Crescent Biopharma is a clinical-stage oncology biotech with no approved products or revenue. Crescent is building a pipeline of cancer therapies around two core strategies: a PD-1 x VEGF bispecific antibody (CR-001) and two antibody-drug conjugates (ADCs), with the long-term goal of combining them into synergistic treatment regimens. CR-001 is designed to simultaneously block PD-1, an immune checkpoint that suppresses the body's anti-tumor response, and VEGF, a protein that promotes tumor blood vessel growth. CR-001 is closely modeled on ivonescimab, a PD-1 x VEGF bispecific antibody that demonstrated roughly double the median progression-free survival versus Merck's Keytruda in a Phase 3 non-small cell lung cancer trial. Crescent initiated a Phase 1/2 trial of CR-001 across up to eight solid tumor types in early 2026, with initial data expected in Q1 2027. Crescent's two ADC programs — CR-002, a PD-L1-directed ADC developed with Paragon Therapeutics, and CR-003, an ITGB6-directed ADC licensed from Sichuan Kelun-Biotech — are designed to deliver cytotoxic drug payloads directly to cancer cells. CR-002's IND submission is planned for mid-2026, while CR-003 is already in Phase 1/2 trials in China under Kelun's IND. Crescent funds operations through equity financing and holds global rights to CR-001 and CR-003 outside Greater China, while Kelun runs parallel China trials, sharing development costs and generating data Crescent can use to inform its own programs.