Overview

• U.S. oncology biotech's Q1 net loss and operating loss beat analyst expectations

• Q1 revenue was $1 mln, up from no revenue a year ago, due to a licensing payment

• R&D and G&A expenses rose, driven by pipeline advancement and public company costs

Outlook

• Company expects proof-of-concept data from CR-001 ASCEND trial in Q1 2027

• Initial data from CR-001 in combination with chemotherapy expected by mid-2027

• CR-002 Phase 1/2 trial expected to start in H2 2026, with proof-of-concept data in H2 2027

Result Drivers

• LICENSING REVENUE - Q1 revenue driven by $20 mln upfront payment from Kelun-Biotech license agreement for CR-001, recognized as $1 mln in the quarter

• PIPELINE DEVELOPMENT - Higher R&D expenses attributed to continued development of CR-001 and CR-002

• PUBLIC COMPANY COSTS - G&A expenses rose due to personnel costs and professional services tied to public company operations

Company press release: ID:nGNX4NcYxQ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Beat	-$23.28 mln	-$26.41 mln (7 Analysts)
Q1 Income from Operations	Beat	-$24.73 mln	-$27.43 mln (7 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Crescent Biopharma Inc is $28.00, about 16.9% above its April 28 closing price of $23.96

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