SCHEDULE: Biotechnology Value Fund Group Holds 9.99% in Crescent Biopharma

A group of investment entities led by Biotechnology Value Fund L.P. reported a 9.99% beneficial ownership stake in Crescent Biopharma, Inc. as of June 30, 2025.

Summary

• A group of investment entities, including Biotechnology Value Fund, L.P., BVF I GP LLC, Biotechnology Value Fund II, L.P., BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP Holdings LLC, BVF Partners L.P., BVF Inc., and Mark N. Lampert, collectively reported beneficial ownership in Crescent Biopharma, Inc.
• As of June 30, 2025, the aggregate beneficial ownership by BVF Partners L.P., BVF Inc., and Mark N. Lampert is 1,387,863 Ordinary Shares, representing 9.99% of the outstanding shares.
• This percentage is based on 13,892,562 Ordinary Shares outstanding as of June 13, 2025.
• The reporting persons also held 597,928 Pre-Funded Warrants, exercisable at $0.001 per share, which do not expire.
• A 'Pre-Funded Warrants Blocker' prevents the exercise of these warrants if it would result in beneficial ownership exceeding 9.99% of outstanding shares.
• As of June 30, 2025, this blocker prohibited the exercise of all Pre-Funded Warrants held by the reporting persons and a Partners Managed Account.

Sentiment

Score: 5

Explanation: The filing is a factual report of beneficial ownership and does not inherently convey positive or negative sentiment regarding the company's performance or prospects.

Positives

• A significant stake (9.99%) held by a group of institutional investors, including Biotechnology Value Fund, may signal confidence in Crescent Biopharma, Inc.'s long-term prospects.

Negatives

• The 'Pre-Funded Warrants Blocker' prevents the immediate exercise of 597,928 Pre-Funded Warrants, limiting the ability to increase ownership beyond the 9.99% threshold through these instruments.

Risks

• The 'Pre-Funded Warrants Blocker' clause restricts the full exercise of held warrants if it would lead to beneficial ownership exceeding 9.99%, potentially limiting the upside from these specific securities.

Future Outlook

The filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the issuer's future performance or strategic plans.

Management Comments

• The securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

This filing reflects a significant investment position by a specialized biotechnology fund in a biopharma company, which is a common occurrence in the sector as funds seek to capitalize on growth opportunities in innovative drug development and healthcare technologies.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may influence investor perception and potentially share price, indicating a notable investor's interest in the company.

Key Dates

Keywords

Crescent Biopharma, Biotechnology Value Fund, SEC Filing, Schedule 13G, Beneficial Ownership, Ordinary Shares, Pre-Funded Warrants, Institutional Investor, Biopharma