# EDGAR Filing Document

**Accession Number:** 0001253689
**File Stem:** 0001628280-25-049876
**Filing Date:** 2025-11
**Character Count:** 85617
**Document Hash:** 2ca9c40cc95dfdaf46bfee47b88675b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049876.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001628280-25-049876

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**EFFECTIVENESS DATE**: 20251106

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291307
- **FILM NUMBER:** 251456213

**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

**As filed with the Securities and Exchange Commission on November 6, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549** 

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Crescent Biopharma, Inc.** 

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Cayman Islands**<br> (State or Other Jurisdiction of Incorporation or Organization) | **06-1686563**<br>(I.R.S. Employer Identification No.) |

---

**Crescent Biopharma, Inc.** 

**300 Fifth Avenue**

**Waltham, MA 02451**

(Address of Principal Executive Offices, including Zip Code)

**Crescent Biopharma, Inc. 2025 Stock Incentive Plan**

**Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan**

**Crescent Biopharma, Inc. 2024 Equity Incentive Plan** 

**Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan**

(Full title of the plan)

**Barbara Bispham**

**General Counsel and Corporate Secretary**

**Crescent Biopharma, Inc.** 

**300 Fifth Avenue**

**Waltham, MA 02451**

(Name, address, and telephone number, including area code, of agent for service)

With a copy to:

**Peter Handrinos**<br>**Wesley Holmes**<br>**Latham & Watkins LLP**<br>**200 Clarendon Street**<br>**Boston, MA 02116**<br>**(617) 880-4500**<br>

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  |

---

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**EXPLANATORY NOTE**

On June 13, 2025, Crescent Biopharma, Inc. (formerly known as GlycoMimetics, Inc., a Delaware corporation) (the "***Registrant***"), completed a business combination (the "***Merger***") with Crescent Biopharma Operating Company, LLC (formerly known as Crescent Biopharma, Inc.) ("***Pre-Merger Crescent***"), pursuant to an Agreement and Plan of Merger and Reorganization, dated as of October 28, 2024 and amended as of February 14, 2025 and April 28, 2025, by and among the Registrant, Gemini Merger Sub Corp., Gemini Merger Sub II, LLC and Pre-Merger Crescent. On June 16, 2025, the Registrant changed its jurisdiction of incorporation from the State of Delaware to the Cayman Islands pursuant to a plan of conversion.

This Registration Statement on Form S-8 is being filed by the Registrant, relating to (i) 2,345,962 ordinary shares, $0.001 par value per share, of the Registrant (the "***Shares***") issuable under the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended and restated, the "***2025 Plan***"), (ii) 195,497 Shares issuable under the Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (as amended and restated, the "***ESPP***"), (iii) 3,684,330 Shares issuable under the Crescent Biopharma, Inc. 2024 Equity Incentive Plan (as amended, the "***2024 Plan***") pursuant to outstanding stock options to purchase shares of common stock of Pre-Merger Crescent that were assumed by the Registrant and converted into stock options to purchase Shares in connection with the Merger, and (iv) 1,250,000 Shares issuable under the Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (the "***Inducement Plan***").

**PART I<br>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Plan Information**.

The documents containing the information specified in Part I of Form S-8 will be sent or given to the participants as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "***Securities Act***"). In accordance with the instructions to Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "***Commission***") either as part of this Registration Statement on Form S-8 or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act. The Company will provide a written statement to participants advising them of the availability without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II hereof and including the statement in the preceding sentence. The written statement to all participants will indicate the availability without charge, upon written or oral request, of other documents required to be delivered pursuant to Rule 428(b), and will include the address and telephone number to which the request is to be directed.

**PART II<br>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference**.

The following documents, which have previously been filed by the Registrant with the Commission pursuant to the Securities Act and pursuant to the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), are incorporated by reference herein and shall be deemed to be a part hereof; provided, however, that any portion of such documents containing financial statements of the Registrant prior to the Merger shall not be so incorporated in accordance with Rule 15-01(e) of Regulation S-X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Registrant's <u>[prospectus](https://www.sec.gov/Archives/edgar/data/0001253689/000110465925048564/tm256615-16_424b3.htm)</u> filed pursuant to Rule 424(b) under the Securities Act on May 14, 2025 relating to the Registrant's Registration Statement on <u>[Form S-4](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000110465925014838/glyc-20241231xs4.htm)</u> originally filed with the Commission on February 13, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Commission on <u>[May 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000155837025007780/glyc-20250331x10q.htm)</u>, for the quarterly period ended June 30, 2025, filed with the Commission on <u>[July 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000162828025036839/cbio-20250630.htm)</u>, and for the quarterly period ended September 30, 2025, filed with the Commission on <u>[November 6, 202](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000162828025049868/cbio-20250930.htm)</u>5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Registrant's Current Reports on Form 8-K filed with the Commission on <u>[January 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000155837025000576/glyc-20250129x8k.htm)</u>, <u>[February 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000155837025001016/glyc-20250214x8k.htm)</u>, <u>[February 25, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000155837025001517/glyc-20250219x8k.htm)</u>, <u>[April 29, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000110465925040386/tm2513409d1_8k.htm)</u>, <u>[May 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000110465925054587/tm2516580d1_8k.htm)</u>, <u>[June 6, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000110465925057078/tm2517051d1_8k.htm)</u> (Item 5.07 and Item 8.01 only), <u>[June 18, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000110465925060714/tm2518203d1_8k.htm)</u> (all items except Item 7.01), and <u>[July 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001253689/000162828025036846/cbio-20250729.htm)</u> (Item 5.02 only); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the description of the Company's ordinary shares, $0.001 par value per share, contained in the Company's Registration Statement on <u>[Form 8-A12B/A](https://www.sec.gov/Archives/edgar/data/1253689/000162828025049873/form8-aaxq32025.htm)</u>, filed with the Commission on November 6, 2025, together with any amendment or report filed with the Commission for the purpose of updating such description.

