Revenue remains entirely non-recurring and episodic, exemplified by the $10.8 million milestone recognition in 2025Q4 that obscures the underlying lack of commercial product sales.
| 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 |
|---|
| Sales/Revenue | 11.88M | 10.84M | 0 | 10K | 75K | 1.16M | 10.16M | 0 | 0 | 0 | 18.5K | 20.07M | 15.03M | 3.99M | 15.26M | 3.81M |
| Revenue Growth % | - | - | -100% | -86.67% | -93.53% | -88.59% | - | - | - | -100% | -99.91% | 33.56% | 276.37% | -73.83% | 300.04% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 899.3K | 275.12K | 263.54K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 11.88M | 10.84M | 0 | 10K | 75K | 1.16M | 0 | -899.3K | -275.12K | -263.54K | 0 | 20.07M | 15.03M | 3.99M | 15.26M | 0 |
| Gross Margin % | 100% | 100% | - | 100% | 100% | 100% | - | - | - | - | - | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | - | -100% | -86.67% | -93.53% | - | 100% | -226.87% | -4.39% | - | -100% | 33.57% | 276.37% | -73.83% | - | - |
| Operating Expenses | 175.02M | 163.48M | 49.9M | 39.29M | 47.48M | 64.61M | 61.67M | 61.39M | 51.51M | 33.67M | 31.93M | 32.86M | 26.17M | 14.6M | 11.62M | 9.9M |
| OpEx % of Revenue | - | 1507.52% | - | 392852.93% | 63304.43% | 5570.69% | 606.84% | - | - | - | 172605.32% | 163.7% | 174.13% | 365.65% | 76.18% | 259.54% |
| Selling, General & Admin | 29.66M | 25.39M | 16.32M | 19.21M | 19.09M | 17.12M | 16.74M | 14.36M | 11.41M | 9.83M | 8.65M | 7.81M | 6.6M | 2.9M | 2.18M | 2.1M |
| SG&A % of Revenue | - | 234.14% | - | 192130% | 25449.33% | 1475.76% | 164.75% | - | - | - | 46757.65% | 38.89% | 43.89% | 72.61% | 14.31% | 55.05% |
| Research & Development | 145.36M | 138.09M | 28.06M | 20.07M | 28.39M | 47.49M | 44.93M | 47.03M | 40.09M | 24.1M | 23.28M | 25.05M | 19.57M | 11.7M | 9.44M | 7.8M |
| R&D % of Revenue | - | 1273.39% | - | 200716.56% | 37854.51% | 4094.92% | 442.09% | - | - | - | 125847.68% | 124.81% | 130.24% | 293.07% | 61.86% | 204.49% |
| Other Operating Expenses | 0 | 0 | 5.51M | 637 | 443 | 0 | 0 | 0 | 0 | -263.54K | 0 | 0 | -262 | -1.03K | -78 | 0 |
| Operating Income | -163.14M | -152.63M | -49.9M | -39.28M | -47.4M | -63.45M | -51.51M | -61.39M | -51.51M | -33.93M | -31.91M | -12.78M | -11.14M | -10.61M | 3.64M | -6.08M |
| Operating Margin % | -1372.85% | -1407.52% | - | -392752.93% | -63204.43% | -5470.69% | -506.84% | - | - | - | -172505.32% | -63.7% | -74.13% | -265.65% | 23.82% | -159.54% |
| Operating Income Growth % | - | -205.89% | -27.05% | 17.15% | 25.29% | -23.18% | 16.09% | -19.19% | -51.79% | -6.33% | -149.62% | -14.77% | -5.03% | -391.79% | 159.74% | - |
| EBITDA | -162.99M | -152.55M | -49.86M | -39.12M | -47.2M | -63.18M | -51.24M | -60.49M | -51.23M | -33.67M | -31.72M | -12.59M | -10.98M | -10.47M | 3.73M | -6M |
| EBITDA Margin % | -1371.61% | -1406.75% | - | -391219.92% | -62928.24% | -5447.87% | -504.17% | - | - | - | -171475.38% | -62.74% | -73.08% | -262.32% | 24.48% | -157.34% |
| EBITDA Growth % | -209.73% | -205.94% | -27.45% | 17.11% | 25.3% | -23.31% | 15.29% | -18.07% | -52.16% | -6.13% | -151.9% | -14.68% | -4.85% | -380.42% | 162.24% | - |
| D&A (Non-Cash Add-back) | 148K | 84K | 35.17K | 153.3K | 207.15K | 264.6K | 270.75K | 899.3K | 275.12K | 263.54K | 190.54K | 191.48K | 158.71K | 133.05K | 99.92K | 83.86K |
| EBIT | -159M | -149.76M | -44.21M | -39.27M | -47.4M | -63.45M | -51.51M | -57.89M | -51.5M | -33.93M | -31.91M | -12.78M | -11.14M | -10.61M | 3.63M | -6.08M |
| Net Interest Income | 3.06M | 690K | 149.17K | 2.38M | 714.52K | 19.77K | 482.49K | 3.5M | 3.23M | 651.21K | 103.65K | 0 | 0 | 894 | 20.99K | 8.39K |
| Interest Income | 4.13M | 2.88M | 1M | 2.38M | 714.52K | 19.77K | 482.49K | 3.5M | 3.23M | 651.21K | 103.65K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.07M | 2.19M | 852K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.06M | 690K | 1.37M | 2.38M | 714.96K | 19.77K | 482.49K | 3.5M | 3.23M | 651.21K | 103.65K | 15.33K | 17.98K | -132 | 20.91K | -28.39K |
| Pretax Income | -160.08M | -151.94M | -48.52M | -36.9M | -46.69M | -63.43M | -51.03M | -57.89M | -48.27M | -33.28M | -31.81M | -12.77M | -11.12M | -10.61M | 3.66M | -6.11M |
| Pretax Margin % | -1347.11% | -1401.16% | - | -368987.83% | -62251.15% | -5468.98% | -502.09% | - | - | - | -171945.07% | -63.62% | -74.01% | -265.65% | 23.96% | -160.29% |
| Income Tax | 2M | 2M | 0 | 0 | 0 | 0 | 0 | -3.78M | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -1.25% | -1.32% | 0% | 0% | 0% | 0% | 0% | 6.52% | -6.69% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -162.08M | -153.94M | -48.52M | -36.9M | -46.69M | -63.43M | -51.03M | -54.12M | -48.27M | -33.28M | -31.81M | -12.77M | -11.12M | -10.61M | 3.66M | -6.11M |
