SCHEDULE 13G

CRESCENT BIOPHARMA INC.

Ordinary Shares, $0.001 par value per share · CUSIP: G2545C104

Event date: 2025-10-02

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• TANG CAPITAL MANAGEMENT, LLC

  Shares: 700,000.00 · Class: 5.04%

• KEVIN TANG

  Shares: 700,000.00 · Class: 5.04%

• TANG CAPITAL PARTNERS, LP

  Shares: 393,681.00 · Class: 2.84%

• TANG CAPITAL PARTNERS INTERNATIONAL, LP

  Shares: 306,319.00 · Class: 2.20%

• TANG CAPITAL PARTNERS III, INC

  Shares: 0.00 · Class: 0.0%

• TANG CAPITAL PARTNERS IV, INC

  Shares: 0.00 · Class: 0.0%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.