UPB News & Events

Upstream Bio presented additional data from the Phase 2 Vibrant clinical trial evaluating verekitug in participants with chronic rhinosinusitis with nasal polyps. The additional analyses incorporated a worst-observation carried-forward, WOCF, statistical approach to adjust for concomitant rescue therapy use, including nasal polyp surgery, systemic corticosteroids, or escalation of background treatments. The data support previously reported positive top-line results and were presented in a late-breaking poster session at the American Academy of Allergy Asthma & Immunology, AAAAI, 2026 Annual Meeting in Philadelphia. Dosed 100 mg every 12 weeks, verekitug met the study's primary endpoint using both the WOCF and primary analyses, demonstrating an improved placebo-adjusted reduction in NPS of -1.95 in the WOCF analysis as compared to a reduction of -1.77 in the primary analysis at week 24. The trial also showed a placebo-adjusted reduction in the patient-reported NCS, a key secondary endpoint, of -0.96 in the WOCF analysis as compared to -0.77 in the primary analysis.

The major averages had a lower finish following a better-than-expected January jobs report and the latest slate of corporate earnings. Employers added 130,000 jobs in January, according to the Labor Department in a report pushed back from last week by a government shutdown. The unemployment rate dipped to 4.3% from 4.4% in December.Looking to commodities, gold was trading above the $5,000 threshold following weeks of volatility. Oil prices were also higher following API and DOE crude inventories data.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrollswith the unemployment rate falling to 4.3%Kraft Heinzreportedbut provided a conservative outlook for FY26Fordreportedbut better-than-expected revenueRobinhoodreportedand named Shiv Verma CFOModernawas slipping after the FDA's Center for Biologics Evaluation and Research notified the company that it willof the biologics license application for its investigational influenza vaccine, mRNA-1010, and has issued a refusal-to-file letter2. WALL STREET CALLS:Cloudflareto Outperform at BairdBeta Technologiesto Buy at Jefferies ahead of upcoming catalystsMattelto Underweight at JPMorgan and cut to Neutral at Citi after its thesis-changing Q4 reportRapid7to Hold at Canaccord and to Neutral at UBSPivotalSpotifyon AI risk to paid music streaming3. AROUND THE WEB:Apple'slong-planned Siri upgrade runs into some snags, Bloomberg reportsCME Groupis working on plan to launch a rare earth futures contract, Reuters saysMicrosoftis exploring high-temperature superconductors to design more efficient data centers by enabling zero-resistance electricity flow, which could significantly reduce space and power infrastructure needs, The Verge reportsMeta, Snap, and TikTok have agreed to undergo independent assessments to rate how effectively they protect teen users based on roughly 24 standards developed by experts, Washington Post reportsAncora Holdings has built a stake of about $200M in Warner Bros. Discoveryand plans to oppose the company's deal to sell its studios/HBO Max service to Netflix, WSJ says4. MOVERS:Teradataincreases afterand providing guidance for FY26Aehr Test Systemsgains after announcing anMNTNand BorgWarnerhigher afterAngiand Centrus Energyfall afterUpstream Biolower after reporting results from its5. EARNINGS/GUIDANCE:Lyftand authorized a new $1B buyback programHumanaand provided guidance for FY26T-Mobile, with EPS missing consensusShopifyand provided guidance for Q1Unity, with CEO Matt Bromberg commenting, "Fourth quarter results once again comfortably exceeded the high"INDEXES:The Dow fell 66.74, or 0.13%, to 50,121.40, the Nasdaq lost 36.01, or 0.16%, to 23,066.47, and the S&P 500 declined 0.34, or 0.0049%, to 6,941.47.

Upstream Bio announced positive top-line results from the Phase 2 VALIANT clinical trial evaluating the safety and efficacy of verekitug in adults with severe asthma. Verekitug is the only known clinical-stage antagonist targeting the receptor for thymic stromal lymphopoietin, or TSLP. VALIANT met the study's primary endpoint of a statistically significant and clinically meaningful reduction in the annualized asthma exacerbation rate, or AAER, with both every 12 week and every 24 week dosing, with verekitug demonstrating a reduction in AAER of 56% when dosed at 100 mg q12w and 39% when dosed at 400 mg q24w, as compared with placebo. Placebo-adjusted improvement in lung function, as measured by the forced expiratory volume in one second, or FEV1, was 122 mL at week 60 with verekitug 100 mg q12w, and 139 mL at week 60 with 400 mg q24w. At week 60, verekitug also suppressed exhaled nitric oxide, or FeNO, compared to placebo by 20.4 ppb when dosed at 100 mg q12w, and by 26.3 ppb when dosed at 400 mg q24w. These data represented a mean 43.5% reduction from baseline in the 100 mg q12w group and a mean 44.9% (p=0.03) reduction from baseline in the 400 mg q24w group. A third low-dose treatment group, 100 mg q24w, demonstrated a statistically significant effect on AAER, but did not provide consistent improvements in other endpoints. Additional pre-specified analyses of secondary outcomes at week 24 revealed statistically significant placebo-adjusted improvements compared to baseline in both FEV1 and FeNO with the 100 mg q12w and 400 mg q24w dose regimens. Verekitug was generally well tolerated across all active doses, demonstrating a favorable safety profile consistent with previous studies. VALIANT is a Phase 2 global, randomized, double-blind, placebo-controlled, dose-ranging, parallel group clinical trial that evaluated the safety and efficacy of verekitug for up to 60 weeks, with a minimum of 24 weeks of treatment, in 478 patients with severe asthma.