Purchaser” and collectively, the “Purchasers”). The closing of the Private Placement occurred on December 8, 2025. Pursuant to the Purchase Agreement, the Purchasers agreed to purchase an aggregate of 13,795,685 ordinary shares with a par value of $0.001 per share of the Company (the “Ordinary Shares”), at a purchase price per share of $13.41 (or, for certain investors in lieu of Ordinary Shares, pre-funded warrants (the “Pre-Funded Warrants”) to purchase shares of Ordinary Shares (the “Pre-Funded Warrant Shares”), at a purchase price per underlying Pre-Funded Warrant Share of $13.409, which represents the per share purchase price of the Ordinary Shares less the $0.001 per share exercise price for each Pre-Funded Warrant), for an aggregate purchase price of approximately $185.0 million. The Pre-Funded Warrants are exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to such exercise. A holder of Pre-Funded Warrants may increase or decrease this percentage to a percentage not in excess of 19.99% by providing at least 61 days’ prior notice to us. Liquidity Since its inception, the Company has devoted substantially all of its resources to advancing the development of its portfolio of programs, organizing and staffing the Company, business planning, raising capital, and providing general and administrative support for these operations. Current and future programs will require significant research and development efforts, including preclinical and clinical trials, and regulatory approvals to commercialization. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operating activities through a combination of equity offerings and debt financings. The Company has incurred significant operating losses and negative cash flows from operations since inception. During the three and six months ended June 30, 2026, the Company incurred a net loss of $24.8 million and $48.1 million. During the six months ended June 30, 2026, the Company used net cash of $28.4 million for its operating activities. The Company has an accumulated deficit of $219.9 million at June 30, 2026. As of June 30, 2026, the Company had cash and cash equivalents of $171.6 million. The Company’s management expects that the existing cash, together with the proceeds from the underwritten offering in July of 2026 (see Note 18), will be sufficient to fund the Company’s operating plans for at least twelve months from the date these condensed consolidated financial statements were issued. The Company expects that its research and development and general and administrative costs will continue to increase significantly, including in connection with conducting future preclinical activities and clinical trials and manufacturing for its existing product candidates and any future product candidates to support commercialization and providing general and administrative support for its operations, including the costs associated with operating as a public company. The Company’s ability to access capital when needed is not assured and, if capital is not available to the Company when, and in the amounts needed, the Company may be required to significantly curtail, delay, or discontinue one or more of its research or development programs or the commercialization of any product candidate, or be unable to expand its operations, or otherwise capitalize on the Company’s business opportunities, as desired, which could materially harm the Company’s business, financial condition, and results of operations.

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Prepaid research and development services	$	5,242	$	4,185
Other prepaid expenses and other current assets	2,171		1,278
Total prepaid expenses and other current assets	$	7,413	$	5,463

Nature of the Business (Details) $ / shares in Units, $ in Thousands					3 Months Ended				6 Months Ended
	Dec. 04, 2025 USD ($) $ / shares shares	Jun. 16, 2025 $ / shares shares	Jun. 13, 2025 USD ($) $ / shares shares	Jun. 12, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Jun. 15, 2025 $ / shares
Class of Stock [Line Items]
Stock split, conversion ratio			0.01
Common stock, issued (in shares)					27,756,044				27,756,044		27,556,767
Recapitalization exchange ratio			0.1445
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001			$ 0.001				$ 0.001		$ 0.001	$ 0.001
Net income (loss) attributable to parent \| $					$ 24,837	$ 23,283	$ 21,790	$ 15,148	$ 48,120	$ 36,938
Cash used for operating activity \| $									28,400	27,253
Accumulated deficit \| $					219,929				219,929		$ 171,809
Cash and cash equivalents \| $					$ 171,593		$ 152,645		$ 171,593	$ 152,645	$ 213,192
Convertible Notes Payable
Class of Stock [Line Items]
Consideration received \| $			$ 37,500	$ 37,500
Interest payable \| $				$ 3,000
Number of shares issued and sold (in shares)				8,392,303
Pre-Merger Sale of Common Stock and Warrants
Class of Stock [Line Items]
Consideration received \| $			$ 200,000
PIPE Financing
Class of Stock [Line Items]
Aggregate gross proceeds \| $	$ 185,000
Maximum percentage ownership after exercise, upon 61 days notice	19.99%
Notice period	61 days
Pre-Funded Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)			19,149,690
Warrants converted (in shares)			2,767,122
Estimated purchase price (in dollars per share) \| $ / shares				$ 13.22							$ 13.409
Estimated purchase price warrants (in dollars per share) \| $ / shares			$ 0.001	$ 1.9109							$ 0.001
Pre-Funded Warrant \| Convertible Notes Payable
Class of Stock [Line Items]
Warrants converted (in shares)			1,212,683
Pre-Funded Warrant \| PIPE Financing
Class of Stock [Line Items]
Estimated purchase price (in dollars per share) \| $ / shares	$ 13.409
Estimated purchase price warrants (in dollars per share) \| $ / shares	$ 0.001
Maximum percentage ownership after exercise	9.99%
Ordinary Shares
Class of Stock [Line Items]
Common stock, issued (in shares)			85,506,824
Stock converted (in shares)			12,355,716
Shares issued upon conversion (in shares)		1
Ordinary Shares \| Convertible Notes Payable
Class of Stock [Line Items]
Stock converted (in shares)			1,850,790
Ordinary Shares \| PIPE Financing
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001
Number of shares issued and sold (in shares)	13,795,685
Estimated purchase price (in dollars per share) \| $ / shares	$ 13.41

Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 171,593	$ 213,192	$ 152,645
Restricted cash	107		106
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 171,700	$ 213,299	$ 152,751	$ 34,766

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Use of Estimates	The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected within these financial statements include but are not limited to research and development expenses and any applicable prepaid or accrued costs and the valuation of share-based compensation awards and related expenses. The Company bases its estimates on known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts, and experience. Actual results may differ materially from those estimates or assumptions.
Research and Development Contract Costs Accruals	The Company records the costs associated with research studies and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s ongoing research and development activities conducted to date by vendors, including the Company’s related party Paragon (see Note 11), contract manufacturing organizations (“CMOs”), and contract research organizations (“CROs”). The Company accrues for expenses resulting from obligations under its discovery and option agreements (the “Option Agreements”) by and among the Company, Paragon and Parascent Holding LLC (“Parascent”), and agreements with CROs, CMOs, and other vendors for which payment flows may not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with Paragon, CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to Paragon, a CRO, CMO, or other outside service provider, the payments will be recorded as a prepaid asset which will be expensed as the contracted services are performed. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations.
Commitments and Contingencies	The Company may be subject to contingent liabilities, such as legal proceedings and claims, that arise in the ordinary course of business activities. The Company accrues for loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability on the condensed consolidated balance sheet. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses the range of reasonably possible losses.
Recently Issued Accounting Pronouncements Not Yet Adopted	In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s annual reporting period beginning after December 15, 2026 and interim reporting periods beginning after December 27, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 clarify interim disclosure requirements. ASU 2025-11 is effective for the Company’s annual reporting period beginning after December 15, 2027 and interim reporting periods beginning after December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements.

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Compensation - Parascent Warrant Obligation Narrative (Details) - Paragon Option Agreements - Parascent Warrant - shares	6 Months Ended
	Jun. 30, 2026	Mar. 26, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of outstanding common stock, on a fully diluted basis	1.00%
Warrants, exercisable (in shares)		34,566	402,731

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Related Party Transactions

Share-Based Compensation - Award Types of Stock-Based Compensation Expense in Condensed Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,965	$ 5,340	$ 8,078	$ 6,569
Parascent Warrant
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0	1,272	423	2,035
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	3,440	3,721	6,621	4,135
RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	22	182	41	203
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	411	165	821	196
ESPP
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 92	$ 0	$ 172	$ 0

Related Party Transactions

6 Months Ended

Jun. 30, 2026

15. Related Party Transactions

Paragon and Parascent each beneficially own less than 5% of the Company’s share capital through their respective holdings of the Company’s ordinary shares. Fairmount beneficially owns more than 5% of the Company’s capital, currently has two representatives appointed to the Board and beneficially owns more than 5% of Paragon. Fairmount appointed Paragon’s board of directors and has the contractual right to approve the appointment of any executive officers of Paragon. The Company determined Paragon and Parascent were related parties based on the nature of these relationships.

The following is a summary of related party accounts payable and other current liabilities (in thousands):


	As of June 30, 2026		As of December 31, 2025
Paragon accrued research and development	$	—	$	139
Paragon accrued general and administrative	—		1
Total	$	—	$	140

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Convertible Preferred Shares and Shareholders' Equity (Deficit)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

The following is a summary of related party accounts payable and other current liabilities (in thousands):


	As of June 30, 2026		As of December 31, 2025
Paragon accrued research and development	$	—	$	139
Paragon accrued general and administrative	—		1
Total	$	—	$	140

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 3,965	$ 5,340	$ 8,078	$ 6,569
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2,269	3,639	4,410	4,078
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 1,696	$ 1,701	$ 3,668	$ 2,491

Convertible Preferred Shares and Shareholders' Equity (Deficit) - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		6 Months Ended
	Jun. 30, 2025 shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 vote $ / shares shares	Dec. 31, 2025 $ / shares shares	Jun. 16, 2025 $ / shares	Jun. 15, 2025 $ / shares	Jun. 13, 2025 $ / shares shares	Jun. 12, 2025 $ / shares
Class of Stock [Line Items]
Common stock, authorized (in shares)			175,000,000	175,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, issued (in shares)			27,756,044	27,556,767
Common stock, outstanding (in shares)			27,756,044	27,556,767
Common stock, number of votes \| vote			1
Common stock reserved for issuance of conversion shares (in shares)			15,960,823
Ordinary Shares
Class of Stock [Line Items]
Warrants, exercisable (in shares)							2,767,122
Common stock, issued (in shares)							85,506,824
Series Seed Convertible Preferred Stock \| Related Party \| Fairmount Healthcare Fund II L.P.
Class of Stock [Line Items]
Convertible preferred stock, issued (in shares)		20,000,000
Convertible preferred stock, purchase price (in dollars per share) \| $ / shares		$ 0.20
Issuance of convertible preferred stock \| $		$ 4.0
Non-Voting Preferred Shares
Class of Stock [Line Items]
Number of exercisable shares (in shares)	2,890
Convertible preferred stock, conversion ratio			1,000
RSAs
Class of Stock [Line Items]
Common stock, issued (in shares)			168,215
Common stock, outstanding (in shares)			168,215
Pre-Funded Warrant
Class of Stock [Line Items]
Estimated purchase price warrants (in dollars per share) \| $ / shares				$ 0.001			$ 0.001	$ 1.9109
Estimated purchase price (in dollars per share) \| $ / shares				$ 13.409				$ 13.22
Warrants, exercisable (in shares)				131,434
Warrants exercised (in shares)			0

Convertible Preferred Shares and Shareholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

8. Convertible Preferred Shares and Shareholders' Equity (Deficit)

Pre-Funded Warrants

In June 2025, pursuant to the Subscription Agreement and immediately prior to the Closing, certain new and current investors purchased pre-funded warrants of Pre-Merger Crescent for $1.9109 per warrant prior to the Exchange Ratio, or $13.22 per warrant as adjusted for the Exchange Ratio. At the Closing of the Merger, pre-funded warrants of Pre-Merger Crescent automatically converted to pre-funded warrants of the Company to purchase 2,767,122 shares of the Company common stock at an exercise price of $0.001 per share. In connection with the Redomestication, such pre-funded warrants converted to pre-funded warrants to purchase 2,767,122 ordinary shares at an exercise price of $0.001 per share.