In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold or that deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information that the Registrant has disclosed or discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that it may from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this Registration Statement.

Any statement, including financial statements, contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of Securities**.

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel**.

Not applicable.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers**.

The Companies Act (as amended) of the Cayman Islands does not restrict the authority of a Cayman Islands exempted company to indemnify its directors, officers, employees or agents. The Registrant's memorandum and articles of association (the "Articles") provide that no Indemnified Person (as defined below) shall be liable: (a) for the acts, receipts, neglects, defaults or omissions of any other director or officer or agent of the Registrant; or (b) for any loss on account of defect of title to any property of the Registrant; or (c) on account of the insufficiency of any security in or upon which any money of the Registrant shall be invested; or (d) for any loss incurred through any bank, broker or other similar person; or (e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified Person's part; or (f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution of discharge of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto; unless the same shall happen through such Indemnified Person's own actual fraud, willful default or willful neglect as determined by a court of competent jurisdiction.

The Articles provide that, to the fullest extent permitted by law, every director (including any alternate director appointed pursuant to the provisions of the Articles), secretary, assistant secretary, or other officer (but not including the Registrant's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and funds of the Registrant against all actions or proceedings whether threatened, pending or completed, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own actual fraud, willful default or willful neglect as determined by a court of competent jurisdiction, (i) in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment), (ii) in the execution or discharge of his or her duties, powers, authorities or discretions, or (iii) in respect of any actions or activities undertaken by an Indemnified Person provided for and in accordance with the provisions set out above (inclusive) including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending or otherwise being involved in, (whether successfully or otherwise) any civil proceedings concerning the Registrant or its affairs in any court whether in the Cayman Islands or elsewhere.

------

Each shareholder waives any claim or right of action they might have, whether individually or by or in the right of the Registrant, against any director or officer on account of any action taken by such director or officer, or the failure of such director or officer to take any action in the performance of his or her duties with or for the Registrant; provided that such waiver shall not extend to any matter in respect of any actual fraud, willful default or willful neglect which may attach to such director or officer.

The Registrant will pay the expenses (including attorneys' fees) incurred by an Indemnified Person in defending any proceeding in advance of its final disposition; provided, however, that, to the extent required by applicable law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking by the Indemnified Person to repay all amounts advanced if it should be ultimately determined that the Indemnified Person is not entitled to be indemnified under the Articles or otherwise.

The Registrant has entered into separate indemnification agreements with its directors and executive officers to provide these directors and executive officers with certain indemnification and advancement of expenses by the Registrant in connection with actions or proceedings arising out of their service as directors or officers of the Registrant or service to other entities at the Registrant's request, on the terms and subject to the conditions set forth therein.

The Registrant currently carries liability insurance for its directors and officers. One of the Registrant's directors, Peter Harwin, is also indemnified by his employer with regard to his service on the Registrant's board of directors.

The 2025 Plan provides that no member of the compensation committee (or other committee acting as administrator of the 2025 Plan) shall be personally liable by reason of any contract or other instrument executed by such member or on his or her behalf in his or her capacity as a member of such committee nor for any mistake of judgment made in good faith, and the Registrant shall indemnify and hold harmless each member of the committee and each other employee, officer or director of the Registrant to whom any duty or power relating to the administration or interpretation of the 2025 Plan may be allocated or delegated, against any cost or expense or liability arising out of any act or omission to act in connection with the 2025 Plan, unless arising out of such person's own fraud or willful bad faith; provided, however, that approval of the board of directors of the Registrant shall be required for the payment of any amount in settlement of a claim against any such person.

The 2024 Plan provides that no director or person acting pursuant to the authority delegated by the board of directors of the Registrant shall be liable for any action or determination relating to or under the 2024 Plan made in good faith.

**Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed**.

Not applicable.

------

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description** |
| **Exhibit No.** | **Exhibit Description** |
| 4.1 | <u>[Cayman Memorandum and Articles of Association (incorporated by reference to Exhibit 3.4 of the Registrant's Current Report on Form 8-K, filed with the Commission on June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000110465925060714/tm2518203d1_ex3-4.htm)</u> |
| 5.1\* | <u>[Opinion of Walkers (Cayman) LLP.](a51opinionforms-8xcrescent.htm)</u> |
| 23.1\* | <u>[Consent of PricewaterhouseCoopers LLP, an Independent Registered Public Accounting Firm.](exhibit-231xsx8pwcconsent.htm)</u> |
| 23.2\* | <u>[Consent of Walkers (Cayman) LLP (included in Exhibit 5.1).](a51opinionforms-8xcrescent.htm)</u> |
| 24.1\* | <u>[Power of Attorney (included on the signature page to this Registration Statement).](#ic369d6df8b0b48e789eec8431748e3e5_19412)</u> |
| 99.1 | <u>[Crescent Biopharma, Inc. 2025 Stock Incentive Plan (incorporated by reference to Exhibit 10.7 of the Registrant's Current Report on Form 8-K, filed with the Commission on June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000110465925060714/tm2518203d1_ex10-7.htm)</u> |
| 99.2\* | <u>[Form of Grant Notice for Stock Option and Standard Terms and Conditions for Stock Options under the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (Directors).](a992crescent-stockoptiongr.htm)</u> |
| 99.3\* | <u>[Form of Grant Notice for Stock Option and Standard Terms and Conditions for Stock Options under the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (Employees).](a993crescent-optionawardag.htm)</u> |
| 99.4 | <u>[Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.8 of the Registrant's Current Report on Form 8-K, filed with the Commission on June 18, 2025, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000110465925060714/tm2518203d1_ex10-8.htm)</u> |
| 99.5 | <u>[Crescent Biopharma, Inc. 2024 Equity Incentive Plan, as amended by the First Amendment dated May 7, 2024, the Second Amendment dated December 27, 2024, the Third Amendment dated January 13, 2024, the Fourth Amendment dated March 15, 2025, the Fifth Amendment dated April 1, 2025, and the Sixth Amendment dated April 14, 2025 (incorporated herein by reference to Exhibit 10.36 of GlycoMimetics, Inc.'s Registration Statement on Form S-4 (File No. 333-285035), filed with the SEC on April 28, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000110465925040398/tm256615d10_ex10-36.htm)</u> |
| 99.6 | <u>[Form of Stock Option Agreement under Crescent Biopharma, Inc. 2024 Equity Incentive Plan (incorporated by reference to Exhibit 10.39 of Registrant's Registration Statement on Form S-4 (File No. 333-285035), filed with the Commission on May 12, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000110465925014838/glyc-20241231xex10d34.htm)</u> |
| 99.7 | <u>[Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q, filed with the Commission on November 6, 2025).](https://www.sec.gov/Archives/edgar/data/1253689/000162828025049868/crescent-2025inducementpla.htm)</u> |
| 107.1\* | <u>[Filing Fee Table.](exfilingfees.htm)</u> |

