Reports Q1—Ph3 Asthma & CRSwNP Trials To Start In Q1:27, Ph2 COPD Data In H2:27

Research evidence excerpt

Reports Q1—Ph3 Asthma & CRSwNP Trials To Start In Q1:27, Ph2 COPD Data In H2:27

Biotechnology

Upstream Bio

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $8.95 (05/12/2026) Reports Q1—Ph3 Asthma & CRSwNP Trials To

Price Target: NA Start In Q1:27, Ph2 COPD Data In H2:27

BUY (1)

ESG SCORE: 60/100

Yaron Werber, M.D. THE TD COWEN INSIGHT

646 562 1415

Competitive Ph2 data w/extended Q12W dosing validates verekitug's differentiated profile.

yaron.werber@tdsecurities.com

UPB plans to take a single high-dose (likely 400mg) Q12W regimen to Ph3 for asthma &

Jaena Han, Ph.D. CRSwNP. FDA interaction by mid/Q3:26; both Ph3s to start in Q1:27. Ph2 COPD trial enrollment

646 562 1428 capped at >400, data expected in H2:27. $295M cash through 2027. Competition is behind

jaena.han@tdsecurities.com

and Q3M is already seen as differentiated.

Steven Ionov, Ph.D.

646 562 1478 Our Take: Strong Profile For Verekitug Based On High Dose Q12W Regimen Via Autoinjector

steven.ionov@tdsecurities.com & Broad Efficacy – Ph3 Trials In Asthma & CRSwNP To Start In Q1:27 – Ph2 COPD VENTURE

Sarah Cai, Ph.D. Data Now In H2:27

646 562 1447

Upstream continues to execute well on verekitug (TSLP receptor mAb), with positive Ph2 data

sarah.cai@tdsecurities.com

in CRSwNP in Sept '25 (here and here) and in asthma in Feb '26 (here), both of which showed

Key Data competitive efficacy vs Tezspire/Dupixent with less frequent dosing (Q12W vs Q2W/Q4W).

Symbol NASDAQ: UPB

For Ph3 development, mgmt is pursuing a high-dose quarterly regimen (up to 400mg Q12W)

Beta: 1.29

across broad patient populations in asthma/CRSwNP and likely COPD based on additional

52-Week Range: $32.60-$7.36

analysis of Ph2 datasets, which ought to maximize efficacy while maintaining clean safety.

Market Cap: $487.1MM