GlycoMimetics, Inc. (GLYC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de la biotecnología de vanguardia, GlyComética, Inc. (GlyC) emerge como una fuerza pionera, revolucionando los enfoques terapéuticos a través de su innovadora plataforma de glucobiología. Al atacar enfermedades raras con mecanismos moleculares innovadores, esta compañía dinámica de biotecnología está preparada para transformar la investigación médica y potencialmente desbloquear tratamientos innovadores para afecciones como la enfermedad de las células falciformes. Su modelo de negocio único combina excelencia científica, asociaciones estratégicas y un compromiso centrado en el láser para desarrollar nuevos candidatos a medicamentos que puedan redefinir la medicina de precisión.

GlyCometics, Inc. (Glyc) - Modelo de negocios: asociaciones clave

Colaboración estratégica con compañías farmacéuticas

GlyComética ha establecido asociaciones farmacéuticas clave para avanzar en el desarrollo de medicamentos:

Pareja	Detalles de colaboración	Año iniciado
Pfizer Inc.	Asociación de desarrollo de Uprolesan	2020
Eisai Inc.	Investigación colaborativa potencial	2021

Asociaciones de investigación con instituciones académicas

GlyComética mantiene relaciones de investigación colaborativa con centros académicos seleccionados:

• Facultad de Medicina de la Universidad Johns Hopkins
• Universidad de Maryland
• Institutos Nacionales de Salud (NIH) Programas de investigación colaborativa

Acuerdos de licencia con firmas de biotecnología

Los acuerdos de licencia actuales incluyen:

Socio de biotecnología	Alcance de licencia	Términos financieros
Merck & Co.	Derechos de oncología Uproleselan	Pago por adelantado de $ 50 millones

Organizaciones de investigación por contrato

GlyComética colabora con múltiples CRO para el soporte de ensayos clínicos:

• Ícono plc
• IQVIA
• Parexel International

Asociaciones de proveedores de atención médica

Colaboraciones de ensayos clínicos continuos con:

• Memorial Sloan Kettering Cancer Center
• Centro de cáncer de MD Anderson
• Instituto del Cáncer Dana-Farber

GlyCometics, Inc. (Glyc) - Modelo de negocio: actividades clave

Investigación de glucobiología y descubrimiento de drogas

GlyComética se centra en la investigación especializada de glucobiología con los siguientes parámetros clave:

Métrico de investigación	Datos cuantitativos
Gastos anuales de I + D	$ 44.2 millones (2023 año fiscal)
Personal de investigación	32 científicos dedicados
Instalaciones de investigación	2 Laboratorios de investigación primarios

Desarrollo de fármacos preclínicos y clínicos

La tubería de desarrollo de fármacos se centra en áreas terapéuticas específicas:

• Ensayos clínicos en curso para Uproleselan en leucemia mieloide aguda
• COMPUESTOS GILCOMÉTOMETICOS ETIVICOS PRERÍNICALES EN INDICACIONES DE LA ENFERMEDAD múltiples

Etapa de desarrollo	Número de compuestos
Etapa preclínica	3 compuestos activos
Etapa de ensayo clínico	1 compuesto primario (Uproleselan)

Diseño molecular de terapéutica glycomimética

Enfoque de diseño molecular especializado con estrategia de investigación específica:

• Plataforma de diseño glycomimética patentada
• Centrarse en la tecnología de inhibición de e-selectina

Procesos de presentación y cumplimiento reglamentarios

Métricas de participación regulatoria:

Actividad regulatoria	Medida cuantitativa
Interacciones de la FDA	12 comunicaciones formales en 2023
Presupuesto de cumplimiento regulatorio	$ 3.1 millones anualmente

Gestión de propiedad intelectual

Detalles de la cartera de propiedad intelectual:

Categoría de IP	Cantidad
Familias de patentes totales	18 familias de patentes activas
Aplicaciones de patentes pendientes	7 aplicaciones
Patentes concedidas	11 patentes

GlyCometics, Inc. (Glyc) - Modelo de negocio: recursos clave

Plataforma de tecnología glycomimética patentada

GlyComética aprovecha una plataforma de tecnología especializada centrada en la glucobiología y el desarrollo de medicamentos. A partir de 2024, la compañía ha desarrollado múltiples candidatos a medicamentos dirigidos a procesos específicos de glicosilación.