In December 2025, a certain current investor purchased pre-funded warrants at a purchase price of $13.409 per share allowing for the purchase of 131,434 shares at an exercise price of $0.001 per share.

The pre-funded warrants were recorded as a component of shareholders’ equity within additional paid-in-capital and have no expiration date. As of June 30, 2026, none of the pre-funded warrants have been exercised.

Convertible Preferred Shares

In September 2024, Pre-Merger Crescent issued and sold 20,000,000 shares of the Series Seed Convertible Preferred Stock to a related party, Fairmount Healthcare Fund II L.P., an affiliate fund of Fairmount, at a purchase price of $0.20 per share for gross proceeds of $4.0 million.

Upon the issuance of the Pre-Merger Crescent Series Seed Preferred Stock, the Company assessed the embedded conversion and liquidation features of the securities as described below and determined that such features did not require the Company to separately account for these features as embedded derivatives.

In June 2025, upon on the closing of the Merger, the outstanding Pre-Merger Crescent Series Seed Preferred Stock converted into 2,890 shares of Preferred Stock designated as Series A. In connection with the Redomestication, such shares of Series A designated Preferred Stock converted to 2,890 Series A designated Preferred Shares.

As of June 30, 2026 and December 31, 2025, Convertible Preferred Shares consisted of the following (in thousands, except share amounts):


	June 30, 2026
	Preferred Shares Authorized	Preferred Shares Issued and Outstanding(1)	Carrying Value		Liquidation Preference		Ordinary Shares Issuable Upon Conversion
Preferred Shares	5,000,000	2,890	$	4,000	$	—	2,890,000


	December 31, 2025
	Preferred Shares Authorized	Preferred Shares Issued and Outstanding(1)	Carrying Value		Liquidation Preference		Ordinary Shares Issuable Upon Conversion
Preferred Shares	5,000,000	2,890	$	4,000	$	—	2,890,000

(1) Preferred shares designated as Series A

Pursuant to the Certificate of Designation of Preferences, Rights and Limitations of the Series A Non-Voting Convertible Preferred Shares (the “Series A Certificate of Designation”), holders of Series A designated Preferred Shares are entitled to receive dividends on shares of Series A designated Preferred Shares equal to, on an as-if-converted-to-Company Ordinary Shares basis, and in the same form as, dividends actually paid on Company ordinary shares. Except as provided in the Series A Certificate of Designation or as otherwise required by law, the Company Series A designated Preferred Shares do not have voting rights. The Company Series A designated Preferred Shares shall rank on parity with the Company ordinary shares as to the distribution of assets upon any liquidation, dissolution, or winding-up of the Company. Each Series A designated Preferred Share is convertible at the option of the holder, at any time, and without the payment of additional consideration by the holder into ordinary shares of the Company. As of June 30, 2026, each outstanding Series A designated Preferred Share was convertible into ordinary shares at a ratio of 1,000:1.

Ordinary Shares

As of June 30, 2026, the Company has the authority to issue a total of 175,000,000 ordinary shares at a par value of $0.001 per share. As of June 30, 2026, 27,756,044 ordinary shares were issued and outstanding, which includes 168,215 ordinary shares in connection with the issuance of RSAs. Each ordinary share entitles the holder to one vote, together with the holders of Convertible Preferred Shares, on all matters submitted to the shareholders for a vote. The holders of ordinary shares are entitled to receive dividends, if any, as declared by the Company’s board of directors (the “Board of Directors” or “Board”), subject to the preferential dividend rights of the holders of Convertible Preferred Shares.

As of June 30, 2026, there were an aggregate of 15,960,823 ordinary shares reserved for issuance (i) for the conversion of Series A designated Preferred Shares into ordinary shares, (ii) for the exercise of outstanding and issued options for ordinary shares, (iii) for shares available for future grants, (iv) for settlement of outstanding RSUs for ordinary shares, (v) for the exercise of the pre-funded warrants, and (vi) for the exercise of the Parascent warrants.

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Warrant
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Financial liability (less than)	$ 0	$ 0	$ 0	$ 2,096	$ 824	$ 61

Share-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Number of RSUs
Unvested beginning balance (in shares)		741,454
Granted (in shares)	0	0
Vested (in shares)	(174,105)		0
Forfeited (in shares)	(6,179)
Unvested ending balance (in shares)	561,170	561,170
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)		$ 9.04
Granted (in dollars per share)	$ 0		$ 6.16
Vested (in dollars per share)	7.66
Forfeited (in dollars per share)	13.21
Unvested ending balance (in dollars per share)	$ 9.42	$ 9.42

Share-Based Compensation - 2025 Employment Inducement Incentive Award Plan Narrative (Details) - 2025 Employment Inducement Incentive Award Plan - shares	Jun. 30, 2026	Oct. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)		1,250,000
Number of shares available for future awards (in shares)	289,449

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share-Based Compensation - Stock Option Activity Narrative (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 12.64	$ 6.51

Share-Based Compensation - 2024 Equity Incentive Plan Narrative (Details) - 2024 Equity Incentive Plan - Stock options	6 Months Ended
	Jun. 30, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Award expiration period	10 years
Number of shares authorized for issuance (in shares)	0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Convertible Notes Payable	6 Months Ended
Convertible Notes Payable	Jun. 30, 2026
Debt Disclosure [Abstract]
Convertible Notes Payable	7. Convertible Notes Payable In October 2024, the Company entered into a Convertible Note Purchase Agreement (the “Note Purchase Agreement”) with a series of investors, pursuant to which the Company issued convertible notes with an initial principal amount of $37.5 million (of which $15.0 million was from a related party) (the “Convertible Notes”). The principal amount and all accrued interest of the Convertible Notes would automatically convert into the Pre-Merger Crescent’s common stock or preferred stock in connection with the closing of a Next Equity Financing (as defined in the Note Purchase Agreement) or other events (e.g., a sale of substantially all Company assets, a merger, etc.). The Convertible Notes accrued interest at a rate of 12.0% per annum, compounded annually. All unpaid interest and principal was scheduled to mature on December 31, 2026 (the “Maturity Date”). Prepayment was not permitted without the prior written consent of the majority of the holders of the Convertible Notes. The principal payment along with the accrued interest on each Convertible Note was due in full on the Maturity Date. Pursuant to the Note Purchase Agreement, the Company had the right to sell and issue additional Convertible Notes up to an aggregate principal amount equal to $37.5 million, in addition to the $37.5 million of initial principal amount of the Convertible Notes for a total aggregate principal amount of up to $75.0 million. The Company assessed all terms and features of the Convertible Notes in order to identify any potential embedded features that would require bifurcation. As part of this analysis, the Company assessed the economic characteristics and risks of the embedded features. The Company determined that the share settled redemption feature was clearly and closely related to the debt host and did not require separate accounting. The Company determined that the conversion options of the Convertible Notes, including the conversion features related to a defaulting purchaser and highest interest rate, were not clearly and closely associated with a debt host. However, these features did not meet the definition of a derivative under ASC 815, Derivatives and Hedging, and as a result, did not require separate accounting as a derivative liability. The Company paid debt issuance costs of less than $0.1 million in relation to the Convertible Notes. The debt issuance costs were reflected as a reduction of the carrying value of Convertible Notes on the condensed consolidated balance sheet and were amortized as interest expense over the term of the Convertible Notes using the effective interest method. For the three and six months ended June 30, 2025, the Company recognized interest expense related to the Convertible Notes of $1.1 million and $2.2 million, respectively, which includes non-cash interest expense related to the amortization of debt issuance. No interest expense was recognized for the three and six months ended June 30, 2026 due to the conversion of the Convertible Notes immediately prior to the closing of the Merger. Immediately prior to the closing of the Merger, the Convertible Notes were converted into 12,808,261 shares of Pre-Merger Crescent common stock and pre-funded warrants to purchase 8,392,303 shares of Pre-Merger Crescent common stock based on the aggregate principal amount of $37.5 million plus $3.0 million in unpaid accrued interest divided by the conversion price in connection with the Pre-Closing Financing. At the closing of the Merger, the Pre-Merger Crescent common stock and pre-funded warrants issued in exchange for the Convertible Notes were converted into the right to receive 1,850,790 shares of common stock and pre-funded warrants to purchase 1,212,683 shares of common stock of the Company. In connection with the Redomestication, such shares of common stock and pre-funded warrants were converted to 1,850,790 ordinary shares and pre-funded warrants to purchase 1,212,683 ordinary shares of the Company, respectively. As of June 30, 2026, the Convertible Notes were not outstanding.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 27, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36177
Registrant Name	Crescent Biopharma, Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	06-1686563
Entity Address, Address Line One	300 Fifth Avenue
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	430-5595
Title of 12(b) Security	Ordinary Shares, $0.001 par value per share
Trading Symbol	CBIO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,143,940
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2026

Convertible Notes Payable (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 13, 2025

Jun. 12, 2025

Oct. 31, 2024

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Debt issuance costs (less than)

$ 0

$ 177

^[1]

$ 0

$ 1,073

2,185

Pre-Funded Warrant

Warrants converted (in shares)

2,767,122

Ordinary Shares

Stock converted (in shares)

12,355,716

Related Party

Convertible Notes Payable

420

865

Number of shares issued and sold (in shares)

8,392,303

Consideration received

$ 37,500

Accrued interest

$ 3,000

Convertible Notes Payable | Pre-Funded Warrant

Warrants converted (in shares)

1,212,683

Convertible Notes Payable | Ordinary Shares

Stock converted (in shares)

1,850,790

Convertible Note Purchase Agreement | Convertible Notes Payable

Convertible notes payable

$ 37,500

Accrue interest rate

12.00%

Debt instrument, increase limit

$ 37,500

Debt issuance costs (less than)

100

Number of exercisable shares (in shares)

$ 0

$ 1,100

$ 0

$ 2,200

12,808,261

Convertible Note Purchase Agreement | Convertible Notes Payable | Maximum

Debt instrument, higher borrowing capacity option

75,000

Convertible Note Purchase Agreement | Convertible Notes Payable | Related Party

Convertible notes payable

$ 15,000

[1]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $420 and $865 for the three and six months ended June 30, 2025, respectively.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes There was no income tax provision recorded for the three and six months ended June 30, 2026 and June 30, 2025 and, therefore, the Company’s effective income tax rate was 0.0% for the three and six months ended June 30, 2026 and June 30, 2025. The effective income tax rate for the three and six months ended June 30, 2026 and for the three and six months ended June 30, 2025 differed from the 21% federal statutory rate due primarily to the valuation allowance maintained against the Company’s net deferred tax assets.

The entire disclosure for income tax.

