Crescent Biopharma, Inc. has priced its underwritten public offering of 8,094,793 ordinary shares and pre-funded warrants to purchase up to 525,897 ordinary shares. The clinical-stage biotechnology company set the public offering price at $14.50 per share, with pre-funded warrants sold at $14.499 per warrant. This pricing strategy is expected to generate approximately $125.0 million in gross proceeds before deducting underwriting discounts and commissions, aiming to fund operations and advance therapies for cancer patients.

The offering is scheduled to close on July 16, 2026, subject to customary closing conditions. Crescent has granted the underwriters a 30-day option to purchase up to an additional 1,293,103 ordinary shares at the offering price, less underwriting discounts and commissions. All ordinary shares and pre-funded warrants in the offering are being sold by Crescent.

Jefferies, TD Cowen, Guggenheim Securities, and Cantor are acting as joint book-running managers for the offering. LifeSci Capital is acting as passive book-running manager. The securities are being offered pursuant to a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on July 10, 2026.

Offering Details

The offering structure allows investors to purchase pre-funded warrants in lieu of ordinary shares. The underwriters' option provides flexibility to cover potential over-allotments.

Crescent Biopharma focuses on developing next-wave therapies for cancer patients, including a PD-1 x VEGF bispecific antibody and novel antibody-drug conjugates. The company's pipeline leverages multiple modalities to treat a range of solid tumors.

Crescent Biopharma has filed a prospectus with the United States Securities and Exchange Commission (SEC) for a mixed shelf offering worth up to $500M. The company intends to offer debt securities, common stock, preferred stock, and purchase contracts. This registration allows the firm to raise capital by selling these securities from time to time in one or more offerings.

The prospectus outlines that the specific amounts and terms of the securities will be determined at the time of sale. Proceeds from the offering will be used for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions. The filing does not specify a timeline for when the securities will be issued.

Securities to be Offered

The mixed shelf offering includes a variety of instruments. The following table details the types of securities registered under the prospectus:

Use of Proceeds

Crescent Biopharma stated that the net proceeds from the sale of securities will be used for general corporate purposes. These purposes are broad and provide flexibility for the company's management to allocate funds where needed. The filing indicates that the company may also use the funds to repay existing indebtedness.