On March 26, 2026, Upstream Bio, Inc. announced that it has entered into a Sales Agreement with Leerink Partners LLC, allowing the company to offer and sell shares of its common stock, valued at up to $150 million. This agreement enables Upstream Bio to conduct 'at-the-market' offerings, providing flexibility in capital raising while adhering to regulatory requirements. The Sales Agreement stipulates that Leerink Partners will act as the sales agent, utilizing its expertise to sell the shares based on Upstream's instructions. The company has committed to providing customary indemnification rights to the agent, who will earn a commission of up to 3% on the gross proceeds from each sale. The shares will be sold under the company's existing shelf registration statement, which was filed with the SEC and became effective in November 2025. This strategic move is expected to enhance Upstream Bio's liquidity position, allowing it to fund ongoing operations and potential growth initiatives. The company remains committed to maintaining compliance with Nasdaq regulations and ensuring that the offering aligns with its overall financial strategy. The flexibility of the Sales Agreement allows Upstream Bio to respond to market conditions effectively, potentially leading to a favorable impact on its stock price as it seeks to capitalize on favorable market conditions for its common stock.

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