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Share-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
9. Share-Based Compensation
2024 Equity Incentive Plan
The Crescent Biopharma, Inc. 2024 Equity Incentive Plan (“2024 Plan”) was adopted by the board of directors of Pre-Merger Crescent on September 19, 2024. The 2024 Plan provided for Pre-Merger Crescent to grant stock options, restricted stock awards, restricted stock units, and other stock-based awards to employees, officers, directors, consultants, and advisors. Equity Incentive Stock options granted under the 2024 Plan generally vest over four years, subject to the participant’s continued service, and expire after ten years, although stock options have been granted with vesting terms less than four years. As of March 31, 2026, there are no ordinary shares available for issuance under the 2024 Plan.
2025 Stock Incentive Plan
The Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended from time to time, the “2025 Stock Plan”) was approved by the board of directors of GlycoMimetics on May 11, 2025, and by GlycoMimetics stockholders on June 5, 2025, and effective as of the Redomestication, the Board of Directors approved an amendment and restatement of the 2025 Stock Plan to reflect the conversion of Company common stock into Company ordinary shares in connection with the Redomestication. The 2025 Stock Plan allows for the grant of stock options, stock appreciation rights, RSAs, RSUs, other shareholder-based awards and incentive bonuses. The 2025 Stock Plan is administered by the Compensation Committee of the Board (the “Compensation Committee”) or another committee designated by the Board to administer the Plan. The initial share pool under the 2025 Stock Plan was 2,345,962 ordinary shares, and as of March 31, 2026, there are 1,831,145 shares available in the pool. The shares that may be issued under the 2025 Stock Plan are automatically increased on
January 1 of each year beginning in 2026 and ending with a final increase on January 1, 2035 in an amount equal to 5% of the diluted shares (including ordinary shares, preferred shares and unexercised pre-funded warrants) on the preceding December 31, unless a lower, or no, increase is determined by the Compensation Committee. On January 1, 2026, 1,667,266 shares were added to the issuable shares under the 2025 Stock Plan. Current or prospective employees, officers, non-employee directors, and other independent service providers of the Company and its subsidiaries are eligible to participate in the 2025 Stock Plan.
2025 Employment Inducement Incentive Award Plan
The Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (as amended from time to time, the “2025 Inducement Plan”) was approved by the board of directors of Crescent Biopharma, Inc. on October 30, 2025. The 2025 Inducement Plan allows for the grant of stock options, stock appreciation rights, RSAs, RSUs, other shareholder-based awards and incentive bonuses. The 2025 Inducement Plan is administered by the Compensation Committee or another committee designated by the Board to administer the Plan. The initial share pool under the 2025 Inducement Plan was 1,250,000 ordinary shares, and as of March 31, 2026, there are 517,224 shares available for future awards under the 2025 Inducement Plan.
2025 Employee Stock Purchase Plan
The Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (as amended from time to time, the “ESPP”) was approved by the board of directors of GlycoMimetics on May 11, 2025, and by GlycoMimetics stockholders on June 5, 2025, and effective as of the Redomestication, Board of Directors approved an amendment and restatement of the ESPP to reflect the conversion of Company common stock into Company ordinary shares in connection with the Redomestication. The shares that may be issued under the ESPP are automatically increased on January 1 of each year beginning in 2026 and ending with a final increase on January 1, 2035 in an amount equal to 1% of the diluted shares (including ordinary shares, preferred shares and unexercised pre-funded warrants) on the preceding December 31, unless a lower, or no, increase is determined by the Compensation Committee. On January 1, 2026, 333,453 shares were added to the issuable shares under the ESPP resulting in 528,950 shares reserved for issuance as of March 31, 2026. As of March 31, 2026, no shares have been issued out of the ESPP.
Stock Option Valuation
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the three months ended March 31, 2026 and March 31, 2025:
Three Months EndedThree Months Ended
March 31, 2026March 31, 2025
Expected term (in years)6.16.1
Expected volatility109.2%97.1%
Risk-free interest rate3.9%4.2%
Dividend yield 0.0%0.0%
Stock Options
The following table summarizes the stock option activity during the three months ended March 31, 2026:
Number of
Options		Weighted
Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic
Value
(thousands)
Outstanding balance as of December 31, 20256,186,318$10.00 9.5$— 
Granted 222,93910.83 
Exercised—— 
Forfeited or expired(87,604)13.06 
Outstanding balance as of March 31, 20266,321,653$9.99 9.2$52,999 
Vested and expected to vest as of March 31, 20266,321,653$9.99 9.2$52,999 
Exercisable as of March 31, 2026868,088$7.08 8.9$9,800 
The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 and March 31, 2025 was $9.11 and $4.91, respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s ordinary shares for those stock options that had an exercise price lower than the fair value of the Company’s ordinary shares.
