<SEC-DOCUMENT>0001628280-25-057671.txt : 20251217
<SEC-HEADER>0001628280-25-057671.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20251217163839
ACCESSION NUMBER:		0001628280-25-057671
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251215
FILED AS OF DATE:		20251217
DATE AS OF CHANGE:		20251217

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lynch Ryan
		CENTRAL INDEX KEY:			0001709271
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36177
		FILM NUMBER:		251579834

	MAIL ADDRESS:	
		STREET 1:		C/O CONCERT PHARMACEUTICALS INC.
		STREET 2:		99 HAYDEN AVENUE SUITE 500
		CITY:			LEXINGTON
		STATE:			MA
		ZIP:			02421

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CRESCENT BIOPHARMA, INC.
		CENTRAL INDEX KEY:			0001253689
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		300 FIFTH AVENUE
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451
		BUSINESS PHONE:		617-430-5595

	MAIL ADDRESS:	
		STREET 1:		300 FIFTH AVENUE
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02451

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLYCOMIMETICS INC
		DATE OF NAME CHANGE:	20030711
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1766007516.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001253689</issuerCik>
        <issuerName>CRESCENT BIOPHARMA, INC.</issuerName>
        <issuerTradingSymbol>CBIO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001709271</rptOwnerCik>
            <rptOwnerName>Lynch Ryan</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CRESCENT BIOPHARMA, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>300 FIFTH AVENUE</rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02451</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>See Remarks</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8378</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8378</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12378</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.21</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>33512</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2035-12-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>33512</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>33512</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents an award of Restricted Stock Units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of the Issuer's Ordinary Shares. The RSUs shall vest in approximately equal three-month installments through the four-year anniversary of December 15, 2025,  subject to the Reporting Person remaining continuously employed by or providing services to the Issuer or its subsidiaries from December 15, 2025 through each such vesting date.</footnote>
        <footnote id="F2">This Option represents a right to purchase shares of the Issuer's Ordinary Shares and vests with respect to 1/48th of the Option on each monthly anniversary of December 15, 2025, subject to the Reporting Person remaining continuously employed by or providing services to the Issuer or its subsidiaries from December 15, 2025 through each such vesting date.</footnote>
    </footnotes>

    <remarks>Treasurer, Senior Vice President of Finance and Chief Accounting Officer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Barbara Bispham, as attorney-in-fact for Ryan Lynch</signatureName>
        <signatureDate>2025-12-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
