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Upstream Bio Reports Fourth Quarter and Full Year 2024 Financial Results and Recent Business Highlights
UPBUpstream Bio, Inc.(UPB) GlobeNewswire· Globenewswire·2025-03-12 11:00

Core Insights - Upstream Bio, Inc. has completed enrollment in its Phase 2 clinical trial of verekitug for chronic rhinosinusitis with nasal polyps (CRSwNP), with top-line data expected in the second half of 2025 [1][2] - The company successfully completed an upsized IPO, raising approximately 293million,whichwillextenditsoperationalrunwaythrough2027[1][6]−Upstreamisadvancingverekitug,amonoclonalantibodytargetingtheTSLPreceptor,inmultiplesevererespiratorydiseasesincludingCRSwNP,severeasthma,andchronicobstructivepulmonarydisease(COPD)[1][10]ClinicalDevelopment−ThePhase2trialforCRSwNPisdesignedtoassesstheefficacyandsafetyofverekitug,withpatientsreceivingeither100mgofthedrugoraplaceboevery12weeksovera24−weekperiod[4]−Theprimaryendpointofthetrialisthechangeinnasalpolypscore(NPS)atweek24,withsecondaryendpointsincludingnasalcongestionscoreandtimetosystemiccorticosteroidsorsurgery[4]−UpstreamplanstoinitiatedosingforitsCOPDprograminthesecondhalfof2025andexpectstoreportdatafromthesevereasthmatrialinthesecondhalfof2026[3]FinancialPerformance−AsofDecember31,2024,Upstreamhadcash,cashequivalents,andshort−terminvestmentstotaling293 million, which will extend its operational runway through 2027 [1][6] - Upstream is advancing verekitug, a monoclonal antibody targeting the TSLP receptor, in multiple severe respiratory diseases including CRSwNP, severe asthma, and chronic obstructive pulmonary disease (COPD) [1][10] Clinical Development - The Phase 2 trial for CRSwNP is designed to assess the efficacy and safety of verekitug, with patients receiving either 100 mg of the drug or a placebo every 12 weeks over a 24-week period [4] - The primary endpoint of the trial is the change in nasal polyp score (NPS) at week 24, with secondary endpoints including nasal congestion score and time to systemic corticosteroids or surgery [4] - Upstream plans to initiate dosing for its COPD program in the second half of 2025 and expects to report data from the severe asthma trial in the second half of 2026 [3] Financial Performance - As of December 31, 2024, Upstream had cash, cash equivalents, and short-term investments totaling 470.5 million, sufficient to fund operations through 2027 [7] - Research and development expenses for Q4 2024 were 21.8million,upfrom21.8 million, up from 11.6 million in Q4 2023, primarily due to increased clinical and manufacturing costs related to verekitug [7] - The net loss for Q4 2024 was 21.2million,comparedtoanetlossof21.2 million, compared to a net loss of 11.8 million in the same period of 2023, driven by higher operating expenses [9][18] Management and Governance - Upstream made key additions to its Board of Directors and management team, including the appointment of Daniella Beckman as an independent director and chair of the Audit Committee [6] - Allison Ambrose was appointed as General Counsel, bringing extensive legal experience from other biotech companies [6] Upcoming Events - Upstream plans to participate in investor conferences, including the Leerink Partners Global Biopharma Conference and the Piper Sandler Spring Biopharma Symposium [13]