Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.</li>
<li>Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.</li>
<li>My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.</li>
</ul>


Upstream Bio, a biotech company focused on developing therapeutics that address severe asthma, CRSwNP and COPD, will price its IPO in October.
Upstream Bio has raised ~$400M to date. Their last round was a $200M Series B led by private equity firm Enavate Sciences and Venrock Healthcare Capital Partners.
My DCF analysis suggests that Upstream Bio's core U.S. business (ex. COPD) may be worth ~$1.8B. The severe asthma and CRSwNP markets represent a potential $10B+ opportunity.


Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

<ul>
<li>Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.</li>
<li>The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.</li>
<li>I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.</li>
</ul>


Upstream Bio, a clinical-stage biotech company developing novel therapies for inflammatory and allergic diseases, filed for an IPO in the United States.
The biotech firm was backed by premier investors, including OrbiMed, Access Industries, Maruho Co., Samsara BioCapital, Omega Funds, and Enavate Sciences, among others.
I believe that company’s lead compound, verekitug (UPB-101), has a broader commercial opportunity than many investors appreciate.


Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

US IPOs and Secondary Offerings, IPO Boutique

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US IPOs and Secondary Offerings

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Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

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In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Aardvark Therapeutics / Equity Capital Markets

<ul>
<li>We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.</li>
<li>Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.</li>
<li>Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.</li>
</ul>


We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.
Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.


Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

United States

Upstream Bio, Inc. operates as a clinical-stage biotechnology company. The Company focuses on developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. Upstream Bio serves customers in the United States.

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Upstream Bio (UPB US)

Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...

IPO Boutique

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Upstream Bio Valuation Summary, DCF Analysis Suggests U.S. Business (Ex. COPD) Is Worth ~$1.8B

In my insight, I discuss DCF valuation for biotech company Upstream Bio ahead of upcoming IPO, which is expected to be priced in October

Andrei Zakharov

Upstream Bio IPO Preview: Severe Asthma/CRSwNP Program Advancing

Upstream Bio, a clinical-stage biotech company focused on severe asthma, CRSwNP, COPD, filed for US IPO. Their ex-Astellas monoclonal antibody,...

Andrei Zakharov

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

​Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...

IPO Boutique

Exercising caution with Aardvark Therapeutics due to small market cap and existing backers; developing novel therapeutics for metabolic diseases...