Upstream Bio (UPB) began trading on the Nasdaq on Fri 11 Oct 24

 Opened at $21.50 after pricing 15.0 mln share IPO at $17.00 per share, at the high end of the $15-17 expected range.

The clinical-stage biotech draws strong interest for its IPO

• After initially expecting to offer 12.5 mln shares, Upstream Bio (UPB) upped the IPO offering amount to 15.0 mln shares, reflecting strong demand from institutional buyers in the primary market. The upsized IPO then priced at $17, the high end of the $15-$17 mln projected price range, raising total gross proceeds of $255 mln. 
• The bullish sentiment continued into the public markets with UPB opening for trading at $21, good for a 24% opening pop, and shares continued to move higher from there. 
• UPB is focused on developing treatments for inflammatory diseases with an initial focus on severe respiratory disorders. The company's lead product candidate is Verekitug, which is being developed for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps.
• In Phase 1 trials, Verekitug showed a reduction of inflammatory biomarkers, and it was well tolerated, and showed a predictable and consistent PK profile.
• Verekitug has been advanced into Phase 2 trials with data from these trials expected in 2H26 for severe asthma and 2H25 for chronic rhinosinusitis with nasal polyps.
• On a pro forma as adjusted basis, UPB estimates that its cash and equivalents balance was $417.9 mln as of June 30, 2024. With the net proceeds from this offering together with UPB's existing cash, cash equivalents and short-term investments, the company believes it can fund its operating expenses and capital expenditure requirements through mid-2027.