Upstream Bio, Inc., was incorporated in Delaware in April 2021. They are a clinical-stage biotechnology company developing treatments for inflammatory diseases, initially focusing on severe respiratory diseases. They are developing verekitug, the only known antagonist currently in clinical development, targeting the thymic interstitial lymphopoietin (" TSLP ") receptor, a cytokine that is a clinically validated driver of inflammatory response located upstream of multiple signaling cascades affecting various immune-mediated diseases. Preclinical and clinical data to date show that verekitug has a highly potent inhibitory effect on TSLP receptors, which will translate into differentiated product features, including the potential to improve clinical outcomes, significantly extend dosing intervals and treat a wide range of patients.