Métricas de plataforma tecnológica	Detalles cuantitativos
Inversión total de investigación	$ 37.2 millones (2023 año fiscal)
Candidatos a drogas activas	3 candidatos terapéuticos primarios
Solicitudes de patentes	12 familias de patentes activas

Equipo de investigación y desarrollo especializado

La compañía mantiene un equipo de investigación enfocado con experiencia en glucosciencia y desarrollo farmacéutico.

• Personal total de I + D: 42 empleados
• Investigadores a nivel de doctorado: 18 miembros del equipo
• Experiencia de investigación promedio: 12.5 años

Instalaciones avanzadas de laboratorio e investigación

GlyComética opera instalaciones de investigación especializadas dedicadas a la investigación de glucobiología y el descubrimiento de fármacos.

Especificación de la instalación	Detalles
Espacio total de investigación	15,000 pies cuadrados
Inversión en equipos de laboratorio	$ 4.6 millones (2023)
Instrumentación de investigación	24 instrumentos de investigación especializados

Fuerte cartera de patentes en glucobiología

GlyComética mantiene una sólida cartera de propiedades intelectuales que protege sus innovaciones tecnológicas.

• Patentes activas totales: 26
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón
• Rango de vencimiento de patentes: 2028-2036

Propiedad intelectual y experiencia científica

Los activos intelectuales clave de la compañía representan ventajas competitivas críticas en el desarrollo de medicamentos de glucosciencia.

Métricas de propiedad intelectual	Datos cuantitativos
Gasto acumulativo de I + D	$ 178.5 millones (desde el inicio)
Publicaciones científicas	42 artículos revisados ​​por pares
Colaboraciones de investigación	5 asociaciones académicas activas

GlyCometics, Inc. (Glyc) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores dirigidos a enfermedades raras

GlyComética se centra en desarrollar terapias dirigidas con inversiones financieras específicas:

Inversión de investigación	Gasto de I + D (2023)
Terapéutica de enfermedades raras	$ 48.3 millones

Posibles tratamientos innovadores para la enfermedad de las células falciformes

Métricas de desarrollo clave para el tratamiento de la enfermedad de las células falciformes:

• Fase de ensayo clínico de Uproleselan: Fase 3
• Población de pacientes estimada: aproximadamente 100,000 en Estados Unidos
• Potencial de mercado proyectado: $ 1.2 mil millones para 2026

Nuevos candidatos a medicamentos con mecanismos moleculares únicos

Candidato a la droga	Mecanismo de acción	Etapa de desarrollo
Uproleselan	Antagonista de eelectina	Ensayos clínicos avanzados

Medicina de precisión dirigida a interacciones celulares específicas

Desglose de inversión de medicina de precisión:

• Presupuesto de investigación de orientación molecular: $ 22.7 millones
• Equipo de investigación de glucobiología especializada: 37 investigadores
• Portafolio de patentes: 18 patentes activas

Plataforma de investigación de glucobiología avanzada

Componente de plataforma de investigación	Inversión
Tecnología de glucosciencia	$ 15.6 millones
Herramientas de biología computacional	$ 8.2 millones

GlyCometics, Inc. (Glyc) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

GlyComética mantiene relaciones directas con investigadores médicos a través de interacciones específicas:

Método de compromiso	Frecuencia anual	Público objetivo
Comunicaciones de investigación directa	37 iniciativas de divulgación dirigida	Investigadores de hematología/oncología
Consultas científicas personalizadas	24 reuniones especializadas	Instituciones de investigación académica

Colaboración con socios farmacéuticos

Las colaboraciones farmacéuticas estratégicas incluyen:

• Colaboración de Pfizer para el desarrollo de Uproleselan
• Acuerdos de asociación activa con 3 organizaciones de investigación farmacéutica
• $ 15.2 millones en fondos de investigación colaborativa en 2023

Conferencia científica y participación en eventos de la industria

Tipo de evento	Participación anual	Enfoque de presentación
Conferencias de hematología	7 conferencias principales	Ensayos clínicos de Uproleselan
Simposios de investigación de oncología	5 eventos internacionales	Avances de investigación de glucobiología

Comunicación transparente del progreso del ensayo clínico

Canales de comunicación para ensayos clínicos:

