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GI

GLYCOMIMETICS INC (GLYC)·Q2 2025 Earnings Summary

Executive Summary

  • Transformative quarter post-merger: Crescent Biopharma (formerly GlycoMimetics) closed the merger, re-listed on Nasdaq as CBIO, and reported Q2 2025 results with a strong cash runway “through 2027,” underpinned by a previously announced $200M private financing .
  • Operating execution steady: R&D of $12.1M and G&A of $8.9M drove a net loss of $21.8M ($4.93/sh), broadly consistent with a development-stage profile preparing for CR-001 IND filing in Q4 2025 and CR-002 IND in mid-2026 .
  • Pipeline catalysts: Management reiterated IND timing for CR-001 (Q4’25), first patients early 2026, and PoC data 2H26; ADC program CR-002 planned IND mid-2026—key near/medium-term stock catalysts alongside integration milestones .
  • Estimates/Call: No S&P Global consensus estimates available for EPS/Revenue at this time; no Q2 earnings call transcript found, limiting beat/miss assessment and Q&A insights (see Estimates Context) .

What Went Well and What Went Wrong

  • What Went Well

    • Balance sheet reset with cash of $152.6M and visibility to fund operations through 2027, reducing near-term financing overhang .
    • Strategic clarity and leadership depth: New CEO and senior team appointed; company completed merger, rebranding, and Nasdaq relisting (CBIO) to pursue the solid tumor pipeline .
    • Pipeline momentum and timelines: “On track to submit an IND by the end of 2025” for CR-001; CR-002 ADC IND expected mid-2026. CEO: “We have a tremendous opportunity ahead of us…as we work toward delivering the next wave of treatments to those living with cancer.” .

  • What Went Wrong

    • Continued losses as expected for pre-revenue biotech: Q2 net loss of $21.8M with $21.0M total OpEx; no revenue reported .
    • Elevated G&A alongside buildout: G&A of $8.9M reflects public company, integration, and buildout costs—watch for operating leverage as programs progress .
    • Prior-quarter going concern disclosure (pre-merger) underscores dependence on external capital; runway now extended post-financing, but execution risk remains until clinical validation and partnerships materialize .

Financial Results

Results vs prior quarter (Q1 2025 → Q2 2025). All figures USD.

Metric (USD, in thousands except per-share)Q1 2025Q2 2025
Research & Development$10,627 $12,081
General & Administrative$3,597 $8,949
Total Operating Expenses$14,224 $21,030
Loss from Operations$(14,224) $(21,030)
Other (Income) / Expense, net$(924) $(760)
Net Loss$(15,148) $(21,790)
EPS (basic & diluted)$(18.39) $(4.93)
Weighted Avg Shares (basic & diluted)823,664 3,856,925

Liquidity snapshot

Metric (USD, in thousands)Dec 31, 2024Mar 31, 2025Jun 30, 2025
Cash$34,766 $22,429 $152,645

KPIs and segment detail

KPI (USD, in thousands)Q1 2025Q2 2025
CR-001 External R&D Costs$6,740 n/a (not disclosed)
CR-002 External R&D Costs$1,370 n/a (not disclosed)
CR-003 External R&D Costs$1,063 n/a (not disclosed)

Notes: Crescent is pre-revenue; prior-year comparisons are not meaningful due to the reverse merger and re-baselining; Q2 presented on the combined company’s current basis .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-yearNot specified“Cash…anticipated to fund operations through 2027” Introduced
CR-001 IND TimingQ4 2025Not specified“On track to submit an IND…in the fourth quarter of 2025” Introduced
CR-001 Clinical Milestones2026Not specifiedFirst patients early 2026; PoC data 2H26 Introduced
CR-002 IND TimingMid-2026Not specified“Expects to submit an IND…in mid-2026” Introduced
Revenue/Margins/Tax2025NoneNone provided Maintained (no guidance)

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was found after targeted searches (company materials and document catalog). Thematic evolution derived from company filings/press release.

TopicPrevious Mentions (Q1 2025)Current Period (Q2 2025)Trend
Financing/RunwayGoing concern disclosure; need for substantial additional funding pre-merger $200M financing closed; cash to fund ops through 2027 Improving
Corporate StructureIntegration planning and S-4 process described Merger closed; NASDAQ relisting as CBIO; leadership appointments Executed/Stable
CR-001 (PD-1 x VEGF)Licensing and development framework noted; pre-IND work underway IND filing on track Q4 2025; first patients early 2026; PoC 2H26 Advancing
ADCs (CR-002/CR-003)Option agreements and discovery plans CR-002 IND targeted mid-2026; CR-003 discovery ongoing Advancing
Partnerships/ManufacturingThird-party vendors and agreements (WuXi, Charles River) Continued reliance on CDMOs/CROs (implied) Steady
Regulatory/LegalReverse split, redomestication, name/ticker change Post-merger reporting cadence established Normalizing

Management Commentary

  • Strategic focus: “Our lead program, CR-001, a PD-1 x VEGF bispecific antibody, is designed to transform the immuno-oncology standard of care, and we are on track to submit an IND by the end of 2025…We have a tremendous opportunity ahead of us…” — Joshua Brumm, CEO .
  • Execution priorities: Advance CR-001 to IND and Phase 1; progress ADCs toward IND; leverage strengthened leadership and financing to reach value inflection points .

Q&A Highlights

  • No earnings call transcript or prepared Q&A was available for Q2 2025 after reviewing company filings and press/investor pages; therefore, no Q&A highlights or clarifications to report .

Estimates Context

  • Wall Street consensus (S&P Global) for Q2 2025 revenue/EPS was not available due to lack of mapping/coverage post-merger; consequently, we cannot assess beats/misses against consensus at this time .
  • Implication: As coverage initiates and models normalize to the Crescent pipeline and share count, estimate dispersion may be high; watch for initiation reports post-IND milestones.

Key Takeaways for Investors

  • De-risked near-term liquidity: $152.6M cash with runway through 2027 meaningfully reduces financing overhang into multiple clinical catalysts .
  • Clear, near-term catalyst path: CR-001 IND in Q4’25; first patients early 2026; PoC in 2H’26—timelines that can re-rate the stock on execution .
  • Operating spend building for execution: Q2 OpEx of $21.0M; monitor G&A normalization as integration completes and R&D scales into clinical trials .
  • Strategic optionality: ADC programs (CR-002/CR-003) create combination and partnership pathways, potentially broadening addressable markets .
  • Limited external coverage/benchmarks: With no consensus yet, price reactions will likely track pipeline progress and financing/corporate updates rather than quarter-to-quarter “beats” .
  • Post-merger baseline: Prior-period comparability is limited; use Q1→Q2 trend and cash runway as primary anchors until post-IND quarters establish operating cadence .
  • Risk framing: Execution risks include IND/CMC timelines, early clinical readouts, and sustained access to CDMO/CRO capacity; however, cash runway provides time to deliver key proof points .

Sources:

  • Q2 2025 8-K and press release (Item 2.02, EX-99.1; financial statements) .
  • Merger closing 8-K and company transformation details (ticker change, capitalization, governance, financing) .
  • Q1 2025 Crescent standalone financials and program cost breakdown (EX-99.2/99.3) .
  • Company investor/press site confirming Q2 press release and timelines .