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Upstream Bio Inc. (UPB+1.57%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing verekitug, a monoclonal antibody targeting the TSLP receptor, for the treatment of severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), and chronic obstructive pulmonary disease (COPD).
The company completed enrollment in its Phase 2 trial for CRSwNP in January 2025 and expects to report top-line data in the second half of 2025. It also anticipates reporting data from its severe asthma Phase 2 trial in the second half of 2026.
Upstream Bio has initiated planning for a Phase 2b trial in COPD, with the first patient expected to be dosed in the second half of 2025.
The filing highlights the competitive landscape for verekitug, noting that several biologics are already approved for severe asthma, CRSwNP, and COPD. However, verekitug is the only known antagonist targeting the TSLP receptor in clinical development.
The company reported a net loss of $62.8 million for the year ended December 31, 2024, and had an accumulated deficit of $190.8 million as of that date.
Upstream Bio raised $268.8 million in net proceeds from its initial public offering in October 2024.
The company plans to rely on third-party manufacturers for the production of verekitug and does not currently own or operate any manufacturing facilities.
The filing outlines various risks, including the potential for delays in clinical trials, regulatory challenges, and competition from other therapies.
Upstream Bio's strategy includes leveraging verekitug's unique mechanism of action to address unmet needs in severe inflammatory diseases and expanding its development into additional TSLP-driven diseases.
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. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.