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Convertible Preferred Shares and Shareholders' Equity (Deficit) - Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Preferred Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Shares Issued (in shares)	2,890	2,890
Preferred Shares Outstanding (in shares)	2,890	2,890
Carrying Value	$ 4,000	$ 4,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Shares Issued (in shares)	2,890	2,890
Preferred Shares Outstanding (in shares)	2,890	2,890
Carrying Value	$ 4,000	$ 4,000
Liquidation Preference	$ 0	$ 0
Ordinary Shares Issuable Upon Conversion (in shares)	2,890,000	2,890,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Value of the difference between preference in liquidation and the par or stated values of the preferred shares.

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The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

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Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.

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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Net Loss per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss per Share

14. Net Loss per Share

Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30, 2026					Three Months Ended June 30, 2025
	Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted		Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted
Ordinary Shares	$	(22,689)	30,532,234	$	(0.74)	$	(19,004)	3,856,925	$	(4.93)
Company Series A Preferred Shares (1)	(2,148)		2,890	$	(743.25)	(2,786)		565	$	(4,930.97)
Net loss	$	(24,837)				$	(21,790)


	Six Months Ended June 30, 2026					Six Months Ended June 30, 2025
	Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted		Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted
Ordinary Shares	$	(43,951)	30,465,395	$	(1.44)	$	(32,904)	2,331,339	$	(14.11)
Company Series A Preferred Shares (1)	(4,169)		2,890	$	(1,442.56)	(4,034)		286	$	(14,104.90)
Net loss	$	(48,120)				$	(36,938)

(1) The weighted-average number of shares of as-converted Series A Preferred Shares used in the loss allocation was 2,890,000 for the three and six months ended June 30, 2026 and 565,435 and 285,824 for the three and six months ended June 30, 2025, respectively.

For the computation of basic net loss per share attributable to ordinary shareholders, the amount of weighted-average ordinary shares outstanding excludes all shares of unvested restricted stock and early-exercised stock options as such shares are not considered outstanding for accounting purposes until vested. The amount of weighted-average shares outstanding includes the pre-funded warrants as the exercise price is negligible and these warrants are fully vested and exercisable. The potential ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have had an anti-dilutive effect were as follows:


	Three Months Ended June 30, 2026	Six Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025
Outstanding unvested restricted stock units	561,170	561,170	438,386	438,386
Outstanding unvested restricted stock awards	67,271	67,271	118,864	118,864
Outstanding and issued common stock options	6,604,678	6,604,678	3,748,798	3,748,798
Total	7,233,119	7,233,119	4,306,048	4,306,048

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Accounting Policies [Abstract]
Loss contingency liability	$ 0.0

Fair Value of Financial Instruments - Schedule of changes in fair value for warrant liability (Details) - Warrant - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 824	$ 0	$ 61
Change in fair value	0	1,272	423	2,035
Issuance of warrant	0	0	(423)	0
Ending balance	$ 0	$ 2,096	$ 0	$ 2,096

License Agreements

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

License Agreements

11. License Agreements

Paragon Option Agreements

In September 2024, the Company entered into the Antibody Paragon Option Agreement with Paragon and Parascent for CR-001, with the selected targets PD-1 and VEGF (the “Antibody Paragon Option Agreement”). In October 2024, the Company entered into the ADC Paragon Option Agreement with Paragon and Parascent for CR-002, with an undisclosed target (as amended, the “ADC Paragon Option Agreement” and, together with the Antibody Paragon Option Agreement, the “Paragon Option Agreements”). Parascent will not perform any substantive role under the Paragon Option Agreements other than to receive such warrants as discussed in Note 9. Under the Paragon Option Agreements, the Company has the

exclusive option (an “Option”), on a Research Program-by-Research Program basis, to enter into a separate agreement with Paragon consistent with a set of pre-negotiated terms (a “License Agreement”). On March 18, 2025, the Company exercised its option for CR-001 under the Antibody Paragon Option Agreement and entered into the license agreement for CR-001 on April 28, 2025. On September 26, 2025, the Company exercised its option for CR-002 under the ADC Paragon Option Agreement and entered into a license agreement with Paragon on November 5, 2025. The Company will be required to make non-refundable milestone payments to Paragon of up to $22.0 million for CR-001 and up to $46.0 million for CR-002 upon the achievement of certain clinical development and regulatory milestones, as well as tiered royalty payments in the low-to-mid single-digits beginning on the first commercial sale of each developed product. From time to time, the Company can choose to add additional targets by mutual agreement with Paragon.

On April 28, 2025, the Company entered into an Amended and Restated Paragon ADC Option Agreement to add undisclosed targets for the product candidate formerly referred to as CR-003 (“Former CR-003”), pursuant to which Paragon agreed to execute a mutually agreed research plan for those targets aimed at producing a potential product candidate to be licensed for further development, manufacture, and commercialization by the Company. On February 24, 2026, the Company provided notice to Paragon of its intention to terminate the ADC Paragon Option Agreement and the agreement terminated on March 26, 2026 (the “ADC Option Agreement Termination”). The Company will no longer license intellectual property rights with respect to Former CR-003 following the ADC Option Agreement Termination.

Under the terms of the Paragon Option Agreements, Paragon agreed to perform certain research activities to discover, generate, identify, and characterize one or more antibody candidates, in the case of the Antibody Paragon Option Agreement, and one or more antibody drug conjugates, in the case of the ADC Paragon Option Agreement, directed to certain mutually agreed therapeutic targets of interest to the Company (each, a “Research Program”). The Paragon Option Agreements required the Company, Paragon, and Parascent to develop a research plan for each target that includes design, modeling, synthesis, evaluation, and other mutually agreed activities (each, a “Research Plan”), which activities primarily included performing preclinical studies. Paragon performed the activities set forth in each Research Plan on the timelines set forth in such Research Plan and in compliance with a mutually agreed budget. Each Research Program was overseen and coordinated by a joint development committee consisting of two employees from the Company and two employees from Paragon, with the Company and Paragon each having one vote with respect to decisions of the committee. When Paragon and Parascent produced an antibody or ADC, as applicable, against a selected target, and upon the completion of each Research Program, Paragon and Parascent delivered to the Company a data package that included sequence information for all then-existing antibodies or ADCs, as applicable, and information directed to such target.

The Company may terminate the Antibody Paragon Option Agreement or any Research Program at any time for any or no reason upon 30 days’ prior written notice to Paragon, provided that the Company must pay any outstanding accrued fees due to Paragon upon such termination, as well as any non-cancellable obligations reasonably incurred by Paragon in connection with its activities under any terminated Research Program.

Under the Paragon Option Agreements, the Company is or was also responsible for certain additional development costs incurred by Paragon. The Company expenses the fees incurred under the Paragon Option Agreements as the associated costs are incurred when the underlying services are rendered. Such amounts are classified within research and development expenses and general and administrative expenses in the accompanying condensed consolidated statement of operations and comprehensive loss. The following is a summary of expenses related to the development costs and license fees related to the Paragon Option Agreements recorded within the condensed consolidated statements of operations for the periods presented (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Research and development expense	$	—	$	2,500	$	5,019	$	13,033
General and administrative expense	—		—		164		480
Total Paragon expenses	$	—	$	2,500	$	5,183	$	13,513

There was no balance and $0.1 million related to Paragon included in related party accounts payable and other current liabilities within the condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively.

Additionally, as part of the Paragon Option Agreements, on each of December 31, 2025 and December 31, 2026, the Company has agreed to grant Parascent warrants to purchase an aggregate number of shares equal to 1.00% of its outstanding share capital as of the date of the grant on a fully-diluted basis, with an exercise price equal to the fair market value of the underlying ordinary shares on each respective grant date. The warrants are liability-classified and after the

initial recognition, the liability is adjusted to fair value at the end of each reporting period, with changes in fair value recorded in the condensed consolidated statement of operations and comprehensive loss. In accordance with the terms of the ADC Paragon Option Agreement, the Company issued 402,731 warrants on December 31, 2025. In connection with the ADC Option Agreement Termination, the Company issued 34,566 warrants to Parascent on March 26, 2026 (see Note 9).

The Company concluded that the rights obtained under the Paragon Option Agreements represent asset acquisitions whereby the underlying assets comprise in-process research and development assets with no alternative future use. The Paragon Option Agreements did not qualify as a business combination because substantially all of the fair value of the assets acquired was concentrated in the exclusive license options, which represent a group of similar identifiable assets. The research initiation fees represent a one-time cost on a research program-by-research program basis for accessing research services or resources with benefits that are expected to be consumed in the near term, therefore the amounts paid are expensed as part of research and development costs immediately. Amounts paid as reimbursements of on-going development cost, monthly development cost fee and additional development expenses incurred by Paragon due to work completed for selected targets prior to the effective date of the Paragon Option Agreements that associated with services being rendered under the related Research Programs is recognized as research and development expense when incurred.

CR-001 License Agreement

On April 28, 2025, the Company entered into a License Agreement with Paragon for all antibodies discovered, generated, identified, or characterized by Paragon in the course of performing the CR-001 research program directed to PD-1 and VEGF, antibodies created by the Company derived from the licensed antibodies and directed to PD-1 and VEGF, and products that comprise the foregoing (the “CR-001 License Agreement”) consistent with the pre-negotiated terms agreed to upon execution of the Paragon Option Agreements, pursuant to which Paragon granted the Company a royalty-bearing, worldwide, exclusive, and sublicensable license with respect to certain inventions, patent rights, sequence information, and other intellectual property rights related to monospecific antibodies directed at the VEGF and PD-1 targets (the “Licensed Antibody Technology”) to use, make, sell, import, export, and otherwise exploit certain Licensed Antibodies, Derived Antibodies, Products, Multispecific Antibodies, and Multispecific Products in the Field in the Territory. Under the terms of the CR-001 License Agreement, the Company is obligated to pay Paragon up to $22.0 million based on specific development and regulatory milestones, including $2.5 million paid in February 2026 upon the first dosing of a human patient in a Phase 1 trial and a further milestone payment of $3.0 million being due in the future upon the first dosing of a human patient in a Phase 2 trial. Following the execution of the CR-001 License Agreement, the Company is solely responsible for, and has sole authority and control over, all aspects of the development, manufacturing, and commercialization of product candidates under the CR-001 program, including regulatory strategy, communications, filings, and activities (including clinical trials). Paragon also granted the Company a royalty-bearing, worldwide, non-exclusive, sublicensable right and license under the Licensed Antibody Technology to use, make, sell, import, export, or otherwise exploit certain multispecific antibodies and products targeting PD-1 and VEGF. In addition, the following summarizes other key terms of the CR-001 License Agreement:

•Paragon will not conduct any new campaigns that generate PD-1 and VEGF and monospecific antibodies in the field for at least five years.

•Paragon may pursue the development and commercialization of multispecific antibodies and products directed at the PD-1 and VEGF and targets in the field and in the territory and the Company has a right of first negotiation for any such multispecific antibodies and products proposed by Paragon for a period of five years from the execution of the CR-001 License Agreement. If the Company does not exercise its right of first negotiation, or if the parties are unable to agree on a definitive agreement, Paragon may proceed without any obligations to the Company with respect to the right of first negotiation, and the Company’s non-exclusive license will exclude any multispecific antibodies and products that were the subject of the right of first negotiation.

