GlycoMimetics, Inc. (GLYC): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that just executed a dramatic pivot, and honestly, the old playbook is trash now. GlycoMimetics, Inc. (GLYC) is a completely new entity following that June 2025 reverse merger, shifting focus from its legacy AML efforts straight into a solid tumor pipeline, bankrolled by a massive $200 million private placement. That capital infusion is key; it's what funds the development of the lead bispecific antibody, CR-001, and lets them manage the wind-down, which saw Q1 2025 operating expenses cut to only $2.399 million before the financing hit. This is a new game. Let's dive into the structure of this reborn biotech through its new Business Model Canvas.

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

You're looking at the partnerships that defined GlycoMimetics, Inc.'s transition into the combined entity, Crescent Biopharma, Inc. (trading as CBIO) as of late 2025. The key relationships shifted significantly following the merger and the concurrent financing event.

Strategic Investors from the $200 Million Private Placement (PIPE)

The financing round, which closed around June 16, 2025, immediately following the merger, secured $200 million in gross proceeds. This capital infusion is projected to fund operations through 2027, supporting the advancement of the combined company's pipeline, particularly the CR-001 program.

The syndicate of investors was substantial and included several prominent healthcare-focused funds. The lead investors and key participants were:

• Lead Investors: Fairmount, Venrock Healthcare Capital Partners, BVF Partners, and a large institutional investor.
• Participating Syndicate Members: 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, and Wellington Management.

This group committed capital through the purchase of GlycoMimetics common stock and pre-funded warrants to purchase common stock.

Clinical Research Organizations (CROs) for New Oncology Trials

The focus for new trials has pivoted to the pipeline inherited from Crescent Biopharma, specifically the PD-1 x VEGF bispecific antibody, CR-001, which targets solid tumors. While specific CRO contracts for 2025 aren't public, the timeline dictates the partnership structure:

The company anticipates filing the Investigational New Drug (IND) application for CR-001 in the fourth quarter of 2025 (Q4 2025). This filing would necessitate engagement with CROs for trial execution, with preliminary Phase 1 data expected in the second half of 2026 (H2 2026).

The table below outlines the key pipeline assets and associated timelines that drive the need for CRO partnerships:

Academic and Institutional Collaborators for Solid Tumor Research

The strategic shift post-merger emphasizes solid tumors, aligning with Crescent's original focus. While specific new academic collaborations for solid tumor research in late 2025 aren't detailed, a significant prior institutional partnership remains relevant to the legacy hematology portfolio:

GlycoMimetics maintained a collaboration with the American Society of Hematology (ASH) Research Collaborative. This partnership included a financial component intended to support the clinical development of GMI-1687, particularly in the context of sickle cell disease.

The company's former lead candidate, uproleselan, was also subject to data analysis support from the NCI (National Cancer Institute) following the termination of the commercial agreement with Apollomics.

Former Partner Apollomics Terminated the Uproleselan License in May 2025

The license agreement with Apollomics (Hong Kong) Limited, which covered the development and commercialization of uproleselan and GMI-1687 in Greater China, officially concluded in May 2025. The notice of termination was received by GlycoMimetics on February 19, 2025, with the termination taking effect after a 90-day notice period.

This termination followed the failure of Apollomics' Phase 3 bridging trial for uproleselan in China, which mirrored the primary endpoint miss in GlycoMimetics' own global Phase 3 trial for relapsed/refractory AML. The key financial impact is that following the termination, GlycoMimetics confirmed it would have no material financial or other obligations related to the contract.

To be fair, the original agreement, signed in January 2020, involved an upfront payment to GlycoMimetics of $9 million and potential milestone payments totaling approximately $180 million, plus tiered royalties. All rights for the rest of the world remained with GlycoMimetics.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions that drive the combined entity's value post-merger, which is a significant pivot from the prior GlycoMimetics, Inc. structure. The focus has decisively shifted to the oncology assets brought over from Crescent Biopharma, Inc.

Advancing the lead bispecific antibody program, CR-001, through clinical development

The primary activity centers on pushing CR-001, a tetravalent PD-1 x VEGF bispecific antibody, through the regulatory and clinical gauntlet. This molecule is engineered to replicate the cooperative binding pharmacology of ivonescimab, which showed superior efficacy versus pembrolizumab in a large third-party Phase 3 trial. The immediate goal was to file the Investigational New Drug (IND) application in the fourth quarter of 2025 (Q4 2025). Following that, the plan is to initiate patient dosing in a global Phase 1 trial in early 2026. You can expect proof-of-concept clinical data from this Phase 1 trial in patients with solid tumors in the second half of 2026 (H2 2026). The combined company is poised to have three distinct programs entering the clinic in 2026.

