Crescent Biopharma: Advancing De-Risked Immuno-Oncology Pipeline and Strategic Partnerships Underscore Undervalued Buy Opportunitys: This morning, CBIO announced that the FDA cleared its IND for CR-001 and that partner Kelun-Biotech received IND approval for China's NMPA. Recall that last month, CBIO announced a strategic collaboraon with K elun for CR-001 and CR-003 (see our previous Note), where Kelun granted CBIO exclusive rights to research, develop, and commercialize and all markets outside Greater China, and CBIO granted Kelun exclusive rights to research, develop, and commercialize CR-001 in Greater China. The global Phase 1/2 ASCEND evaluang CR-001 is expected to enroll up to 290 paen ts in both 1L and 2L+ sengs across eight tumor types, including NSCLC, HCC, CRC, gastric, biliary and gyn tumors, with POC data including safety, PK/PD, and early an- tumor acvity e xpected in 1Q 2027 (see image below for general details & design).