Financial Performance - Upstream Bio reported a net loss of $33.7 million for Q3 2025, compared to a net loss of $16.0 million in Q3 2024, reflecting an increase of $17.7 million primarily due to higher research and development expenses[11]. - Upstream Bio's total operating expenses for Q3 2025 were $38.5 million, compared to $19.5 million in Q3 2024, reflecting an increase driven by research and development activities[21]. Research and Development - Research and development expenses for Q3 2025 were $33.0 million, up from $15.4 million in the same period last year, marking an increase of $17.6 million driven by clinical and manufacturing costs related to verekitug programs[9]. - The company is investing in CMC and drug delivery to enhance the clinical profile and utility of verekitug for patients[2]. Clinical Trials - Positive top-line results from the VIBRANT Phase 2 trial in chronic rhinosinusitis with nasal polyps (CRSwNP) showed a statistically significant reduction in placebo-adjusted endoscopic nasal polyp score of -1.8 (p<0.0001) after 24 weeks[3]. - Key secondary endpoints in the VIBRANT trial showed a reduction in nasal congestion score of -0.8 (p=0.0003) and a 76% (p=0.03) reduction in the need for surgery or systemic corticosteroids[7]. - Verekitug demonstrated a favorable safety profile with no serious adverse events reported during the VIBRANT trial[7]. - The VALIANT Phase 2 trial in severe asthma is on track to report top-line results in Q1 2026, with patient enrollment completed in June 2025[5]. - Enrollment is ongoing in the VENTURE Phase 2 trial for chronic obstructive pulmonary disease (COPD), with the first patient dosed in July 2025[8]. Financial Position - Cash, cash equivalents, and short-term investments totaled $372.4 million as of September 30, 2025, which is expected to fund operations through 2027[9].
Upstream Bio, Inc.(UPB) - 2025 Q3 - Quarterly Results