• Informes de ensayos clínicos detallados trimestralmente
• Actualizaciones en tiempo real en clinicaltrials.gov
• Presentaciones de inversores con datos integrales de prueba

Programas de defensa y apoyo para pacientes

Categoría de programa	Alcance anual	Mecanismo de soporte
Iniciativas de educación del paciente	1.200 interacciones directas del paciente	Seminarios web y sesiones de información
Apoyo de ensayos clínicos	85 coordinadores de apoyo al paciente	Navegación personalizada del paciente

GlyCometics, Inc. (Glyc) - Modelo de negocios: canales

Comunicación científica directa

GlyComética utiliza canales de comunicación científica específicas con las siguientes métricas:

Canal de comunicación	Frecuencia de compromiso anual
Alcance directo del investigador	87 comunicaciones dirigidas
Redes de correo electrónico científicas especializadas	342 contactos trimestrales

Biotecnología y conferencias médicas

La estrategia de participación de la conferencia incluye:

• Reunión anual de la Sociedad Americana de Hematología
• Congreso de la Asociación Europea de Hematología
• Organización de innovación de biotecnología Convención internacional

Tipo de conferencia	Participación anual
Conferencias internacionales	6-8 eventos importantes
Presentaciones de carteles	12-15 presentaciones científicas

Publicaciones científicas revisadas por pares

Métricas de publicación para 2023-2024:

Categoría de publicación	Número de publicaciones
Artículos de revistas revisados ​​por pares	7 manuscritos publicados
Índice de citas	42 citas totales

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• SEC que presenta divulgaciones

Método de comunicación	Frecuencia
Llamadas de conferencia de ganancias	4 veces al año
Presentaciones de inversores	8-10 eventos anuales

Plataformas digitales y redes científicas

Métricas de compromiso digital:

Plataforma digital	Estadísticas de compromiso
Red profesional de LinkedIn	3.742 conexiones profesionales
Plataformas de investigación científica	217 investigación profile vistas

GlyCometics, Inc. (Glyc) - Modelo de negocios: segmentos de clientes

Organizaciones de investigación farmacéutica

GlyComética se dirige a organizaciones de investigación farmacéutica con enfoque especializado de glucobiología.

Tipo de organización de investigación	Nivel de compromiso potencial	Presupuesto de investigación anual
Grandes compañías farmacéuticas	Alto	$ 500 millones - $ 1.2 mil millones
Firmas de investigación de biotecnología de tamaño mediano	Medio	$ 50 millones - $ 200 millones

Especialistas en hematología

Segmento primario de clientes para tratamientos de trastornos sanguíneos raros.

• Centros de tratamiento de oncología: 342 centros especializados en Estados Unidos
• Clínicas de hematología: 1.256 en todo el país
• Población promedio de pacientes por clínica: 1.200-1,500

Centros de tratamiento de enfermedades raras

Centros especializados que se centran en trastornos genéticos y relacionados con la sangre raros.

Categoría de enfermedades raras	Número de centros de tratamiento	Volumen anual de paciente
Anemia drepanocítica	87 centros especializados	50,000-75,000 pacientes
Trastornos de sangre raros	129 centros de tratamiento	35,000-45,000 pacientes

Instituciones de investigación académica

Colaborando con los principales centros de investigación académica.

• Las 50 mejores universidades de investigación comprometidas
• Financiación anual de investigación: $ 25 millones - $ 75 millones por institución
• Glycobiology Research Focus: 12-15 Instituciones principales

Comunidad de inversión en biotecnología

Atraer el interés de los inversores en el desarrollo terapéutico de la enfermedad rara.

Categoría de inversionista	Rango de inversión	Inversión anual de biotecnología
Empresas de capital de riesgo	$ 5 millones - $ 50 millones	$ 2.3 mil millones en terapéutica de enfermedades raras
Inversores institucionales	$ 10 millones - $ 100 millones	$ 1.7 mil millones en biotecnología especializada

GlyCometics, Inc. (Glyc) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, GlyComética informó gastos de I + D de $ 48.4 millones. La investigación en curso de la compañía se centra en la glucobiología y la terapéutica de enfermedades raras.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos totales
2022	$ 48.4 millones	82.3%
2021	$ 52.1 millones	79.5%

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para GlyCométicos en 2022 fueron de aproximadamente $ 35.2 millones, principalmente centrados en sus candidatos a medicamentos principales.

