Crescent Biopharma prices a $125M public offering at $14.50/share, a 5.8% discount to the last close
CBIO sits 77% above its 52-week low of $8.72 on elevated volume (6.4× avg).
Summary
Crescent Biopharma priced a $125 million public offering at $14.50 per share, a modest discount to market, raising funds to extend its cash runway into 2028 and advance its bispecific antibody and ADC oncology programs.
Key Events · Financing and Capital Events · CBIO
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Offering Priced at $14.50/Share
The offering comprises 8,094,793 ordinary shares plus 525,897 pre-funded warrants, priced at $14.50 and $14.499 respectively, for total gross proceeds of $125 million. That price represents a 5.8% discount to the July 14 close of $15.31.
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Net Proceeds of ~$115.9 Million
After underwriting discounts of $7.5 million and estimated expenses of $1.6 million, net proceeds are approximately $115.9 million. If the underwriters' option for 1,293,103 additional shares is fully exercised, net proceeds rise to $133.5 million.
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Immediate Dilution of $6.10/Share
New investors will experience immediate dilution of $6.10 per share, as the as-adjusted net tangible book value after the offering is $8.40 per share versus the $14.50 offering price.
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Cash Runway Extended into 2H 2028
Proceeds, combined with existing cash of $171.6 million as of June 30, 2026, are expected to fund operations into the second half of 2028, supporting clinical development of CR-001, CR-002, and CR-003.
Analysis · CBIO · Life Sciences
Crescent Biopharma priced its public offering of 8.1 million ordinary shares plus pre-funded warrants for 0.5 million shares at $14.50 per share, a 5.8% discount to the July 14 close of $15.31. The deal raises approximately $115.9 million in net proceeds, extending the cash runway into the second half of 2028. While the offering is dilutive—new investors will experience immediate dilution of $6.10 per share—the pricing is near market and the capital funds the ongoing Phase 1/2 trials of CR-001 and the ADC pipeline. The underwriters have a 30-day option to purchase up to 1.29 million additional shares, which could bring total net proceeds to $133.5 million. This follows the $200 million ATM program launched July 1 and a separate $500 million shelf registration, signaling an aggressive capital-raising posture as the company advances its oncology pipeline.
At the time of this filing, CBIO was trading at $15.44 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $432.1M. The 52-week trading range was $8.72 to $27.41. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.