Crescent Biopharma, Inc. · NASDAQ:CBIO

Crescent Biopharma — Investor Presentation (October 2026)

56 slides from Crescent Biopharma's investor presentation, October 2026

  1. Slide 1: Seize the Moment for a Brighter Future

    SEIZE THE MOMENT for a brighter future CRESCENT BIOPHARMA OVERVIEW OCTOBER 2026 NASDAQ: CBIO

  2. Slide 2: Disclaimers

    Disclaimers Forward-Looking Statements Certain statements in this presentation, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities

  3. Slide 3: Delivering the Next Wave of Transformative Therapies

    DELIVERING THE NEXT WAVE OF TRANSFORMATIVE THERAPIES MISSION to bring a brighter future for people living with cancer 3

  4. Slide 4: Our bold vision is to build a world-leading oncology company

    Our bold vision is to build a world-leading oncology company CR-002 CR-003 / SKB105 PD-1 x VEGF Synergistic CR-001 Novel ADCs cooperativity combinations CR-004 Other ADCs1 Crescent is advancing the next wave of innovative I/O and ADC therapies to transform cancer care 1. Crescent will continue explo

  5. Slide 5: Crescent partnership with Kelun-Biotech builds on each company's strengths

    Crescent partnership with Kelun-Biotech builds on each company’s strengths to deliver a global pipeline of oncology combination therapies I/O backbone for combo development & data generation • CR-001 best-in-class I/O backbone • SKB105 is an ADC with clinically- is built for synergistic combinations

  6. Slide 6: Transformative Kelun-Biotech partnership designed to accelerate and expand Crescent's strategy

    Transformative Kelun-Biotech partnership designed to accelerate & expand Crescent’s strategy to deliver next-generation therapies for solid tumors Accelerates & expands CR-001 development Partnership enables parallel generation of clinical data in US/EU (Crescent) and Greater China (Kelun-Biotech) E

  7. Slide 7: Combination studies planned for CR-001 with several different ADCs

    Combination studies planned for CR-001 with several different ADCs + sac-TMT TROP2 ADC Maximizing CR-001 opportunity with combination + CR-002 PD-L1 ADC studies in multiple tumor types Kelun-Biotech partnership + CR-003 (SKB105) ITGB6 ADC enables rapid generation of combo data with CR-003 (SKB105) a

  8. Slide 8: Multiple ways to win: IO + ADC pipeline optionality

    Multiple ways to win: Crescent IO + ADC pipeline enables optionality with monotherapy and differentiated combination therapies ✓ In development ✓ Potential indication Indication CR-001 CR-002 CR-003 PD-L1 ADC ITGB6 ADC Lung NSCLC ●●● ✓ ✓ $80B+ HCC ● ✓ Biliary ●● ✓ ✓ PD-(L)1 market* GI Gastric ●● ✓ ✓

  9. Slide 9: Advancing best-in-class combinations to lead in major markets

    Crescent is advancing best-in-class combinations to lead – and win – in major markets INDICATIONS Endometrial Potential indications where CBIO can Colorectal lead with best-in-class combinations COMBOS Gastric CR-001 + CR-002 Non-small cell lung cancer Biliary ASSETS • Fast POC in large market with

  10. Slide 10: Delivering a pipeline of potentially best-in-class therapies for solid tumors

    Delivering a pipeline of potentially best-in-class therapies for the treatment of solid tumors POTENTIAL DEVELOPMENT PROGRAM MOA DISCOVERY IND-ENABLING CLINICAL ANTICIPATED MILESTONES INDICATIONS REGION Global PD-1 x VEGF NSCLC, (Ex-China) Q1 ‘27: ASCEND Ph 1/2 mono tx data CR-001 Same cooperative o

  11. Slide 11: Cash runway expected to fund programs through key catalysts into H2 2028

    Cash runway expected to fund Crescent programs through key anticipated value-generating catalysts into H2 2028 2026 2027 Beyond ASCEND Ph 1/2 Ph 1/2 China ASCEND Ph 1/2 ASCEND Ph 1/2 CR-001 CR-001 CR-001 CR-001 Initiation Initiation Monotherapy Data CR-001 + SoC Data 1Q26 2Q26 1Q27 Mid-27 APOLLO Ph

