Crescent Biopharma, Inc.

AI-generated fair value estimate for this company.

Method: Cash + risk-adjusted pipeline NPV (rNPV) sum-of-the-parts. Pro forma cash $305.1M (June 30, 2026 cash $171.6M + $133.5M July 2026 offering proceeds; no debt); pro forma shares outstanding 43.5M. Pipeline (Phase 1/2 oncology candidates, no revenue): CR-001 (PD-1xVEGF bispecific) 10% PoS x $1.5B peak sales x 1.5 multiplier = $225M rNPV; CR-002 (PD-L1 ADC) 6% PoS x $800M x 1.5 = $72M; CR-003 (ITGB6 ADC) 8% PoS x $700M x 1.5 = $84M. Total pipeline rNPV approx $381M. Total value = $305.1M cash + $381M pipeline approx $686M / 43.5M shares approx $15.77/share.

Reasoning: CBIO is a pre-revenue clinical-stage oncology biotech with no FCF/earnings, so a standard DCF is inapplicable; cash+rNPV is the standard framework for this stage, using conservative probability-of-success and peak-sales assumptions given a crowded competitive landscape.