Revenue: As of FY2026 Q1, the actual value is USD 22.52 M.EPS: As of FY2026 Q1, the actual value is USD -0.1.EBIT: As of FY2026 Q1, the actual value is USD -9.655 M.<h4>Segment Revenue</h4>Crescent Biopharma, Inc. reported total revenues of $22.5 million for the three months ended March 31, 2026, representing a 2% increase from $22.1 million for the same period in 2025. This growth was mainly driven by increased sales of Contiva™ and Etorel™ by approximately $0.5 million and $0.7 million, respectively, partially offset by a decrease in ETUARY™ sales of about $0.7 million and other product sales of $0.1 million.Revenue Composition by Product (Three Months Ended March 31): ETUARY™: $20.967 million (93.1% of total revenue) in 2026, down from $21.706 million (98.4% of total revenue) in 2025. Contiva™: $0.849 million (3.8% of total revenue) in 2026, up from $0.279 million (1.3% of total revenue) in 2025. Etorel™: $0.672 million (3.0% of total revenue) in 2026, up from $0 million (0.0% of total revenue) in 2025. Other Products: $0.031 million (0.1% of total revenue) in 2026, down from $0.073 million (0.3% of total revenue) in 2025.All revenues were generated by Gyre Pharmaceuticals in mainland China for both periods.<h4>Operational Metrics</h4>Net (Loss) Income: Consolidated net loss for the three months ended March 31, 2026, was -$9.9 million, compared to a net income of $3.7 million for the same period in 2025. Net loss attributable to common stockholders was -$8.7 million in 2026, versus a net income of $2.7 million in 2025. Gyre Pharmaceuticals reported a net loss of -$3.85 million in 2026, down from a net income of $2.899 million in 2025. The Gyre segment reported a net loss of -$6.002 million in 2026, compared to a net income of $0.838 million in 2025.Operating Expenses (Consolidated, Three Months Ended March 31): Total Operating Expenses: Increased by $12.089 million (61%) to $31.874 million in 2026 from $19.785 million in 2025. Cost of Revenues: Increased by $0.3 million (37%) to $1.2 million in 2026 from $0.9 million in 2025, primarily due to a $0.3 million rise in early production costs of Etorel™ and a $0.2 million increase in stock-based compensation expense, partially offset by a $0.2 million decrease in ETUARY™ cost of sales. Selling and Marketing Expenses: Increased by $3.3 million (30%) to $14.136 million in 2026 from $10.841 million in 2025, mainly due to a $2.9 million increase in promotion expenses for Etorel™ and Contiva™ and early-stage preparation activities for F351 commercial launch, and a $1.0 million increase in stock-based compensation expense, partially offset by a $0.5 million decrease in staff cost and a $0.1 million decrease in travel and other expenses. Research and Development Expenses: Increased by $3.6 million (118%) to $6.738 million in 2026 from $3.095 million in 2025, primarily due to a $2.0 million increase in clinical research expenses for the Phase 3c clinical trial for Hydronidone in the PRC, a $0.5 million increase in materials and utilities expenses, and a $1.1 million increase attributable to Gyre Therapeutics’ pre-clinical activities for future IND filings in the United States. General and Administrative Expenses: Increased by $2.3 million (46%) to $7.220 million in 2026 from $4.955 million in 2025, mainly due to a $0.8 million increase in stock-based compensation costs, a $0.9 million increase in staff costs, and a $0.6 million increase in miscellaneous expenses. Transaction Costs: Incurred $2.553 million in 2026, with no comparable costs in 2025, related to the acquisition of Cullgen Inc.Operating (Loss) Income: Crescent Biopharma, Inc. reported an operating loss of -$9.355 million in 2026, a significant decrease from an operating income of $2.273 million in 2025.Other Income, Net: Change in fair value of warrant liability: Decreased by -$2.2 million (96%) to $0.089 million in 2026 from $2.255 million in 2025. Other income, net (combined): Decreased by -$0.1 million (73%) to $0.029 million in 2026 from $0.107 million in 2025, primarily due to a $0.3 million increase in donation expense, partially offset by a $0.1 million increase in interest income and a $0.1 million increase in government grant.Provision for Income Taxes: Decreased to $0.6 million in 2026 from $0.9 million in 2025, primarily due to changes in the valuation allowance.Stock-based Compensation Expense (Three Months Ended March 31): Total stock-based compensation expense increased to $2.583 million in 2026 from $0.507 million in 2025. Cost of revenues: $0.178 million in 2026 vs. $0 million in 2025. Selling and marketing: $0.985 million in 2026 vs. $0 million in 2025. Research and development: $0.115 million in 2026 vs. $0 million in 2025. General and administrative: $1.305 million in 2026 vs. $0.507 million in 2025.