Upstream Bio Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
UPB$3.38-5.6%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(41,564) | $(8,704) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 40 | 46 |
| Stock-based compensation expense | 3,918 | 2,614 |
| Change in fair value of preferred stock tranche right liabilities | (2,859) | (14,542) |
| Net amortization of premiums and accretion of discounts on short-term investments | (2,337) | (1,012) |
| Non-cash lease expense | 51 | 59 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable - related party | (509) | 147 |
| Prepaid expenses and other assets | 1,081 | (282) |
| Accounts payable | 2,888 | (479) |
| Accrued expenses and other current liabilities | (243) | (217) |
| Deferred revenue - related party | — | 616 |
| Operating lease liabilities | (26) | (62) |
| Net cash used in operating activities | (39,560) | (21,816) |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (248,400) | (94,194) |
| Maturities of short-term investments | 147,333 | 16,738 |
| Purchases of property and equipment | (326) | (144) |
| Net cash used in investing activities | (101,393) | (77,600) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of Series A redeemable convertible preferred stock(1) | — | 80,000 |
| Proceeds from the issuance of Series B redeemable convertible preferred stock including tranche right, net of issuance costs paid | 149,924 | 49,565 |
| Proceeds from exercises of stock options | 131 | 118 |
| Payments of deferred offering costs | (1,793) | — |
| Net cash provided by financing activities | 148,262 | 129,683 |
| Net increase in cash, cash equivalents and restricted cash | 7,309 | 30,267 |
| Cash, cash equivalents and restricted cash at beginning of period | 25,833 | 17,051 |
| Cash, cash equivalents and restricted cash at end of period | $33,142 | $47,318 |
| Cash, cash equivalents and restricted cash at end of period: | ||
| Cash and cash equivalents | $32,948 | $47,318 |
| Restricted cash | 194 | — |
| Total cash, cash equivalents and restricted cash at end of period | $33,142 | $47,318 |
| Supplemental cash flow information: | ||
| Right-of-use asset obtained in exchange for operating lease liability | $1,922 | $33 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Settlement of Series A preferred stock tranche right liability | $— | $320 |
| Settlement of Series B preferred stock tranche right liability | $15 | $— |
| Deferred offering costs included in accounts payable and accrued expenses | $948 | $— |
| Purchases of property and equipment included in accounts payable and accrued expenses | $133 | $— |
(1)Includes related party amount of $10.0 million for thenine months ended September 30, 2023 (Note 16).
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