GLYC GlycoMimetics Inc

March 2025 Crescent Biopharma Overview

2 Disclaimers This presentation is for informational purposes only and only a summary of certain information related to Crescent Biopharma, Inc . (“we”, “Crescent” or the “Company”) . It does not purport to be complete and does not contain all information that an investor may need to consider in making an investment decision . The information contained herein does not constitute investment, legal, accounting, regulatory, taxation or other advice, and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs . Investors must conduct their own investigation of the investment opportunity and evaluate the risks of acquiring securities of the Company (“Securities”) based solely upon such investor’s independent examination and judgment as to the prospects of the Company as determined from information in the possession of such investor or obtained by such investor from the Company, including the merits and risks involved . Statements in this presentation are made as of the date hereof unless stated otherwise herein, and neither the delivery of this presentation at any time, nor any sale of Securities, shall under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date . The Company is under no obligation to update or keep current the information contained in this document . 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Although we believe these third - party sources to be reliable as of the date of this presentation, we have not independently verified the data obtained from these sources and we cannot assure you of the accuracy , adequacy, fairness or completeness of the data . Forecasts and other forward - looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward - looking statements in this presentation . Statements as to our market and competitive position data are based on market data currently available to us, as well as management’s internal analyses and assumptions regarding the Company, which involve certain assumptions and estimates . These internal analyses have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate . While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors . As a result, we cannot guarantee the accuracy or completeness of such information contained in this presentation .

3 Crescent Biopharma aims to advance the next wave of innovation in cancer therapy 1. Anticipated expiration for filed provisional patent is 2045+ 2. Financing scheduled to close immediately prior to the closing of the merger with GlycoMimetics Notes: NSCLC: Non - small cell lung cancer. MoA : Mechanism of action. ADC: Antibody - drug conjugates. Topol: Topoisomerase Crescent is the fifth company launched with assets discovered and developed in - house by Paragon Therapeutics, an antibody discovery engine founded by Fairmount Funds in 2021 Prior companies founded using Paragon ’s engineered antibody technology have collectively raised >$2B and generated significant value PROGRAM MOA DISCOVERY IND - ENABLING IND POTENTIAL INDICATIONS CR - 001 CR - 002 CR - 003 PD - 1 x VEGF same cooperative MoA as ivonescimab NSCLC, other solid tumors 4Q25 Undisclosed ADC #1 with TopoI payload Undisclosed ADC #2 with TopoI payload Mid - 2026 Solid tumors Solid tumors ~$200 million financing in October 2024 anticipated to fund operations through 2027 2 1 Crescent’s pipeline consists of potentially best - in - class therapies for the treatment of solid tumors

4 Crescent is advancing three highly impactful oncology programs with best - in - class potential Notes: bsAb : Bispecific antibody. IND: Investigational New Drug application. PoC: Proof - of - concept CR - 001 PD - 1 x VEGF cooperative tetravalent bsAb Same MoA as ivonescimab Designed to reproduce ivonescimab’s established pharmacology Pipeline - in - a - program opportunity across solid tumor indications Potential to move to frontline use in the $50B+ PD - (L)1 immunotherapy market IND expected 4Q25 Interim PoC data expected 2H26 CR - 002 & CR - 003 ADCs with topoisomerase inhibitor payloads Potentially best - in - class Two unique, undisclosed targets with significant potential across solid tumors as single agents Each has potential to synergize with CR - 001 in combination studies, further driving clinical efficacy Both utilize the best - in - modality cytotoxic payload : topoisomerase inhibitor CR - 002 IND expected mid - 26 Interim PoC data expected 2027 anti - VEGF anti - PD - 1 scFvs

5 Multiple ways to win: Crescent pipeline enables optionality with differentiating combination therapies Optimized Novel Monotherapies Synergistic Combination Approaches CR - 001 CR - 002 CR - 003 CR - 001 + CR - 002 CR - 001 + CR - 003 Engineered for: Best - in - class efficacy Efficacy across histologies Pharmacokinetics Safety Stability Developability Selected for: MoA synergy Efficacy in overlapping histologies Broad utility in solid tumors

