Clinical Trials - Upstream Bio completed enrollment in its Phase 2 clinical trial of verekitug for chronic rhinosinusitis with nasal polyps (CRSwNP) in January 2025, with top-line data expected in the second half of 2025[4]. - The company plans to initiate dosing of the first patient in its COPD program in the second half of 2025 and expects to report top-line data from the severe asthma trial in the second half of 2026[3]. Financial Performance - The net loss for Q4 2024 was $21.2 million, compared to a net loss of $11.8 million in Q4 2023, an increase of 80% attributed to higher operating expenses[7]. - Research and development expenses for Q4 2024 were $21.8 million, a 87.9% increase from $11.6 million in Q4 2023, primarily due to clinical and manufacturing costs related to the verekitug program[5]. - General and administrative expenses rose to $5.2 million in Q4 2024, compared to $3.2 million in Q4 2023, reflecting increased personnel-related costs[6]. - Total operating expenses for the year ended December 31, 2024, were $80.1 million, significantly higher than $42.5 million for the year ended December 31, 2023[18]. Funding and Investments - Upstream Bio raised approximately $293 million in gross proceeds from its upsized initial public offering (IPO) completed in October 2024[9]. - The company reported cash, cash equivalents, and short-term investments of $470.5 million as of December 31, 2024, which is projected to fund operations through 2027[5]. - Upstream Bio's total assets increased to $481.7 million as of December 31, 2024, compared to $117.2 million in 2023[16]. Leadership and Management - The company appointed key members to its Board of Directors and management team, enhancing its leadership in the biotechnology sector[9].
Upstream Bio, Inc.(UPB) - 2024 Q4 - Annual Results