Upstream Bio Q1 net loss $27.3M; cash $431.4M; Phase 2 CRSwNP data on track for Q3 2025

Upstream Bio, Inc.

2025-Q1 EPS reported -$0.51 revenue$566,000

Net loss $27.3M in Q1 2025 vs $10.9M in Q1 2024; R&D expenses $25.8M (up $14.1M YoY).
Cash, equivalents and short-term investments $431.4M as of March 31, 2025, funding operations through 2027.
Phase 2 CRSwNP top-line data expected Q3 2025; Phase 2 severe asthma data now expected H1 2026.
First patient dosing in Phase 2 COPD trial expected mid-2025.
General and administrative expenses $6.8M vs $4.0M YoY, driven by personnel and professional fees.

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