•The Company will pay Paragon a low-to-mid single-digit percentage royalty based on annual net sales of the products in the field and in the territory, and a mid single-digit percentage royalty based on annual net sales of the multispecific products in the field and in the territory, subject to a 30% reduction if there is no valid patent covering the product in the country.

•The royalty term ends on the later of (i) the twelfth anniversary of such date or (ii) the expiration of the last-to- expire valid patent covering the product or the multispecific product in the country at issue.

•The CR-001 License Agreement may be terminated on 60 days’ notice by the Company, upon material breach without cure; and to the extent permitted by law, upon a party’s insolvency or bankruptcy.

•With respect to patents licensed to the Company under the CR-001 License Agreement that have been filed as of the effective date of the CR-001 License Agreement, the Company will control the preparing, filing, prosecuting, and maintenance of such patents. With respect to patents filed after the effective date of the CR-001 License Agreement, Paragon will control the preparing, filing, prosecuting, and maintaining of such patents until the final deliverable for the relevant research program is delivered to the Company, after which the Company will control the preparing, filing, prosecuting, and maintain of such patents.

•The Company shall have the right to grant sublicenses under the CR-001 License Agreement, provided that (i) any sublicense agreement is consistent with all relevant terms, conditions, and restrictions of the CR-001 License Agreement, (ii) the Company provides Paragon with a copy of each sublicense agreement and any amendments thereto within 30 days following execution thereof and (iii) the Company remains responsible for all payments and obligations due under the CR-001 License Agreement.

On December 2, 2025, the Company entered into Amendment No. 1 (the “Amendment”) to the License Agreement, dated April 28, 2025, by and between the Company and Paragon relating to the CR-001 License Agreement. The purpose of the Amendment was to amend certain terms of the CR-001 License Agreement for the sole purpose of accommodating and aligning with the sublicense for the CR-001 License Agreement with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (“Kelun”) discussed below.

CR-002 License Agreement

On November 5, 2025, the Company entered into a License Agreement for all ADCs discovered, generated, identified or characterized by Paragon in the course of performing the CR-002 research program directed to PD-L1, ADCs created by the Company derived from the licensed ADCs and directed to PD-L1, and products that comprise the foregoing with Paragon (the “CR-002 License Agreement”) consistent with the pre-negotiated terms agreed to upon execution of the ADC Paragon Option Agreement, pursuant to which Paragon granted the Company a royalty-bearing, worldwide, exclusive and sublicensable license with respect to certain inventions, patent rights, sequence information and other intellectual property rights related to ADCs directed at PD-1 and VEGF (the “Licensed Antibody Technology”) to develop, manufacture, commercialize and otherwise exploit certain ADCs and products targeting PD-L1 in the field of prophylaxis, palliation, treatment and diagnosis of human disease and disorders in all therapeutic areas (the “field”) and worldwide (the “territory”). Under the terms of the CR-002 License Agreement, the Company is obligated to pay Paragon up to $46.0 million based on specific development and regulatory milestones, including a $5.0 million fee for the nomination of a development candidate that was paid in October 2025 and a future milestone payment of $5.0 million upon the first dosing of a human patient in a Phase 1 trial. Following the execution of the CR-002 License Agreement, the Company is solely responsible for, and has sole authority and control over, all aspects of the development, manufacturing and commercialization of CR-002, including regulatory strategy, communications, filings and activities (including clinical trials). In addition, the following summarizes other key terms of the CR-002 License Agreement.

•The Company will pay Paragon a low-to-mid single-digit percentage royalty based on annual net sales of the products in the field and in the territory, subject to a 30% reduction if there is no valid patent covering the product in the country.

•The royalty term ends on the later of (i) the twelfth anniversary of such date or (ii) the expiration of the last-to-expire valid patent covering the product in the country at issue.

•The CR-002 License Agreement may be terminated on 60 days’ notice by the Company, on material breach without cure; and to the extent permitted by law, on a party’s insolvency or bankruptcy.

•With respect to patents licensed to the Company under the CR-002 License Agreement that have been filed as of the effective date of the CR-002 License Agreement, the Company will control the preparing, filing, prosecuting and maintenance of such patents. With respect to patents filed after the effective date of the CR-002 License Agreement, Paragon will control the preparing, filing, prosecuting and maintaining of such patents until the final deliverable for the relevant research program is delivered to the Company, after which the Company will control the preparing, filing, prosecuting and maintain of such patents.

•The Company shall have the right to grant sublicenses under the CR-002 License Agreement, provided that (i) any sublicense agreement is consistent with all relevant terms, conditions and restrictions of the CR-002 License Agreement, (ii) the Company provides Paragon with a copy of each sublicense agreement and any amendments thereto within 30 days following execution thereof and (iii) the Company remains responsible for all payments and obligations due under the CR-002 License Agreement.

Kelun License Agreements

On December 2, 2025, the Company entered into two license agreements with Kelun, each of which is described below.

CR-001 License Agreement

On December 2, 2025, the Company and Kelun entered into a License Agreement (the “Kelun CR-001 License Agreement”) under which the Company granted Kelun an exclusive, royalty-bearing license to research, develop, manufacture and commercialize CR-001, the Company’s proprietary bispecific antibody directed to VEGF and PD-1, in greater China (including mainland China, Hong Kong, Macau and Taiwan) (collectively, the “SKB Territory”). The Company retains all rights to CR-001 outside the SKB Territory.

Under the Kelun CR-001 License Agreement, Kelun is responsible for development, manufacturing, regulatory and commercial activities for CR-001 in the SKB Territory, and is obligated to use commercially reasonable efforts to develop and commercialize at least one CR-001 product candidate in the SKB Territory.

Kelun paid or will pay the Company the following:

•$20.0 million within 30 days of signing;

•up to $30.0 million in development and regulatory milestone payments; and

•tiered royalties ranging from low- to mid-single digits based on annual net sales in the SKB Territory, subject to customary reductions and a royalty floor on reductions.

Additionally, the Company may be required to pay back to Kelun $5.0 million if Kelun initiates a combination study (the “Combination Study”) approved by the Company with CR-001 prior to December 31, 2026.

The Kelun CR-001 License Agreement includes the provision of the initial supply of CR-001 drug product by the Company, a data-sharing framework, know-how and manufacturing technology transfer provisions, intellectual property provisions, and customary termination rights, including reversion and license-back mechanics in specified circumstances.

The Kelun CR-001 License Agreement is in the scope of ASC 606, Revenue from Contracts with Customers. The Company concluded that the Kelun CR-001 License Agreement contains two performance obligations for the transfer of an exclusive license and the provision of an initial supply of CR-001 as the two services are distinct within the context of the contract.

Of the $20.0 million payable upon signing of the agreement, $15.0 million was included in the transaction price. As of June 30, 2026, the Company recorded $5.0 million of the $20.0 million upfront payment on the condensed consolidated balance sheet as a deposit liability related to contingent consideration payable back to Kelun. The amount is returnable to Kelun if they initiate the Combination Study prior to December 31, 2026. In July 2026, Kelun initiated a Combination Study with CR-001 and we anticipate paying the contingent consideration to Kelun during the three months ended September 30, 2026. Of the transaction price of $15.0 million, $4.2 million was allocated to the initial supply performance obligation and $10.8 million was allocated to the license, which was recognized at a point in time during the year ended December 31, 2025.

The transaction price was allocated to the two performance obligations on a relative estimated standalone selling prices utilizing market data. The standalone selling price of the performance obligations were estimated using a market approach that maximized the use of observable inputs.

The Company recognized $0.0 million and $1.0 million of revenue allocated to the provision of the initial supply during the three and six months ended June 30, 2026, respectively, as the Company transferred control of the initial supply. All revenues recognized during the six months ended June 30, 2026 were previously included as a contract liability as of December 31, 2025.

As of June 30, 2026, the Company recorded $3.1 million on the condensed consolidated balance sheet within deferred revenue related to the performance obligation for the remaining initial supply of CR-001, which will be recognized as revenue when control of the initial supply of CR-001 is transferred, which is expected throughout the remainder of 2026.

As of June 30, 2026, the $30.0 million in development and regulatory milestone payments are fully constrained as variable consideration due to the uncertainty associated with the occurrence of the underlying events that would trigger the development and regulatory milestone consideration and therefore are not included in the transaction price of the arrangement. The Company will reassess this conclusion at each subsequent reporting period and will only include amounts associated with development or regulatory milestones in the transaction price when, or if, the variable consideration is determined to be released from constraint.

As of June 30, 2026, the Company has not recognized any royalties under its licensing agreement. Royalties qualify for the sales-and-usage exemption under ASC 606 as (i) royalties are based strictly on the sale-and-usage by the licensee and (ii) a license of intellectual property is the sole or predominant item to which such royalties relate. Based on this exemption, these royalties are earned under the terms of a license agreement in the period the products are sold by the Company’s collaborator and the Company has a present right to payment.

SKB105 License and Collaboration Agreement

On December 2, 2025, the Company and Kelun entered into a License and Collaboration Agreement (the “SKB105 License Agreement”), under which Kelun granted the Company an exclusive license to research, develop, manufacture and commercialize SKB105, Kelun’s proprietary integrin beta-6-directed antibody-drug conjugate, in all territories outside the SKB Territory. The Company intends to develop SKB105 as CR-003, a product designation which previously referred to a preclinical ADC asset under the Paragon Option Agreements discussed elsewhere in this Note 11 to the condensed consolidated financial statements.

The Company is responsible for all development, manufacturing, regulatory and commercial activities for SKB105 outside the SKB Territory and is obligated to use commercially reasonable efforts to develop, obtain regulatory approval for, manufacture (or have manufactured) and commercialize at least one SKB105 product in the United States and at least three (3) major European markets.

Under the SKB105 License Agreement, the Company has paid or agreed to pay Kelun:

•$80.0 million upfront;

•up to $345.0 million in development milestone payments;

•up to $902.5 million in sales-based milestone payments;

•tiered royalties ranging from mid-single digits to low-double digits based on annual net sales, subject to customary reductions and a royalty floor;

•sublicense and divestiture revenue-sharing payments of low double-digit percentages of any sublicense or divestiture consideration on account of SKB105 paid or payable to the Company within 18 months after the effective date of the definitive agreement in connection with any such triggering transaction; and

•a potential payment of low-single digits to low-double digits of any change of control consideration (including cash or any other consideration) received by equity holders of the Company if the Company undergoes a qualifying change-of-control transaction within 24 months.

The Company concluded that the rights obtained under the SKB 105 License Agreement represents an asset acquisition whereby the underlying license intellectual property is in-process research and development intellectual property with no alternative future use. The SKB 105 License Agreement did not qualify as a business combination because substantially all of the fair value of the assets acquired was concentrated in the exclusive license.

The Company did not record any research and development expense for the SKB105 License Agreement for the three and six months ended June 30, 2026. During January 2026, $8.0 million of withholding taxes was remitted to tax authorities on Kelun’s behalf and is included within purchase of research and development license on the consolidated statement of cash flows. A portion of the nonrefundable upfront $80.0 million payment represents costs for SKB105 drug supply that Kelun is obligated to provide to the Company that has not been received as of June 30, 2026, and will be used in future research and development activities. The Company recorded $1.8 million within prepaid expenses and other current assets on its consolidated balance sheet as of June 30, 2026, and will recognize the amounts into research and development expense as the SKB105 drug supply is received from Kelun throughout the remainder of 2026.

