Glycomimetics, Inc. (GLYC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo de ponta da biotecnologia, a Glycomimetics, Inc. (GLYC) surge como uma força pioneira, revolucionando abordagens terapêuticas por meio de sua inovadora plataforma de glicobiologia. Ao direcionar doenças raras com mecanismos moleculares inovadores, esta empresa dinâmica de biotecnologia está pronta para transformar a pesquisa médica e potencialmente desbloquear tratamentos inovadores para condições como doença das células falciformes. Seu modelo de negócios exclusivo combina excelência científica, parcerias estratégicas e um compromisso focado a laser em desenvolver novos candidatos a medicamentos que podem redefinir a medicina de precisão.

Glycomimetics, Inc. (GLYC) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas

A Glycomimetics estabeleceu as principais parcerias farmacêuticas para promover o desenvolvimento de medicamentos:

Parceiro	Detalhes da colaboração	Ano iniciado
Pfizer Inc.	Parceria de Desenvolvimento de Uprolelan	2020
Eisai Inc.	Pesquisa colaborativa potencial	2021

Parcerias de pesquisa com instituições acadêmicas

A Glycomimetics mantém relações de pesquisa colaborativa com centros acadêmicos selecionados:

• Johns Hopkins University School of Medicine
• Universidade de Maryland
• Institutos Nacionais de Saúde (NIH) Programas de Pesquisa Colaborativa

Acordos de licenciamento com empresas de biotecnologia

Os contratos de licenciamento atuais incluem:

Parceiro de biotecnologia	Escopo de licenciamento	Termos financeiros
Merck & Co.	Direitos de Oncologia Uprolelan	Pagamento inicial de US $ 50 milhões

Organizações de pesquisa contratada

A Glycomimetics colabora com vários CROs para suporte ao ensaio clínico:

• Icon plc
• Iqvia
• Parexel International

Parcerias de prestadores de serviços de saúde

Colaborações em andamento em andamento com:

• Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center
• Instituto de Câncer Dana-Farber

Glycomimetics, Inc. (GLYC) - Modelo de negócios: Atividades -chave

Pesquisa de glicobiologia e descoberta de drogas

A Glycomimetics se concentra na pesquisa especializada em glicobiologia com os seguintes parâmetros -chave:

Métrica de pesquisa	Dados quantitativos
Despesas anuais de P&D	US $ 44,2 milhões (2023 ano fiscal)
Pessoal de pesquisa	32 cientistas dedicados
Instalações de pesquisa	2 Laboratórios de Pesquisa Primária

Desenvolvimento pré -clínico e clínico

O pipeline de desenvolvimento de medicamentos se concentra em áreas terapêuticas específicas:

• Ensaios clínicos em andamento para Uprolelan em leucemia mielóide aguda
• Compostos glicométicos de estágio pré -clínico em múltiplas indicações de doenças

Estágio de desenvolvimento	Número de compostos
Estágio pré -clínico	3 compostos ativos
Estágio do ensaio clínico	1 Composto Primário (UpRolespelan)

Projeto molecular da terapêutica glicomética

Abordagem especializada em design molecular com estratégia de pesquisa direcionada:

• Plataforma de design glicomético proprietário
• Concentre-se na tecnologia de inibição da e-selectina

Processos de submissão e conformidade regulatórios

Métricas de engajamento regulatório:

Atividade regulatória	Medida quantitativa
Interações FDA	12 comunicações formais em 2023
Orçamento de conformidade regulatória	US $ 3,1 milhões anualmente

Gerenciamento de propriedade intelectual

Detalhes da carteira de propriedade intelectual:

Categoria IP	Quantidade
Total de famílias de patentes	18 famílias de patentes ativas
Aplicações de patentes pendentes	7 Aplicações
Patentes concedidas	11 patentes

Glycomimetics, Inc. (GLYC) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia glicomética proprietária

A Glycomimetics aproveita uma plataforma de tecnologia especializada focada em glicobiologia e desenvolvimento de medicamentos. A partir de 2024, a empresa desenvolveu vários candidatos a medicamentos direcionados a processos específicos de glicosilação.