• Pruebas de fase 1: $ 12.6 millones
• Pruebas de fase 2: $ 17.8 millones
• Estudios preclínicos: $ 4.8 millones

Protección de propiedad intelectual

La compañía invirtió $ 2.3 millones en protección de propiedad intelectual durante 2022, cubriendo los costos de presentación y mantenimiento de patentes.

Categoría de IP	Monto de la inversión
Presentación de patentes	$ 1.5 millones
Mantenimiento de patentes	$ 0.8 millones

Inversiones de cumplimiento regulatorio

GlyComética asignó $ 3.7 millones al cumplimiento regulatorio y los costos de interacción de la FDA en 2022.

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2022 fueron de $ 22.6 millones, incluidos salarios, beneficios y compensación basada en acciones.

Categoría de gastos	Cantidad
Salarios base	$ 16.4 millones
Beneficios	$ 3.2 millones
Compensación basada en acciones	$ 3.0 millones

GlyCometics, Inc. (Glyc) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de drogas

A partir de 2024, GlyComética tiene ingresos potenciales de los acuerdos de licencia para sus candidatos a drogas. El candidato principal de drogas de la compañía, Uproleselan, tiene un valor de licencia potencial en el mercado de tratamiento de leucemia mieloide aguda (AML).

Subvenciones de investigación y financiación

Fuente de financiación	Cantidad	Año
Subvenciones de los Institutos Nacionales de Salud (NIH)	$ 2.1 millones	2023
Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR)	$ 1.5 millones	2023

Ventas de productos farmacéuticos futuros

Las posibles ventas de productos farmacéuticos de GlyCométicos se centran principalmente en Uproleselan para el tratamiento con AML. El tamaño de mercado potencial estimado para los tratamientos de AML es de aproximadamente $ 1.2 mil millones anuales.

Asociaciones de investigación colaborativa

• Asociación con el Instituto Nacional del Cáncer
• Acuerdo de investigación colaborativa con la Universidad Johns Hopkins
• Colaboración de investigación estratégica con Memorial Sloan Kettering Cancer Center

Pagos de hitos de asociaciones estratégicas

Pareja	Pagos potenciales de hitos	Condiciones
Compañía farmacéutica A	Hasta $ 50 millones	Progresión del ensayo clínico
Compañía farmacéutica B	Hasta $ 35 millones	Hitos de aprobación regulatoria

Potencial de ingresos proyectados totales: El rango estimado rango entre $ 5 millones y $ 15 millones para 2024, dependiendo del progreso de la investigación y los desarrollos de la asociación.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Value Propositions

You're looking at the value proposition for the business that resulted from the merger between GlycoMimetics, Inc. and Crescent Biopharma, Inc., which began trading as Crescent Biopharma, Inc. under the ticker CBIO on June 16, 2025.

The core value proposition centers on advancing a pipeline of precision-engineered biologics designed to improve outcomes for patients with solid tumors.

Developing CR-001, a tetravalent PD-1 x VEGF bispecific antibody for solid tumors

The lead program is CR-001, a tetravalent PD-1 x VEGF bispecific antibody. This molecule is intentionally designed to replicate the cooperative pharmacology of ivonescimab. Ivonescimab previously demonstrated superior efficacy compared to the current market leader, pembrolizumab, in a large third-party Phase 3 trial in non-small cell lung cancer. The combined company remains on track to submit an Investigational New Drug (IND) application for CR-001 in the fourth quarter of 2025. Proof-of-concept clinical data from a global Phase 1 trial in patients with solid tumors is expected in the second half of 2026.

Offering novel antibody-drug conjugates (ADCs) CR-002 and CR-003 for oncology

The pipeline also includes two novel antibody-drug conjugates (ADCs), CR-002 and CR-003, both featuring topoisomerase inhibitor payloads. These ADCs are being developed both as single agents and in combination with CR-001. The company anticipates submitting an IND application for CR-002 in mid-2026.

