The company maintains a healthy liquidity profile with $189.2 million in cash as of 2026Q1, though this is offset by a significant cumulative deficit of $195.1 million in retained earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 195.56M | 236.66M | 34.8M | 43.79M | 50.71M | 90.79M | 138.27M | 162.53M | 212.27M | 127.22M | 40.52M | 47.24M | 56.12M | 4.88M | 17.97M | 28.37M |
| Cash & Short-Term Investments | 189.16M | 213.19M | 34.77M | 41.79M | 47.87M | 90.25M | 137.04M | 158.2M | 209.92M | 123.92M | 40.04M | 46.8M | 55.2M | 2.31M | 17.37M | 28.17M |
| Cash Only | 189.16M | 213.19M | 34.77M | 41.79M | 47.87M | 90.25M | 137.04M | 158.2M | 209.92M | 123.92M | 40.04M | 46.8M | 55.2M | 2.31M | 17.37M | 28.17M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.65K | 9.27K | 16.29K | 1K | 17.37M | 28.17M |
| Accounts Receivable | 0 | 18M | 0 | 175.82K | 144.02K | 1.35K | 2.15K | 185.95K | 413.12K | 101.95K | 268.66K | 38.68K | 22.33K | 94.75K | 0 | 0 |
| Days Sales Outstanding | 138.22 | 605.87 | - | 6.42K | 700.88 | 0.42 | 0.08 | - | - | - | 5.3K | 0.7 | 0.54 | 8.66 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -405 | 0 | 198.84K | 0 | -77 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.4M | 5.46M | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -199.19K | 8.83K | 57.7K | 2.31M | 0 | 0 |
| Total Non-Current Assets | 3.57M | 3.64M | 813K | 1.53M | 1.1M | 3.56M | 4.56M | 5.44M | 2.57M | 1.36M | 1.87M | 1.22M | 1.15M | 399.8K | 450.76K | 543.02K |
| Property, Plant & Equipment | 2.3M | 2.31M | 0 | 767.83K | 751.17K | 1.95M | 2.95M | 3.83M | 957.23K | 1.11M | 1.06M | 521.38K | 452.27K | 399.8K | 450.76K | 234.5K |
| Fixed Asset Turnover | 5.42x | 4.68x | - | 0.01x | 0.10x | 0.60x | 3.45x | - | - | - | 0.02x | 38.50x | 33.23x | 9.99x | 33.85x | 16.26x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 213K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.27M | 1.32M | 813K | 757.91K | 344.71K | 1.61M | 1.61M | 1.61M | 1.61M | 256.68K | 811.85K | 696.53K | 696.53K | 0 | 0 | 308.52K |
| Total Assets | 199.13M | 240.29M | 35.62M | 45.32M | 51.81M | 94.35M | 142.83M | 167.97M | 214.84M | 128.58M | 42.39M | 48.46M | 57.26M | 5.28M | 18.42M | 28.91M |
| Asset Turnover | 0.06x | 0.05x | - | 0.00x | 0.00x | 0.01x | 0.07x | - | - | - | 0.00x | 0.41x | 0.26x | 0.76x | 0.83x | 0.13x |
| Asset Growth % | 6615.15% | 574.66% | -21.4% | -12.53% | -45.08% | -33.95% | -14.97% | -21.82% | 67.08% | 203.35% | -12.53% | -15.37% | 983.83% | -71.32% | -36.28% | - |
| Total Current Liabilities | 14.19M | 36.07M | 9.61M | 6.84M | 8.88M | 11.82M | 12.43M | 10.95M | 8.76M | 8.17M | 6.33M | 7.75M | 6.46M | 2.28M | 5.69M | 16.41M |
| Accounts Payable | 1.19M | 10M | 107K | 868.12K | 970.19K | 2.11M | 2.09M | 1.44M | 2.66M | 2.65M | 1.57M | 564.24K | 874.03K | 1.14M | 764.2K | 535.6K |
| Days Payables Outstanding | - | - | - | - | - | - | - | 582.69 | 3.53K | 3.67K | - | - | - | - | - | - |
| Short-Term Debt | 453K | 435K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 7.27M | 4.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.55K | 0 | 0 | 0 | 3.99M | 15M |
| Other Current Liabilities | 9.43M | 21.48M | 76K | 2.96M | 2.97M | 2.5M | 3.91M | 3.03M | 98.77K | 78.03K | 0 | 0 | 97.01K | 104.19K | 91.64K | 634.92K |
| Current Ratio | 13.78x | 6.56x | 3.62x | 6.41x | 5.71x | 7.68x | 11.13x | 14.84x | 24.22x | 15.56x | 6.40x | 6.10x | 8.69x | 2.14x | 3.16x | 1.73x |
| Quick Ratio | 13.78x | 6.56x | 3.62x | 6.41x | 5.71x | 7.68x | 11.13x | 14.84x | 24.22x | 15.56x | 6.37x | 6.10x | 8.69x | 2.14x | 3.16x | 1.73x |
| Cash Conversion Cycle | 138.22 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.09M | 1.21M | 41.48M | 66.84K | 0 | 918.61K | 2.18M | 2.82M | 611.62K | 707K | 753.58K | 243.65K | 0 | 96.76K | 199.83K | 4.04M |
| Long-Term Debt | 1.09M | 1.21M | 37.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.76M | 0 | 0 | 66.84K | 0 | 918.61K | 1.92M | 2.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 4M | 0 | 0 | 0 | 264.33K | 0 | 611.62K | 707K | 753.58K | 243.65K | 0 | 96.76K | 0 | 0 |
| Total Liabilities | 15.28M | 37.28M | 51.1M | 6.9M | 8.88M | 12.74M | 14.61M | 13.77M | 9.38M | 8.88M | 7.09M | 7.99M | 6.46M | 2.38M | 5.89M | 20.45M |
| Total Debt | 1.54M | 1.64M | 37.48M | 808.4K | 918.55K | 1.92M | 2.82M | 3.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -187.62M | -211.55M | 2.72M | -40.98M | -46.95M | -88.33M | -134.22M | -154.58M | -209.92M | -123.92M | -40.04M | -46.8M | -55.2M | -2.31M | -17.37M | -28.17M |