---

\* Filed herewith.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings**.

(a)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price

------

set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b)&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(h)&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Waltham, Massachusetts, on the 6th day of November, 2025.

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| | |
|:---|:---|
| **CRESCENT BIOPHARMA, INC.** | **CRESCENT BIOPHARMA, INC.** |
| By: | /s/ Joshua Brumm |
| Name: | Joshua Brumm |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Joshua Brumm, Richard Scalzo, and Ryan Lynch and each of them (with full power to each of them to act alone), the individual's true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

------

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| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | Date |
| <u>/s/ Joshua Brumm&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Joshua Brumm | Chief Executive Officer and Director<br>(*principal executive officer*) | November 6, 2025 |
| <u>/s/ Richard Scalzo&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Richard Scalzo  | Chief Financial Officer<br>(*principal financial officer*) | November 6, 2025 |
| <u>/s/ Ryan Lynch&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Ryan Lynch | Senior Vice President, Finance and Chief Accounting Officer<br>(*principal accounting officer*) | November 6, 2025 |
| <u>/s/ Peter Harwin&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Peter Harwin | Chairman of the Board | November 6, 2025 |
| <u>/s/ Alexandra Balcom&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Alexandra Balcom | Director | November 6, 2025 |
| <u>/s/ Susan Moran&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Susan Moran | Director | November 6, 2025 |
| <u>/s/ Jonathan Violin&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Jonathan Violin | Director | November 6, 2025 |
| <u>/s/ David Lubner&nbsp;&nbsp;&nbsp;&nbsp;</u><br>David Lubner | Director | November 6, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**Exhibit 107.1**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Crescent Biopharma, Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** <br>**Type** | **Security** <br>**Class** <br>**Title** | **Fee** <br>**Calculation** <br>**Rule** | **Amount**<br>**Registered**<sup>(1)</sup> | **Proposed**<br>**Maximum**<br>**Offering**<br>**Price Per**<br>**Unit** | **Maximum**<br>**Aggregate**<br>**Offering** <br>**Price** | **Fee** <br>**Rate** | **Amount of**<br>**Registration**<br>**Fee** |
| Equity | Ordinary shares, $0.001 par value per share | Rule 457(h)<sup>(2)</sup> | 2345962<sup>(3)</sup> | $12.63<sup>(2)</sup> | $29629500.06 | 0.0001381 | $4091.83 |
| Equity | Ordinary shares, $0.001 par value per share | Rule 457(h)<sup>(2)</sup> | 195497<sup>(4)</sup> | $12.63<sup>(2)</sup> | $2469127.11 | 0.0001381 | $340.99 |
| Equity | Ordinary shares, $0.001 par value per share | Rule 457(h)<sup>(5)</sup> | 3684330<sup>(6)</sup> | $7.90<sup>(5)</sup> | $29106207.00 | 0.0001381 | $4019.57 |
| Equity | Ordinary shares, $0.001 par value per share | Rule 457(h)<sup>(2)</sup> | 1250000<sup>(7)</sup> | $12.63<sup>(2)</sup> | $15787500.00 | 0.0001381 | $2180.25 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $76992334.17 |  | $10632.64 |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $10632.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 (this "Registration Statement") shall also cover any additional ordinary shares, par value $0.001 per share (the "Shares") of Crescent Biopharma, Inc. (the "Registrant") that become issuable under the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (the "2025 Plan"), the Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (the "ESPP"), the Crescent Biopharma, Inc. 2024 Equity Incentive Plan (the "2024 Plan"), and the Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (the "Inducement Plan") by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of outstanding ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) of the Securities Act and based on the average of the high and low sale prices of the Shares, as quoted on The Nasdaq Global Market, on October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents the Shares issuable under the 2025 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents the Shares issuable under the ESPP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) of the Securities Act and based on the weighted average exercise price of the outstanding options under the 2024 Plan (the "Assumed Options") of $7.90, which options were assumed by the Registrant and converted into stock options to purchase Shares in connection with the consummation of the business combination pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of October 28, 2024 and amended as of February 14, 2025 and April 28, 2025, by and among the Registrant, Gemini Merger Sub Corp., Gemini Merger Sub II, LLC and Crescent Biopharma Operating Company, LLC (formerly known as Crescent Biopharma, Inc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Represents the Shares issuable under the Assumed Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Represents the Shares issuable under the Inducement Plan.

