Crescent Biopharma Inc. (CBIO) had one of those "good news, bad news" trading days Thursday. Shares initially rallied on a partnership announcement and hefty fundraise, then decided maybe investors needed more time to think about it and reversed lower.

The Deal That Started It All

Crescent announced an exclusive partnership with Sichuan Kelun-Biotech Biopharmaceutical to develop and commercialize next-generation oncology therapeutics. The centerpiece includes CR-001, a PD-1 x VEGF bispecific antibody, along with multiple antibody-drug conjugates.

Here's how they carved up the world: Crescent granted Kelun-Biotech exclusive rights to develop and commercialize CR-001 in Greater China. In exchange, Crescent snagged exclusive rights to develop and commercialize SKB105 (also called CR-003) everywhere outside China. The partnership covers both monotherapy development and combination studies involving CR-001 and ADCs.

Pipeline Progress and Fresh Capital

Alongside the partnership news, Crescent unveiled updated timelines showing CR-001, CR-002, and CR-003 all entering clinical trials in 2026. Initial proof-of-concept data for multiple programs should arrive in 2027, giving investors a clearer roadmap for the next couple years.

The company also locked down a $185 million private placement expected to close around December 8, subject to customary conditions. The investor lineup includes Forbion, Fairmount, Vestal Point Capital, BVF Partners, ADAR1, Balyasny Asset Management, and Venrock Healthcare Capital Partners. Management says the proceeds will fund clinical development and extend their cash runway into 2028.

CEO Joshua Brumm said the updates reflect progress across the company's immuno-oncology and ADC programs, positioning Crescent for multiple data readouts over the next two years.

Price Action: At the time of writing, Crescent Biopharma shares were trading 2.31% lower at $13.10.