Upstream Bio Reports Third Quarter 2025 Financial Results and Highlights Continued Progress

Core Insights - Upstream Bio, Inc. reported positive top-line results from the VIBRANT Phase 2 trial of verekitug in chronic rhinosinusitis with nasal polyps (CRSwNP), demonstrating significant efficacy and a favorable safety profile [1][5] - The company is on track to report results from the VALIANT Phase 2 trial in severe asthma in the first quarter of 2026, with ongoing enrollment in the VENTURE Phase 2 trial for chronic obstructive pulmonary disease (COPD) [1][4][12] - Financial results for Q3 2025 show a net loss of $33.7 million, with increased research and development expenses primarily related to verekitug programs [8][10][19] Recent Business Highlights - The VIBRANT Phase 2 trial met its primary endpoint with a statistically significant reduction in placebo-adjusted endoscopic nasal polyp score of -1.8 (p<0.0001) [5] - Key secondary endpoints 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 [5] - Structural and mechanistic data presented at the European Respiratory Society Congress highlighted verekitug's unique mechanism of action in disrupting TSLP signaling [2][12] Upcoming Milestones - Top-line data from the VALIANT Phase 2 trial in severe asthma is expected in Q1 2026, with the trial designed to assess efficacy and safety in extended dosing intervals of 12 and 24 weeks [4] - Enrollment is ongoing in the VENTURE Phase 2 trial for COPD, with the first patient dosed in July 2025 [1][12] Financial Overview - As of September 30, 2025, Upstream Bio had cash, cash equivalents, and short-term investments totaling $372.4 million, expected to fund operations through 2027 [8] - Research and development expenses for Q3 2025 were $33.0 million, up from $15.4 million in the same period in 2024, reflecting increased clinical and manufacturing costs [8][10] - General and administrative expenses rose to $5.5 million in Q3 2025, compared to $4.1 million in Q3 2024, driven by personnel-related costs [9]