Crescent Biopharma

Q2 FY2026 EarningsQ2 FY26 results were significantly above revenue consensus while missing on the bottom line due to acquisition-related expenses and elevated R&D. Revenue reached $29.1M vs. the $0.36M expected, driven by robust ETUARY™ sales in China, though this was offset by the expiration of the Astellas collaboration. GAAP Diluted EPS of $(0.12) beat the $(0.79) consensus, but the net loss widened to $14.3M due to a 129% surge in R&D spending and $0.5M in transaction costs from the Cullgen acquisition. Management reaffirmed full-year 2026 revenue guidance of $100.5M–$111.0M, supported by the recent NDA acceptance for F351 in China.