Upstream Bio (UPB) Leerink Global Healthcare Conference 2025 summary

Company vision and asset overview

• Focused on developing verekitug, a clinical-stage asset targeting the TSLP receptor for severe airway diseases.

• Verekitug is uniquely differentiated by targeting the receptor, offering potential advantages in dosing frequency and efficacy.

• The asset is being developed for severe asthma, chronic rhinosinusitis with nasal polyps (CRS with NP), and potentially COPD.

• Differentiated pharmacology may allow for less frequent dosing and greater efficacy compared to existing therapies.

• Focus remains on airway diseases, with future potential in skin and gastrointestinal indications.

Clinical development and trial updates

• Phase II CRS with NP trial completed enrollment; readout expected in the second half of the year, using endoscopic nasal polyp score as the primary endpoint.

• Phase II asthma trial is ongoing, testing three dosing regimens versus placebo, with a primary endpoint of annualized asthma exacerbations; readout expected in the second half of next year.

• COPD program is in planning, designed to support registration with an exacerbation primary endpoint.

• Early clinical data show rapid and durable TSLP receptor occupancy and significant biomarker reductions.

• No unexpected safety signals observed; safety profile similar to existing TSLP-targeting therapies.

Differentiation and commercial strategy

• Verekitug’s potency allows for Q12 and Q24 week dosing, potentially offering a competitive edge.

• Greater effects on key biomarkers (FeNO and eosinophils) than comparator drugs in trials.

• Commercial strategy focuses on under-penetrated biologics markets in severe asthma, CRS with NP, and COPD.

• Differentiated profile aims to grow the overall market rather than erode competitors’ share.

• Autoinjector development is underway to support commercial launch and maximize market optionality.