Crescent Biopharma, Inc. · NASDAQ:CBIO
Crescent Biopharma — Investor Presentation (December 2025)
53 slides from Crescent Biopharma's investor presentation, Dec 4, 2025
Slide 1: Seize the Moment for a brighter future
SEIZE THE MOMENT for a brighter future CRESCENT BIOPHARMA STRATEGIC PARTNERSHIP & PIPELINE UPDATE DECEMBER 4, 2025 NASDAQ: CBIO
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
Slide 3: Program
Program Joshua Brumm Opening Remarks CEO Jonathan McNeill, M.D. Overview of Kelun-Biotech Partnership President & COO Clinical Development Plan for CR-001, Ellie Im, M.D. PD-1 x VEGF Bispecific Antibody Chief Medical Officer Jan Pinkas, Ph.D. ADC Programs: CR-002 and CR-003 (SKB105) Chief Scientific
Slide 4: Program
Program Joshua Brumm Opening Remarks CEO Jonathan McNeill, M.D. Overview of Kelun-Biotech Partnership President & COO Clinical Development Plan for CR-001, Ellie Im, M.D. PD-1 x VEGF Bispecific Antibody Chief Medical Officer Jan Pinkas, Ph.D. ADC Programs: CR-002 and CR-003 (SKB105) Chief Scientific
Slide 5: 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 5
Slide 6: Our bold vision is to build a world-leading oncology company
Our bold vision is to build a world-leading oncology company PD-1 x VEGF Synergistic Novel ADCs cooperativity combinations Crescent is advancing the next wave of innovative I/O and ADC therapies to transform cancer care 6
Slide 7: Kelun-Biotech partnership accelerates and expands Crescent's strategy
Kelun-Biotech partnership accelerates and expands Crescent’s strategy for leadership in I/O and ADC combination therapies 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 thera
Slide 8: 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 a Phase 1-ready ADC with is built for synergistic combination
Slide 9: Transformative Kelun-Biotech partnership accelerates and expands Crescent's strategy
Transformative Kelun-Biotech partnership accelerates & expands 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) Enhances cl
Slide 10: Combination studies planned for CR-001 with several different ADCs
Combination studies planned for CR-001 with several different ADCs + CR-002 PD-L1 ADC Maximizing CR-001 opportunity with combination studies in multiple tumor types + CR-003 (SKB105) ITGB6 ADC Kelun-Biotech partnership enables rapid generation of combo data with CR-003 + CR-004 Undisclosed ADC (SKB1
Slide 11: Multiple ways to win: Crescent IO + ADC pipeline
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 ●● ✓ ✓
Slide 12: 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
Slide 13: 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 Q1 ‘26: Ph 1/2 initiation PD-1 x VEGF NSCLC, (Ex-China) H2 ‘26: CR-001 + ADC combo(s) init
Slide 14: Cash runway expected to fund programs through key catalysts
Cash runway expected to fund Crescent programs through key anticipated value-generating catalysts 2026 2027 Beyond CR-001 Ph 1/2 Initiation Ph 1/2 Data Additional Catalysts 1Q26 1Q27 CR-002 Ph 1/2 Initiation Ph 1/2 Data Additional Catalysts 2H26 2H27 CR-003 Ph 1/2 Initiation Ph 1/2 Data Additional C
Slide 15: Program
Program Joshua Brumm Opening Remarks CEO Jonathan McNeill, M.D. Overview of Kelun-Biotech Partnership President & COO Clinical Development Plan for CR-001, Ellie Im, M.D. PD-1 x VEGF Bispecific Antibody Chief Medical Officer Jan Pinkas, Ph.D. ADC Programs: CR-002 and CR-003 (SKB105) Chief Scientific
Slide 16: PD-(L)1-targeted therapies have transformed oncology
PD-(L)1-targeted therapies, annualizing $50B+, 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
Slide 17: Ivonescimab doubled progression-free survival vs. Keytruda in 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
Slide 18: 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
Slide 19: CR-001 is a highly potent PD-1 x VEGF bsAb
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
Slide 20: 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 LM-299 BNT327 / PM8002 Company Stage Preclinical Phase 3 (Global) Phase 1/2 (China) Phase 3 (Global)
Slide 21: 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
Slide 22: 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
Slide 23: CR-001 potential to transform SoC across 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
Slide 24: 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
Slide 25: 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