## Exhibit 5.1

![image_2.jpg](image_2.jpg)

<br>6 November 2025 <br>Our Ref: SF/af/C9608-195644

Crescent Biopharma, Inc.c/o Walkers Corporate Limited190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands

Dear Sirs

**CRESCENT BIOPHARMA, INC.** 

We have acted as Cayman Islands legal advisers to Crescent Biopharma, Inc. (the "**Company**"), and we have examined the Registration Statement on Form S-8 to be filed by the Company with the United States Securities and Exchange Commission (including all supplements and amendments thereto, the "**Registration Statement**"), relating to the registration under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), of up to:

1.2,345,962 ordinary shares with a par value of US$0.001 per share in the capital of the Company ("**Ordinary Shares**") issuable under the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended and restated, the "**2025 Plan**") (the "**2025 Plan Shares**");

2.195,497 Ordinary Shares issuable under the Crescent Biopharma, Inc. 2025 Employee Stock Purchase Plan (as amended and restated, the "**ESPP**") (the "**ESPP Shares**");

3.3,684,330 Ordinary Shares issuable under the Crescent Biopharma, Inc. 2024 Equity Incentive Plan (as amended, the "**2024 Plan**") (the "**2024 Plan Shares**"); and

4.1,250,000 Shares issuable under the Crescent Biopharma, Inc. 2025 Employment Inducement Incentive Award Plan (the "**Inducement Plan**" and, together with the 2025 Plan, the ESPP and the 2024 Plan, the "**Plans**") (the "**Inducement Plan Shares**" and, together with the 2025 Plan Shares, the ESPP Shares and the 2024 Plan Shares, the "**Shares**").

For the purposes of giving this opinion, we have examined and relied upon the originals or copies of the documents listed in Schedule 1.

In giving this opinion we have relied upon the assumptions set out in Schedule 2, which we have not independently verified.

We are Cayman Islands Attorneys at Law and express no opinion as to any laws other than the laws of the Cayman Islands in force and as interpreted at the date of this opinion. We have not, for the purposes of this opinion, made any investigation of the laws, rules or regulations of any other jurisdiction.

Based upon the foregoing examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we consider relevant, and under the laws of the Cayman Islands, we give the following opinions in relation to the matters set out below.

1. The Company is an exempted company registered by way of continuation with limited liability, validly existing under the laws of the Cayman Islands and in good standing with the Registrar of Companies in the Cayman Islands (the "**Registrar**").

**Walkers**<br>190 Elgin Avenue, George Town<br>Grand Cayman KY1-9001, Cayman Islands<br>**T** +1 345 949 0100 **F** +1 345 949 7886 www.walkersglobal.com<br>

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**WALKERS**<br>

2. The Shares, as contemplated by the Registration Statement, have been duly authorised by all necessary corporate action of the Company and, upon the issue of the Shares (by the entry of the name of the registered owner thereof in the register of members of the Company confirming that such Shares have been issued credited as fully paid), delivery and payment therefore by the purchaser in accordance with the Memorandum and Articles of Association (as defined in Schedule 1) and the Plans and in the manner contemplated by the Registration Statement, the Shares will be validly created, legally issued, fully paid and non-assessable (meaning that no additional sums may be levied on the holder thereof by the Company).

We have relied upon the statements and representations of directors, officers and other representatives of the Company as to factual matters.

Our opinion as to the good standing of the Company is based solely upon receipt of the Certificate of Good Standing (as defined in Schedule 1) issued by the Registrar. The Company shall be deemed to be in good standing under Section 200A of the Companies Act (as amended) of the Cayman Islands (the "**Companies Act**") on the date of issue of the Certificate of Good Standing if all fees and penalties under the Companies Act have been paid and the Registrar has no knowledge that the Company is in default under the Companies Act.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein. This opinion is given solely for your benefit and the benefit of your legal advisers acting in that capacity in relation to this transaction and may not be relied upon by any other person, other than persons entitled to rely upon it pursuant to the provisions of the Securities Act, without our prior written consent.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto.

Yours faithfully

/s/ Walkers

**Walkers (Cayman) LLP**

------

**WALKERS**<br>

**SCHEDULE 1**

**LIST OF DOCUMENTS EXAMINED**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Certificate of Registration By Way of Continuation of the Company dated 16 June 2025, the Memorandum and Articles of Association of the Company adopted by special resolution on 5 June 2025 and effective as of 16 June 2025) (the "**Memorandum and Articles of Association**") and each of the Register of Directors, Register of Officers and Register of Mortgages and Charges of the Company (together, the "**Company Records**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Cayman Online Registry Information System (CORIS), the Cayman Islands' General Registry's online database, searched on 5 November 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A Certificate of Good Standing dated 5 November 2025 in respect of the Company issued by the Registrar (the "**Certificate of Good Standing**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Copies of the executed written resolutions of the board of directors of the Company dated 19 September 2024, 13 June 2025 and 30 October 2025 (the "**Resolutions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Such other documents as we have deemed necessary to render the opinions set forth herein.

------

**WALKERS**<br>

**SCHEDULE 2**

**Assumptions**

This opinion is given based upon the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The originals of all documents examined in connection with this opinion are authentic. The signatures, initials and seals on the documents reviewed are genuine and are those of a person or persons given power to execute the documents under the Resolutions (as defined in Schedule 1). All documents purporting to be sealed have been so sealed. All copies are complete and conform to their originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Memorandum and Articles of Association reviewed by us will be the memorandum and articles of association of the Company in effect upon the issuance of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The accuracy and completeness of all factual representations made in the Registration Statement and all other documents reviewed by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All necessary actions were taken under the applicable U.S. laws to authorise the 2024 Plan and permit the issuance of the 2024 Plan Shares, and any and all consents, approvals and authorisations required to authorise the 2024 Plan and permit the issuance of the 2024 Plan Shares were obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Company will receive consideration in money or money's worth for each Share offered by the Company when issued at the agreed issue price as per the terms of the Registration Statement, such price in any event not being less than the stated par or nominal value of each Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.There are no provisions of the laws of any jurisdiction outside the Cayman Islands which would be contravened by issuance and allotment of the Shares and, insofar as any obligation expressed to be incurred under any of the documents is to be performed in or is otherwise subject to the laws of any jurisdiction outside the Cayman Islands, its performance will not be illegal by virtue of the laws of that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Company Records are complete and accurate and all matters required by law and the Memorandum and Articles of Association to be recorded therein are completely and accurately so recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.On the date of issuance of the Shares, the Company has, or will have, sufficient authorised and unissued share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The Resolutions are and shall remain in full force and effect and have not been and will not be rescinded or amended. As applicable, the Resolutions were either (a) duly adopted at duly convened meetings of the Board of Directors and such meetings were held and conducted in accordance with the Memorandum and Articles of Association or constitutional documents and governing law of the Company in force at the relevant time, or (b) duly executed by or on behalf of each director or committee member and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed and were adopted in accordance with the Memorandum and Articles of Association or constitutional documents and governing law of the Company in force at the relevant time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The Registration Statement and each Plan conforms in every material respect to the latest drafts of the same produced to us and, where provided in successive drafts, have been marked up to indicate all changes to such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Each of the Registration Statement and each Plan (including each award agreement issued pursuant thereto) will be duly authorised, executed and delivered by or on behalf of all relevant

