Upstream Bio Inc. has reported its financial results for the second quarter of 2025, revealing a net loss of $40.0 million, an increase from the $14.7 million net loss in the same period in 2024. This $25.3 million increase in net loss is attributed primarily to heightened research and development, as well as general and administrative expenses, though it was partially offset by increased interest income. Research and development expenses soared to $37.9 million for the quarter ended June 30, 2025, compared to $14.1 million in the previous year, driven by clinical and manufacturing costs related to the company's verekitug programs. General and administrative expenses also rose to $7.4 million from $4.0 million, mainly due to increased personnel-related expenses and professional service fees. As of June 30, 2025, Upstream Bio held cash, cash equivalents, and short-term investments amounting to $393.6 million, which is expected to sustain planned operations through 2027. In terms of business developments, the company has made significant strides in its clinical development programs for verekitug in severe respiratory diseases. Notably, Upstream Bio completed enrollment in its Phase 2 trial for severe asthma in June 2025, with top-line data anticipated in the first quarter of 2026. Additionally, the first patient was dosed in a Phase 2 trial for chronic obstructive pulmonary disease (COPD) in July 2025, marking the commencement of development in a third major respiratory indication. The company is also on track to report top-line results from its Phase 2 trial in chronic rhinosinusitis with nasal polyps (CRSwNP) in the third quarter of 2025.