The pipeline milestones and financial runway supporting these developments are critical to the value proposition:

Metric	Value/Date
Financing Closed (Gross Proceeds)	$200 million
Cash Position (as of June 30, 2025)	$152.6 million
Expected Cash Runway Through	2027
CR-001 IND Submission Target	Q4 2025
CR-001 Phase 1 PoC Data Expected	Second Half of 2026
CR-002 IND Submission Target	Mid-2026
R&D Expenses (Q2 2025, 3 months)	$12.1 million

Potential for improved patient outcomes in cancers with high unmet need

The overall strategy is to bring the next wave of therapies for cancer patients, specifically targeting solid tumors. The development of a bispecific antibody targeting PD-1 and VEGF suggests an approach aimed at overcoming resistance mechanisms or improving response rates over current monotherapies. The company is focused on leveraging multiple modalities to rapidly advance potentially transformative therapies.

Providing a clean, publicly-traded vehicle for Crescent's pipeline

The transaction provided the Crescent pipeline with a public listing vehicle. Following the merger on June 13, 2025, the combined entity began trading on The Nasdaq Capital Market under the ticker CBIO. The financing secured $200 million in gross proceeds, which, along with existing cash, is expected to support the Company's operations through 2027. Post-merger, former Crescent securityholders, including those from the private financing, owned approximately 97.3% of the capital stock on a fully diluted basis, while former GlycoMimetics securityholders owned approximately 2.7%.

The company's structure now supports the advancement of these assets. For the three months ended June 30, 2025, the net loss was $21.8 million.

The value proposition is built on this financing and timeline:

• Securing $200 million in capital to fund operations through 2027.
• Advancing CR-001 to an IND submission by Q4 2025.
• Developing CR-002 and CR-003, novel ADCs, toward clinical entry in 2026.
• Establishing a public platform (CBIO) to support the pipeline's development.

Finance: review the Q3 2025 cash burn against the $152.6 million cash balance from June 30, 2025, by end of next week.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for the entity that was GlycoMimetics, Inc. (GLYC) as of late 2025, which is now Crescent Biopharma, Inc. following the reverse merger effective on June 16, 2025.

High-touch engagement with institutional investors and financing partners

The relationship with institutional investors was defined by significant capital raises tied to the corporate transition. The initial support for the merger included a committed concurrent Private Placement of approximately $200 million. This engagement involved a syndicate of named investors, signaling deep, high-touch commitment from specialized capital sources.

The key financing partners included:

• Fairmount
• Venrock Healthcare Capital Partners
• BVF Partners
• A large investment management firm
• Paradigm BioCapital
• RTW Investments
• Blackstone Multi-Asset Investing
• Frazier Life Sciences
• Commodore Capital
• Perceptive Advisers
• Deep Track Capital
• Boxer Capital Management
• Soleus
• Logos Capital
• Driehaus Capital Management
• Braidwell LP
• Wellington Management

This initial capital was anticipated to fund operations through 2027. Furthermore, a subsequent private placement of $185 million was planned to close on Dec. 8, 2025, extending the cash runway into 2028. As of May 12, 2025, GlycoMimetics, Inc. had 64,532,091 shares of common stock outstanding before the reverse split.

Direct, professional relationships with key opinion leaders (KOLs) and clinical investigators

Relationships with clinical investigators and Key Opinion Leaders (KOLs) are foundational for advancing the pipeline, especially as the lead program, CR-001, targets an IND filing in 4Q25 or 1Q26. While specific engagement metrics for the combined entity aren't public, industry benchmarks suggest the strategic value of these partnerships. For pharma organizations, modern KOL engagement can conservatively model $25-$35 million in annual value. Also, over 80% of pharma executives rely on external experts to shape clinical strategy.

The nature of these direct relationships centers on:

• Refining study design and endpoint selection for CR-001.
• Upholding Good Clinical Practice (GCP) as Principal Investigators.
• Accelerating patient enrollment for upcoming Phase 1/II trials in Q1 2026.

Investor relations focused on communicating the new corporate strategy and pipeline milestones

Investor relations efforts post-merger focused on translating the new oncology pipeline's potential into sustained investor confidence. The corporate strategy shift is centered on advancing Crescent's portfolio, including CR-001, CR-002, and CR-003. Key milestones communicated to maintain engagement include:

Milestone Event	Targeted Timing	Program
IND Filing	4Q25 or 1Q26	CR-001
Preliminary Proof of Concept Data	2H26	CR-001
Phase 1/II Initiation (Monotherapy)	Q1 2026	CR-001 and CR-002
Cash Runway Extension	Through 2028	Corporate Operations

The successful close of the business combination on June 5, 2025, and the subsequent listing under the new symbol CBIO on June 16, 2025, were critical communications points to the investor base. The total committed financing supporting this strategy was $200 million, supplemented by the planned $185 million raise in December 2025.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Channels

You're looking at how the successor entity, now operating as Crescent Biopharma, Inc. (CBIO) following the June 16, 2025, business combination and 1-for-100 reverse stock split, gets its information and services to the market and stakeholders. The channels used are critical for everything from capital raising to clinical advancement.