------

**WALKERS**<br>

parties prior to the issue of the Shares and will be legal, valid, binding and enforceable against all relevant parties in accordance with their terms under all relevant laws (other than the laws of the Cayman Islands).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.All preconditions to the issue of the Shares under the terms of each Plan will be satisfied or duly waived prior to the issue of the Shares and there will be no breach of the terms of each Plan.

## Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-8 of Crescent Biopharma, Inc. of our report dated February 18, 2025 relating to the financial statements of Crescent Biopharma, Inc., which appears in this Registration Statement.

/s/ PricewaterhouseCoopers LLP<br>Boston, Massachusetts<br>November 6, 2025

## Exhibit 99.2

**Director Form**

**CRESCENT BIOPHARMA, INC.<br>2025 STOCK INCENTIVE PLAN**

<br> **GRANT NOTICE FOR<br>STOCK OPTIONS**

FOR GOOD AND VALUABLE CONSIDERATION, Crescent Biopharma, Inc. (the "***Company***"), hereby grants to Participant named below an option (the "***Option***") to purchase any part or all of the number of Ordinary Shares that are covered by this Option at the Exercise Price per share, each specified below, and upon the terms and subject to the conditions set forth in this Grant Notice, the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended from time to time, the "***Plan***"), and the Standard Terms and Conditions (the "***Standard Terms and Conditions***") promulgated under such Plan and attached hereto as <u>Exhibit A</u>. This Option is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.

---

| | |
|:---|:---|
| Name of Participant: | [Name] |
| Grant Date: | [Grant Date] |
| Number of Ordinary Shares covered by Option: | [Quantity Granted] |
| Exercise Price Per Share: | [Grant Price] |
| Expiration Date: | [Expiration Date] |
| Type of Stock Option: | Nonqualified Stock Option |

---

------

---

| | |
|:---|:---|
| Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp; | [Vesting Commencement Date] |
| Vesting Schedule: | Subject to the Plan and the Standard Terms and Conditions, <br>[this Option shall vest and become exercisable on the earlier of the first anniversary of the Vesting Commencement Date or the Company's next annual meeting of shareholders; provided, however, that in the event of a Change in Control, this Option shall become fully vested and exercisable so long as Participant has remained continuously providing services to the Company or its Subsidiaries through the date of such Change in Control.]<br>[this Option shall vest and become exercisable in equal monthly installments on each monthly anniversary of the Vesting Commencement Date until the third anniversary of the Vesting Commencement Date; provided, however, that in the event of a Change in Control, this Option shall become fully vested and exercisable so long as Participant has remained continuously providing services to the Company or its Subsidiaries through the date of such Change in Control.]<sup>1,2</sup> |

---

<sup>1</sup> For annual grants.

<sup>2</sup> For initial grants.

------

By accepting this Grant Notice, Participant acknowledges that Participant has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan, and the Standard Terms and Conditions.

**CRESCENT BIOPHARMA, INC.**

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

**PARTICIPANT**

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Name]

Signature Page to

Grant Notice for

Stock Options

------

**<u>EXHIBIT A</u>**

**CRESCENT BIOPHARMA, INC.<br>2025 STOCK INCENTIVE PLAN**

**STANDARD TERMS AND CONDITIONS FOR<br>STOCK OPTIONS**

These Standard Terms and Conditions apply to the Options granted pursuant to the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (the "***Plan***"), which are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions. In addition to these Standard Terms and Conditions, the Option shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

**1. TERMS OF OPTION**

Crescent Biopharma, Inc. (the "***Company***") has granted to the Participant named in the Grant Notice provided to said Participant herewith (the "***Grant Notice***") an Incentive Stock Option or a Nonqualified Stock Option as specified in the Grant Notice (the "***Option***") to purchase up to the number of Ordinary Shares at an exercise price per share, each as set forth in the Grant Notice. The Option is subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.

**2. STATUS OF THE STOCK OPTION**

This Option is not intended to qualify as an "incentive stock option" under Section 422 of the Code.

**3. EXERCISE OF OPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration of vesting as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms of the Plan, to purchase up to that number of Ordinary Shares as set forth in the Grant Notice; provided, that the Participant remains employed with the Company and does not experience a Termination of Employment. The vesting period and/or exercisability of an Option may be adjusted by the Committee to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To exercise the Option (or any part thereof), the Participant shall deliver to the Company a "Notice of Exercise" in a form specified by the Committee, specifying the number of whole Ordinary Shares the Participant wishes to purchase and how the Participant's Ordinary Shares should be registered (in the Participant's name only or in the Participant's and the Participant's spouse's names as community property or as joint tenants with right of survivorship).

