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.

Crescent Biopharma, Inc. has granted options to purchase an aggregate of 65,100 ordinary shares to three non-executive employees as equity inducement awards. The grants were approved by the independent Compensation Committee of its Board of Directors on June 25, 2026. These awards were material to each employee's acceptance of employment with Crescent Biopharma and were issued under the Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan, as amended, in accordance with Nasdaq Listing Rule 5635(c)(4).

The options carry a 10-year term and an exercise price of $16.99 per share. This price equals the closing price of Crescent Biopharma’s ordinary shares as reported by Nasdaq on June 25, 2026. The awards are subject to the terms of the Inducement Plan and the specific conditions outlined in the option agreements covering each grant.

Vesting for the options is structured to encourage retention. One-fourth of the shares subject to each option will vest and become exercisable on the first anniversary of the employee’s start date. Following the initial vesting date, one-forty-eighth of the shares will vest and become exercisable monthly thereafter. All vesting is contingent upon the employee maintaining continuous service with Crescent Biopharma through the applicable vesting dates.

Details of the Inducement Awards

Crescent Biopharma is a clinical-stage biotechnology company focused on advancing therapies for cancer patients. Its pipeline includes a PD-1 x VEGF bispecific antibody and novel antibody-drug conjugates (ADCs). The company aims to develop these treatments as single agents and in combination regimens for solid tumors.