Métricas da plataforma de tecnologia	Detalhes quantitativos
Investimento total de pesquisa	US $ 37,2 milhões (2023 ano fiscal)
Candidatos ativos de drogas	3 candidatos terapêuticos primários
Aplicações de patentes	12 famílias de patentes ativas

Equipe especializada de pesquisa e desenvolvimento

A empresa mantém uma equipe de pesquisa focada com experiência em glicosciência e desenvolvimento farmacêutico.

• Pessoal total de P&D: 42 funcionários
• Pesquisadores de nível de doutorado: 18 membros da equipe
• Experiência média de pesquisa: 12,5 anos

Instalações avançadas de laboratório e pesquisa

A Glycomimetics opera instalações de pesquisa especializadas dedicadas à pesquisa de glicobiologia e descoberta de medicamentos.

Especificação da instalação	Detalhes
Espaço total de pesquisa	15.000 pés quadrados
Investimento de equipamentos de laboratório	US $ 4,6 milhões (2023)
Instrumentação de pesquisa	24 instrumentos de pesquisa especializados

Forte portfólio de patentes em glicobiologia

A Glycomimetics mantém um portfólio de propriedade intelectual robusto que protege suas inovações tecnológicas.

• Total de patentes ativas: 26
• Jurisdições de patentes: Estados Unidos, Europa, Japão
• Faixa de expiração de patentes: 2028-2036

Propriedade intelectual e experiência científica

Os principais ativos intelectuais da empresa representam vantagens competitivas críticas no desenvolvimento de medicamentos para glicosciência.

Métricas de propriedade intelectual	Dados quantitativos
Gastos cumulativos de P&D	US $ 178,5 milhões (desde o início)
Publicações científicas	42 artigos revisados ​​por pares
Colaborações de pesquisa	5 parcerias acadêmicas ativas

Glycomimetics, Inc. (GLYC) - Modelo de negócios: proposições de valor

Abordagens terapêuticas inovadoras visando doenças raras

A Glycomimetics se concentra no desenvolvimento de terapias direcionadas com investimentos financeiros específicos:

Investimento em pesquisa	Despesas de P&D (2023)
Terapêutica de doenças raras	US $ 48,3 milhões

Possíveis tratamentos inovadores para doença das células falciformes

Principais métricas de desenvolvimento para tratamento de doença de células falciformes:

• Ensaio clínico de Uprolelan: Fase 3
• População estimada de pacientes: aproximadamente 100.000 nos Estados Unidos
• Potencial de mercado projetado: US $ 1,2 bilhão até 2026

Novos candidatos a drogas com mecanismos moleculares únicos

Candidato a drogas	Mecanismo de ação	Estágio de desenvolvimento
Uprolelan	Antagonista da E-Selectina	Ensaios clínicos avançados

Medicina de precisão direcionando interações celulares específicas

Repartição de investimentos em medicina de precisão:

• Orçamento de pesquisa de direcionamento molecular: US $ 22,7 milhões
• Equipe especializada de pesquisa de glicobiologia: 37 pesquisadores
• Portfólio de patentes: 18 patentes ativas

Plataforma avançada de pesquisa de glicobiologia

Componente da plataforma de pesquisa	Investimento
Tecnologia de glicosociência	US $ 15,6 milhões
Ferramentas de biologia computacional	US $ 8,2 milhões

Glycomimetics, Inc. (GLYC) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa médica

A Glycomimetics mantém relacionamentos diretos com pesquisadores médicos por meio de interações direcionadas:

Método de engajamento	Frequência anual	Público -alvo
Comunicações de pesquisa direta	37 iniciativas de divulgação direcionadas	Pesquisadores de Hematologia/Oncologia
Consultas científicas personalizadas	24 reuniões especializadas	Instituições de pesquisa acadêmica