As of June 30, 2026, no development milestones had been triggered.

Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of cash and restricted cash

Cash, cash equivalents, and restricted cash consisted of the following as of June 30, 2026 and June 30, 2025 (in thousands):


	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	171,593	$	152,645
Restricted cash	107		106
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	171,700	$	152,751

Schedule of cash and cash equivalents

Cash, cash equivalents, and restricted cash consisted of the following as of June 30, 2026 and June 30, 2025 (in thousands):


	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	171,593	$	152,645
Restricted cash	107		106
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	171,700	$	152,751

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

3. Fair Value of Financial Instruments

The Company measures the following financial assets at fair value on a recurring basis. There were no transfers between levels of the fair value hierarchy during any of the periods presented. The following tables set forth the Company’s financial assets carried at fair value categorized using the lowest level of input applicable to each financial instrument as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	156,272	$	—	$	—	$	156,272
Total Assets	$	156,272	$	—	$	—	$	156,272


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	124,522	$	—	$	—	$	124,522
Total Assets	$	124,522	$	—	$	—	$	124,522

Cash equivalents consist of money market funds, which were valued by the Company based on quoted market prices, which represents a Level 1 measurement within the fair value hierarchy. The Company did not hold any financial liabilities carried at fair value as of June 30, 2026 and December 31, 2025.

The Company re-measures the warrant liability (as discussed in Note 9) each reporting period and records changes in the fair value through research and development expenses on the Company’s consolidated statements of operations. The following table shows the changes in fair value measurements using significant unobservable inputs (Level 3) for the warrant liability during the three and six months ended June 30, 2026 and June 30, 2025:


Description	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Beginning balance	$	—	$	—	$	824	$	61
Change in fair value	—		423		1,272		2,035
Issuance of warrant	—		(423)		—		—
Ending balance	$	—	$	—	$	2,096	$	2,096

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Compensation - Unrecognized Compensation Cost and Recognition Period (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, stock options	$ 42,311
Unrecognized compensation cost, weighted average period of recognition	3 years 1 month 6 days
RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, other awards	$ 184
Unrecognized compensation cost, weighted average period of recognition	2 years 2 months 12 days
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, other awards	$ 5,218
Unrecognized compensation cost, weighted average period of recognition	3 years 2 months 12 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share-Based Compensation - 2025 Stock Incentive Plan Narrative (Details) - 2025 Stock Incentive Plan - shares		11 Months Ended
	Jan. 01, 2026	Mar. 31, 2026	Jun. 30, 2026	Jun. 05, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares)			1,775,895	2,345,962
Automatic stock plan increase, percent of diluted stock		5.00%
Number of additional shares authorized for issuance (in shares)	1,667,266

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 0	$ 0	$ 0	$ 0
Effective income tax rate	0.00%	0.00%	0.00%	0.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Share-Based Compensation - 2025 Employee Stock Purchase Plan Narrative (Details) - shares		6 Months Ended	11 Months Ended
	Jan. 01, 2026	Jun. 30, 2026	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance of conversion shares (in shares)		15,960,823
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Automatic stock plan increase, percent of diluted stock			1.00%
Number of additional shares authorized for issuance (in shares)	333,453
Shares issued during period (in shares)		25,172
Common stock reserved for issuance of conversion shares (in shares)		503,778

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Number of shares issued during the period as a result of an employee stock purchase plan.

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-Section 50
-Paragraph 2
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-Section S99
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Share-Based Compensation - Weighted Average Assumptions Used to Calculate Fair Value of Awards (Details) - Stock options	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years 1 month 6 days
Expected volatility	108.10%	97.30%
Risk-free interest rate	4.00%	4.10%
Dividend yield	0.00%	0.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Research and Development Arrangement, Contract to Perform for Others [Line Items]

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 171,593	$ 213,192
Accounts receivable, net	0	18,000
Prepaid expenses and other current assets	7,413	5,463
Total current assets	179,006	236,655
Property and equipment, net	876	846
Operating lease right-of-use assets	1,271	1,469
Restricted cash	107	107
Other assets	1,498	1,216
Total assets	182,758	240,293
Current liabilities
Accrued expenses and other current liabilities	7,407	16,344
Deposit liability	5,000	5,000
Deferred revenue	3,117	4,156
Operating lease liability, current	471	435
Total current liabilities	18,537	36,072
Long term liabilities
Operating lease liability, noncurrent	966	1,209
Total liabilities	19,503	37,281
Commitments and contingencies (Note 13)
Shareholders’ equity:
Non-voting convertible preferred shares, $0.001 par value; 5,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 2,890 Series A designated shares issued and outstanding as of June 30, 2026 and December 31, 2025	4,000	4,000
Ordinary shares, $0.001 par value; 175,000,000 shares authorized as of June 30, 2026 and December 31, 2025, 27,756,044 and 27,556,767 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	28	28
Additional paid-in capital	379,156	370,793
Accumulated deficit	(219,929)	(171,809)
Total shareholders' equity	163,255	203,012
Total liabilities and shareholders’ equity	182,758	240,293
Nonrelated Party
Current liabilities
Accounts payable	2,542	9,997
Related Party
Current liabilities
Related party accounts payable and other current liabilities	$ 0	$ 140

Share-Based Compensation - Restricted Stock Units Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of award vesting rights		25.00%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of award vesting rights		6.25%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period		4 years
RSUs granted in shares)	0	0
Weighted average grant date fair value (in dollars per share)	$ 0		$ 6.16
Fair value of shares vested		$ 1.3
Shares vested (in shares)	174,105		0

License Agreements - Expenses Related Development Costs (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

General and administrative expense

^[1]

$ 19,391

$ 12,081

$ 37,294

$ 22,708

^[2]

8,743

8,949

16,608

12,547

Paragon Therapeutics | License Agreement Terms | Paragon Option Agreements

Research and Development Arrangement, Contract to Perform for Others [Line Items]

General and administrative expense

5,019

2,500

13,033

164

480

Total Paragon expenses

$ 0

$ 5,183

$ 2,500

$ 13,513

[1]	Includes related party amount of $0 and $2,923 for the three and six months ended June 30, 2026 and $6,292 and $15,069 for the three and six months ended June 30, 2025, respectively.
[2]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $164 and $630 for the three and six months ended June 30, 2025, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

License agreement revenue

$ 0

$ 1,039

$ 0

Operating expenses

General and administrative

^[1]

19,391

12,081

37,294

22,708

^[2]

8,743

8,949

16,608

12,547

Total operating expenses

28,134

21,030

53,902

35,255

Other income

1,770

Loss from operations

(26,364)

(21,030)

(51,093)

(35,255)

Other income (expense):

Interest income

1,527

313

2,973

502

Total other income (expense)

^[3]

(1,073)

(2,185)

1,527

(760)

2,973

(1,683)

(24,837)

(21,790)

(48,120)

(36,938)

Net loss per share attributable to ordinary shareholders, basic (in dollars per share)

$ (24,837)

$ (21,790)

$ (48,120)

$ (36,938)

$ (0.74)

$ (4.93)

$ (1.44)

$ (14.11)

Net loss per share attributable to ordinary shareholders, diluted (in dollars per share)

(0.74)

(4.93)

(1.44)

(14.11)

Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share)

(743.25)

(4,930.97)

(1,442.56)

(14,104.9)

Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share)

$ (743.25)

$ (4,930.97)

$ (1,442.56)

$ (14,104.9)

Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares)

30,532,234

3,856,925

30,465,395

2,331,339

Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares)

30,532,234

3,856,925

30,465,395

2,331,339

Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic (in shares)

2,890

565

2,890

286

Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, diluted (in shares)

2,890

565

2,890

286

[1]	Includes related party amount of $0 and $2,923 for the three and six months ended June 30, 2026 and $6,292 and $15,069 for the three and six months ended June 30, 2025, respectively.
[2]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $164 and $630 for the three and six months ended June 30, 2025, respectively.
[3]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $420 and $865 for the three and six months ended June 30, 2025, respectively.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued withholding taxes	$	—	$	8,000
Accrued research and development	3,073		2,424
Accrued professional and consulting	965		799
Accrued employee compensation and benefits	3,369		5,121
Total accrued expenses and other current liabilities	$	7,407	$	16,344

Net Loss per Share - Anti-Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,233,119	4,306,048	7,233,119	4,306,048
Outstanding unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	561,170	438,386	561,170	438,386
Outstanding unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	67,271	118,864	67,271	118,864
Outstanding and issued common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,604,678	3,748,798	6,604,678	3,748,798

Segment Reporting - Segment Loss, Including Significant Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

License agreement revenue

$ 0

$ 1,039

$ 0

^[1]

19,391

12,081

37,294

22,708

(24,837)

(21,790)

(48,120)

(36,938)

Paragon Option Agreements

(24,837)

$ (23,283)

(21,790)

$ (15,148)

(48,120)

(36,938)

Milestone and license fees

2,500

Reportable Segment

License agreement revenue

1,039

Personnel costs

11,243

9,347

21,888

12,437

Milestone and license fees

855

2,500

1,820

Professional and other fees

4,384

3,442

8,322

5,411

Other expense (income)

(3,297)

760

(4,743)

1,683

Reportable Segment | CR-001 external research and development costs

(24,837)

(21,790)

(48,120)

(36,938)

Reportable Segment | CR-002 external research and development costs

6,305

3,415

11,384

9,683

Reportable Segment | Discovery external research and development costs

6,111

3,415

9,696

4,480

Cash and Cash Equivalents [Abstract]

$ 91

$ 556

$ 112

$ 1,424

[1]	Includes related party amount of $0 and $2,923 for the three and six months ended June 30, 2026 and $6,292 and $15,069 for the three and six months ended June 30, 2025, respectively.

Restricted Cash

6 Months Ended

Jun. 30, 2026

Restricted Cash

4. Restricted Cash

Restricted cash as of June 30, 2026 and June 30, 2025 was held as collateral for a stand-by letter of credit issued by the Company to its Sublandlord (as defined in Note 12) in connection with the current lease for its principal facilities located at 300 Fifth Avenue, Waltham, Massachusetts. For additional information regarding the Company’s lease, refer to Note 12. Cash, cash equivalents, and restricted cash consisted of the following as of June 30, 2026 and June 30, 2025 (in thousands):


	June 30, 2026		June 30, 2025
Cash and cash equivalents	$	171,593	$	152,645
Restricted cash	107		106
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	171,700	$	152,751

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies 401(k) Plan The Company maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code of 1986 (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the 401(k) Plan may be made at the discretion of management. For the three and six months ended June 30, 2026 and June 30, 2025, the Company has not recorded any expense related to 401(k) Plan match contributions. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with each of its directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations, or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2026. Legal Proceedings From time to time, the Company may become involved in legal proceedings or other litigation relating to claims arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and estimated exposure amount. Legal fees and other costs associated with such proceedings are expensed as incurred. As of June 30, 2026, the Company was not a party to any material legal proceedings or claims. Cell Line License Agreement In October 2024, the Company entered into the Cell Line License Agreement (the “Cell Line License Agreement”) with WuXi Biologics Ireland Limited (“WuXi Biologics”). Under the Cell Line License Agreement, the Company received a non-exclusive, worldwide, sublicensable license to certain of WuXi Biologics’ know-how, cell line, biological materials (the “WuXi Biologics Licensed Technology”), and media and feeds to make, have made, use, sell, and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (the “WuXi Biologics Licensed Products”). Specifically, the WuXi Biologics Licensed Technology is used in certain manufacturing activities in support of the CR-001 and CR-002 programs. In consideration for the license, the Company agreed to pay WuXi Biologics a non-refundable license fee of $150,000, which was recognized as a research and development expense during the period from September 19, 2024 (inception) to December 31, 2024. Additionally, to the extent that the Company manufactures its commercial supplies of bulk drug product with a manufacturer other than WuXi Biologics or its affiliates, the Company is required to make royalty payments to WuXi Biologics at a rate of less than one percent of net sales of WuXi Biologics Licensed Products manufactured by the third-party manufacturer. Pursuant to an amendment to the Cell Line License Agreement effective in November 2024, a provision was added that permits the royalties owed under the agreement to be bought out on a product-by-product basis for a lump-sum payment. The Cell Line License Agreement will continue indefinitely unless terminated (i) by the Company upon six months’ prior written notice and its payment of all undisputed amounts due to WuXi Biologics through the effective date of termination, (ii) by WuXi Biologics for a material breach by the Company that remains uncured for 60 days after written notice, (iii) by WuXi Biologics if the Company fails to make a payment and such failure continues for 30 days after receiving notice of such failure, or (iv) by either party upon the other party’s bankruptcy.