6 Crescent leverages three key advances in oncology for next - generation combinations within unique portfolio EVOLUTION OF CHEMOTHERAPY Enhanced efficacy & safety via cooperativity Enhanced efficacy & safety via targeting ADC PD - (L)1 Cooperative bispecific PD - 1 x VEGF Systemic chemo CR - 002 CR - 003 CR - 001 + Three revolutions underway in oncology: • Immuno - oncology is potentially moving from PD - (L)1 to cooperative PD - 1 x VEGF • Chemo is moving from systemic toxins to tumor - targeted toxins via improved ADCs • Monotherapies are being replaced by synergistic combinations of targeted therapies Crescent is developing leading assets in both categories, designed to combine for maximum efficacy in priority indications

7 PD - (L)1 - targeted therapies, annualizing $50B+, have transformed oncology – with Keytruda now the best - selling drug in the world 1. 5 - year follow - up demonstrated mOS of 22.0 vs 10.6 months. 2. Notes: 1L: First - line. NSQ: Non - squamous. NSCLC: Non - small cell lung cancer. mOS : median overall survival. NR: Not reached. HR: Hazard ratio. 3. Sources: 2018 Gandhi (NEJM); 2023 Garassino (J Clin Oncol); GlobalData ; FactSet; Pembrolizumab FDA Label Anti - PD - (L)1 global sales 2022 2023 2024E $ 38 B $ 45 B $ 51 B Keytruda ® Opdivo ® Imfinzi ® Tecentriq ® Libtayo ® Bavencio ® Jemperli ® $21B $25B $29B +33% PD - (L)1 inhibitors have significantly prolonged cancer survival, shifting 1L treatment to immunotherapy In 1L NSQ NSCLC, addition of pembrolizumab to chemo significantly improved mOS ( NR vs 11.3 months 1 with HR 0.49 ) Example Pembro + chemo Chemo alone 3 6 9 12 15 18 24 100 90 80 70 60 50 40 30 20 10 Hazard ratio for death, 0.49 (P<0.001) Months Patients who survived (%) PD - (L)1 - targeted therapy is one of the largest drug classes, with Keytruda (pembrolizumab) the dominant player Keytruda alone is approved in 20+ oncology indications with expected revenue of ~$30B in 2024

8 Ivonescimab, a cooperative PD - 1 x VEGF bispecific, doubled progression - free survival vs. Keytruda in a P3 NSCLC trial Notes: HR: hazard ratio. PFS: progression - free survival. AE: adverse event. NSQ: Non - squamous SQ: Squamous. ORR: Objective response rat e. Akeso Biopharma has licensed ivonescimab to Summit in North America, South America, Europe, Africa, Middle East, and Japan. Akeso maintains rights in Asia (ex - Japan / Middle East) and in Oceania. Sources: 2024 Zhou (WCLC Presentation on HARMONi - 2); Summit Therapeutics; 2018 Paz - Area (NEJM); 2019 Mok (Lancet); 2022 De Castro Jr (J Clin Oncol); Avastin ® Label Ivonescimab is the first drug to demonstrate superiority in PFS over pembrolizumab in a randomized Phase 3 2 4 7 9 12 14 100 90 80 70 60 50 40 30 20 10 Months Progression - free Survival (%) 1 3 5 6 8 10 13 11 ivonescimab pembrolizumab 9 - mo: 56% 9 - mo: 40% Median follow - up 8.67 mos mPFS (mos) PFS HR ORR (%) ivo pembro 11.14 0.51 50.0 38.5 5.82 Ivonescimab’s novel mechanism of action raises the bar on efficacy and safety HARMONi - 2 Study Dual blockade of PD - 1 and VEGF through a cooperative bispecific antibody has led to unprecedented clinical results, demonstrating superiority to pembrolizumab and a $15B+ market cap for ivonescimab’s ex - China sponsor, Summit Therapeutics Broader Efficacy Promising Safety Ivonescimab demonstrates benefit in patients where anti - PD - (L)1 efficacy has historically been modest (e.g., squamous, PD - (L)1 low ) Ivonescimab had lower AEs than expected vs. anti - VEGF monotherapy. This suggests a differentiated profile due to cooperativity - driven tissue targeting HR PD - L1 low 0.54 (TPS 1 - 49%) PD - L1 high (TPS ≥50%) Non - squamous Squamous 0.46 0.54 0.48