<h4>Cash Flow</h4>Cash Flows (Three Months Ended March 31): Net cash provided by (used in) operating activities: $3.180 million provided in 2026 compared to -$0.129 million used in 2025, primarily due to higher customer collections and lower tax payments in 2026. Net cash (used in) provided by investing activities: -$3.055 million used in 2026 compared to $1.967 million provided in 2025, including $10.073 million from maturity of certificates of deposit and -$12.951 million in purchases of certificates of deposit in 2026. Net cash provided by financing activities: $0.021 million in 2026 compared to $1.344 million in 2025, with the 2026 figure from stock option exercises and the 2025 figure including proceeds from stock option exercises and common stock issuance. Effect of exchange rate changes on cash: $0.285 million in 2026 compared to $0.050 million in 2025. Net change in cash and cash equivalents: $0.431 million in 2026 compared to $3.232 million in 2025.<h4>Unique Metrics</h4><ul><li>Liquidity: As of March 31, 2026, Crescent Biopharma, Inc. had cash and cash equivalents of $37.5 million, short-term bank deposits of $12.3 million, and long-term certificates of deposit of $29.4 million.</li><li>Accumulated Deficit: Crescent Biopharma, Inc. had an accumulated deficit of -$77.7 million as of March 31, 2026, compared to -$68.4 million as of December 31, 2025.</li><li>Restricted Net Assets: The aggregate amount of restricted capital and statutory reserves of relevant subsidiaries was $72.4 million as of March 31, 2026, and $70.1 million as of December 31, 2025, under PRC laws and regulations.</li><li>Product Launches &amp; Approvals: Contiva™ was launched in March 2025, and Etorel™ commenced commercialization in June 2025, with Etorel™ selected for the National Centralized Drug Procurement Program in March 2026. Hydronidone received Breakthrough Therapy designation in March 2021, priority review status in March 2026, and its New Drug Application (NDA) was submitted to the NMPA on March 22, 2026, for conditional approval for CHB-induced liver fibrosis.</li><li>Clinical Trial Progress: Enrollment for the 52-week Phase 3 trial of ETUARY™ for pneumoconiosis was completed in 2025, and an adaptive Phase 2⁄3 study for radiation-induced lung injury (RILI) was initiated in April 2026. Hydronidone met its primary endpoint in a pivotal Phase 3 trial for CHB-associated liver fibrosis in May 2025, and a Phase 1 clinical trial for F230 in pulmonary arterial hypertension (PAH) began in June 2025.</li><li>Acquisition: Crescent Biopharma, Inc. acquired Cullgen Inc. in May 2026, in an all-stock transaction valued at approximately $300 million, with related transaction costs of $2.553 million expensed during the three months ended March 31, 2026.</li></ul><h4>Future Outlook and Strategy</h4>Management believes existing cash and cash equivalents, cash flows from operations, and access to capital markets will be sufficient to fund Crescent Biopharma, Inc.’s operating activities and obligations for at least 12 months following the issuance of these financial statements and thereafter for the foreseeable future. The company plans to leverage Cullgen Inc.’s capabilities in the PRC for product development and early-stage clinical trials, anticipating additional non-recurring transaction costs post-Q1 2026 for integration. Crescent Biopharma, Inc. intends to file a U.S. IND for Hydronidone in 2026 to initiate a Phase 2 clinical trial for MASH-associated liver fibrosis, and also expects to submit an IND application to the NMPA for F528 for chronic obstructive pulmonary disease in 2026.

Crescent Biopharma | 10-Q: FY2026 Q1 Revenue: USD 22.52 M