  12. Slide 12: CR-001: Cooperative, tetravalent PD-1 x VEGF bispecific antibody

    CR-001 Cooperative, tetravalent PD-1 x VEGF bispecific antibody 12

  13. Slide 13: PD-(L)1-targeted therapies have transformed oncology

    PD-(L)1-targeted therapies, annualizing $59B+, have transformed oncology – with Keytruda now the best-selling drug in the world PD-(L)1 inhibitors have significantly prolonged cancer PD-(L)1-targeted therapy is one of the largest drug classes, survival, shifting 1L treatment to immunotherapy with Ke

  14. Slide 14: Ivonescimab doubled progression-free survival vs. Keytruda in a P3 NSCLC trial

    Ivonescimab, a cooperative PD-1 x VEGF bispecific, doubled progression-free survival vs. Keytruda in a P3 NSCLC trial Ivonescimab is the first drug to demonstrate superiority in Ivonescimab’s novel mechanism of action PFS over pembrolizumab in a randomized Phase 3 study raises the bar on efficacy an

  15. Slide 15: Ivonescimab's novel, cooperative MoA

    Ivonescimab’s novel, cooperative MoA is hypothesized to drive enhanced anti-tumor activity while maintaining tolerability Tumor microenvironment (TME) Tumor Targeting • Dual blockade of PD-1 and VEGF through a novel VEGF drives tumor angiogenesis tetravalent bispecific format with cooperative bindin

  16. Slide 16: CR-001 designed to recapitulate ivonescimab's cooperative pharmacology

    CR-001 is a highly potent PD-1 x VEGF bsAb designed to recapitulate ivonescimab’s cooperative pharmacology Same design as ivonescimab Potential for reduced AEs • Cooperative binding increases • Pairs anti-VEGF IgG & anti-PD-1 scFvs anti-VEGF activity in TME, reducing • Avoids risks of alternative, c

  17. Slide 17: CR-001 is one of few programs designed for cooperative pharmacology

    CR-001 is one of the few programs intentionally designed to exhibit ivonescimab-like cooperative pharmacology Anti-PD-1 scFv-based Anti-PD-1 VHH-based Anti-PD-L1 VHH-based Program CR-001 ivonescimab MK-2010 / LM-299 BNT327 / pumitamig Company Stage Phase 1/2 (Global) Phase 3 (Global) Phase 2 (Global

  18. Slide 18: CR-001 replicated ivonescimab's cooperative binding effect

    CR-001 replicated ivonescimab’s cooperative binding effect which led to cooperative inhibition of PD-1 signaling in presence of VEGF CR-001, like ivonescimab, increased PD-1 binding …leading to higher potency in an NFAT reporter on PD-1+ Jurkat cells in the presence of VEGF… assay in the presence of

  19. Slide 19: CR-001 engineering replicates ivonescimab function

    CR-001 engineering replicates ivonescimab function with biophysical properties to maximize flexibility in development Ivonescimab’s unique structure and geometry – and resulting cooperative function – is challenging to replicate Alternative constructs risk not reproducing ivonescimab’s Standard mAbs

  20. Slide 20: CR-001 potential to transform SoC across many oncology indications

    CR-001 has potential to transform SoC across a multitude of oncology indications, with numerous first-in-class opportunities Brain Glioblastoma Tissue-Agnostic Head & Neck Chest/Thoracic High microsatellite instability (MSI-H) / deficient DNA Esophageal mismatch repair (dMMR) Head & neck squamous ce

  21. Slide 21: Parallel clinical development paths for CR-001

    Parallel clinical development paths offer potential for both first-in-class and lower risk opportunities for CR-001 First-in-class opportunities • Focus on potential first-in-class opportunities with rapid path to market (i.e., efficient development strategy, anticipated high likelihood of PFS and O

  22. Slide 22: Tumor types selected for CR-001 Phase 1/2 study

    Tumor types selected for CR-001 Phase 1/2 study Three therapeutic areas with high POS and multiple opportunities for first-in-class and fast-follower approach Selected tumor types have clinical validation of PD-(L)1 and/or VEGF inhibitors with opportunity to improve on standard of care with dual tar

  23. Slide 23: CR-001 Phase 1/2 data offer potential for rapid clinical development

    CR-001 Phase 1/2 data offer potential for rapid clinical development – a rarity for a solid tumor oncology program Phase 1/2 proof-of-concept readout is a potentially significant value-generating event for CR-001 ILLUSTRATIVE Clinical PHASE 1/2 PHASE 3 STUDIES (validated indications) Initiation MULT