Exhibit A

Standard Terms and Conditions for Stock Options

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The exercise price (the "***Exercise Price***") of the Option is set forth in the Grant Notice. The Company shall not be obligated to issue any Ordinary Shares until the Participant shall have paid the total Exercise Price for that number of Ordinary Shares. The Exercise Price may be paid in Ordinary Shares, cash or a combination thereof, including an irrevocable commitment by a broker to pay over such amount from a sale of the Ordinary Shares issuable under the Option, the delivery of previously owned Ordinary Shares, withholding of Ordinary Shares deliverable upon exercise of the Option (but only to the extent share withholding is made available to the Participant by the Company), or in such other manners as may be permitted by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Fractional shares may not be exercised. Ordinary Shares will be issued as soon as practical after exercise. Notwithstanding the above, the Company shall not be obligated to deliver any Ordinary Shares during any period when the Company determines that the exercisability of the Option or the delivery of Ordinary Shares hereunder would violate Company policy or any federal, state or other applicable laws.

**4. EXPIRATION OF OPTION**

The Option shall expire and cease to be exercisable as of the earlier of (i) the Expiration Date set forth in the Grant Notice or (ii) the date specified below in connection with the Participant's Termination of Employment (the date of such Termination of Employment, the "***Termination Date***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Participant's Termination of Employment is as a result of the Participant's death or Disability, (i) any portion of the Option which is unvested as of the Termination Date shall remain outstanding until the date that is three months following the Termination Date (provided that there shall be no further vesting during such period unless expressly determined otherwise by the Committee) and (ii) the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the first anniversary of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Participant's Termination of Employment is by the Company for Cause, the entire Option, whether or not then vested and exercisable, shall be immediately forfeited and canceled as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Participant's Termination of Employment is for any reason other than as set forth in <u>Section 4(a)</u> or <u>4(b)</u>, the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the date that is three months following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any portion of the Option that is not vested and exercisable at the time of a Termination of Employment (after taking into account any accelerated vesting under Section 16 of the Plan and any other agreement between the Participant and the Company) shall be forfeited and canceled as of the Termination Date (except as provided under <u>Section 4(a)(i)</u> above, which outstanding Option shall be forfeited and canceled as of the date that is three months following the Termination Date unless expressly determined otherwise by the Committee).

**5. RESTRICTIONS ON RESALES OF SHARES ACQUIRED PURSUANT TO OPTION EXERCISE**

The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent

------

transfers by the Participant of any Ordinary Shares issued as a result of the exercise of the Option, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other option holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.

**6. INCOME TAXES**

The Company shall not deliver Ordinary Shares in respect of the exercise of any Option unless and until the Participant has made arrangements satisfactory to the Company to satisfy applicable withholding tax obligations. Unless the Participant pays the withholding tax obligations to the Company by cash or check in connection with the exercise of the Option (including an irrevocable commitment by a broker to pay over such amount from a sale of the Ordinary Shares issuable under the Option), withholding may be effected, at the Company's election, withholding Ordinary Shares issuable in connection with the exercise of the Option (provided that Ordinary Shares may be withheld only to the extent that such withholding will not result in adverse accounting treatment for the Company). The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the exercise of the Option from any amounts payable by it to the Participant (including future cash wages).

**7. NONTRANSFERABILITY OF OPTION**

Except as permitted by the Committee or as permitted under the Plan, the Participant may not assign or transfer the Option to anyone other than by will or the laws of descent and distribution and the Option shall be exercisable only by the Participant during his or her lifetime. The Company may cancel the Participant's Option if the Participant attempts to assign or transfer it in a manner inconsistent with this <u>Section 7</u>. Notwithstanding the foregoing, upon the Participant's death, the Option shall be transferred to the Participant's designated beneficiary or, if none, to the Participant's estate.

**8. OTHER AGREEMENTS SUPERSEDED**

The Grant Notice, these Standard Terms and Conditions, and the Plan constitute the entire understanding between the Participant and the Company regarding the Option; provided, however, that any provisions regarding the acceleration of the Option (or other Awards) upon a Termination of Employment set forth in any written employment, offer, services or severance agreement or letter between the Participant and the Company or under the terms of any severance plan in which the Participant participates shall continue to apply to the Option. Any prior agreements, commitments or negotiations concerning the Option are superseded.

**9. LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION**

Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any Ordinary Shares allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such Ordinary Shares, if any, as shall have been issued to such person upon exercise of the Option or any part of it. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument

------

executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company's employ or service nor limit in any way the Company's right to terminate the Participant's employment or service at any time for any reason.

**10. NO LIABILITY OF COMPANY**

The Company and any affiliate which is in existence or hereafter comes into existence shall not be liable to the Participant or any other person as to: (a) the nonissuance or sale of Ordinary Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company's counsel to be necessary to the lawful issuance and sale of any shares hereunder; and (b) any tax consequence expected, but not realized, by the Participant or other person due to the receipt, exercise or settlement of any Option granted hereunder.

**11. GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The headings preceding the text of the sections hereof are inserted solely for convenience of reference and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. Words in the masculine gender shall include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural. The use herein of the word "including" following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation", "but not limited to", or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan or these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Nevada, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute discretion.

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**12. CLAWBACK**

The Option and any Ordinary Shares received upon exercise of the Option are subject to any recoupment policy that the Company may adopt from time to time, to the extent any such policy is applicable to the Participant and to such compensation, including the Crescent Biopharma, Inc. Incentive Compensation Clawback Policy (as amended from time to time), designed to comply with the requirements of Rule 10D-1 promulgated under the Act, as well as any recoupment provisions required under applicable law. For purposes of the foregoing, the Participant expressly and explicitly authorizes (x) the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold Ordinary Shares and other amounts acquired under the Option or the Plan to re-convey, transfer or otherwise return such Ordinary Shares and/or other amounts to the Company and (y) the Company's recovery of any covered compensation through any method of recovery that the Company deems appropriate, including by reducing any amount that is or may become payable to the Participant. The Participant further agrees to comply with any request or demand for repayment by any affiliate of the Company in order to comply with such policies or applicable law. To the extent that the Standard Terms and Conditions and any Company recoupment policy conflict, the terms of the recoupment policy shall prevail.