9 CR - 001 Cooperative, tetravalent PD - 1 x VEGF bispecific antibody

10 Ivonescimab’s novel, cooperative MoA is hypothesized to drive enhanced anti - tumor activity while maintaining tolerability Sources: 2023 Zhong (SITC Poster); Summit Therapeutics VEGF drives tumor angiogenesis PD - L1 expression suppresses T cells Tumor Microenvironment (TME) VEGF PD - L1 PD - 1 Tumor Cell T - cell ivonescimab Cooperativity VEGF binding to ivonescimab increases affinity to PD - 1 and vice versa, enhancing both T - cell activation and VEGF - signaling blockade. This helps explain the cross - trial outperformance of ivonescimab vs. an anti - PD - L1 + anti - VEGF combination Ivonescimab Daisy chaining PD - 1 arm concentrates VEGF inhibition in the TME, potentially sparing healthy tissue and reducing AEs Dual blockade of PD - 1 and VEGF through a novel tetravalent bispecific format with cooperative binding effects has led to unprecedented clinical results in third party trials Ivonescimab’s cooperative binding blocks PD - 1 / PD - L1 interactions and inhibits VEGF Tumor Targeting PD - 1 binding strength (affinity) is increased by >18x in the presence of VEGF

11 CR - 001 is a highly potent PD - 1 x VEGF bsAb designed to recapitulate ivonescimab’s cooperative pharmacology Notes: IgG: Immunoglobulin G. scFvs : S ingle - chain variable fragment. ADCC: A ntibody - dependent cell - mediated cytotoxicity; PK: Pharmacokinetics. FcRn: N eonatal Fc receptor. CR - 001 Same design as ivonescimab Pairs anti - VEGF IgG & anti - PD - 1 scFvs Avoids risks of alternative, clinically unprecedented constructs (e.g., VEGF trap, anti - PD - L1 IgG, ADCC) Highly potent & stable scFvs Designed to be the best possible anti - PD - 1 epitope / binding domain Anti - PD - 1s have historically outperformed anti - PD - L1s in meta - analyses of solid tumor studies Contains proprietary engineering to enable functional and stable scFvs Potential for reduced AEs Cooperative binding increases anti - VEGF activity in TME, reducing AE risks in healthy tissue Identical VEGF potency to preserve safety Effector - null human IgG Fc Equivalent to ivonescimab ADCC carries additional AE risk Designed to match ivonescimab PK Native FcRn binding to match distribution and elimination of ivonescimab

12 CR - 001 replicates ivonescimab’s cooperative binding effect which leads to cooperative inhibition of PD - 1 signaling in presence of VEGF Notes: Ivonescimab generated internally based on published sequence. PD - 1 / PD - L1 signaling inhibition measured in RLU (relative light units), a measure of luminescence that increases with greater inhibition. PD - 1 binding measured in MFI (mean fluorescence intensity), a measure of fluorescence that increases with binding and is measured via FACS. NFAT: Nuclear factor of activated T cells. Sources: Internal data [Ab] ( nM ) PD - 1 / PD - L1 signaling inhibition Ivonescimab + VEGFA CR - 001 + VEGFA Ivonescimab CR - 001 lead …leading to higher poten cy in an NFAT reporter assay in the presence of VEGF . [Ab] ( nM ) Antibody binding Ivonescimab + VEGFA CR - 001 + VEGFA Ivonescimab CR - 001 lead CR - 001, like ivonescimab , increases PD - 1 binding on PD - 1+ Jurkat cells in the presence of VEGF … CR - 001 lead demonstrates same cooperative effect as ivonescimab across multiple assays

