Crescent Biopharma Q3 net loss widens beyond expectations on higher R&D expenses

Overview

• U.S. oncology developer's Q3 net loss widened beyond analysts' expectations

• Operating loss for Q3 also missed analyst expectations

• R&D and G&A expenses rose due to increased clinical trial activity

Outlook

• Crescent expects initial monotherapy data from ASCEND trial in Q1 2027

• Company anticipates initial combination data from ASCEND expansion cohorts in mid-2027

• Crescent expects current cash to fund operations into the second half of 2028

Result Drivers

• CLINICAL TRIAL SPENDING - Co said higher R&D expenses were due to increased clinical development activity in the global Phase 1/2 ASCEND trial and preparations for the APOLLO trial

• PIPELINE SUPPORT COSTS - Co said G&A expenses rose due to increased personnel costs, including share-based compensation and professional service costs in continued support of the Company’s pipeline

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Crescent Biopharma, Inc. is $31.50, about 113.5% above its November 11 closing price of $14.76

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)