Share-Based Compensation - Restricted Stock Awards (Details) - RSAs - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of RSAs
Unvested beginning balance (in shares)	82,129
Granted (in shares)	0	0
Vested (in shares)	(14,858)	0
Forfeited (in shares)	0
Unvested ending balance (in shares)	67,271
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share)	$ 2.76
Granted (in dollars per share)	0
Vested (in dollars per share)	2.77
Forfeited (in dollars per share)	0
Unvested ending balance (in dollars per share)	$ 2.76

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share attributable to ordinary shareholders

Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30, 2026					Three Months Ended June 30, 2025
	Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted		Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted
Ordinary Shares	$	(22,689)	30,532,234	$	(0.74)	$	(19,004)	3,856,925	$	(4.93)
Company Series A Preferred Shares (1)	(2,148)		2,890	$	(743.25)	(2,786)		565	$	(4,930.97)
Net loss	$	(24,837)				$	(21,790)


	Six Months Ended June 30, 2026					Six Months Ended June 30, 2025
	Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted		Loss Allocation		Weighted Average Shares Outstanding	Loss Per Share, Basic and Diluted
Ordinary Shares	$	(43,951)	30,465,395	$	(1.44)	$	(32,904)	2,331,339	$	(14.11)
Company Series A Preferred Shares (1)	(4,169)		2,890	$	(1,442.56)	(4,034)		286	$	(14,104.90)
Net loss	$	(48,120)				$	(36,938)

Schedule of anti-dilutive net loss per share attributable to ordinary shareholders

The potential ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have had an anti-dilutive effect were as follows:


	Three Months Ended June 30, 2026	Six Months Ended June 30, 2026	Three Months Ended June 30, 2025	Six Months Ended June 30, 2025
Outstanding unvested restricted stock units	561,170	561,170	438,386	438,386
Outstanding unvested restricted stock awards	67,271	67,271	118,864	118,864
Outstanding and issued common stock options	6,604,678	6,604,678	3,748,798	3,748,798
Total	7,233,119	7,233,119	4,306,048	4,306,048

Convertible Preferred Shares and Shareholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of convertible preferred stock

As of June 30, 2026 and December 31, 2025, Convertible Preferred Shares consisted of the following (in thousands, except share amounts):


	June 30, 2026
	Preferred Shares Authorized	Preferred Shares Issued and Outstanding(1)	Carrying Value		Liquidation Preference		Ordinary Shares Issuable Upon Conversion
Preferred Shares	5,000,000	2,890	$	4,000	$	—	2,890,000


	December 31, 2025
	Preferred Shares Authorized	Preferred Shares Issued and Outstanding(1)	Carrying Value		Liquidation Preference		Ordinary Shares Issuable Upon Conversion
Preferred Shares	5,000,000	2,890	$	4,000	$	—	2,890,000

(1) Preferred shares designated as Series A

Related Party Transactions - Narrative (Details) - Related Party	Jun. 30, 2026
Crescent Biopharma \| Paragon Therapeutics
Related Party Transaction [Line Items]
Ownership percentage (less than for Paragon and Parascent, and more than for Fairmount) (in percent)	5.00%
Crescent Biopharma \| Parascent Holding LLC
Related Party Transaction [Line Items]
Ownership percentage (less than for Paragon and Parascent, and more than for Fairmount) (in percent)	5.00%
Crescent Biopharma \| Fairmount Healthcare Fund II L.P.
Related Party Transaction [Line Items]
Ownership percentage (less than for Paragon and Parascent, and more than for Fairmount) (in percent)	5.00%
Paragon Therapeutics \| Fairmount Healthcare Fund II L.P.
Related Party Transaction [Line Items]
Ownership percentage (less than for Paragon and Parascent, and more than for Fairmount) (in percent)	5.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Share-Based Compensation - Restricted Stock Awards Narrative (Details) - RSAs - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
Granted (in shares)	0	0
Fair value of shares vested (less than for the six months ended June 30, 2026)	$ 0.1
Shares vested (in shares)	14,858	0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 14, 2026	Jul. 01, 2026	Jun. 13, 2025
Ordinary Shares
Subsequent Event [Line Items]
Pre-funded warrants, shares purchasable (in shares)			2,767,122
Subsequent Event \| Pre-Funded Warrants \| Ordinary Shares
Subsequent Event [Line Items]
Pre-funded warrants, shares purchasable (in shares)	525,897
Class of warrant or right issue price (in dollars per share)	$ 14.499
Estimated purchase price warrants (in dollars per share)	$ 0.001
Subsequent Event \| Underwriting Agreement \| Ordinary Shares
Subsequent Event [Line Items]
Number of shares issued and sold (in shares)	9,387,896
Estimated purchase price (in dollars per share)	$ 14.50
Consideration received	$ 133.5
Subsequent Event \| Over-Allotment Option \| Ordinary Shares
Subsequent Event [Line Items]
Number of shares issued and sold (in shares)	1,293,103
Subsequent Event \| Ordinary Shares \| Sales Agreement
Subsequent Event [Line Items]
Sale of stock, amount authorized		$ 200.0
Percentage of aggregate gross proceeds from each sale of shares		3.00%

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Significant accounting policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC and have not materially changed during the six months ended June 30, 2026. Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected within these financial statements include but are not limited to research and development expenses and any applicable prepaid or accrued costs and the valuation of share-based compensation awards and related expenses. The Company bases its estimates on known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts, and experience. Actual results may differ materially from those estimates or assumptions. Research and Development Contract Costs Accruals The Company records the costs associated with research studies and manufacturing development as incurred. These costs are a significant component of the Company’s research and development expenses, with a substantial portion of the Company’s ongoing research and development activities conducted to date by vendors, including the Company’s related party Paragon (see Note 11), contract manufacturing organizations (“CMOs”), and contract research organizations (“CROs”). The Company accrues for expenses resulting from obligations under its discovery and option agreements (the “Option Agreements”) by and among the Company, Paragon and Parascent Holding LLC (“Parascent”), and agreements with CROs, CMOs, and other vendors for which payment flows may not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with Paragon, CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to Paragon, a CRO, CMO, or other outside service provider, the payments will be recorded as a prepaid asset which will be expensed as the contracted services are performed. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. As of June 30, 2026, the Company has not experienced any material deviations between accrued and actual research and development expenses. Commitments and Contingencies The Company may be subject to contingent liabilities, such as legal proceedings and claims, that arise in the ordinary course of business activities. The Company accrues for loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability on the condensed consolidated balance sheet. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses the range of reasonably possible losses. As of June 30, 2026, no liabilities were recorded for loss contingencies (see Note 13). Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s annual reporting period beginning after December 15, 2026 and interim reporting periods beginning after December 27, 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 clarify interim disclosure requirements. ASU 2025-11 is effective for the Company’s annual reporting period beginning after December 15, 2027 and interim reporting periods beginning after December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact of this standard on its financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED) (Parenthetical) - Ordinary Shares - shares

3 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Shares issued (in shares)

^[1]

158,937

RSAs

Shares issued (in shares)

168,215

[1]	Includes 168,215 restricted stock awards outstanding as of June 30, 2025 and June 30, 2026

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.

Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2024

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands

Total

Reverse Recapitalization Of GlycoMimetics

Non-Voting Preferred Shares

Convertible Notes Payable

Convertible Preferred Stock

Non-Voting Preferred Shares

Ordinary Shares

Reverse Recapitalization Of GlycoMimetics

^[1]

Ordinary Shares

Convertible Notes Payable

^[1]

Additional Paid-in Capital

Reverse Recapitalization Of GlycoMimetics

Additional Paid-in Capital

Convertible Notes Payable

Accumulated Deficit

20,000,000

Beginning balance, Convertible Preferred Stock at Dec. 31, 2024

$ 4,000

Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2025

20,000,000

Ending balance, Convertible Preferred Stock at Mar. 31, 2025

$ 4,000

Beginning balance at Dec. 31, 2024

$ (15,479)

$ 0

$ 1

^[1]

$ 2,387

$ (17,867)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

1,018,604

Early exercise of stock options (in shares)

466

^[1]

811

Ending balance (in shares) at Mar. 31, 2025

(15,148)

Ending balance at Mar. 31, 2025

(30,161)

$ 0

$ 1

^[1]

2,853

(33,015)

Ending balance (in shares) at Mar. 31, 2025

^[1]

1,019,415

Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2024

20,000,000

Beginning balance, Convertible Preferred Stock at Dec. 31, 2024

$ 4,000

Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2025

Ending balance, Convertible Preferred Stock at Jun. 30, 2025

$ 0

Beginning balance at Dec. 31, 2024

(15,479)

$ 0

$ 1

^[1]

2,387

(17,867)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

1,018,604

(36,938)

Ending balance at Jun. 30, 2025

2,890

139,254

$ 4,000

$ 14

^[1]

190,045

(54,805)

Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2025

^[1]

13,892,516

20,000,000

Beginning balance, Convertible Preferred Stock at Mar. 31, 2025

$ 4,000

Increase (Decrease) in Temporary Equity [Roll Forward]

Exchange of Series Seed convertible preferred stock for Series A designated non-voting convertible preferred shares upon the closing of the reverse recapitalization (in shares)

(20,000,000)

Exchange of Series Seed convertible preferred stock for Series A designated non-voting convertible preferred shares upon the closing of the reverse recapitalization

$ (4,000)

Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2025

Ending balance, Convertible Preferred Stock at Jun. 30, 2025

$ 0

Beginning balance (in shares) at Mar. 31, 2025

Beginning balance at Mar. 31, 2025

(30,161)

$ 0

$ 1

^[1]

2,853

(33,015)

Beginning balance (in shares) at Mar. 31, 2025

^[1]

1,019,415

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Repurchase and cancellation of restricted stock awards (in shares)

^[1]

(127,889)

