Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CRESCENT BIOPHARMA, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.02
10.2
1.16
0.08
0.01
10.8
Research and development
23.3
24.1
40.1
47
44.9
47.5
28.4
20.1
14.3
138
General and administrative
8.65
9.83
11.4
14.4
16.7
17.1
19.1
19.2
18.2
25.4
Operating expenses
31.9
33.9
51.5
61.4
61.7
64.6
47.5
39.3
40
163
Operating income
-31.9
-33.9
-51.5
-61.4
-51.5
-63.4
-47.4
-39.3
-40
-153
Interest expense
2.19
Other non-operating income
0.1
0.65
2.38
2.16
Pre-tax income
-152
Income tax
2
Net income
-31.8
-33.3
-48.3
-57.9
-51
-63.4
-46.7
-36.9
-37.9
-154
EBITDA
-31.7
-33.7
-51.2
-61.1
-51.2
-63.2
-47.2
-39.1
-40
-153
EPS, basic
-1.50
-1.13
-1.18
-1.34
-1.12
-1.23
-0.89
-0.58
-0.59
EPS, diluted
-1.50
-1.13
-1.18
-1.34
-1.12
-1.23
-0.89
-0.58
-0.59
Shares, basic (weighted)
21.3
29.4
41
43.3
45.7
51.5
52.5
63.3
64.5
Shares, diluted (weighted)
21.3
29.4
41
43.3
45.7
51.5
52.5
63.3
64.5
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
40
124
210
158
137
90.3
47.9
41.8
34.8
213
Receivables
0
18
Other current assets
0.48
3.29
2.35
4.33
1.24
0.53
2.84
2
0.04
5.46
Total current assets
40.5
127
212
163
138
90.8
50.7
43.8
34.8
237
Property, plant and equipment
1.06
1.11
0.96
0.82
0.62
0.37
0.24
0
0.85
Lease right-of-use assets
3.01
2.33
1.58
0.75
0.77
0
1.47
Other non-current assets
0.81
1.22
Total assets
42.4
129
215
168
143
94.3
51.8
45.3
35.6
240
Accounts payable
1.57
2.65
2.66
1.44
2.09
2.11
0.97
0.87
0.33
Accrued liabilities
3.27
3.57
6
8.71
9.44
8.72
6.99
5.23
2.23
16.3
Deferred revenue
0
4.16
Total current liabilities
6.33
8.17
8.76
11
12.4
11.8
8.88
6.84
9.61
36.1
Long-term debt
37.5
0
Lease liabilities
2.82
1.92
0.92
0.07
0
1.21
Total liabilities
7.09
8.88
9.37
13.8
14.6
12.7
8.88
6.9
47.1
37.3
Paid-in capital
154
272
406
413
438
454
462
495
2.39
371
Retained earnings
-119
-152
-201
-258
-309
-373
-420
-456
-17.9
-172
Shareholders' equity
35.3
120
205
154
128
81.6
42.9
38.4
-15.5
203
Total equity
35.3
120
205
154
128
81.6
42.9
38.4
-15.5
203
Total liabilities and equity
42.4
129
215
168
143
94.3
51.8
45.3
35.6
240
Shares outstanding
23.3
34.4
43.2
43.5
49
52.3
54.4
64.4
1.02
27.6
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-31.8
-33.3
-48.3
-57.9
-51
-63.4
-46.7
-36.9
-37.9
-154
Depreciation and amortization
0.19
0.26
0.28
0.28
0.27
0.26
0.21
0.15
0.04
0.08
Stock-based compensation
2.96
3.76
4.59
6.22
6.9
6.09
3.86
3.52
4.7
13.3
Deferred income tax
0
Change in receivables
-18
Change in payables
1
1.06
0.02
-1.23
0.65
0.02
-1.14
-0.1
-0.54
Cash from operations
-29.7
-29.8
-43.3
-52
-39.2
-57.5
-46.5
-34.9
-31.1
-71.5
Capital expenditures
-0.7
-0.29
-0.13
-0.14
-0.07
-0.01
-0.08
-0.02
-0.01
-0.92
Cash from investing
-0.7
-0.29
-0.13
-0.14
-0.07
-0.01
-0.08
-0.02
0.02
-72.9
Stock issued
23.6
114
128
17.8
10.7
4.16
28.7
0
Cash from financing
23.7
114
129
0.41
18.1
10.7
4.16
28.8
0.01
323
Net change in cash
-6.76
83.9
86
-51.7
-21.2
-46.8
-42.4
-6.08
-31.1
179
Free cash flow
-30.4
-30.1
-43.5
-52.1
-39.3
-57.5
-46.5
-34.9
-31.1
-72.5
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.99 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-58.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-52.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Revenue CAGR, 3y
424.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
1.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 3y
67.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
9.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
574.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
66.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
11.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.66x
Current assets / current liabilities.
Quick ratio
9.26x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
9.26x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/B
3.18x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.18x
Market cap / tangible book value, when positive.
FCF yield
-14.2%
Free cash flow / market cap.
Earnings yield
-18.5%
Net income / market cap (the inverse of P/E).
What was CRESCENT BIOPHARMA, INC.'s revenue in fiscal 2025?
CRESCENT BIOPHARMA, INC. reported revenue of $10.8M for fiscal 2025.
Was CRESCENT BIOPHARMA, INC. profitable in fiscal 2025?
No. It reported a net loss of $153.9M.
How much free cash flow did CRESCENT BIOPHARMA, INC. generate in fiscal 2025?
Cash from operations of $71.5M minus capital expenditures of $919.0K left free cash flow of -$72.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.