**13. ELECTRONIC DELIVERY**

By executing the Grant Notice, the Participant hereby consents to the delivery of information (including information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, the Option and the Ordinary Shares via Company web site or other electronic delivery.

## Exhibit 99.3

**Employee Form**

**CRESCENT BIOPHARMA, INC.**

**2025 STOCK INCENTIVE PLAN**

<br> **GRANT NOTICE FOR<br>STOCK OPTIONS**

FOR GOOD AND VALUABLE CONSIDERATION, Crescent Biopharma, Inc. (the "***Company***"), hereby grants to Participant named below an option (the "***Option***") to purchase any part or all of the number of Ordinary Shares that are covered by this Option at the Exercise Price per share, each specified below, and upon the terms and subject to the conditions set forth in this Grant Notice, the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (as amended from time to time, the "***Plan***"), and the Standard Terms and Conditions (the "***Standard Terms and Conditions***") promulgated under such Plan and attached hereto as <u>Exhibit A</u>. This Option is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.

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| | |
|:---|:---|
| Name of Participant: | [Name] |
| Grant Date: | [Grant Date] |
| Number of Ordinary Shares covered by Option: | [Quantity Granted] |
| Exercise Price Per Share: | [Grant Price] |
| Expiration Date: | [Expiration Date] |
| Type of Stock Option: | ☐ Incentive Stock Option <br>☐ Nonqualified Stock Option |
| Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp; | [Vesting Commencement Date] |
| Vesting Schedule: | Subject to the Plan and the Standard Terms and Conditions, the Option shall vest in accordance with the following schedule, so long as Participant remains continuously employed by or providing services to the Company or its Subsidiaries from the Grant Date through such vesting date: <br>[(i) 25% of the Option shall vest and become exercisable on the first anniversary of the Vesting Commencement Date and (ii) thereafter, this Option shall vest with respect to an additional 1/48th of the Option on each monthly anniversary of the Vesting Commencement Date.] |

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By accepting this Grant Notice, Participant acknowledges that Participant has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan, and the Standard Terms and Conditions.

**CRESCENT BIOPHARMA, INC.**

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

**PARTICIPANT**

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

[Name]

Signature Page to

Grant Notice for

Stock Options

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**<u>EXHIBIT A</u>**

**CRESCENT BIOPHARMA, INC.<br>2025 STOCK INCENTIVE PLAN**

**STANDARD TERMS AND CONDITIONS FOR<br>STOCK OPTIONS**

These Standard Terms and Conditions apply to the Options granted pursuant to the Crescent Biopharma, Inc. 2025 Stock Incentive Plan (the "***Plan***"), which are identified as either incentive stock options or nonqualified stock options and are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions. In addition to these Standard Terms and Conditions, the Option shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

**1. TERMS OF OPTION**

Crescent Biopharma, Inc. (the "***Company***") has granted to the Participant named in the Grant Notice provided to said Participant herewith (the "***Grant Notice***") an Incentive Stock Option or a Nonqualified Stock Option as specified in the Grant Notice (the "***Option***") to purchase up to the number of Ordinary Shares at an exercise price per share, each as set forth in the Grant Notice. The Option is subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.

**2. STATUS OF THE STOCK OPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Option is designated as an "Incentive Stock Option" in the Grant Notice, then this Option is intended to qualify as an "incentive stock option" under Section 422 of the Code. However, the Company does not represent or warrant that the Option qualifies as such. The Participant should consult with the Participant's own tax advisors regarding the tax effects of the Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including the holding period requirements. If the Option is intended to qualify as an "incentive stock option" and the Participant disposes (whether by sale, gift, transfer or otherwise) any Ordinary Shares acquired upon exercise of the Option within the one-year period beginning on the exercise date or within the two-year period beginning on the Grant Date, the Participant shall notify the Company within 30 days after such disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the extent that the aggregate Fair Market Value (determined as of the Grant Date) of the Ordinary Shares with respect to which the Option (plus all other incentive stock options held by the Participant) are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and its affiliates) exceeds $100,000, the Option or portions thereof that exceed such limit (according to the order in which they were granted) will be treated as Nonqualified Stock Options. In addition, to the extent any portion of this Option does not qualify as an "incentive stock option," such portion shall be deemed to be a Nonqualified Stock Option.

Exhibit A

Standard Terms and Conditions for Stock Options

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**3. EXERCISE OF OPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not previously exercised, and subject to termination or acceleration of vesting as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms of the Plan, to purchase up to that number of Ordinary Shares as set forth in the Grant Notice; provided, that the Participant remains employed with the Company and does not experience a Termination of Employment. The vesting period and/or exercisability of an Option may be adjusted by the Committee to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To exercise the Option (or any part thereof), the Participant shall deliver to the Company a "Notice of Exercise" in a form specified by the Committee, specifying the number of whole Ordinary Shares the Participant wishes to purchase and how the Participant's Ordinary Shares should be registered (in the Participant's name only or in the Participant's and the Participant's spouse's names as community property or as joint tenants with right of survivorship).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The exercise price (the "***Exercise Price***") of the Option is set forth in the Grant Notice. The Company shall not be obligated to issue any Ordinary Shares until the Participant shall have paid the total Exercise Price for that number of Ordinary Shares. The Exercise Price may be paid in Ordinary Shares, cash or a combination thereof, including an irrevocable commitment by a broker to pay over such amount from a sale of the Ordinary Shares issuable under the Option, the delivery of previously owned Ordinary Shares, withholding of Ordinary Shares deliverable upon exercise of the Option (but only to the extent share withholding is made available to the Participant by the Company), or in such other manners as may be permitted by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Fractional shares may not be exercised. Ordinary Shares will be issued as soon as practical after exercise. Notwithstanding the above, the Company shall not be obligated to deliver any Ordinary Shares during any period when the Company determines that the exercisability of the Option or the delivery of Ordinary Shares hereunder would violate Company policy or any federal, state or other applicable laws.