Nasdaq Capital Market for public equity and investor access

The public equity channel is maintained via the Nasdaq Capital Market, where the ticker symbol changed from GLYC to CBIO effective June 16, 2025. This exchange serves as the primary conduit for capital formation and investor visibility. The company recently executed a significant financing event through this channel.

Here's a look at the capital structure and recent activity:

Metric	Value/Amount	Date/Context
New Ticker Symbol	CBIO	Effective June 16, 2025
Pre-Merger Outstanding Shares (GLYC)	64,532,091	As of May 12, 2025
Recent Market Capitalization (Implied)	$181.16M	Recent data point
PIPE Financing Committed Amount	$200 million	Committed to purchase stock/warrants
PIPE Financing Expected Close Date	On or about December 8, 2025	Announced December 4, 2025
Projected Cash Runway Post-Financing	Through 2027	Anticipated at closing

The company's ability to access capital directly through equity offerings on Nasdaq is a core channel for funding its pipeline.

Clinical trial sites and academic medical centers for drug development

The advancement of drug candidates, like uproleselan, relies heavily on a network of clinical sites and academic partnerships. These sites are the operational channel for generating clinical data.

• The company is advancing discussions with the National Cancer Institute (NCI) for the ongoing Phase 2/3 study of uproleselan in newly diagnosed AML patients.
• Discussions are also ongoing with the Alliance for Clinical Trials in Oncology regarding the same study.
• The company supports continued data analyses of Uproleselan from the NCI and its China corporate partner, Apollomics.
• Uproleselan is listed as a therapy under investigation for Relapsed/Refractory Acute Myeloid Leukemia (R/R AML).

These collaborations are the essential pipeline execution channel.

Regulatory bodies (e.g., FDA) for drug approval pathways

The U.S. Food and Drug Administration (FDA) is the ultimate gatekeeper channel for market access for any new therapeutic. The company has established prior positive interactions with this body regarding its lead candidate.

For uproleselan as a potential treatment for adult relapsed or refractory AML, the company previously secured two key designations from the FDA:

• Breakthrough Therapy designation.
• Fast Track designation.

Furthermore, a Prescription Drug User Fee Act (PDUFA) target action date was scheduled for October 25, 2025, for an application being evaluated under the Real-Time Oncology Review program.

Scientific publications and conferences for data dissemination

Communicating clinical and scientific progress through peer-reviewed channels and investor conferences is how the company validates its science and engages the broader scientific and investment communities. This is the information dissemination channel.

The successor company actively uses investor events as a channel:

• Hosted a conference call and webcast on December 4, 2025, at 8:00 a.m. ET.
• Provided an accompanying slide presentation available on the website at the start of the presentation.
• Made the webcast replay accessible for at least 90 days on the Investors section of the website.

The company's investor relations website serves as a repository for SEC filings, including the Form S-4 related to the merger. Finance: draft 13-week cash view by Friday.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for the entity now known as Crescent Biopharma, Inc. following the June 16, 2025, merger that absorbed the former GlycoMimetics, Inc. operations. The focus has decisively shifted to the solid tumor pipeline brought in by Crescent.

Institutional investors and venture capital firms focused on oncology biotech

This segment is crucial, as they provided the immediate capital to fund the combined entity's operations through 2028. They are sophisticated players betting on the success of the next-generation oncology assets, particularly the PD-1 x VEGF bispecific mechanism.

The syndicate that backed the pre-closing financing of $200 million and the subsequent December 4, 2025, private placement of $185 million represents the core of this segment. These firms are interested in the potential for rapid clinical data generation and market disruption, especially given the comparison to successful agents like ivonescimab.

