Financial Performance - The net loss for Q3 2024 was $16.0 million, compared to a net loss of $3.1 million for the same period in 2023, representing an increase of 416.1%[8]. - Loss from operations for Q3 2024 was $(18,893,000), compared to $(9,386,000) in Q3 2023, indicating a 101.3% increase in losses[14]. - Net loss for Q3 2024 was $(15,992,000), significantly higher than $(3,102,000) in Q3 2023, reflecting a 415.5% increase in net losses[14]. - Collaboration revenue for Q3 2024 was $607,000, a decrease of 2.3% from $621,000 in Q3 2023[14]. - For the nine months ended September 30, 2024, collaboration revenue was $1,757,000, down from $1,930,000 in the same period of 2023, a decrease of 8.9%[14]. - Total operating expenses for Q3 2024 were $19,500,000, up 95.0% from $10,007,000 in Q3 2023[14]. - Interest income for Q3 2024 was $2,904,000, an increase from $1,527,000 in Q3 2023, marking an increase of 90.0%[14]. - Total other income, net for Q3 2024 was $2,901,000, down from $6,284,000 in Q3 2023, a decrease of 53.8%[14]. - The company reported a change in fair value of preferred stock tranche right liabilities of $4,773,000 in Q3 2023, which was not present in Q3 2024[14]. Cash and Assets - As of September 30, 2024, Upstream Bio had cash, cash equivalents, and short-term investments of $220.7 million, up from $109.8 million as of December 31, 2023[5]. - Upstream Bio's total assets increased to $232.7 million as of September 30, 2024, compared to $117.2 million as of December 31, 2023[13]. - Upstream Bio completed an upsized IPO, raising approximately $293 million in gross proceeds, extending its runway through 2027[3]. Research and Development - Research and development expenses for Q3 2024 were $15.4 million, a 97.4% increase from $7.8 million in Q3 2023, primarily due to increased clinical and manufacturing expenses related to the verekitug program[6]. - Research and development expenses increased to $15,433,000 in Q3 2024, compared to $7,788,000 in Q3 2023, representing a 97.0% increase[14]. - Upstream Bio expects to report top-line data from ongoing Phase 2 clinical trials in severe asthma and CRSwNP in the second half of 2026 and 2025, respectively[1]. - The company anticipates dosing its first patient in a Phase 2 clinical trial for COPD in the second half of 2025[1]. - Verekitug demonstrated a 54% reduction in fractional exhaled nitric oxide (FeNO) and a 65% reduction in blood eosinophils at 12 weeks in Phase 1b trials[3]. General and Administrative Expenses - General and administrative expenses for Q3 2024 were $4.1 million, up from $2.2 million in Q3 2023, reflecting a 86.4% increase driven by higher personnel expenses[7]. - General and administrative expenses rose to $4,067,000 in Q3 2024, up 83.4% from $2,219,000 in Q3 2023[14]. Leadership Changes - The company appointed Daniella Beckman to its Board of Directors, bringing over 20 years of financial and operational leadership experience in the biotechnology industry[4].
Upstream Bio, Inc.(UPB) - 2024 Q3 - Quarterly Results