Upstream Bio, Inc.(UPB) - 2025 Q1 - Quarterly Results

Upstream Bio First Quarter 2025 Report Clinical Program Highlights The company announced accelerated clinical timelines for verekitug, its TSLP receptor-targeting monoclonal antibody - Verekitug is the only monoclonal antibody in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor[1][2] - Top-line data from the Phase 2 clinical trial in patients with CRSwNP is now expected in the third quarter of 2025, accelerated from previous guidance[1][2][3] - Top-line data from the Phase 2 clinical trial in patients with severe asthma is now expected in the first half of 2026[1][2][4] - The first patient in the Phase 2 clinical trial for COPD is expected to be dosed in mid-2025[1][2][4] - The clinical trials for CRSwNP, severe asthma, and COPD are designed with endpoints that could potentially support submissions for product approval, pending regulatory discussions[3][4] First Quarter 2025 Financial Results The company reported a higher net loss of $27.3 million driven by increased R&D expenses but maintains a strong cash position of $431.4 million - As of March 31, 2025, cash, cash equivalents, and short-term investments totaled $431.4 million, which is expected to fund planned operations through 2027[5] Q1 2025 vs. Q1 2024 Financial Highlights | Financial Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | $25.8 | $11.7 | +$14.1 | | General and Administrative Expenses | $6.8 | $4.0 | +$2.8 | | Net Loss | $27.3 | $10.9 | +$16.4 | - The increase in R&D expenses was primarily driven by higher clinical and manufacturing costs for the verekitug program[5] - The rise in G&A expenses was mainly due to increased personnel-related costs, including share-based compensation, and professional service fees[6] Upcoming Events The company will participate in two key healthcare and immunology conferences in June 2025 - The company will present at the Goldman Sachs 46th Annual Global Healthcare Conference on June 11, 2025[8] - The company will participate in the European Academy of Allergy and Clinical Immunology (EAACI) Congress in Glasgow, United Kingdom, from June 13-16, 2025[9] Financial Statements This section presents the unaudited condensed consolidated balance sheet and statement of operations as of March 31, 2025 Condensed Consolidated Balance Sheet Total assets decreased to $456.2 million as of March 31, 2025, primarily due to cash used in operations Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $71,312 | $325,892 | | Short-term investments | $360,068 | $144,559 | | Total Assets | $456,169 | $481,719 | | Total Liabilities | $10,559 | $11,867 | | Total Stockholders' Equity | $445,610 | $469,852 | Condensed Consolidated Statements of Operations The company reported a net loss of $27.3 million for the quarter, a significant increase from the prior-year period due to higher operating expenses Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $566 | $640 | | Research and development | $25,797 | $11,691 | | General and administrative | $6,782 | $3,962 | | Loss from operations | $(32,013) | $(15,013) | | Interest income | $4,743 | $1,266 | | Net loss | $(27,270) | $(10,894) |