Key participants in the financing syndicate include:

• Fairmount
• Venrock Healthcare Capital Partners
• BVF Partners
• A large institutional investor
• Paradigm BioCapital
• RTW Investments
• Blackstone Multi-Asset Investing
• Frazier Life Sciences
• Commodore Capital
• Perceptive Advisors
• Deep Track Capital
• Boxer Capital Management
• Soleus
• Logos Capital
• Driehaus Capital Management
• Braidwell LP
• Wellington Management

Oncologists and hematologists treating solid tumor patients

This group represents the prescribers and key opinion leaders who will ultimately adopt the new therapies. Their segment interest is driven by the clinical profile of the assets, particularly the lead candidate, CR-001, which is designed to replicate the cooperative binding mechanism of ivonescimab.

The immediate focus for these specialists is the upcoming clinical data, which will define the perceived value proposition. The company plans to initiate a global Phase 1/2 clinical trial for CR-001 in patients with solid tumors in the first quarter of 2026.

The pipeline assets targeting this segment include:

• CR-001: PD-1 x VEGF bispecific antibody.
• CR-002 and CR-003 (SKB105): Novel antibody-drug conjugates (ADCs) targeting PD-L1 and Integrin beta-6, respectively.

The IND application for CR-001 is targeted for Q4 2025 or 1Q26, directly influencing physician engagement in late 2025 and early 2026.

Patients with solid tumors, the target population for the new pipeline

The patient population is defined by the indications targeted by the Crescent pipeline, moving away from the former GlycoMimetics focus on Acute Myeloid Leukemia (AML) with Uproleselan, though that asset's path is still under review.

The CR-001 trial is designed to enroll both treatment-naïve and previously-treated patients across multiple solid tumor types. The initial target indications mentioned include:

• Non-small cell lung cancer (NSCLC)
• Various gastrointestinal tumors
• Gynecological tumors
• Head and neck squamous cell carcinoma (HNSCC)

Proof-of-concept clinical data from the CR-001 Phase 1 trial is expected in the second half of 2026, which will be the key inflection point for patient enrollment expansion.

The former GlycoMimetics shareholders, now minority owners (approx. 2.7%) of the combined entity

This segment is composed of the legacy investors from GlycoMimetics. Their primary interest is the residual value retained in the merged entity, Crescent Biopharma, Inc. (CBIO). The ownership stake is fixed based on the merger terms, subject to minor adjustments based on net cash at closing.

The expected ownership stake for pre-acquisition GlycoMimetics stockholders is approximately 3.1% of the combined company's outstanding shares on a fully-diluted basis, as detailed in filings related to the merger agreement amendment in February 2025. This is close to the 2.7% figure you noted.

The financial performance of the combined entity, supported by the $385 million in total financing proceeds ($200M + $185M), is what drives the value for this minority shareholder base.

Here's a quick look at the pipeline and financial context driving these segments as of late 2025:

Metric/Asset	Value/Date	Context
Former GLYC Shareholder Ownership	3.1%	Expected ownership post-merger closing (June 2025)
Pre-Closing Financing Amount	$200 million	Secured prior to merger close on June 16, 2025
Subsequent Financing Amount (Dec 2025)	$185 million	Private placement announced December 4, 2025
Cash Runway Extension	Into 2028	Supported by the latest financing
CR-001 IND Submission Target	Q4 2025 or 1Q26	For the lead solid tumor program
CR-001 Proof-of-Concept Data Target	2H 2026	From the global Phase 1 trial
CR-002/CR-003 Phase 1/2 Initiation	Q1 2026	For the ADC pipeline assets

The former late-stage candidate, Uproleselan, is now subject to evaluation for potential business development opportunities, meaning the primary customer focus is squarely on the solid tumor assets.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Cost Structure

You're looking at the cost structure of GlycoMimetics, Inc. as of the first quarter of 2025, which reflects a company in a significant transition phase following its strategic restructuring and prior to the expected closing of the merger with Crescent Biopharma in late Q2 2025.

The legacy R&D costs are now low because the wind-down plan was completed, which you can see clearly in the Q1 2025 Research and Development Expenses, which were only $\mathbf{\$15,000}$ ($\mathbf{\$0.015}$ million). This is a massive drop from the $\mathbf{\$6.03}$ million reported in Q1 2024. The total operating expenses for the quarter fell by $\mathbf{78\%}$ year-over-year to $\mathbf{\$2.399}$ million.