  24. Slide 24: CR-001 first in human global Phase 1/2 study design

    CR-001 first in human global Phase 1/2 study design Robust data generation designed to establish clinical profile of CR-001 & create significant value from 1L efficacy data Dose Escalation (2L+) 3 Backfill (2L+ and 1L) 2 Dose Optimization (1L) 8 tumor types 1 Up to 8 optional tumor-specific cohorts

  25. Slide 25: Multiple Key Datasets for CR-001 Anticipated by Mid-2027

    Multiple Key Datasets for CR-001 Anticipated by Mid-2027 (Q2/Q3) Monotherapy Combination with Combination with Standard of Care sac-TMT • Data from dose escalation and backfill cohorts in 1L and 2L+ • Utilize ASCEND expansion • Combination data of patients in multiple tumor types cohorts to evaluate

  26. Slide 26: Combination studies planned for CR-001 with several different ADCs

    Combination studies planned for CR-001 with several different ADCs + sac-TMT TROP2 ADC Maximizing CR-001 opportunity with combination studies in multiple tumor types + CR-002 PD-L1 ADC Kelun-Biotech partnership enables rapid generation of + CR-003 (SKB105) ITGB6 ADC combo data with CR-003 (SKB105) a

  27. Slide 27: CR-001 + sac-TMT Phase 2 combination study led by Kelun-Biotech

    CR-001 (SKB118) + sac-TMT (SKB264) Phase 2 combination study led by Kelun- Biotech in China Multicenter, open-label, Phase 2 study evaluating CR-001 (SKB118) in combination with sacituzimab tirumotecan (SKB264) in participants with NSCLC • Target enrollment: 206 participants • Participants: NSCLC in

  28. Slide 28: CR-001: opportunity to rapidly generate significant value

    CR-001: opportunity to rapidly generate significant value CR-001’s Unprecedented Transformative proprietary Synergistic third-party data MoA engineering combinations validate PD-1 x for $50B+ market is designed to with compelling VEGF cooperativity replicate pipeline of ADCs ivonescimab Ivonescimab

  29. Slide 29: CR-002 and CR-003 (SKB105)

    CR-002 and CR-003 (SKB105) Topoisomerase inhibitor ADCs against validated targets 29

  30. Slide 30: Comprehensive strategy to develop best-in-class ADCs

    Crescent is executing a comprehensive strategy to develop best-in- class ADCs from both internal and external sources Targeting Payloads Sourcing Mono-specific Single payload Internal development Bi-specific Dual payload Paragon relationship Multi-specific New payloads External (the right partners)

  31. Slide 31: CR-002 and CR-003 potentially best-in-class topoisomerase inhibitor ADCs

    CR-002 and CR-003 (SKB105) are potentially best-in-class topoisomerase inhibitor ADCs, with applicability across solid tumors Validated solid tumor ADC targets Best-in-modality topoisomerase • CR-002 (PD-L1) and CR-003 (ITGB6) inhibitor payloads ADCs address validated targets • Topoisomerase inhibit

  32. Slide 32: Topo1i ADCs have demonstrated best-in-modality efficacy and safety

    ADCs with topoisomerase inhibitor payloads have demonstrated CROSS-TRIAL COMPARISONS best-in-modality efficacy and safety Topo1i payload-based ADCs have demonstrated superior ORR … and have shown much lower rates of peripheral neuropathy, vs. microtubule inhibitor-based ADCs in cross-trial compariso

  33. Slide 33: Next-generation topoisomerase ADCs superior efficacy vs. SOC

    Next-generation topoisomerase ADCs have demonstrated superior efficacy vs. SOC as monotherapy and I/O combination therapy OptiTROP-Lung041 Synergistic combo with I/O: ASCENT-042 Sac-TMT mono vs. chemo in EGFRm NSCLC Trodelvy + Keytruda vs. chemo + Keytruda in 1L TNBC 100 100 90 12 mo HR 0.49 (95% CI

  34. Slide 34: Topoisomerase ADCs favorable safety profile

    Next-generation topoisomerase ADCs have demonstrated favorable safety profile as monotherapy or in I/O combos OptiTROP-Lung041 Synergistic combo with I/O: ASCENT-042 Sac-TMT mono vs. chemo in EGFRm NSCLC Trodelvy + Keytruda vs. chemo + Keytruda in 1L TNBC Sac-TMT Chemotherapy SG + Pembro Chemo + Pem