13 CR - 001 engineering replicates ivonescimab function with biophysical properties that maximize flexibility in development Notes: CDR: Complementarity - determining region. CDC: Complement - dependent cytotoxicity. Fc: Fragment crystallizable. Ivonescimab’s unique structure and geometry – and resulting cooperative function – is challenging to replicate Standard mAbs can be improved with established protein engineering approaches… CDRs improved via diversification and/or affinity maturation to maximize potency Fc engineering tunes ADCC, CDC, half - life, etc. …but ensuring cooperative effect, stability, and developability of a tetravalent PD - (L)1 x VEGF bispecific antibody is more difficult IgG format bound to VEGF dimer required to daisy chain ; different potency may alter chaining kinetics and VEGF trap geometry does not work Fc silencing helps reduce risk of AEs Leading anti - PD - 1s are unstable and aggregate in scFv format, requiring significant engineering; CR - 001 maintains >95% monomer at 150mg/mL Bispecific antibodies often cannot achieve high concentrations with low enough viscosity to maximize development optionality; CR - 001 is low viscosity (<16 cP ) up to 150mg/mL CR - 001 has novel composition of matter IP related to proprietary, stabilized scFvs Alternative constructs risk not reproducing ivonescimab’s superior efficacy and safety in clinical practice

14 CR - 001 has potential to transform SoC across a multitude of oncology indications, with numerous first - in - class opportunities Notes: EGFRm = mutant epidermal growth factor receptor. Sources: Keytruda Label; Opdivo Label; Tecentriq Label; Imfinzi Label; Libtayo Label; Bavencio Label; Jemperli Label; Loqtorzi ® Label; Zynyz ® Label; Avastin Label; Cyramza ® Label; Lenvima ® Label; Votrient ® Label Anti - VEGF approvals Anti - PD - (L)1 approvals Anti - VEGF and anti - PD(L) - 1 approvals Ongoing / announced global study from Summit or BioNTech GASTROINTESTINAL Colorectal (all comers) Colorectal ( MSI - H / dMMR) Gastric / Gastroesophageal junction (GEJ) Primary peritoneal BRAIN Glioblastoma HEMATOLOGICAL Classical Hodgki n lymphoma Primary mediastinal large B - cell l ymphoma (PMBCL) LIVER & BILIARY Biliary tract Hepatocellular carcinoma (HCC) SOFT TISSUE Alveolar soft part sarcoma Soft tissue sarcoma TISSUE - AGNOSTIC High microsatellite instability (MSI - H) / deficient DNA mismatch repair (dMMR) High tumor mutational burden (TMB - H) SKIN Basal c ell carcinoma Cutaneous squamous cell carcinoma Melanoma Merkel cell carcinoma KIDNEY Renal cell carcinoma (RCC) HEAD & NECK Head & neck squamous cell carcinoma (HNSCC) Nasopharyngeal Thyroid CHEST/THORACIC Esophageal EGFRm non - small cell lung cancer (NSCLC) Non - squamous NSCLC Squamous NSCLC Small cell lung cancer (SCLC) Pleural mesothelioma REPRODUCTIVE Cervical Endometrial Fallopian tube Ovarian (epithelial) Triple negative breast cancer (TNBC) Urothelial

