Crescent Biopharma, Inc.

CBIO

HealthcareBiotechnologyNASDAQ

$19.61

Market Cap: $540.68M

Crescent Biopharma, Inc. (CBIO) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$94.80 – $220.43	$135.33	+598.3%
Revenue DCF 10Y	$40.33 – $81.91	$54.03	+178.8%
▸ Trading Multiples
EV/Revenue	$2.20 – $4.15	$2.41	-87.6%

Valuation History

DCF Analysis

Crescent Biopharma, Inc. (CBIO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$54.03

Market Price

$19.61

Upside / Downside

+175.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1407.5% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Crescent Biopharma, Inc. (CBIO) has an intrinsic value of $54.03 per share (range: $40.33 – $81.91).

Key Assumptions

Current Operating Margin

-1407.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

84.0%

Target CapEx/Rev

687.3%

D&A/Revenue

458.2%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1	-86.8%	-1123.3%	-16	-16	7	(2)	-37	25	24
2027	5	279.2%	-839.2%	-45	-45	25	(11)	-81	49	44
2028	8	47.7%	-555.0%	-44	-44	37	(21)	-53	24	19
2029	17	107.1%	-270.8%	-45	-45	76	(54)	-174	151	113
2030	77	362.9%	13.3%	10	8	351	(296)	-1,222	1,286	882
2031	100	30.0%	13.3%	13	11	457	(445)	-468	490	309
2032	130	30.0%	13.3%	17	14	594	(656)	-608	559	325
2033	168	30.0%	13.3%	22	18	772	(955)	-790	626	334
2034	219	30.0%	13.3%	29	23	1,004	(1,373)	-1,028	681	334
2035	265	20.9%	13.3%	35	28	1,214	(1,821)	-933	354	160

Enterprise Value Bridge

Sum of PV(FCFF)2,544

Terminal Value (Gordon Growth at 3.0%)6,357

PV of Terminal Value2,870

Enterprise Value5,415

(–) Net Debt-212

Equity Value5,626

(÷) Shares Outstanding104

Fair Value per Share$54.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$78	$79	$80	$81	$82
7.7%	$63	$64	$64	$65	$66
8.7%	$53	$53	$54	$55	$55
9.7%	$46	$46	$47	$47	$48
10.7%	$40	$41	$41	$42	$42

Current price: $19.61. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -2033.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Crescent Biopharma, Inc. (CBIO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$135.33

Market Price

$19.61

Upside / Downside

+590.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1407.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

84.0%

Target CapEx/Rev

687.3%

D&A/Revenue

458.2%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1	-86.8%	-1123.3%	-16	-16	7	(3)	-37	25	24
2027	5	279.2%	-839.2%	-45	-45	25	(18)	-81	43	38
2028	8	47.7%	-555.0%	-44	-44	37	(36)	-53	9	7
2029	17	107.1%	-270.8%	-45	-45	76	(94)	-174	111	83
2030	77	362.9%	13.3%	10	8	351	(527)	-1,222	1,055	724

Enterprise Value Bridge

Sum of PV(FCFF)875

Terminal Value (Gordon Growth at 3.0%)18,956

PV of Terminal Value13,006

Enterprise Value13,882

(–) Net Debt-212

Equity Value14,093

(÷) Shares Outstanding104

Fair Value per Share$135.33

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$219	$219	$220	$220	$220
7.7%	$168	$168	$168	$169	$169
8.7%	$135	$135	$135	$136	$136
9.7%	$112	$112	$112	$112	$113
10.7%	$95	$95	$95	$95	$95

Current price: $19.61. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$24.22

Market Price

$19.61

Upside / Downside

+23.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Crescent Biopharma, Inc. (CBIO) has a fair value of $24.22 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Crescent Biopharma, Inc.CBIO	204	-0.7x	-4.0x
Armata Pharmaceuticals, Inc.ARMP	386	135.8x	131.1x
C4 Therapeutics, Inc.CCCC	235	6.1x	10.2x
Compugen Ltd.CGEN	206	1.6x	8.1x
OmniAb, Inc.OABI	175	9.1x	6.1x
Heron Therapeutics, Inc.HRTX	128	1.5x	1.4x
Sangamo Therapeutics, Inc.SGMO	104	1.6x	1.4x
Insight Molecular Diagnostics Inc.IMDX	90	20.3x	58.0x
Industry Median		6.1x	8.1x
(*) Revenue		11	2
= Enterprise Value		67	15
(-) Net Debt		-212	-212
Equity Value		278	226
(/) Outstanding shares		10	10
Fair Price		$27	$22

Selected Fair Value (avg of trailing + forward)

$24.22

+23.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$94.80 – $220.43

$135.33

+598.3%

Revenue DCF 10Y

$40.33 – $81.91

$54.03

+178.8%

▸ Trading Multiples

EV/Revenue

$2.20 – $4.15

$2.41

-87.6%

DCF Analysis

Crescent Biopharma, Inc. (CBIO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$54.03

Market Price

$19.61

Upside / Downside

+175.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1407.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

84.0%

Target CapEx/Rev

687.3%

D&A/Revenue

458.2%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1	-86.8%	-1123.3%	-16	-16	7	(2)	-37	25	24
2027	5	279.2%	-839.2%	-45	-45	25	(11)	-81	49	44
2028	8	47.7%	-555.0%	-44	-44	37	(21)	-53	24	19
2029	17	107.1%	-270.8%	-45	-45	76	(54)	-174	151	113
2030	77	362.9%	13.3%	10	8	351	(296)	-1,222	1,286	882
2031	100	30.0%	13.3%	13	11	457	(445)	-468	490	309
2032	130	30.0%	13.3%	17	14	594	(656)	-608	559	325
2033	168	30.0%	13.3%	22	18	772	(955)	-790	626	334
2034	219	30.0%	13.3%	29	23	1,004	(1,373)	-1,028	681	334
2035	265	20.9%	13.3%	35	28	1,214	(1,821)	-933	354	160

Enterprise Value Bridge

Sum of PV(FCFF)2,544

Terminal Value (Gordon Growth at 3.0%)6,357

PV of Terminal Value2,870

Enterprise Value5,415

(–) Net Debt-212

Equity Value5,626

(÷) Shares Outstanding104

Fair Value per Share$54.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$78	$79	$80	$81	$82
7.7%	$63	$64	$64	$65	$66
8.7%	$53	$53	$54	$55	$55
9.7%	$46	$46	$47	$47	$48
10.7%	$40	$41	$41	$42	$42

Current price: $19.61. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$24.22

Market Price

$19.61

Upside / Downside

+23.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Crescent Biopharma, Inc. (CBIO) has a fair value of $24.22 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Crescent Biopharma, Inc.CBIO	204	-0.7x	-4.0x
Armata Pharmaceuticals, Inc.ARMP	386	135.8x	131.1x
C4 Therapeutics, Inc.CCCC	235	6.1x	10.2x
Compugen Ltd.CGEN	206	1.6x	8.1x
OmniAb, Inc.OABI	175	9.1x	6.1x
Heron Therapeutics, Inc.HRTX	128	1.5x	1.4x
Sangamo Therapeutics, Inc.SGMO	104	1.6x	1.4x
Insight Molecular Diagnostics Inc.IMDX	90	20.3x	58.0x
Industry Median		6.1x	8.1x
(*) Revenue		11	2
= Enterprise Value		67	15
(-) Net Debt		-212	-212
Equity Value		278	226
(/) Outstanding shares		10	10
Fair Price		$27	$22

Selected Fair Value (avg of trailing + forward)

$24.22

+23.5%