The pipeline management activities include:

• Advancing CR-001, the PD-1 x VEGF bispecific antibody.
• Developing CR-002, a novel antibody-drug conjugate (ADC) program.
• Advancing CR-003, an ADC program, now in an exclusive partnership with Kelun-Biotech.
• Determining potential paths forward for the legacy candidate, Uproleselan.

Executing the corporate transition and integration with Crescent Biopharma

This involved a major structural overhaul. The business combination of GlycoMimetics, Inc. and Crescent Biopharma, Inc. was deemed effective following shareholder approval on June 5, 2025, with the changes becoming effective on Monday, June 16, 2025. This execution included a one-for-one hundred (1-100) reverse stock split and the corporate name change to Crescent Biopharma, Inc., trading under the new symbol CBIO. The integration was immediately bolstered by a financing commitment of $200 million, which is anticipated to fund operations through 2027. The cash position as of March 31, 2025, pre-merger close, was $5.61 million, but the post-merger Q2 2025 cash position stood at $152.6 million.

Here's a quick look at the key post-merger financial and timeline anchors:

Managing the intellectual property portfolio for the new biologics pipeline

The IP management activity is now focused on protecting and advancing the novel biologics, particularly the bispecific antibody and the ADCs. The partnership with Kelun-Biotech grants them exclusive rights to research, develop, and commercialize CR-001 in Greater China, which is a key component of the IP strategy for that asset. The portfolio includes the core mechanism of CR-001, which is based on the format and pharmacology of ivonescimab.

Conserving cash, with Q1 2025 operating expenses cut to $2.399 million

Cost management was a critical activity leading up to and immediately following the merger. The stated goal for Q1 2025 operating expenses was a cut to $2.399 million. The actual reported figures for the legacy GlycoMimetics, Inc. for Q1 2025 showed a net loss of $(2.34) million. This cost control was evident in the breakdown of expenses, where General and Administrative Expenses reduced to $2.38 million from $5.09 million year-over-year, and Research and Development Expenses dropped sharply to $15,000 from $6.03 million year-over-year. The company's cash and cash equivalents stood at $5.61 million at the end of Q1 2025.

The G&A reduction from $5.09 million to $2.38 million shows a real effort to streamline operations before the merger closed. Finance: draft 13-week cash view by Friday.

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

The Key Resources for the combined entity, Crescent Biopharma, Inc., as of late 2025, are anchored by significant new capital and the acquired pipeline assets and leadership from Crescent Biopharma.

Financial Capitalization:

• The concurrent financing provided gross proceeds of $200 million.
• This financing, combined with existing cash, is anticipated to support Company operations through 2027.
• The financing closed immediately prior to the merger on June 16, 2025.
• As of the closing on June 16, 2025, there were approximately 19.5 million shares of the combined company's common stock and common stock equivalents outstanding.

Intellectual Property and Pipeline Assets:

The Intellectual Property (IP) centers on the precision-engineered biologics from Crescent Biopharma, designed to improve outcomes for solid tumors.

• Lead program: CR-001, a tetravalent PD-1 x VEGF bispecific antibody.
• Pipeline assets also include two novel antibody-drug conjugates: CR-002 and CR-003.
• The Investigational New Drug (IND) application submission for CR-001 is on track for the Fourth Quarter of 2025.
• Preliminary proof-of-concept clinical data for CR-001 is expected in the Second Half of 2026.

Human Capital and Corporate Structure:

The scientific expertise and management team transitioned from Crescent Biopharma form a critical resource base.

• Leadership: Jonathan Violin, Ph.D., Crescent's interim Chief Executive Officer, leads the combined company.
• The entity utilizes the former GlycoMimetics, Inc. shell, which underwent a one-for-one hundred (1-100) reverse stock split.
• The combined company operates as Crescent Biopharma, Inc., listing on the Nasdaq Capital Market under the symbol CBIO, effective June 16, 2025.

Key structural and financial components supporting the business model are summarized below:

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:

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:

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:

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:

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:

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:

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.