15 Development programs across key late - stage competitors include numerous P3s with PFS & OS readouts, paving the way for CR - 001 Notes: List of trials not exhaustive; BNT327 - 06 is a master protocol for two P2/3 sub - studies; BNT327 P2/3 in NSCLC announced Nov 2024 but details not yet available; PFS and OS readouts estimated based on primary endpoints and completion dates listed on ClinicalTrials.gov. EGFR: E pidermal growth factor receptor . SQ: Squamous. TPS: Tumor proportion score. TNBC: Triple - negative breast cancer. ES - SCLC: Extensive - stage small cell lung cancer. Sources : ClinicalTrials.gov ; company websites; company presentations. Pivotal readouts expected: 2025 2026 2027 2028 2029 2030 ivonescimab BNT327 Data Expected Comparator Combo Population Indication Phase Study Company Program OS late 2025 chemo chemo 2L EGFRm NSQ mNSCLC 3 (China) HARMONi - A OS mid 2025 anti - PD - 1 none 1L PDL1+ TPS ≥ 1% mNSCLC 3 (China) HARMONi - 2 OS late 2025 anti - PD - 1 + chemo chemo 1L squamous mNSCLC 3 (China) AK112 - 306 PFS & OS 2027 anti - PD - 1 anti - CD47 1L R/M PD - L1+ CPS ≥ 1 HNSCC 3 (China) AK117 - 302 PFS 2026, OS 2028 chemo chemo 1L mTNBC TNBC 3 (China) AK112 - 308 PFS & OS 2027 anti - PD - L1 + chemo chemo 1L A/M BTC ECOG 0 - 1 BTC 3 (China) AK112 - 309 PFS & OS 2025 chemo chemo 2L EGFRm NSQ mNSCLC 3 (global) HARMONi PFS & OS 2027 - 8 anti - PD - 1 + chemo chemo 1L SQ & NSQ mNSCLC 3 (global) HARMONi - 3 PFS & OS 2028 - 9 anti - PD - 1 none 1L PD - L1+ TPS > 50% mNSCLC 3 (global) HARMONi - 7 PFS & OS 2025 chemo chemo 2L EGFRm NSQ mNSCLC 2/3 (China) PM8002 - BC010C PFS & OS 2029 - 30 anti - PD - 1 + chemo chemo 1L mNSCLC 2/3 (global) BNT327 - 06 * [TBA] [TBA] [TBA] 1L NSCLC 2/3 (TBA) [announced] * PFS & OS 2027 - 8 chemo chemo 1L TNBC 3 (China) PM8002 - C013C PFS & OS 2028 anti - PD - L1 + chemo chemo 1L ES - SCLC SCLC 3 (global) BNT327 - 03 PFS & OS late 2025 PD - L1 + chemo chemo 1L ES - SCLC SCLC 2/3 (China) PM8002 - BC011C PFS & OS 2027 - 8 chemo chemo 2L SCLC 3 (China) PM8002 - C014C BNT327 ivo PD - 1 x VEGF PD - L1 x VEGF Leading PD - (L)1 x VEGF programs, with similar expected cooperativity to CR - 001 , will generate Phase 3 PFS & OS catalysts for years to come

16 TWO PARALLEL DEVELOPMENT PATHS FOR CR - 001 Parallel clinical development paths offer potential for both first - in - class and lower risk opportunities for CR - 001 First - in - class opportunities Numerous indications with clinically meaningful anti - PD - (L)1 +/ - VEGF efficacy and potential to combine with chemo / orthogonal MoAs Focus on potential first - in - class opportunities with rapid path to market (i.e., efficient development strategy, anticipated high likelihood of PFS and OS success ) Fast - follower in clinically validated indications TNBC NSCLC OTHERS Plan to rapidly follow ivonescimab in indications where clinical validation vs. anti - PD - (L)1 is highly differentiating High conviction CR - 001 can replicate ivonescimab’s efficacy given similar construct and equivalent MoA Potential indications based on ongoing Phase 3 trials Illustrative

17 CR - 001 Phase 1 data offer potential for early acceleration – a rarity for a solid tumor oncology program High conviction in CR - 001’s clinical profile can be reached in ~9 - 12 months from Phase 1 initiation, offering potential for significant early value inflection Phase 1 interim proof - of - concept readout is a potentially significant value - generating event for CR - 001 Preliminary data from early Phase 1 cohorts provides substantial validation of program because CR - 001’s structural design and preclinical data are similar to those of ivonescimab Early Phase 1 data, as single agent and in combination with SoC, enables rapid late - stage development in multiple solid tumor types, unlocking broad first - in - class and fast - follower opportunities CR - 001 is markedly differentiated from novel constructs disconnected from ivonescimab’s MoA ; alternative formats may require significantly more patients worth of safety and efficacy data in tumor - specific expansion cohorts and/or Phase 2s to establish conviction before initiating Phase 3s IND PoC PHASE 1 SOLID TUMOR ALL COMERS PHASE 3 STUDIES (validated indications) PHASE 2/3 STUDIES (first - in - class opportunities) 4Q25 Interim 2H26 Key accelerating preliminary data: PK, safety, efficacy (e.g., ORR) Higher confidence to fund and accelerate CR - 001 into P3s after P1 interim data, given replication of ivonescimab’s cooperative pharmacology ILLUSTRATIVE

