Upstream Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The report was filed on November 7, 2024
Upstream Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $15,992,000 for the three months ended September 30, 2024, compared to a net loss of $3,102,000 for the same period in 2023.
Research and development expenses increased to $15,433,000 from $7,788,000, primarily due to ongoing Phase 2 clinical trials for verekitug in severe asthma and CRSwNP.
General and administrative expenses rose to $4,067,000 from $2,219,000, driven by increased personnel costs and professional fees.
The company reported collaboration revenue of $607,000 for the quarter, primarily related to the Maruho License Agreement.
Interest income increased to $2,904,000 from $1,527,000 due to higher balances in money market funds and short-term investments.
Cash, cash equivalents, and short-term investments totaled $220,700,000 as of September 30, 2024.
Upstream Bio completed its IPO in October 2024, raising approximately $268,700,000 in net proceeds.
The company anticipates that its existing cash resources will be sufficient to fund operations through 2027.
Upstream Bio continues to focus on developing verekitug, with plans to initiate development in COPD.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Upstream Bio Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].
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