SCHEDULE 13D/A: Adage Capital Reduces Stake in GlycoMimetics (Now Crescent Biopharma) Below 5% Threshold Following Corporate Restructuring

Adage Capital Management, L.P. and its principals have filed an Amendment to their Schedule 13D, indicating their beneficial ownership in GlycoMimetics Inc. (now Crescent Biopharma, Inc.) has fallen below 5% following a merger, reverse stock split, and redomestication, leading to their voluntary exit from the reporting system.

Summary

• This document is Amendment No. 1 to the Schedule 13D originally filed on November 4, 2024, by Adage Capital Management, L.P., Robert Atchinson, and Phillip Gross (the "Reporting Persons") concerning Ordinary Shares of GlycoMimetics Inc.
• The Issuer, formerly GlycoMimetics Inc., is now known as Crescent Biopharma, Inc., a Cayman Islands exempted company.
• The Reporting Persons collectively beneficially own 50,912 Ordinary Shares, which represents 0.37% of the outstanding class.
• This percentage is calculated based on 13,892,562 Ordinary Shares outstanding as of June 13, 2025, after accounting for a 1-for-100 reverse stock split, a merger, and a redomestication.
• The change in beneficial ownership percentage is a direct result of these corporate actions, not active trading by the Reporting Persons.
• The Reporting Persons are filing this amendment voluntarily as the final amendment to the Schedule 13D, indicating their exit from the reporting system because their beneficial ownership is now below the 5% threshold.
• The Reporting Persons did not engage in any transactions involving the Ordinary Shares during the past sixty days.

Sentiment

Score: 5

Explanation: Neutral. The document is purely factual, reporting a change in beneficial ownership due to corporate actions (merger, reverse split) rather than an active investment decision to reduce stake. It's a procedural filing to exit the reporting system.

Positives

• The filing indicates a procedural exit from reporting requirements for Adage Capital, suggesting their stake is now passive and below the regulatory threshold.

Negatives

• The significant reduction in percentage ownership by a major institutional investor (Adage Capital) could be perceived negatively, although it is attributed to corporate actions (merger, reverse split) rather than active divestment.

Risks

• The document does not detail specific operational or financial risks for the issuer. It is a beneficial ownership filing focused on reporting compliance.

Future Outlook

The document does not provide forward-looking statements or guidance regarding the issuer's future operations or financial performance. It solely pertains to changes in beneficial ownership.

Industry Context

This filing reflects a change in an institutional investor's stake in a biopharmaceutical company following significant corporate restructuring events (merger, reverse stock split, redomestication). Such events are common in the biotech industry, often aimed at optimizing capital structure or facilitating new strategic directions. The reduction in percentage ownership by Adage Capital is a direct consequence of these corporate actions rather than a change in investment thesis, as the number of shares held remained constant while the total outstanding shares changed.

Comparison to Industry Standards

• This document is a Schedule 13D amendment related to beneficial ownership, not a financial performance report. Therefore, direct comparisons to industry-specific financial benchmarks or competitor results are not applicable. The filing adheres to standard SEC reporting requirements for changes in significant beneficial ownership.

Stakeholder Impact

• Shareholders: Existing shareholders will observe a major institutional investor's reported stake fall below 5%, which is a procedural outcome of the corporate actions (merger, reverse split) that altered the total outstanding shares. This specific filing does not indicate a change in investment thesis by Adage Capital.

Next Steps

• The Reporting Persons are filing this as the final amendment to the Schedule 13D, indicating their exit from the reporting system for this issuer.

Key Dates

Keywords

GlycoMimetics Inc, Crescent Biopharma Inc, Schedule 13D, Beneficial Ownership, Adage Capital Management, Reverse Stock Split, Merger, Redomestication, SEC Filing, Institutional Investor