Crescent Biopharma presented at Morgan Stanley’s 24th Annual Global Healthcare Conference on Monday, September 14, 2026. Chief Executive Officer Josh Brumm and Chief Medical Officer Ellie described the company’s oncology pipeline and upcoming data readouts.
The lead asset, CR-001, a PD‑1/VEGF bispecific, entered dose escalation in February 2024 as part of the global Phase I/II ASCEND study. The trial spans eight tumor types, including non‑small cell lung cancer (NSCLC) and colorectal cancer. A monotherapy NSCLC cohort of 12 patients is already enrolling at a clinically meaningful dose, while combination cohorts with standard chemotherapy will enroll 20‑30 patients per indication. Crescent expects the first major efficacy readout, focusing on objective response rate, in Q1 2027, with a total patient count in the triple‑digit range.
The company also highlighted two ADC programs licensed from Kelun‑Biotech. CR-003 (SKB105) targets integrin beta‑6, and CR‑002 is a PD‑L1 topoisomerase ADC slated to enter the clinic by the end of 2024. Crescent aims to have three clinical‑stage programs by year‑end 2024 and anticipates initial CR‑002 data in the latter half of 2027, followed by potential Phase III initiation.
Financially, Crescent closed at $19.68 on September 14, up 1.39% from the prior close of $19.41. The company’s market capitalization stands at $849.6 million, with a year‑to‑date return of roughly 66%. A July capital raise left the firm with approximately $305 million of pro‑forma cash, extending its runway into the second half of 2028.
Management emphasized the strategic intent to pair CR‑001 with chemotherapy and ADC combinations in mid‑2027, positioning the bispecific as a next‑generation immuno‑oncology backbone. The CMO noted that pre‑clinical data were designed to match the structural and pharmacokinetic profile of the benchmark drug ivonescimab, with results presented at AACR last year.
Crescent’s pipeline partners include Kelun‑Biotech, while Merck, BioNTech and Akeso were referenced as industry peers. Regulatory oversight will involve the U.S. Food and Drug Administration, the European Medicines Agency and China’s National Medical Products Administration.