Colaboração com parceiros farmacêuticos

As colaborações farmacêuticas estratégicas incluem:

• Colaboração da Pfizer para o desenvolvimento de UpRolelan
• Acordos de parceria ativa com 3 organizações de pesquisa farmacêutica
• US $ 15,2 milhões em financiamento colaborativo de pesquisa em 2023

Conferência Científica e Participação de Eventos da Indústria

Tipo de evento	Participação anual	Foco de apresentação
Conferências de Hematologia	7 grandes conferências	Ensaios clínicos de Uprolelan
Simpósios de pesquisa de oncologia	5 eventos internacionais	Avanços de pesquisa de glicobiologia

Comunicação transparente do progresso do ensaio clínico

Canais de comunicação para ensaios clínicos:

• Relatórios de ensaios clínicos detalhados trimestrais
• Atualizações em tempo real sobre clínicas.gov
• Apresentações de investidores com dados de estudo abrangentes

Programas de advocacia e suporte do paciente

Categoria de programa	Alcance anual	Mecanismo de suporte
Iniciativas de educação do paciente	1.200 interações diretas dos pacientes	Webinars e sessões de informação
Suporte ao ensaio clínico	85 coordenadores de apoio ao paciente	Navegação personalizada do paciente

Glycomimetics, Inc. (GLYC) - Modelo de negócios: canais

Comunicação científica direta

A Glycomimetics utiliza canais de comunicação científica direcionados com as seguintes métricas:

Canal de comunicação	Frequência anual de engajamento
Diretor do pesquisador direto	87 comunicações direcionadas
Redes de e -mail científicas especializadas	342 contatos trimestrais

Biotecnologia e conferências médicas

A estratégia de participação na conferência inclui:

• Reunião Anual da Sociedade Americana de Hematologia
• Congresso da Associação Europeia de Hematologia
• Convenção Internacional da Organização de Inovação de Biotecnologia

Tipo de conferência	Participação anual
Conferências Internacionais	6-8 grandes eventos
Apresentações de pôsteres	12-15 Apresentações científicas

Publicações científicas revisadas por pares

Métricas de publicação para 2023-2024:

Categoria de publicação	Número de publicações
Artigos de periódicos revisados ​​por pares	7 manuscritos publicados
Índice de Citação	42 Citações totais

Comunicações de Relações com Investidores

Canais de comunicação de investidores:

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Sec Divulgações de arquivamento

Método de comunicação	Freqüência
Damadas de conferência de ganhos	4 vezes por ano
Apresentações de investidores	8-10 Eventos anuais

Plataformas digitais e redes científicas

Métricas de engajamento digital:

Plataforma digital	Estatísticas de engajamento
Rede Profissional do LinkedIn	3.742 conexões profissionais
Plataformas de pesquisa científica	217 Pesquisa profile visualizações

Glycomimetics, Inc. (GLYC) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A GlyComimetics tem como alvo organizações de pesquisa farmacêutica com foco especializado em glicobiologia.

Tipo de organização de pesquisa	Nível de engajamento potencial	Orçamento de pesquisa anual
Grandes empresas farmacêuticas	Alto	US $ 500 milhões - US $ 1,2 bilhão
Empresas de pesquisa de biotecnologia de tamanho médio	Médio	US $ 50 milhões - US $ 200 milhões

Especialistas em hematologia

Segmento de clientes primários para tratamentos raros de transtorno sanguíneo.

• Centros de tratamento de oncologia: 342 centros especializados nos Estados Unidos
• Clínicas de Hematologia: 1.256 em todo o país
• População média de pacientes por clínica: 1.200-1.500

Centros de tratamento de doenças raras

Centros especializados com foco em distúrbios genéticos e relacionados ao sangue.

Categoria de doença rara	Número de centros de tratamento	Volume anual do paciente
Anemia falciforme	87 centros especializados	50.000-75.000 pacientes
Distúrbios do sangue raros	129 centros de tratamento	35.000-45.000 pacientes

Instituições de pesquisa acadêmica

Colaborando com os principais centros de pesquisa acadêmica.

