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Upstream Bio (Nasdaq: UPB) reported Q3 2024 financial results and business updates. The company is advancing Phase 2 trials of verekitug in severe asthma and CRSwNP, with top-line data expected in H2 2026 and H2 2025, respectively. A Phase 2 COPD trial is set to begin in H2 2025. The company completed an upsized IPO raising $293 million, extending runway through 2027. Q3 financials show cash position of $220.7 million, R&D expenses of $15.4 million (up from $7.8 million in Q3 2023), and a net loss of $16.0 million (compared to $3.1 million in Q3 2023).
Upstream Bio (Nasdaq: UPB), a clinical-stage biotechnology company targeting inflammatory diseases, has announced the pricing of its upsized initial public offering (IPO) of 15,000,000 shares at $17.00 per share. The shares are set to begin trading on the Nasdaq Global Market on October 11, 2024, under the ticker symbol UPB. The offering is expected to close on October 15, 2024, subject to customary closing conditions. Upstream has also granted underwriters a 30-day option to purchase an additional 2,250,000 shares. Gross proceeds from the IPO are expected to be $255.0 million, before deducting underwriting discounts, commissions, and offering expenses. The joint book-running managers for the offering are J.P. Morgan, TD Cowen, Piper Sandler, and William Blair. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities.
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