Slide 26: 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 PHASE 1/2 PHASE 3 STUDIES (validated indications) IND MULTIPLE SOLID TUMOR
Slide 27: CR-001 planned first in human global Phase 1/2 study design
CR-001 planned first in human global Phase 1/2 study design Robust data generation to establish clinical profile of CR-001 & create significant value from 1L efficacy data Dose Escalation (2L+) Backfill (2L+ and 1L) 2 Dose Optimization (1L) 8 tumor types 1 Up to 8 optional tumor-specific cohorts per
Slide 28: Combination studies planned for CR-001 with several different ADCs
Combination studies planned for CR-001 with several different ADCs + CR-002 PD-L1 ADC Maximizing CR-001 opportunity with combination studies in multiple tumor types + CR-003 (SKB105) ITGB6 ADC Kelun-Biotech partnership enables rapid generation of combo data with CR-003 + CR-004 Undisclosed ADC (SKB1
Slide 29: 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
Slide 30: Program
Program Joshua Brumm Opening Remarks CEO Jonathan McNeill, M.D. Overview of Kelun-Biotech Partnership President & COO Clinical Development Plan for CR-001, Ellie Im, M.D. PD-1 x VEGF Bispecific Antibody Chief Medical Officer Jan Pinkas, Ph.D. ADC Programs: CR-002 and CR-003 (SKB105) Chief Scientific
Slide 31: 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)
Slide 32: CR-002 and CR-003 are 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
Slide 33: ADCs with topoisomerase inhibitor payloads show 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
Slide 34: Next-generation topoisomerase ADCs demonstrated 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
Slide 35: Next-generation topoisomerase ADCs demonstrated 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
Slide 36: CR-002: Differentiated PD-L1 ADC with Topo1i payload
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 •
Slide 37: 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
Slide 38: 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
Slide 39: 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
Slide 40: CR-002 demonstrated 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’
Slide 41: CR-002: Differentiated PD-L1 ADC with topoisomerase 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
Slide 42: 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
Slide 43: CR-003 (SKB105): Differentiated ITGB6 ADC with Topo1i payload
CR-003 (SKB105): Differentiated ITGB6 ADC with Topo1i payload designed to be best-in-class SKB105 from Kelun-Biotech is a Phase 1-ready ADC with strong preclinical data anti-β6 Fc silenced IgG1 mAb Favorable safety in NHP toxicology Antibody binding epitope distinct Well-tolerated in cyno to 80 mpk/
Slide 44: 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
Slide 45: CR-003 demonstrated 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
Slide 46: CR-003 demonstrated 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
Slide 47: CR-003 exhibits 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
Slide 48: CR-003: Differentiated ITGB6 ADC with topoisomerase 1 inhibitor payload
CR-003: Differentiated ITGB6 ADC with topoisomerase 1 inhibitor payload SKB105 from Kelun-Biotech is a Phase 1-ready ADC with strong preclinical data Program Summary Target Rationale Supportive Data • anti-β6 fully human • Integrin beta-6 (ITGB6) is a subunit of the integrin αvβ6, a • Favorable safe
Slide 49: Multiple ways to win: Crescent IO + ADC pipeline
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 ●● ✓ ✓
Slide 50: Cash runway expected to fund programs through key catalysts
Cash runway expected to fund Crescent programs through key anticipated value-generating catalysts 2026 2027 Beyond CR-001 Ph 1/2 Initiation Ph 1/2 Data Additional Catalysts 1Q26 1Q27 CR-002 Ph 1/2 Initiation Ph 1/2 Data Additional Catalysts 2H26 2H27 CR-003 Ph 1/2 Initiation Ph 1/2 Data Additional C
Slide 51: Program
Program Joshua Brumm Opening Remarks CEO Jonathan McNeill, M.D. Overview of Kelun-Biotech Partnership President & COO Clinical Development Plan for CR-001, Ellie Im, M.D. PD-1 x VEGF Bispecific Antibody Chief Medical Officer Jan Pinkas, Ph.D. ADC Programs: CR-002 and CR-003 (SKB105) Chief Scientific
Slide 52: Seize the Moment: Delivering the next wave of cancer therapies
SEIZE THE MO ME N T for a brighter future Delivering the next wave of cancer therapies
Slide 53: 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
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