Crescent Biopharma is an early-stage biotech with a promising PD-1/VEGF bispecific antibody, aiming for first-in-human trials in late 2025. The company is well-funded, with over $150 million in cash and a manageable burn rate, supporting operations for 2–3 years. Risks include being behind competitors and the unproven clinical potential of their lead candidate, but sector hype remains strong.