  35. Slide 35: CR-002: Differentiated PD-L1 ADC designed to be best-in-class

    CR-002: Differentiated PD-L1 ADC with Topo1i payload designed to be best-in-class Novel IgG targeting PD-L1 • Synergistic potential with CR-001 and / or SOC provides further optionality for best-in-class Selected for enhanced internalization & combinations across many tumor types cytotoxic potency •

  36. Slide 36: CR-002: Differentiated PD-L1 ADC with a DXd Topo1i payload

    CR-002: Differentiated PD-L1 ADC with a DXd Topo1i payload CR-002 SGN-PDL1V HLX43 Pfizer Henlius PAL-1103 SG-559-01 HLX20 Antibody Novel antibody selected for enhanced Novel antibody selected for enhanced High affinity antibody (Opoucolimab) internalization and cytotoxic potency internalization and

  37. Slide 37: CR-002: GGFG linker balances stability and payload release

    CR-002: GGFG linker designed to balance stability in circulation and payload release in the tumor CR-002 SGN-PDL1V HLX43 (PD-L1 DXd ADC) (PD-L1 MMAE ADC) (PD-L1 Topo1i ADC) Linker GGFG tetrapeptide Val-Cit TMALIN tripeptide Stability in circulation High Moderate High Designed for Designed for Design

  38. Slide 38: CR-002: novel PD-L1 antibodies for enhanced internalization and potency

    CR-002: novel PD-L1 antibodies were identified for enhanced internalization and increased potency in a cell killing assay Antibody Selection Informed By: • Binding affinity • Screen for potency in cell-based cytotoxicity assay • Inverse relationship between affinity and potency was observed across c

  39. Slide 39: CR-002 robust anti-tumor activity vs. benchmark antibodies

    CR-002 demonstrated robust anti-tumor activity compared to benchmark antibodies incorporated into ADCs with identical DXd payload Karpas-299 (NHL) (CRs) Tumor volume (mm3) Day (post dose) PD-L1 Rabbit mAb 1 mg/kg single dose IV CR-002 performed favorably versus opoucolimab-DXd (antibody in Henlius’

  40. Slide 40: Tumor types selected for CR-002 Phase 1/2 study

    Tumor types selected for CR-002 Phase 1/2 study Selected tumor types known to have prevalent PD-L1 expression and/or evidence of antitumor activity with topoisomerase I inhibitor-based ADCs Thoracic Head & Neck GI Gyn Onc NSCLC HNSCC Gastric / GEJ Endometrial Biliary Tract Cervical ESCC Ovarian Main

  41. Slide 41: CR-002 global Phase 1/2 study design

    CR-002 global Phase 1/2 study design Dose Escalation Backfill 2 Dose Optimization 8 tumor types (N ≤ 63) 1 ≤ 8 tumor types (N ≤ 156) ≤ 3 tumor types (N ≤ 120) RP2D DL 7 N ≤ 12 per tumor-specific cohort DL 7 N = 3-9 DL X N = ~20 per tumor type with option to expand DL 6 N ≤ 12 per tumor-specific coho

  42. Slide 42: CR-002: Differentiated PD-L1 ADC with topoisomerase 1 inhibitor payload

    CR-002: Differentiated PD-L1 ADC with topoisomerase 1 inhibitor payload Strong strategic fit and robust combination potential with CR-001 Program Summary Target Rationale Supportive Data • Novel IgG antibody • PD-L1 is expressed on tumor cells and reduces T-cell activation • CR-002 demonstrated robu

  43. Slide 43: ITGB6 is a compelling ADC target in solid tumors

    ITGB6 is a compelling ADC target in solid tumors ITGB6 function, expression, and internalization make it a favorable target for ADC therapeutics ITGB6 Promotes Cancer Virulence Significant role in tumor pathogenesis • High ITGB6 expression correlates with tumor size, vascular invasion, Integrin beta

  44. Slide 44: CR-003 (SKB105): Differentiated ITGB6 ADC designed to be best-in-class

    CR-003 (SKB105): Differentiated ITGB6 ADC with Topo1i payload designed to be best-in-class anti-β6 Fc silenced IgG1 mAb Favorable safety in NHP toxicology Antibody binding epitope distinct Well-tolerated in cyno to 80 mpk/dose Q2W from SGN-B6A Higher internalization vs. SGN-B6A Topo1i payload Superi

  45. Slide 45: CR-003 (SKB105): ITGB6 ADC with DXd analog Topo1i payload

    CR-003 (SKB105): Differentiated ITGB6 ADC with DXd analog Topo1i payload CR-003 / SKB105 SGN-B6A PF-08046876 Pfizer Pfizer Fully human IgG1 Humanized IgG1, 2A2 Humanized IgG1, 2A2 Antibody Fc silent Fc WT Fc WT Linker Kthiol Oligopeptide Enzyme-cleavable Val-Cit cleavable linker glucuronide linker P

