Crescent Biopharma prices $117.5 million public offering of shares and warrants

Crescent Biopharma, Inc. (Nasdaq: CBIO) entered into an underwriting agreement on July 14, 2026 for a public offering of its ordinary shares and pre-funded warrants. According to the company's 8-K, Crescent agreed to sell 8,094,793 ordinary shares at $14.50 per share, along with pre-funded warrants for 525,897 additional ordinary shares priced at $14.499 each, reflecting the share price minus a nominal $0.001 exercise price.¹

Underwriters will buy the shares at $13.63 apiece and the warrants at $13.629 each.¹ Separately, Crescent gave the underwriters a 30-day option for up to 1,293,103 more ordinary shares at the public offering price, minus underwriting discounts and commissions.¹

The company expects net proceeds of roughly $115.9 million, or about $133.5 million if the option is fully exercised, after underwriting discounts, commissions and estimated expenses.¹ Closing is set for July 16, 2026, pending customary conditions.¹

Crescent said it expects the combined proceeds and existing cash to fund operating expenses, working capital and capital needs into the second half of 2028.¹

Jefferies, TD Cowen, Guggenheim Securities and Cantor served as joint book-running managers, with LifeSci Capital as passive book-running manager, according to the accompanying prospectus supplement. The deal was made under a shelf registration Crescent had filed with the SEC, which was declared effective on July 10, 2026.¹