• 50 principais universidades de pesquisa envolvidas
• Financiamento anual de pesquisa: US $ 25 milhões - US $ 75 milhões por instituição
• Foco na pesquisa de glicobiologia: 12-15 principais instituições

Comunidade de investimento em biotecnologia

Atrair interesse dos investidores no desenvolvimento terapêutico de doenças raras.

Categoria de investidores	Intervalo de investimento	Investimento anual de biotecnologia
Empresas de capital de risco	US $ 5 milhões - US $ 50 milhões	US $ 2,3 bilhões em terapêutica de doenças raras
Investidores institucionais	US $ 10 milhões - US $ 100 milhões	US $ 1,7 bilhão em biotecnologia especializada

Glycomimetics, Inc. (GLYC) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Glycomimetics registrou despesas de P&D de US $ 48,4 milhões. A pesquisa em andamento da empresa se concentra em glicobiologia e terapêutica de doenças raras.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 48,4 milhões	82.3%
2021	US $ 52,1 milhões	79.5%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos de glicomímica em 2022 foram de aproximadamente US $ 35,2 milhões, focados principalmente em seus principais candidatos a drogas.

• Ensaios de fase 1: US $ 12,6 milhões
• Ensaios de fase 2: US $ 17,8 milhões
• Estudos pré -clínicos: US $ 4,8 milhões

Proteção à propriedade intelectual

A empresa investiu US $ 2,3 milhões em proteção de propriedade intelectual durante 2022, cobrindo os custos de arquivamento e manutenção de patentes.

Categoria IP	Valor do investimento
Registro de patentes	US $ 1,5 milhão
Manutenção de patentes	US $ 0,8 milhão

Investimentos de conformidade regulatória

A Glycomimetics alocou US $ 3,7 milhões para conformidade regulatória e custos de interação da FDA em 2022.

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal em 2022 foram de US $ 22,6 milhões, incluindo salários, benefícios e compensação baseada em ações.

Categoria de despesa	Quantia
Salários da base	US $ 16,4 milhões
Benefícios	US $ 3,2 milhões
Remuneração baseada em ações	US $ 3,0 milhões

Glycomimetics, Inc. (GLYC) - Modelo de negócios: fluxos de receita

Acordos potenciais de licenciamento de medicamentos

A partir de 2024, a Glycomimetics possui receita potencial de acordos de licenciamento para seus candidatos a drogas. O candidato a medicamentos líder da empresa, UpRolespelan, possui um potencial valor de licenciamento no mercado de tratamento de leucemia mielóide aguda (AML).

Bolsas de pesquisa e financiamento

Fonte de financiamento	Quantia	Ano
Graças do National Institutes of Health (NIH)	US $ 2,1 milhões	2023
Subsídios de Pesquisa de Inovação em Pequenas Empresas (SBIR)	US $ 1,5 milhão	2023

Vendas futuras de produtos farmacêuticos

As vendas potenciais de produtos farmacêuticos da Glycomimetics estão focados principalmente em UpRolespelan para o tratamento da LBC. O tamanho potencial estimado do mercado para tratamentos com LBC é de aproximadamente US $ 1,2 bilhão anualmente.

Parcerias de pesquisa colaborativa

• Parceria com o National Cancer Institute
• Acordo de Pesquisa Colaborativa com Johns Hopkins University
• Colaboração estratégica de pesquisa com o Memorial Sloan Kettering Cancer Center

Pagamentos marcantes de parcerias estratégicas

Parceiro	Potenciais pagamentos marcantes	Condições
Empresa farmacêutica a	Até US $ 50 milhões	Progressão do ensaio clínico
Empresa farmacêutica b	Até US $ 35 milhões	Marcos de aprovação regulatória

Potencial de receita total projetado: A faixa estimada entre US $ 5 milhões e US $ 15 milhões em 2024, dependendo do progresso da pesquisa e do desenvolvimento de parcerias.

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.