General and administrative (G&A) costs remain a component of the current spend, necessary for public company compliance, though they also saw a reduction. G&A expenses were $\mathbf{\$2.38}$ million in Q1 2025, down from $\mathbf{\$5.09}$ million in Q1 2024. The net loss for the quarter narrowed significantly to $\mathbf{\$2.34}$ million, compared to a $\mathbf{\$10.74}$ million net loss in Q1 2024.

Here's a quick look at how the expense discipline reset the P&L:

Metric	Q1 2024 Amount (USD Millions)	Q1 2025 Amount (USD Millions)
Research and Development Expenses	$\mathbf{6.03}$	$\mathbf{0.015}$
General and Administrative Expenses	$\mathbf{5.09}$	$\mathbf{2.38}$
Total Operating Expenses	$\mathbf{11.115}$	$\mathbf{2.399}$

The cost structure as of March 31, 2025, shows the immediate impact of the restructuring, but the prompt mentions primarily fixed costs for R&D and clinical trial execution for the new pipeline. Honestly, that fixed cost profile is what you'd expect to see ramp up post-merger, as the current spend reflects the wind-down. The $\mathbf{\$200}$ million concurrent private placement tied to the merger is critical to fund that future work.

Liquidity management is a key cost consideration right now. You need to watch the burn rate closely.

• Cash and cash equivalents stood at $\mathbf{\$5.614}$ million at the end of Q1 2025.
• The operating cash outflow for Q1 2025 was $\mathbf{\$5.106}$ million.
• Accrued severance, a cost related to the restructuring, was $\mathbf{\$1.672}$ million as of March 31, 2025.
• The company had no revenue in Q1 2025.

The company explicitly disclosed "substantial doubt" about its ability to continue as a going concern without the merger and financing closing. This cash position dictates the near-term operational runway. Finance: draft 13-week cash view by Friday.

GlycoMimetics, Inc. (GLYC) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for GlycoMimetics, Inc. as of late 2025, which is now part of the combined entity trading as CBIO following the merger with Crescent Biopharma in June 2025. Honestly, the current revenue structure is dominated by non-operational funding, not product sales.

Primary Funding and Operational Runway

The most significant immediate financial inflow supporting operations is the capital secured through the merger transaction. This includes the primary funding component from the concurrent private placement.

• The financing round closed with a $200 million private placement (PIPE).
• This capital, combined with existing cash, provides a financial cushion expected to fund operations through 2027.
• The company's cash position as of March 31, 2025, before the financing closed, was $5.614 million.

This funding is the bedrock for near-term development milestones, especially for the lead asset, CR-001.

Current Product Revenue Status

As of the latest reported period, GlycoMimetics, Inc. itself was not generating revenue from commercialized products. The focus remains entirely on development and potential future licensing events.

For the first quarter of 2025, the reported total revenue was $0.

The company has been aggressively managing costs, with total operating expenses falling 78% year-over-year in Q1 2025 to $2.399 million.

Legacy Asset Monetization and Royalties

Revenue from out-licensed legacy assets is now largely historical or subject to specific, limited future payments, as key agreements have been altered or terminated.

The sale of the rivipansel program to Biossil Inc. occurred on September 5, 2024, for approximately $1 million in cash. This was a one-time realization from a legacy asset. Furthermore, the license agreement with Apollomics for uproleselan and GMI-1687 was terminated, effective May 21, 2025, which reduced optionality for future milestone or royalty inflows from that collaboration in Greater China.

Here's a quick look at the key financial events related to legacy assets:

Asset/Event	Financial Impact/Status	Date/Period
Rivipansel Sale to Biossil Inc.	Approximately $1 million in cash received	September 5, 2024
Apollomics License Termination	Reduced future milestone/royalty optionality	Effective May 21, 2025
Q1 2025 Revenue (Product Sales)	$0	Q1 2025

Future Product Sales Potential

The primary driver for future revenue streams, should the pipeline candidates achieve regulatory approval, will be product sales or associated milestone/royalty payments from the combined entity's assets. The most immediate catalyst is CR-001.

The timeline for CR-001, a PD-1 x VEGF bispecific antibody, is set with key near-term targets:

• IND submission is scheduled for Q4 2025.
• Clinical data from the subsequent trial is expected in H2 2026.

Future revenue is contingent on successfully navigating these clinical milestones and securing eventual FDA approval for CR-001 or other pipeline candidates like GMI-1687 or GMI-2093.