Restricted Stock Units
The Company’s RSUs have service-based vesting conditions and vest over a four-year period with one quarter of the RSUs vesting on the anniversary of the grant date and the remainder vesting quarterly thereafter, during which time all unvested shares are subject to forfeiture by the Company in the event the holder’s service with the Company voluntarily or involuntarily terminates.
The following table summarizes the RSU activity during the three months ended March 31, 2026:
Number of
RSUs		Weighted Average
Grant Date Fair Value
Unvested balance as of December 31, 2025741,454$9.04 
Granted-— 
Vested(128,154)7.18 
Forfeited(6,179)13.21 
Unvested balance as of March 31, 2026607,121$9.39 
No RSUs were granted during the three months ended March 31, 2026. The weighted average grant date fair value of RSUs granted during the three months ended March 31, 2025 was $6.16. The total fair value of shares vested for the three months ended March 31, 2026 was $0.9 million. No shares vested during the three months ended March 31, 2025.
Restricted Stock Awards
The Company’s RSAs have service-based vesting conditions only and vest over a four-year period or vest upon grant, during which time all unvested shares are subject to forfeiture by the Company in the event the holder’s service with the Company voluntarily or involuntarily terminates.
The following table summarizes the RSA activity during the three months ended March 31, 2026:
Number of
RSAs		Weighted Average
Grant Date Fair
Value
Unvested balance as of December 31, 202582,129$2.76 
Granted—— 
Vested(7,428)2.77 
Forfeited—— 
Unvested balance as of March 31, 202674,701$2.76 
No RSAs were granted during the three months ended March 31, 2026 or March 31, 2025. The total fair value of shares vested for the three months ended March 31, 2026 was less than $0.1 million. No shares vested during the three months ended March 31, 2025.

Parascent Warrant Obligation
Prior to the Option Termination Agreement (as defined below), under the terms of the Antibody Paragon Option Agreement (as defined below), Parascent was entitled to a grant of warrants to purchase in the aggregate a number of shares equal to 1.00% of the then outstanding shares of the Company’s ordinary shares, on a fully diluted basis, on December 31, 2026, at the fair market value determined by the Board of Directors (the “Parascent Warrant Obligation”). Parascent is an entity formed by Paragon as a vehicle to hold equity in the Company in order to share profits with certain employees of Paragon.
The Company and Paragon terminated the ADC Paragon Option Agreement on March 26, 2026 (the “Option Termination Agreement”). In accordance with the Option Termination Agreement, the Company granted 34,566 warrants to Parascent with a grant date of March 26, 2026. Parascent’s warrant has a service inception period for the grant preceding the grant date, with the full award being vested as of the grant date with no post-grant date service requirement.
For the three-month period ended March 31, 2026 and March 31, 2025, $0.4 million and $0.8 million, respectively was recognized as share-based compensation expense related to the Parascent Warrant Obligation. The Parascent warrants were liability-classified and after the initial recognition, the liability is adjusted to fair value using an option-pricing model at the end of each reporting period, with changes in fair value recorded in the condensed consolidated statement of operations and comprehensive loss.
The following table summarizes the assumptions used in calculating the fair value of the warrants:
As of
March 31, 2026March 31, 2025
Expected term (in years)9.910.0
Expected volatility99.7%96.4%
Risk-free interest rate4.4%4.2%
Dividend yield 0.0%0.0%
Share-Based Compensation Expense
The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
General and administrative$2,141 $439 
Research and development1,972 790 
Total share-based compensation expense$4,113 $1,229 
The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of March 31, 2026:
Total Unrecognized CompensationWeighted Average Recognition Period
Unvested stock options$41,307 3.3 years
Unvested RSAs$205 2.5 years
Unvested RSUs$5,629 3.4 years
The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Stock options$3,181 $414 
RSAs19 21 
RSUs410 31 
ESPP80 — 
Parascent warrant obligation423 763 
Total share-based compensation expense$4,113 $1,229