| Net Margin % | -1363.94% | -1419.61% | - | -368994.2% | -62251.74% | -5468.98% | -502.09% | - | - | - | -171945.07% | -63.62% | -74.01% | -265.63% | 23.96% | -160.29% |
| Net Income Growth % | -206.18% | -217.25% | -31.5% | 20.97% | 26.39% | -24.3% | 5.71% | -12.1% | -45.05% | -4.63% | -149.11% | -14.82% | -4.87% | -390.09% | 159.81% | - |
| Net Income (Continuing) | -162.08M | -153.94M | -48.52M | -36.9M | -46.69M | -63.43M | -51.03M | -57.89M | -48.27M | -33.28M | -31.81M | -12.77M | -11.12M | -10.61M | 3.66M | -6.11M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -5.33 | -12.81 | -1.40 | -0.58 | -0.89 | -1.23 | -1.12 | -1.34 | -1.18 | -1.13 | -1.50 | -0.67 | -0.60 | -8.87 | 3.06 | -5.11 |
| EPS Growth % | -442.79% | -815% | -141.38% | 34.83% | 27.64% | -9.82% | 16.42% | -13.56% | -4.42% | 24.67% | -123.88% | -11.67% | 93.24% | -389.87% | 159.88% | - |
| EPS (Basic) | - | -12.81 | -1.40 | -0.58 | -0.89 | -1.23 | -1.12 | -1.34 | -1.18 | -1.13 | -1.50 | -0.67 | -0.60 | -8.87 | 3.06 | -5.11 |
| Diluted Shares Outstanding | 30.4M | 10.41M | 19.5M | 63.34M | 52.53M | 51.45M | 45.72M | 43.25M | 41.04M | 29.4M | 21.26M | 19.01M | 18.45M | 1.2M | 1.2M | 1.2M |
| Basic Shares Outstanding | 30.4M | 10.41M | 19.5M | 63.34M | 52.53M | 51.45M | 45.72M | 43.25M | 41.04M | 29.4M | 21.26M | 19.01M | 18.45M | 1.2M | 1.2M | 1.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's financial disclosures, Crescent Biopharma's revenue remains entirely non-recurring, characterized by a $10.8 million milestone recognition in 2025Q4 that lacks any underlying commercial product sales, highlighting the firm's current status as a pre-commercial entity dependent on sporadic licensing and collaboration inflows.
The absence of consistent top-line growth suggests that the company's revenue trajectory is tied to the timing of contractual milestones rather than market adoption. Investors should monitor whether future inflows can transition from one-time payments to recurring revenue streams, as the current model provides little visibility into long-term financial performance.
Based on reported income statements, the company's cost structure is dominated by R&D expenditures, which surged to $95.0 million in 2025Q4, reflecting the capital-intensive nature of advancing its bispecific antibody and ADC pipeline through increasingly complex clinical development phases and specialized manufacturing requirements.
The significant escalation in R&D spending suggests that management is aggressively prioritizing pipeline advancement over near-term profitability. This expense discipline, or lack thereof, appears to be a strategic choice to reach clinical inflection points, though it necessitates constant monitoring of the company's remaining cash runway.
According to recent SEC filings, the reported 100% gross margin is an accounting artifact of milestone recognition rather than operational efficiency, as the company lacks commercial COGS, which obscures the underlying cash burn and the true economic cost of developing its oncology therapeutic candidates.
The reliance on non-operating revenue to offset development costs warrants further investigation into the quality of earnings, as these figures do not represent sustainable operational performance. Analysts should focus on net cash burn metrics rather than traditional EPS, which is heavily impacted by non-cash stock-based compensation and milestone timing.
While the company maintains a $213 million cash position, the historical data suggests that the firm's reliance on periodic capital raises to fund its $95.0 million quarterly R&D burn rate creates significant dilution risk if clinical milestones are not met within the expected timeframe.
Short-term observers may argue that the current liquidity provides a sufficient buffer, but the high sensitivity to capital market cycles suggests that any delay in trial enrollment could force management into dilutive financing. The market may be overestimating the durability of this runway if clinical progress fails to materialize as anticipated.
Quick answers to the most common questions about buying CBIO stock.
For fiscal year 2025, Crescent Biopharma, Inc. (CBIO) reported total revenue of $10.8M. This represents a 184.3% increase compared to $3.8M in 2011.
Crescent Biopharma, Inc. (CBIO) reported a net loss of $153.9M for the fiscal year ending 2025.
Crescent Biopharma, Inc. (CBIO) reported an operating income of $-152.6M, resulting in an operating profit margin of -1407.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Crescent Biopharma, Inc. (CBIO) generated $10.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.