Repurchase and cancellation of restricted stock awards

(177)

Number of exercisable shares (in shares)

2,890

645,274

1,850,790

Conversion of convertible securities

$ 525

$ 4,000

$ 40,515

$ 4,000

$ 2

$ 525

$ 40,513

Issuance of common stock and pre-funded warrants in the Pre-Closing financing (in shares)

^[1]

10,504,926

Issuance of ordinary shares and pre-funded warrants in the Pre-Closing financing

159,475

$ 11

^[1]

159,464

Issuance costs of Pre-closing financing and reverse recapitalization

(17,201)

4,068

(21,790)

Ending balance at Jun. 30, 2025

2,890

$ 139,254

$ 4,000

$ 14

^[1]

190,045

(54,805)

Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2025

^[1]

13,892,516

Beginning balance, Convertible Preferred Stock at Dec. 31, 2025

$ 0

Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2026

Ending balance, Convertible Preferred Stock at Mar. 31, 2026

$ 0

Beginning balance at Dec. 31, 2025

2,890

$ 203,012

$ 4,000

$ 28

^[1]

370,793

(171,809)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

27,556,767

^[1]

Issuance of Parascent warrants

$ 423

423

Release of restricted stock units (in shares)

^[1]

15,168

Vesting of early exercised stock options

3,690

Ending balance (in shares) at Mar. 31, 2026

(23,283)

2,890

Ending balance at Mar. 31, 2026

$ 183,847

$ 4,000

$ 28

^[1]

374,911

(195,092)

Ending balance (in shares) at Mar. 31, 2026

^[1]

27,571,935

Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2025

Beginning balance, Convertible Preferred Stock at Dec. 31, 2025

$ 0

Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2026

Ending balance, Convertible Preferred Stock at Jun. 30, 2026

$ 0

Beginning balance at Dec. 31, 2025

2,890

$ 203,012

$ 4,000

$ 28

^[1]

370,793

(171,809)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

27,556,767

^[1]

Early exercise of stock options (in shares)

$ (48,120)

Ending balance at Jun. 30, 2026

2,890

$ 163,255

$ 4,000

$ 28

^[1]

379,156

(219,929)

Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2026

27,756,044

^[1]

Beginning balance, Convertible Preferred Stock at Mar. 31, 2026

$ 0

Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2026

Ending balance, Convertible Preferred Stock at Jun. 30, 2026

$ 0

Beginning balance (in shares) at Mar. 31, 2026

2,890

Beginning balance at Mar. 31, 2026

$ 183,847

$ 4,000

$ 28

^[1]

374,911

(195,092)

Beginning balance (in shares) at Mar. 31, 2026

^[1]

27,571,935

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Release of restricted stock units (in shares)

^[1]

158,937

Shares issued during period (in shares)

^[1]

25,172

Issuance of ordinary shares under employee stock purchase plan

280

3,965

$ (24,837)

(24,837)

Ending balance at Jun. 30, 2026

2,890

$ 163,255

$ 4,000

$ 28

^[1]

$ 379,156

$ (219,929)

Loss contingency liability

27,756,044

^[1]

[1]	Includes 168,215 restricted stock awards outstanding as of June 30, 2025 and June 30, 2026

Commitments and Contingencies (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2024

Jun. 30, 2026

Jun. 30, 2025

Loss Contingencies [Line Items]

$ 0

Cell Line License Agreement | WuXi Biologics Ireland Limited

^[1]

19,391

$ 12,081

$ 37,294

$ 22,708

Loss Contingencies [Line Items]

Percent of net sales, royalty payment (less than)

$ 150

1.00%

Option agreement, termination period

6 months

Option agreement termination period due to breach of contract

60 days

Option agreement termination period due to failure to pay

30 days

Indemnification Agreement

Loss Contingencies [Line Items]

Losses incurred to date

$ 0

Loss contingency liability

$ 0

[1]	Includes related party amount of $0 and $2,923 for the three and six months ended June 30, 2026 and $6,292 and $15,069 for the three and six months ended June 30, 2025, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, stock authorized (in shares)	5,000,000	5,000,000
Preferred stock, stock issued (in shares)	2,890	2,890
Preferred stock, stock outstanding (in shares)	2,890	2,890
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	175,000,000	175,000,000
Common stock, issued (in shares)	27,756,044	27,556,767
Common stock, outstanding (in shares)	27,756,044	27,556,767

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

17. Segment Reporting

The Company has one reportable segment relating to the research and development of its research programs, CR-001, CR-002, and CR-003. The Company’s CODM, its Chief Executive Officer, manages the Company’s operations on a company-wide basis for the allocation of resources and the assessment of performance. The Company’s measure of segment profit or loss used to assess performance and allocate resources is net loss and comprehensive loss. Although the Company’s financial reporting package that is reviewed and approved by the CODM disaggregates significant expenses such as program-level external research and development costs, personnel costs, including share-based compensation expense, and professional and consulting fees, all decisions made by the CODM are based upon reviewing operating metrics and performance indications at the Company-wide level. The CODM uses net loss to evaluate loss generated from the Company’s business activities in deciding how to allocate company resources and monitoring budget versus actual results. Assets are also managed on a Company-wide basis.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
License revenue	$	—	$	1,039	$	—	$	—
Less:
CR-001 external research and development costs	6,305		11,384		3,415		9,683
CR-002 external research and development costs	6,111		9,696		3,415		4,480
Discovery external research and development costs(1)	91		112		556		1,424
Personnel costs	11,243		21,888		9,347		12,437
Milestone and license fees(2)	—		2,500		855		1,820
Professional and other fees(3)	4,384		8,322		3,442		5,411
Other expense (income)	(3,297)		(4,743)		760		1,683
Net loss and comprehensive loss	$	(24,837)	$	(48,120)	$	(21,790)	$	(36,938)

_________________________

(1)Discovery external research and discovery costs include costs associated with CR-003 and other candidate discovery activities.

(2)Milestone and license fees include a $2.5 million payment to Paragon related to the first dosing of a human patient in a Phase 1 trial for CR-001 per the CR-001 License Agreement.

(3)Professional and other fees includes professional fees, consulting fees, office and facilities expense, and miscellaneous other expense.

For the three and six months ended June 30, 2026, all of the Company’s revenues were earned from a license agreement with a single customer located in China. As of June 30, 2026, all of the Company’s long-lived assets are located in the United States.

The entire disclosure for segment reporting.

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Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Compensation

9. Share-Based Compensation

2024 Equity Incentive Plan

The Crescent Biopharma, Inc. 2024 Equity Incentive Plan (“2024 Plan”) was adopted by the board of directors of Pre-Merger Crescent on September 19, 2024. The 2024 Plan provided for Pre-Merger Crescent to grant stock options, restricted stock awards, restricted stock units, and other stock-based awards to employees, officers, directors, consultants, and advisors. Equity Incentive Stock options granted under the 2024 Plan generally vest over four years, subject to the participant’s continued service, and expire after ten years, although stock options have been granted with vesting terms less than four years. As of June 30, 2026, there are no ordinary shares available for issuance under the 2024 Plan.

2025 Stock Incentive Plan

The Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended from time to time, the “2025 Stock Plan”) was approved by the board of directors of GlycoMimetics on May 11, 2025, and by GlycoMimetics stockholders on June 5, 2025, and effective as of the Redomestication, the Board of Directors approved an amendment and restatement of the 2025 Stock Plan to reflect the conversion of Company common stock into Company ordinary shares in connection with the Redomestication. The 2025 Stock Plan allows for the grant of stock options, stock appreciation rights, RSAs, RSUs, other shareholder-based awards and incentive bonuses. The 2025 Stock Plan is administered by the Compensation Committee of the Board (the “Compensation Committee”) or another committee designated by the Board to administer the Plan. The initial share pool under the 2025 Stock Plan was 2,345,962 ordinary shares, and as of June 30, 2026, there are 1,775,895 shares available in the pool. The shares that may be issued under the 2025 Stock Plan are automatically increased on January 1 of each year beginning in 2026 and ending with a final increase on January 1, 2035 in an amount equal to 5% of the diluted shares (including ordinary shares, preferred shares and unexercised pre-funded warrants) on the preceding December 31, unless a lower, or no, increase is determined by the Compensation Committee. On January 1, 2026, 1,667,266 shares were added to the issuable shares under the 2025 Stock Plan. Current or prospective employees, officers, non-employee directors, and other independent service providers of the Company and its subsidiaries are eligible to participate in the 2025 Stock Plan.

2025 Employment Inducement Incentive Award Plan

The Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (as amended from time to time, the “2025 Inducement Plan”) was approved by the board of directors of Crescent Biopharma, Inc. on October 30, 2025. The 2025 Inducement Plan allows for the grant of stock options, stock appreciation rights, RSAs, RSUs, other shareholder-based awards and incentive bonuses. The 2025 Inducement Plan is administered by the Compensation Committee or another committee designated by the Board to administer the Plan. The initial share pool under the 2025 Inducement Plan was 1,250,000 ordinary shares, and as of June 30, 2026, there are 289,449 shares available for future awards under the 2025 Inducement Plan.

2025 Employee Stock Purchase Plan

The Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (as amended from time to time, the “ESPP”) was approved by the board of directors of GlycoMimetics on May 11, 2025, and by GlycoMimetics stockholders on June 5, 2025, and effective as of the Redomestication, Board of Directors approved an amendment and restatement of the ESPP to reflect the conversion of Company common stock into Company ordinary shares in connection with the Redomestication. The shares that may be issued under the ESPP are automatically increased on January 1 of each year beginning in 2026 and ending with a final increase on January 1, 2035 in an amount equal to 1% of the diluted shares (including ordinary shares, preferred shares and unexercised pre-funded warrants) on the preceding December 31, unless a lower, or no, increase is determined by the Compensation Committee. On January 1, 2026, 333,453 shares were added to the issuable shares under the ESPP. As of June 30, 2026, 25,172 shares have been issued out of the ESPP and 503,778 shares remain reserved for issuance.

Stock Option Valuation

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the six months ended June 30, 2026 and June 30, 2025:


	Six Months Ended	Six Months Ended
	June 30, 2026	June 30, 2025
Expected term (in years)	6.0	6.1
Expected volatility	108.1%	97.3%
Risk-free interest rate	4.0%	4.1%
Dividend yield	0.0%	0.0%

Stock Options

The following table summarizes the stock option activity during the six months ended June 30, 2026:


	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (thousands)
Outstanding balance as of December 31, 2025	6,186,318	$	10.00	9.5	$	14,715
Granted	525,389	15.13
Exercised	—	—
Forfeited or expired	(107,029)	12.53
Outstanding balance as of June 30, 2026	6,604,678	$	10.37	9.0	$	50,637
Vested and expected to vest as of June 30, 2026	6,604,678	$	10.37	9.0	$	50,637
Exercisable as of June 30, 2026	1,555,780	$	8.51	8.8	$	14,769

The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2026 and June 30, 2025 was $12.64 and $6.51, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s ordinary shares for those stock options that had an exercise price lower than the fair value of the Company’s ordinary shares.

Restricted Stock Units

The Company’s RSUs have service-based vesting conditions and vest over a four-year period with one quarter of the RSUs vesting on the anniversary of the grant date and the remainder vesting quarterly thereafter, during which time all unvested shares are subject to forfeiture by the Company in the event the holder’s service with the Company voluntarily or involuntarily terminates.

