Crescent Biopharma, Inc. has closed its underwritten public offering of 9,387,896 ordinary shares and pre-funded warrants to purchase up to 525,897 ordinary shares. The clinical-stage biotechnology company sold the ordinary shares at a price of $14.50 per share and the pre-funded warrants at $14.499 per warrant. This closing generated approximately $143.7 million in gross proceeds before deducting underwriting discounts and commissions, aiming to fund operations and advance therapies for cancer patients.

The offering included the full exercise of the underwriters' option to purchase an additional 1,293,103 ordinary shares at the public offering price. All ordinary shares and pre-funded warrants in the offering were sold by Crescent. The securities were 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 allowed investors to purchase pre-funded warrants in lieu of ordinary shares. The underwriters' option was fully exercised to cover over-allotments.

Jefferies, TD Cowen, Guggenheim Securities, and Cantor acted as joint book-running managers for the offering. LifeSci Capital acted as passive book-running manager.

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.