Crescent Biopharma, Inc. (Nasdaq: CBIO) announced the launch of an underwritten public offering of ordinary shares and pre-funded warrants, according to a press release from the clinical-stage biotechnology company.

All ordinary shares and pre-funded warrants in the proposed offering are being sold by Crescent. The company also intends to grant underwriters a 30-day option to purchase up to an additional 15% of the ordinary shares at the public offering price, less underwriting discounts and commissions.

Jefferies, TD Cowen, Guggenheim Securities, and Cantor are serving as joint book-running managers for the offering. LifeSci Capital is acting as passive book-running manager.

The securities are being offered under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on July 10, 2026. The company said the offering is subject to market and other conditions, and there is no assurance as to whether, when, or on what terms the offering may be completed.