| Debt / Equity | 0.01x | 0.01x | - | 0.02x | 0.02x | 0.02x | 0.02x | 0.02x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.15x | - | - | - | - | - | - | - | - | - | - | - | - | - | -4.65x | - |
| Interest Coverage | -148.19x | -68.54x | -51.89x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 183.85M | 203.01M | -15.48M | 38.41M | 42.93M | 81.6M | 128.22M | 154.2M | 205.46M | 119.7M | 35.3M | 40.47M | 50.8M | 2.91M | 12.53M | 8.46M |
| Equity Growth % | 10586.95% | 1411.53% | -140.29% | -10.52% | -47.39% | -36.36% | -16.85% | -24.95% | 71.65% | 239.09% | -12.78% | -20.34% | 1647.36% | -76.79% | 48.14% | - |
| Book Value per Share | 6.05 | 19.49 | -0.79 | 0.61 | 0.82 | 1.59 | 2.80 | 3.56 | 5.01 | 4.07 | 1.66 | 2.13 | 2.75 | 2.43 | 10.47 | 7.07 |
| Total Shareholders' Equity | 183.85M | 203.01M | -15.48M | 38.41M | 42.93M | 81.6M | 128.22M | 154.2M | 205.46M | 119.7M | 35.3M | 40.47M | 50.8M | 2.91M | 12.53M | 8.46M |
| Common Stock | 28K | 28K | 1K | 64.39K | 54.38K | 52.31K | 49.02K | 43.47K | 43.16K | 34.36K | 23.25K | 19.05K | 18.94K | 1.43K | 930 | 930 |
| Retained Earnings | -195.09M | -171.81M | -17.87M | -456.49M | -419.59M | -372.9M | -309.47M | -258.44M | -200.55M | -152.28M | -118.98M | -87.17M | -74.4M | -63.28M | -52.67M | -56.33M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to recent SEC filings, Crescent Biopharma's total assets fluctuated significantly from $11.1 million in 2024Q4 to $199.1 million in 2026Q1, primarily driven by successful capital raises that have temporarily bolstered the firm's financial position ahead of critical clinical milestones in its oncology pipeline.
The expansion of the balance sheet reflects a strategic effort to secure funding for long-term R&D, rather than organic growth from operations. Investors should monitor whether this asset accumulation can be effectively deployed into clinical trial progress before the cash runway is exhausted.
As reported in financial statements, the company maintains a robust liquidity position with $189.2 million in cash as of 2026Q1, providing a significant buffer against the high quarterly burn rates inherent in developing bispecific antibody and antibody-drug conjugate therapeutic candidates.
The current ratio of 13.78 suggests that the firm is well-positioned to meet its short-term obligations without immediate financing pressure. However, this liquidity is a finite resource that will diminish rapidly as clinical trial enrollment and manufacturing costs scale in the coming quarters.
Based on reported figures, the company's equity base of $183.8 million in 2026Q1 remains heavily impacted by a cumulative deficit of $195.1 million in retained earnings, highlighting the persistent erosion of shareholder value typical of a pre-commercial biotechnology firm in the development phase.
The reliance on equity financing to sustain operations suggests that existing shareholders face ongoing dilution risks. The quality of this equity is entirely dependent on the future success of the pipeline, as there is currently no operational profit to support the capital structure.
As disclosed in quarterly filings, the absence of significant tangible assets, with net PPE at only $2.3 million, indicates that the company's value is almost entirely tied to intangible intellectual property and cash, which warrants further investigation into the recoverability of these assets.
The lack of physical infrastructure suggests that the company is highly dependent on third-party manufacturing and research partnerships. This reliance introduces operational risks that are not immediately apparent from the headline cash and equity figures, potentially complicating the path to commercialization.
Quick answers to the most common questions about buying CBIO stock.
As of 2025, Crescent Biopharma, Inc. (CBIO) had total assets of $240.3M including $236.7M in current assets.
Crescent Biopharma, Inc. (CBIO) carries total debt of $1.6M, offset by $213.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Crescent Biopharma, Inc. (CBIO) has total shareholders' equity (book value) of $203.0M ($19.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Crescent Biopharma, Inc. (CBIO) reported a current ratio of 6.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.