The following table summarizes the RSU activity during the six months ended June 30, 2026:


	Number of RSUs	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	741,454	$	9.04
Granted	—	—
Vested	(174,105)	7.66
Forfeited	(6,179)	13.21
Unvested balance as of June 30, 2026	561,170	$	9.42

No RSUs were granted during the six months ended June 30, 2026. The weighted average grant date fair value of RSUs granted during the six months ended June 30, 2025 was $6.16. The total fair value of shares vested for the six months ended June 30, 2026 was $1.3 million. No shares vested during the six months ended June 30, 2025.

Restricted Stock Awards

The Company’s RSAs generally have service-based vesting conditions over a four-year period, with one quarter of the RSAs vesting on the anniversary of the grant date and the remainder vesting monthly thereafter. All unvested awards are subject to forfeiture in the event the holder’s service with the Company voluntarily or involuntarily terminates.

The following table summarizes the RSA activity during the six months ended June 30, 2026:


	Number of RSAs	Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025	82,129	$	2.76
Granted	—	—
Vested	(14,858)	2.77
Forfeited	—	—
Unvested balance as of June 30, 2026	67,271	$	2.76

No RSAs were granted during the six months ended June 30, 2026 or June 30, 2025. The total fair value of shares vested for the six months ended June 30, 2026 was less than $0.1 million. No awards vested during the six months ended June 30, 2025.

Parascent Warrant Obligation

Prior to the Option Termination Agreement (as defined below), under the terms of the Antibody Paragon Option Agreement (as defined below), Parascent was entitled to a grant of warrants to purchase in the aggregate a number of shares equal to 1.00% of the then outstanding shares of the Company’s ordinary shares, on a fully diluted basis, on December 31, 2026, at the fair market value determined by the Board of Directors (the “Parascent Warrant Obligation”). Parascent is an entity formed by Paragon as a vehicle to hold equity in the Company in order to share profits with certain employees of Paragon.

The Company and Paragon terminated the ADC Paragon Option Agreement on March 26, 2026 (the “Option Termination Agreement”). In accordance with the Option Termination Agreement, the Company granted 34,566 warrants to Parascent with a grant date of March 26, 2026. Parascent’s warrant has a service inception period for the grant preceding the grant date, with the full award being vested as of the grant date with no post-grant date service requirement.

The Parascent warrants were liability-classified and after the initial recognition, the liability was adjusted to fair value using an option-pricing model at the end of each reporting period, with changes in fair value recorded in the condensed consolidated statement of operations and comprehensive loss. Upon termination, the warrants are equity classified and are no longer subject to remeasurement at fair value.

There were no outstanding liability classified warrants to revalue as of June 30, 2026. The following table summarizes the assumptions used in calculating the fair value of the warrants as of June 30, 2025 :


Expected term (in years)						10.0
Expected volatility						96.8%
Risk-free interest rate						4.2%
Dividend yield						0.0%

Share-Based Compensation Expense

The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
General and administrative	$	2,269	$	4,410	$	3,639	$	4,078
Research and development	1,696		3,668		1,701		2,491
Total share-based compensation expense	$	3,965	$	8,078	$	5,340	$	6,569

The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of June 30, 2026:


	Total Unrecognized Compensation		Weighted Average Recognition Period
Unvested stock options	$	42,311	3.1 years
Unvested RSAs	$	184	2.2 years
Unvested RSUs	$	5,218	3.2 years

The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Stock options	$	3,440	$	6,621	$	3,721	$	4,135
RSAs	22		41		182		203
RSUs	411		821		165		196
ESPP	92		172		—		—
Parascent warrant obligation	—		423		1,272		2,035
Total share-based compensation expense	$	3,965	$	8,078	$	5,340	$	6,569

The entire disclosure for equity.

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Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events The Company has evaluated events and transactions occurring subsequent to June 30, 2026 through the date at which the financial statements were issued. On July 1, 2026, the Company entered into an open market sale agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”), as sales agent, pursuant to which the Company may offer and sell from time to time up to an aggregate of $200.0 million of the Company’s ordinary shares through an “at-the-market” equity offering program (the “ATM Program”). Sales of the Company’s ordinary shares under the ATM Program will be made pursuant to a Registration Statement on Form S-3 as supplemented by a prospectus supplement. The Company has agreed to pay Jefferies a commission of up to 3.0% of the gross proceeds of the Company’s ordinary shares sold under the Sales Agreement. To date, the Company has not sold any shares under the ATM Program. On July 14, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC and TD Securities (USA) LLC, as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale of (i) 9,387,896 of the Company’s ordinary shares (the “Shares”), including the exercise in full by the Underwriters of their option to purchase 1,293,103 ordinary shares, at an offering price to the public of $14.50 per share, and (ii) with respect to certain investors, pre-funded warrants to purchase an aggregate of 525,897 ordinary shares at a price of $14.499 per pre-funded warrant (the “Pre-Funded Warrants”), which represents the per share price for the Shares less a nominal $0.001 per share exercise price for each Pre-Funded Warrant. The net proceeds to the Company from this offering, including the full option exercise, was approximately $133.5 million, after deducting underwriting discounts and commissions and other offering expenses.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

General and administrative

^[1]

$ 19,391

$ 12,081

$ 37,294

$ 22,708

^[2]

8,743

8,949

16,608

12,547

^[3]

1,073

2,185

Related Party

General and administrative

6,292

2,923

15,069

164

630

$ 0

$ 420

$ 0

$ 865

[1]	Includes related party amount of $0 and $2,923 for the three and six months ended June 30, 2026 and $6,292 and $15,069 for the three and six months ended June 30, 2025, respectively.
[2]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $164 and $630 for the three and six months ended June 30, 2025, respectively.
[3]	Includes related party amount of $0 and $0 for the three and six months ended June 30, 2026 and $420 and $865 for the three and six months ended June 30, 2025, respectively.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Asset Sale (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Asset Sale (Details) - USD ($) $ in Millions	Apr. 02, 2026	Jun. 30, 2026	Jun. 30, 2026
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| GMI-1687 and GMI-1271 Technology
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sale of intangible assets	$ 1.8	$ 1.8	$ 1.8

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of accrued expenses and other current liabilities

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued withholding taxes	$	—	$	8,000
Accrued research and development	3,073		2,424
Accrued professional and consulting	965		799
Accrued employee compensation and benefits	3,369		5,121
Total accrued expenses and other current liabilities	$	7,407	$	16,344

Leases - Operating Lease Payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 (remainder of the year)	$ 297
2027	609
2028	633
2029	107
Total undiscounted lease payments	1,646
Less: imputed interest	(209)
Total present value of operating lease liability	$ 1,437

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Number of Options
Beginning balance outstanding (in shares)	6,186,318
Granted (in shares)	525,389
Exercised (in shares)	0
Forfeited and expired (in shares)	(107,029)
Ending balance outstanding (in shares)	6,604,678	6,186,318
Vested and expected to vest (in shares)	6,604,678
Exercisable (in shares)	1,555,780
Weighted Average Exercise Price
Beginning balance outstanding (in dollars per share)	$ 10.00
Granted (in dollars per share)	15.13
Exercised (in dollars per share)	0
Forfeited and expired (in dollars per share)	12.53
Ending balance outstanding (in dollars per share)	10.37	$ 10.00
Vested and expected to vest (in dollars per share)	10.37
Exercisable (in dollars per share)	$ 8.51
Stock Options, Additional Disclosures
Weighted average remaining contractual term	9 years	9 years 6 months
Vested and expected to vest weighted average remaining contractual term	9 years
Exercisable weighted average remaining contractual term	8 years 9 months 18 days
Beginning balance outstanding aggregate intrinsic value	$ 14,715
Ending balance outstanding aggregate intrinsic value	50,637	$ 14,715
Vested and expected to vest aggregate intrinsic value	50,637
Exercisable aggregate intrinsic value	$ 14,769

License Agreements - Narrative (Details)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

7 Months Ended

12 Months Ended

15 Months Ended

Dec. 02, 2025

USD ($)

Nov. 05, 2025

USD ($)

Sep. 26, 2025

USD ($)

Apr. 28, 2025

USD ($)

Mar. 18, 2025

USD ($)

Feb. 28, 2026

USD ($)

Jan. 31, 2026

USD ($)

Oct. 31, 2025

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Jun. 30, 2027

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2025

USD ($)

Jun. 30, 2026

USD ($)

Dec. 31, 2026

Mar. 31, 2026

vote

employee

Dec. 31, 2025

USD ($)

Jun. 30, 2026

USD ($)

Mar. 26, 2026

Deferred revenue, current

$ 3,117

$ 4,156

$ 3,117

Purchase of research and development license

^[1]

19,391

$ 12,081

37,294

$ 22,708

(8,000)

Prepaid expenses and other current assets

7,413

$ 5,463

7,413

Paragon Option Agreements | Parascent Warrant

Warrants, exercisable (in shares) | shares

402,731

34,566

License Agreement Terms | Paragon Option Agreements

Number of employees overseeing and coordinating the project | employee

Paragon Therapeutics | Paragon Option Agreements

Accounts payable and other current liabilities

$ 100

$ 0

Percent of outstanding shares

1.00%

Paragon Therapeutics | Paragon Option Agreements | Forecast

Percent of outstanding shares

1.00%

Paragon Therapeutics | License Agreement Terms | Paragon Option Agreements

Number of employees overseeing and coordinating the project | employee

Number of votes | vote

Option agreement termination period, maximum contractual period

30 days

Paragon Therapeutics | License Agreement Terms | CR-001 | Paragon Option Agreements

$ 5,019

2,500

$ 13,033

Non-refundable milestone payments

$ 22,000

Milestone payment

$ 3,000

$ 2,500

Restriction period

5 years

Percent reduction to royalty payment due to invalid patent

30.00%

Termination period due to breach of contract

60 days

Sublicense agreement period

30 days

Paragon Therapeutics | License Agreement Terms | CR-002 | Paragon Option Agreements

Non-refundable milestone payments

$ 46,000

Milestone payment

$ 5,000

Percent reduction to royalty payment due to invalid patent

30.00%

Termination period due to breach of contract

60 days

Sublicense agreement period

30 days

Kelun-Biotech | License Agreement Terms | CR-001 | Collaborative Arrangement

Consideration transfer, period

Deferred revenue

$ 20,000

20,000

$ 20,000

30 days

Development milestone payments

$ 30,000

30,000

Contract with customer, liability

15,000

Contract with customer, refund liability

5,000

Deferred revenue, current

3,100

$ 4,200

3,100

Kelun-Biotech | License Agreement Terms | CR-001 | Collaborative Arrangement | License

Contract with customer, liability

$ 10,800

Contract with customer, liability, revenue recognized

1,000

Kelun-Biotech | License Agreement Terms | CR-001 | Forecast | Collaborative Arrangement

Combination study approval payment

$ 5,000

Kelun-Biotech | License Agreement Terms | SKB105

Consideration transferred

80,000

Development milestone payment

345,000

Sale based milestone payment

$ 902,500

Mid-single digits to low-double digits royalty payment, period

18 months

Low-single digits to low-double digits royalty payment, period

24 months