18 Only five known constructs with potential to exhibit ivonescimab - like cooperative pharmacology Sources: Internal data; Summit Therapeutics 2023 SITC Poster; Compass Therapeutics Jan 2025 Corporate Presentation and press release; Bio NTech 2024 ESMO Presentation; LaNova patent filings; Various patent filings; 2017 Lee (Scientific Reports); 2007 Rudge (PNAS) Notes: Fc - γ R: Fc gamma receptor. VHH: Variable heavy chain domain antibody. • Anti - PD - L1 IgG with enhanced ADCC • VEGF trap Anti - PD - L 1 VHH - based Anti - PD - 1 VHH - based Anti - PD - 1 scFv - based BNT327 / PM8002 LM - 299 CTX - 10726 ivonescimab CR - 001 Program Company Phase 3 (Global) Phase 1/2 (China) Preclinical Phase 3 (Global) Preclinical Stage Bevacizumab Bevacizumab Bevacizumab Bevacizumab Bevacizumab Anti - VEGF IgG Novel anti - PD - L1 VHHs Novel anti - PD - 1 VHHs Anti - PD - 1 scFvs Penpulimab scFvs Anti - PD - 1 scFvs Anti - PD - (L)1 Fc null, to avoid potential AEs Fc null, to avoid potential AEs Silenced Fc - γ R binding Fc null, to avoid potential AEs Fc null, to avoid potential AEs Fc function Expected (not disclosed); unclear impact of PD - L1 VHH Expected (not disclosed); unclear impact of VHH structure No preclinical data disclosed ض ض Cooperative pharmacology • Anti - PD - 1 mAb with off - target VEGFR2 binding through same variable domains • Anti - PD - 1 IgG • Novel anti - VEGF VHHs • Inverted format • Bevacizumab • Anti - PD - 1 Fabs • PD - 1 domains attached to IgG N - terminus instead of C - terminus Examples of alternative constructs

19 CR - 001 preclinical data reproduce ivonescimab’s breakthrough pharmacology & are rapidly advancing to generate significant value Unprecedented third - party data validate PD - 1 x VEGF cooperativity Transformative MoA for $50B+ market CR - 001’s proprietary engineering is designed to replicate ivonescimab Promising pipeline of next - gen ADCs CR - 001 is a highly potent PD - 1 x VEGF bsAb reproducing cooperative binding qualities critical to ivonescimab CR - 002 and CR - 003 offer complementary development opportunities for CR - 001 Ivonescimab significantly improved PFS versus pembrolizumab in Phase 3 in 1L NSCLC – the first therapy to do so head - to - head Poised to transform NSCLC standard of care , with broad application across $50B+ anti - PD - (L)1 market

20 CR - 002 & CR - 003 Topoisomerase inhibitor ADCs against validated targets

21 CR - 002 and CR - 003 are potentially best - in - class topoisomerase inhibitor ADCs, with applicability across solid tumors Potential to synergize with CR - 001 and other immunotherapies Each ADC can be leveraged in combination studies in solid tumors Validated, undisclosed solid tumor ADC targets Targets for CR - 002 and CR - 003 to be disclosed as programs approach IND Each unique target has potential in multiple solid tumor indications Best - in - modality topoisomerase inhibitor payloads Topoisomerase inhibitor payloads have consistently demonstrated superior efficacy and safety over microtubule inhibitor payloads Each ADC is expected to have bystander - killing effect Multiple indications with ongoing PD - (L)1 x VEGF bispecific development and separate development of ADCs accelerate clinical path for combinations

