Monitor the pace of share issuance and actual proceeds raised, as the at-the-market structure allows flexible timing. Watch for updates on verekitug's Phase 3 trial preparations and regulatory progress, which will be key catalysts for the stock. The recent insider selling of $47K suggests limited confidence from insiders despite the capital raise.
Price Chart
Executive Summary
Upstream Bio is conducting an at-the-market offering of up to $150 million in common stock through Leerink Partners. The offering allows the company to sell shares from time to time at prevailing market prices, with proceeds intended for research and development of its lead drug candidate verekitug and general corporate purposes. This creates immediate dilution of $1.71 per share for new investors.
Key Facts
- Upstream Bio is offering up to $150,000,000 of common stock through an at-the-market offering with Leerink Partners
- The offering price was $8.45 per share as of March 24, 2026, with gross proceeds of up to $150 million
- Proceeds will be used primarily for research and development of verekitug and other product candidates
- New investors will experience immediate dilution of $1.71 per share
- Leerink Partners will receive up to 3.0% commission on gross proceeds
- The company reported positive Phase 2 trial results for verekitug in severe asthma and CRSwNP indications
Financial Impact
Up to $150,000,000 in gross proceeds, with net proceeds after 3% commission and $400,000 in expenses
Risk Factors
- Significant dilution for new investors at $1.71 per share
- Proceeds are subject to market conditions and may not reach the full $150 million target
- The company has no revenue and remains in clinical development stage
- Future sales under this offering could continue to pressure the stock price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-126561 |
| Document: d126101dexfilingfees.htm | 0001193125-26-126561 |
| Document: 0001193125-26-126561-index-headers.html | 0001193125-26-126561 |
| Document: 0001193125-26-126561-index.html | 0001193125-26-126561 |
| Document: 0001193125-26-126561.txt | 0001193125-26-126561 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | 8-K | $6.55 | awaiting T+60 | — | $2.75 (−58.02%) |
Aug 11, 2026 10w ago | 8-K | $7.44 | awaiting T+60 | — | $2.75 (−63.04%) |
Jun 17, 2026 18w ago | Insider Cluster | $6.25 | awaiting T+60 | — | $2.75 (−56.00%) |
Jun 14, 2026 19w ago | Press Release | $6.10 $5.96 | ▼ −2.30% | ▼ −3.30% | $2.75 (−54.92%) |
May 18, 2026 23w ago | Press Release | $8.51 $6.91 | ▼ −18.80% | ▼ −23.65% | $2.75 (−67.69%) |
May 13, 2026 23w ago | Press Release | $9.36 $7.25 | ▲ +22.54% | ▲ +26.98% | $2.75 (+70.62%) |
Apr 17, 2026 27w ago | Press Release | $9.99 $7.14 | ▼ −28.53% | ▼ −34.67% | $2.75 (−72.47%) |
Mar 26, 2026 30w ago | 424B5 | $8.67 $6.41 | ▲ +26.07% | ▲ +42.13% | $2.75 (+68.28%) |
Mar 26, 2026 30w ago | Press Release | $9.79 $6.40 | ▼ −34.68% | ▼ −48.63% | $2.75 (−71.91%) |
Mar 16, 2026 32w ago | Insider Cluster | $9.61 $6.45 | ▼ −32.88% | ▼ −43.37% | $2.75 (−71.38%) |
US Market Status
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