Cambridge biotech tracker · Waltham
Crescent Biopharma
Listed on Nasdaq as CBIO, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $172M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $18.2M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.4 yrs
- 24 to 36 months
- Net loss
- $24.8M
- Q2 '26
- R&D expense
- $19.4M
- 69% of opex
- Raised, last 4 qtrs
- +$171M
- net financing cash flow
- Next readout
- Oct 2028
- Phase 1/2 · cash to the catalyst, barely
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.4 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $6.1M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Oct 2028estimated
CR-002 in Adult Participants With Locally Advanced or Metastatic Solid Tumors
Head and Neck Squamous Cell Carcinoma (HNSCC) - Recurrent/Metastatic (R/M) · Gastric/GEJ · Biliary Tract Cancer (BTC)
NCT07909031 on ClinicalTrials.govDoes the cash reach it?
Cash to the catalyst, barely
- Runway
- 2.4 years
- Time to the date
- 23 months
It is about 23 months out. At the current burn the cash lasts roughly 5 months past it. That is a thin margin: a slipped enrollment date or a delayed database lock turns a data-driven raise into a necessary one.
Catalysts ahead
Pipeline
2 active trials, through phase 1/2.
Phase 1/2 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| CR-002 in Adult Participants With Locally Advanced or Metastatic Solid TumorsNCT07909031 · Head and Neck Squamous Cell Carcinoma (HNSCC) - Recurrent/Metastatic (R/M), Gastric/GEJPhase 1/2Oct 2028est. | Phase 1/2 | Recruiting | ||
| CR-001 in Adult Participants With Locally Advanced or Metastatic Solid TumorsNCT07335497 · Locally Advanced / Metastatic Solid TumorsPhase 1/2Feb 2029est. | Phase 1/2 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash reaches the next catalyst with little to spare
The next dated event is a phase 1/2 readout in Oct 2028, about 23 months out. That leaves roughly 5 months of cash on the other side. Enrollment slipping a quarter would erase it, which is why the cash forecast and the clinical timeline belong in the same model.
About 2.4 years of runway
Cash and investments of $172M at Q2 '26 against an average operating cash burn of $18.2M per quarter over the last four reported quarters runs out around October 2028. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $157M since Q3 '24
Net financing inflows of $171M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $5.4M above cash burn
The Q2 '26 net loss of $24.8M includes non-cash charges, including $4.0M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 69% of operating expenses
$19.4M of R&D against $28.1M of total operating expenses in Q2 '26, with G&A at $8.7M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$3.1M of deferred revenue on the balance sheet
Usually an upfront collaboration or license payment that is recognized as obligations are satisfied. It is cash already received, so it supports runway without showing up as revenue yet.
Accumulated deficit of $220M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $14.4M | −$8.0M | −$9.8M | $1.7M | $4.0M | — | $1.1M | $0 |
| Q4 '24 · Dec 31, 24 | $34.8M | −$3.7M | −$7.2M | $233K | $5.1M | — | $1.2M | $0 |
| Q1 '25 · Mar 31, 25 | $6.0M | −$10.9M | −$15.1M | $10.6M | $3.6M | $0 | $1.2M | −$1.5M |
| Q2 '25 · Jun 30, 25 | $153M | −$16.4M | −$21.8M | $12.1M | $8.9M | $0 | $5.3M | $147M |
| Q3 '25 · Sep 30, 25 | $133M | −$17.5M | −$24.6M | $20.3M | $5.5M | — | $2.0M | −$1.3M |
| Q4 '25 · Dec 31, 25 | $213M | −$26.7M | −$23.3M | $95.0M | $7.3M | — | $4.7M | $179M |
| Q1 '26 · Mar 31, 26 | $189M | −$8.9M | −$23.3M | $17.9M | $7.9M | $1.0M | $4.1M | −$6.9M |
| Q2 '26 · Jun 30, 26 | $172M | −$19.5M | −$24.8M | $19.4M | $8.7M | $0 | $4.0M | $136K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.