Updated
The most significant concentration Crescent Biopharma discloses is CR-001, CR-002 and CR-003, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Crescent Biopharma’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'We are substantially dependent on the success of our lead program, CR-001, as well as our ADC programs, CR-002 and CR-003, and our development programs may not be successful.'”
“10-K Item 1A: 'In addition, some drug delivery devices are provided by single-source unaffiliated third-party companies. We may be dependent on the sustained cooperation and effort of those third-party companies both to supply the devices'”
Crescent Biopharma's concentration risk is centered on pipeline dependency: the company states it is substantially dependent on the success of its lead program, CR-001, along with its ADC programs CR-002 and CR-003 — meaning nearly all clinical and commercial prospects rest on this small set of related candidates advancing successfully. Layered on top is a supply-chain dependency: some drug delivery devices are provided by single-source unaffiliated third-party companies, and the company may depend on the sustained cooperation of those third parties to supply the devices needed for its programs. These two exposures are of a different character — the pipeline concentration is a structural feature of a clinical-stage biotech betting on a small number of related assets, while the device-supplier dependency is a genuine counterparty risk that could disrupt manufacturing or trial supply independent of clinical outcomes. Because no percentage or dollar figure accompanies either disclosure, the scale can't be quantified precisely, but the framing — being "substantially dependent" on CR-001, CR-002, and CR-003 combined with reliance on single-source device suppliers — suggests both exposures are significant enough to move the investment case materially if either the science or the supply chain falters.
For the engine’s reasoning on CBIO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| ABUS | Arbutus Biopharma Corporation | 1 | 1 | 0 | 2 |
| CBIO● | Crescent Biopharma, Inc. | 1 | 1 | 0 | 2 |
| ABSI | Absci Corporation | 1 | 0 | 0 | 1 |
| ABCL | AbCellera Biologics Inc. | 0 | 0 | 0 | 0 |
| ACHV | Achieve Life Sciences, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.