  46. Slide 46: CR-003 superior cell internalization vs. benchmark

    CR-003 (SKB105) demonstrated superior cell internalization compared to benchmark in αvβ6-expressing cells Internalization assay on HCC70 Internalization assay on BxPC3 Internalization assay on HCC1954 (high expression) (low expression) (low expression) SKB105 mAb SKB105 mAb SKB105 mAb pHrodo intensi

  47. Slide 47: CR-003 superior anti-tumor response vs. benchmark

    CR-003 (SKB105) demonstrated superior anti-tumor response compared to benchmark CR-003 (SKB105) demonstrated superior anti-tumor response in multiple CDX models compared to SGN-B6A NCI-H358; NSCLC CDX CFPAC-1; pancreatic CDX 2000 2500 2000 Tumor volume (mm3) Tumor volume (mm3) 1500 Sodium Chloride S

  48. Slide 48: CR-003 superior pharmacokinetic profile vs. benchmark

    CR-003 (SKB105) exhibits superior pharmacokinetic profile vs. benchmark Demonstrated enhanced stability in circulation and superior half-life compared to SGN-B6A PK comparison: SKB105 vs. SGN-B6A PK profiles: longer half-life, higher ADC exposure 1,000 G1: RL12 (5 mg/kg) SKB105 mAb Single IV test ar

  49. Slide 49: CR-003 first-in-human Phase 1/2 study led by Kelun-Biotech in China

    CR-003 (SKB105) first-in-human Phase 1/2 study led by Kelun-Biotech in China Robust data generation designed to establish clinical profile of CR-003 and accelerate global development Multicenter, open-label, Phase 1/2 clinical study to evaluate CR-003 (SKB105) in participants with advanced solid tum

  50. Slide 50: CR-003: Differentiated ITGB6 ADC with topoisomerase 1 inhibitor payload

    CR-003: Differentiated ITGB6 ADC with topoisomerase 1 inhibitor payload Program Summary Target Rationale Supportive Data • anti-β6 fully human • Integrin beta-6 (ITGB6) is a subunit of the integrin αvβ6, a • Favorable safety in cyno pilot tox; well IgG1 mAb transmembrane receptor that mediates cell-

  51. Slide 51: Multiple ways to win: IO + ADC pipeline optionality

    Multiple ways to win: Crescent IO + ADC pipeline enables optionality with monotherapy and differentiated combination therapies ✓ In development ✓ Potential indication Indication CR-001 CR-002 CR-003 PD-L1 ADC ITGB6 ADC Lung NSCLC ●●● ✓ ✓ $80B+ HCC ● ✓ Biliary ●● ✓ ✓ PD-(L)1 market* GI Gastric ●● ✓ ✓

  52. Slide 52: Corporate

    titling, Crescent © BIOPHARMA $ th Si “ei see? Corporate

  53. Slide 53: Rapidly growing leadership team

    Rapidly growing leadership team with deep experience building the next generation of biotechnology companies Executive Team Joshua Brumm Jonathan McNeill, M.D. Ellie Im, M.D. Rick Scalzo Jan Pinkas, Ph.D. Barbara Bispham Chief Executive Officer President & Chief Medical Officer Chief Financial Offic

  54. Slide 54: Kelun-Biotech Partnership: Deal Terms Summary

    Kelun-Biotech Partnership: Deal Terms Summary CR-001 SKB105 (CR-003) PD-1 x VEGF Deal Terms ITGB6 ADC Worldwide, excluding Greater China Territory Greater China $20M Upfront $80M Development & Development & commercial commercial milestones Milestones milestones up to $1.2B Tiered single-digit to low

  55. Slide 55: Shares outstanding

    Shares outstanding Pro forma including public offering completed July 16, 2026 Pro Forma as of June 30, 2026 Number of Shares1 Ordinary Shares Shares outstanding 37.1M Series A Preferred 2.9M Ordinary Share Equivalents Pre-funded warrants 3.4M Ordinary and Ordinary Share Total shares outstanding2 43

  56. Slide 56: Seize the Moment

    SEIZE THE MO ME N T for a brighter future Delivering the next wave of cancer therapies

Crescent Biopharma — Investor Presentation (October 2026) on 6ix