22 ADCs with topoisomerase inhibitor payloads have demonstrated best - in - modality efficacy and safety Notes: GEJ: Gastroesophageal junction. A: Approved. R: In registration. PN rates are weighted averages, by number of patients, acros s i ndications / trials and include PN, PSN, PMN, and PSMN when separately measured; full list of trials and references available on request. Disitamab vedotin is approved in China and in Phase 3 development globally. Sources: Enhertu Label; 2024 Smit (Lancet Onc ); Kadcyla Label; 2019 Peters (Clin Cancer Res); 2017 Thuss - Patience (Lancet Onc ); 2024 Oaknin (ESMO Pres); 2024 Ahn (JCO); 2018 King (Invest New Drugs) TopoI payload - based ADCs have demonstrated superior ORR vs. microtubule inhibitor - based ADCs in cross - trial comparisons… … and have shown much lower rates of peripheral neuropathy , a critical AE that can drive dose reductions & discontinuations 0 20 40 60 80 100 ORR (%) 83% 44% 54% 20% 41% 21% 49% 0% 26% 0% Topoisomerase inhibitor payload Microtubule inhibitor payload 0 20 40 60 PN (all grades, %) 13% 2% 0% 0% 0% 41% 40% 27% 16% 48% Indication Target Breast HER2 ( Enhertu vs. Kadcyla ) NSCLC Gastric / GEJ Ovarian TROP2 ( Dato - DXd vs. PF - 06664178 ) NSCLC Phase Molecule Target A Enhertu HER2 TopoI payload R Dato - DXd TROP2 R Patritumab - DXd HER3 3 Ifinatamab - DXd B7 - H3 2 Raludotatug - DXd CDH6 A Adcetris CD30 MT payload A Padcev Nectin - 4 A Tivdak TF A Kadcyla HER2 3 Disitamab vedotin HER2 CR - 002 and CR - 003 utilize the best - in - ADC payload in their potentially best - in - class profiles Only difference in HER2 ADCs is payload ( both use trastuzumab) CROSS - TRIAL COMPARISONS

23 Corporate

24 Executive Team Jonathan Violin, PhD Interim CEO Chris Doughty Chief Business Officer Barbara Bispham General Counsel Ryan Lynch Chief Accounting Officer Jonathan Violin, PhD Alex Balcom Susan Moran, MD Peter Harwin Board of Directors Rapidly growing leadership team with deep experience building the next generation of biotechnology companies Wenjie Cheng, PhD SVP Technical Operations Chair

25 Financing expected to fund Crescent programs through key anticipated value - generating catalysts Notes: mNSCLC : Metastatic non - small cell lung cancer. ES: Extensive stage. EGFRm: Mutant EGFR. Sources: ClinicalTrials.gov ; Company websites 2025 2026 Current cash expected to fund operations through 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 CR - 001 IND 4Q25 CR - 002 IND MY26 CR - 001 Initial clinical data 2H26 Multiple P3 trials ongoing or planned (e.g., SCLC, TNBC, NSCLC), with numerous PFS & OS readouts expected in 2026 and beyond • 2H: Ivo P3 HARMONi - 2 1L mNSCLC OS (China) • 2H: BNT327 P2/3 1L ES - SCLC interim (China) • 2H: Ivo P3 HARMONi EGFRm NSQ mNSCLC interim (global) • 2H: Ivo P3 HARMONi - A EGFRm NSQ mNSCLC completion (China) • 1H: BNT327 P2/3 EGFRm NSQ mNSCLC interim (China) • 1H: Ivo P3 1L SQ mNSCLC interim (China)

26 Estimated capitalization following close of transactions Pre - closing financing Shares of common stock outstanding Shares of common stock outstanding Shares of common stock Pre - funded warrants Series A shares 64,532,953 105,137,814 298,298,000 1,339,680,730 273,643,080 Estimated total shares of common stock of the combined company post - closing 2,081,292,577 Shares on an as - converted basis Expected ownership of the combined company 3.1% 96.9%

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