Core Insights - Upstream Bio is advancing its clinical development of verekitug, a monoclonal antibody targeting the TSLP receptor, with key data readouts expected in the near future [1][2][3] Clinical Development Updates - Top-line data from the Phase 2 clinical trial of verekitug in patients with chronic rhinosinusitis with nasal polyps (CRSwNP) is expected in the third quarter of 2025 [1][3] - Top-line data from the Phase 2 clinical trial in severe asthma is now anticipated in the first half of 2026 [1][3] - The first patient in the Phase 2 clinical trial for chronic obstructive pulmonary disease (COPD) is expected to be dosed in mid-2025 [1][3][4] Financial Performance - As of March 31, 2025, Upstream Bio reported cash, cash equivalents, and short-term investments totaling $431.4 million, which is projected to fund operations through 2027 [5] - Research and development expenses for Q1 2025 were $25.8 million, a significant increase from $11.7 million in Q1 2024, primarily due to clinical and manufacturing costs related to verekitug [5] - General and administrative expenses rose to $6.8 million in Q1 2025 from $4.0 million in the same period in 2024, driven by personnel-related costs and professional service fees [6] - The net loss for Q1 2025 was $27.3 million, compared to a net loss of $10.9 million in Q1 2024, largely due to increased operating expenses [7] Business Strategy - Upstream Bio is focused on addressing unmet needs in severe respiratory diseases through its unique mechanism of action with verekitug, which is the only known molecule in clinical development targeting the TSLP receptor [2][8]