**4. EXPIRATION OF OPTION**

The Option shall expire and cease to be exercisable as of the earlier of (i) the Expiration Date set forth in the Grant Notice or (ii) the date specified below in connection with the Participant's Termination of Employment (the date of such Termination of Employment, the "***Termination Date***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Participant's Termination of Employment is as a result of the Participant's death or Disability, (i) any portion of the Option which is unvested as of the Termination Date shall remain outstanding until the date that is three months following the Termination Date (provided that there shall be no further vesting during such period unless expressly determined otherwise by the Committee), and (ii) the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the first anniversary of the Termination Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Participant's Termination of Employment is by the Company for Cause, the entire Option, whether or not then vested and exercisable, shall be immediately forfeited and canceled as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Participant's Termination of Employment is a CIC Qualifying Termination (as defined below), (i) the Option shall be fully vested as of the Termination Date and (ii) the Participant may exercise the Option as of the Termination Date until the date that is three months following the Termination Date. As used herein, "***CIC Qualifying Termination***" means the Participant's Termination of Employment by the Company without Cause on or within 12 months following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Participant's Termination of Employment is for any reason other than as set forth in <u>Section 4(a)</u>, <u>4(b)</u> or <u>4(c)</u>, the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the date that is three months following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any portion of the Option that is not vested and exercisable at the time of a Termination of Employment (after taking into account any accelerated vesting under Section 16 of the Plan and any other agreement between the Participant and the Company) shall be forfeited and canceled as of the Termination Date (except as provided under <u>Section 4(a)(ii)</u> above, which outstanding Option shall be forfeited and canceled as of the date that is three months following the Termination Date unless expressly determined otherwise by the Committee).

**5. RESTRICTIONS ON RESALES OF SHARES ACQUIRED PURSUANT TO OPTION EXERCISE**

The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Ordinary Shares issued as a result of the exercise of the Option, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other option holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.

**6. INCOME TAXES**

The Company shall not deliver Ordinary Shares in respect of the exercise of any Option unless and until the Participant has made arrangements satisfactory to the Company to satisfy applicable withholding tax obligations. Unless the Participant pays the withholding tax obligations to the Company by cash or check in connection with the exercise of the Option (including an irrevocable commitment by a broker to pay over such amount from a sale of the Ordinary Shares issuable under the Option), withholding may be effected, at the Company's election, withholding Ordinary Shares issuable in connection with the exercise of the Option (provided that Ordinary Shares may be withheld only to the extent that such withholding will not result in adverse accounting treatment for the Company). The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the exercise of the Option from any amounts payable by it to the Participant (including future cash wages).

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**7. NONTRANSFERABILITY OF OPTION**

Except as permitted by the Committee or as permitted under the Plan, the Participant may not assign or transfer the Option to anyone other than by will or the laws of descent and distribution and the Option shall be exercisable only by the Participant during his or her lifetime. The Company may cancel the Participant's Option if the Participant attempts to assign or transfer it in a manner inconsistent with this <u>Section 7</u>. Notwithstanding the foregoing, upon the Participant's death, the Option shall be transferred to the Participant's designated beneficiary or, if none, to the Participant's estate.

**8. OTHER AGREEMENTS SUPERSEDED**

The Grant Notice, these Standard Terms and Conditions, and the Plan constitute the entire understanding between the Participant and the Company regarding the Option; provided, however, that any provisions regarding the acceleration of the Option (or other Awards) upon a Termination of Employment set forth in any written employment, offer, services or severance agreement or letter between the Participant and the Company or under the terms of any severance plan in which the Participant participates shall continue to apply to the Option. Any prior agreements, commitments or negotiations concerning the Option are superseded.

**9. LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION**

Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any Ordinary Shares allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such Ordinary Shares, if any, as shall have been issued to such person upon exercise of the Option or any part of it. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company's employ or service nor limit in any way the Company's right to terminate the Participant's employment or service at any time for any reason.

**10. NO LIABILITY OF COMPANY**

The Company and any affiliate which is in existence or hereafter comes into existence shall not be liable to the Participant or any other person as to: (a) the nonissuance or sale of Ordinary Shares as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company's counsel to be necessary to the lawful issuance and sale of any shares hereunder; and (b) any tax consequence expected, but not realized, by the Participant or other person due to the receipt, exercise or settlement of any Option granted hereunder.

**11. GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions

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shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The headings preceding the text of the sections hereof are inserted solely for convenience of reference and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. Words in the masculine gender shall include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural. The use herein of the word "including" following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation", "but not limited to", or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan or these Standard Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Nevada, without regard to principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute discretion.

**12. CLAWBACK**

The Option and any Ordinary Shares received upon exercise of the Option are subject to any recoupment policy that the Company may adopt from time to time, to the extent any such policy is applicable to the Participant and to such compensation, including the Crescent Biopharma, Inc. Incentive Compensation Clawback Policy (as amended from time to time), designed to comply with the requirements of Rule 10D-1 promulgated under the Act, as well as any recoupment provisions required under applicable law. For purposes of the foregoing, the Participant expressly and explicitly authorizes (x) the Company to issue instructions, on the Participant's behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold Ordinary Shares and other amounts acquired under the Option or the Plan to re-convey, transfer or otherwise return such Ordinary Shares and/or other amounts to the Company and (y) the Company's recovery of any covered compensation through any method of recovery that the Company deems appropriate, including by reducing any amount that is or may become payable to the Participant. The Participant further agrees to comply with any request or demand for repayment by any affiliate of the Company in order to comply with such policies or applicable law. To the extent that the Standard Terms and Conditions and any Company recoupment policy conflict, the terms of the recoupment policy shall prevail.

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**13. ELECTRONIC DELIVERY**

By executing the Grant Notice, the Participant hereby consents to the delivery of information (including information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, the Option and the Ordinary Shares via Company web site or other electronic delivery.