Executive Summary

Q4 2024 revenue of $0.61M beat S&P Global consensus of $0.38M by ~59% on collaboration revenue; net loss was $21.2M as R&D and G&A scaled with advancing clinical programs . Revenue consensus from S&P Global*.
Balance sheet strengthened post-IPO: cash, cash equivalents and short-term investments totaled $470.5M at 12/31/24, with runway guided through 2027 .
Clinical execution improved visibility: CRSwNP Phase 2 enrollment completed in January 2025 with topline expected in H2 2025; severe asthma topline in H2 2026; COPD Phase 2 first patient in H2 2025 .
Stock catalysts: H2 2025 CRSwNP topline and COPD first patient dosing; cash runway reduces financing overhang post-IPO, which raised ~$293M gross proceeds in Oct-2024 .

What Went Well and What Went Wrong

CRSwNP Phase 2 enrollment completed ahead of topline in H2 2025; management emphasized momentum and preparation for Phase 3, pending regulatory dialogue .
Q4 collaboration revenue of $0.61M exceeded S&P consensus of $0.38M; interest income of $5.08M partially offset operating loss . Revenue consensus from S&P Global*.
Funding visibility: $470.5M in cash and investments at year-end supports operations through 2027; IPO execution delivered ~$293M gross proceeds .

Operating scale-up widened losses: Q4 R&D $21.8M (vs $11.6M LY) and G&A $5.2M (vs $3.2M LY) drove a Q4 net loss of $21.2M (vs $11.8M LY) .
QoQ expense growth as programs advanced: Q4 R&D $21.8M vs $15.4M in Q3 and G&A $5.2M vs $4.1M in Q3, increasing the loss from operations ($26.3M in Q4 vs $18.9M in Q3) .
No numeric guidance on OpEx trajectories or EPS/Revenue beyond runway; investors must infer burn and cadence from quarterly spend and clinical timelines .

Metric ($USD Millions)	Q4 2023	Q3 2024	Q4 2024
Collaboration Revenue	$0.45	$0.61	$0.61
Research & Development	$11.55	$15.43	$21.77
General & Administrative	$3.23	$4.07	$5.16
Total Operating Expenses	$14.78	$19.50	$26.93
Loss from Operations	$(14.33)	$(18.89)	$(26.32)
Interest Income	$1.52	$2.90	$5.08
Net Loss	$(11.83)	$(15.99)	$(21.24)

Metric	12/31/2023	12/31/2024
Cash & Cash Equivalents	$25.83M	$325.89M
Short-term Investments	$83.98M	$144.56M
Cash, Equivalents & ST Investments (Total)	$109.81M	$470.45M
Total Assets	$117.20M	$481.72M
Total Liabilities	$9.39M	$11.87M
Stockholders’ Equity (Deficit)	$(123.13)M	$469.85M

Values retrieved from S&P Global.*

Metric	Period	Previous Guidance (Q3 2024)	Current Guidance (Q4 2024)	Change
CRSwNP Phase 2 Topline	H2 2025	Topline H2 2025	Topline H2 2025; enrollment completed Jan-2025	Maintained timeline; status advanced (enrollment completed)
CRSwNP Phase 3 Prep	Post-topline	Not explicitly stated	Preparing for Phase 3 pending regulatory interactions	New detail
Severe Asthma Phase 2 Topline	H2 2026	H2 2026	H2 2026	Maintained
COPD Phase 2 First Patient	H2 2025	H2 2025 first patient	H2 2025 first patient	Maintained
Cash Runway	Through 2027	Through 2027 (post-IPO)	Through 2027	Maintained
IPO Proceeds	Oct 2024	~$293M gross	~$293M gross	No change

Note: No earnings call transcript was available in the filings set reviewed; commentary reflects press releases.

Topic	Previous Mentions (Q-2, Q-1)	Current Period (Q4 2024)	Trend
CRSwNP execution	Q-2 (Q2’24): N/A (pre-IPO/public filings not available). Q-1 (Q3’24): CRSwNP Phase 2 ongoing; topline H2’25	Enrollment completed Jan-2025; topline H2’25; endpoints (NPS primary) aligned with prior registrational precedents	Positive execution; readiness for Phase 3
Severe asthma differentiation	Q-1: Phase 1b data/modeling showed high potency and extended dosing rationale; FeNO/eosinophil reductions; testing Q12W/Q24W regimens	Maintained timeline H2’26 for topline; emphasis on unique TSLP receptor antagonism	Stable, differentiation thesis intact
COPD program	Q-1: Phase 2 startup activities; first patient H2’25	On track for H2’25 first patient	Stable
Capital & runway	Q-1: IPO completed; runway through 2027	$470.5M cash/STI at YE; runway through 2027	Strengthened balance sheet
Org/leadership	Q-1: Appointed Daniella Beckman to Board (Audit Chair)	Added General Counsel (Dec-2024)	Building public-company infrastructure
Regulatory/design	Q-1: —	CRSwNP endpoints include NPS primary and symptom/surgery secondary endpoints	Clarity on registrationally relevant design

“We closed 2024 and started 2025 with strong continued momentum, marked by the successful completion of enrollment in our Phase 2 clinical trial of verekitug in patients with CRSwNP in January 2025. We expect to report top-line data from this trial in the second half of 2025, enabling regulatory discussions and preparations for a Phase 3 program in CRSwNP.” — Rand Sutherland, MD, CEO
“We remain on track to dose the first patient in our COPD program in the second half of 2025 and… expect to report top-line data from our ongoing Phase 2 clinical trial in severe asthma in the second half of 2026.” — Rand Sutherland, MD
“Our recently completed initial public offering has provided us with sufficient capital to fund our planned operations through 2027…” — Rand Sutherland, MD

Not available; the company furnished Q4 2024 results via an 8-K press release, and no earnings call transcript was included in the documents reviewed .

Q4 2024 revenue of $0.61M beat S&P Global consensus of $0.38M by ~59%; 4 estimates contributed to consensus. EPS consensus was -$0.54; the 8-K did not disclose EPS; reported net loss was $21.2M. Revenue/EPS estimates and counts from S&P Global*. Actual revenue and net loss from the 8-K .
Q3 2024 context: revenue of $0.61M vs $0.40M consensus; EPS actual -$6.96 vs -$3.65 consensus, reflecting pre-IPO share base dynamics and higher OpEx as programs ramped. Revenue/EPS estimates from S&P Global*; actual revenue/net loss from filings .

Values retrieved from S&P Global.*

Clinical execution de-risks the near-term path: CRSwNP Phase 2 enrollment completion and H2 2025 topline are the primary stock catalysts, with potential Phase 3 initiation thereafter, pending regulators .
Differentiation thesis persists: first-in-class TSLP receptor antagonism and extended dosing intervals in asthma could be clinically meaningful if Phase 2 confirms potency seen in Phase 1b modeling .
Balance sheet capacity: $470.5M cash/ST investments supports multi-indication development through 2027, reducing financing overhang during key readouts .
Expense cadence rising with program activity; watch R&D trajectory and interest income offsets as the company advances asthma/COPD alongside CRSwNP .
Estimate revisions: Q4 revenue beat may lift near-term collaboration revenue run-rate assumptions; lack of EPS disclosure in the 8-K keeps per-share modeling anchored to OpEx/burn forecasts rather than GAAP EPS noise*. Actuals from filings .
Near-term trading setup: binary risk accumulates into H2 2025 CRSwNP topline; expect positioning to build as timelines firm and any interim conference updates emerge .
Medium-term thesis: multi-respiratory franchise potential (CRSwNP, severe asthma, COPD) with a unified mechanism may support platform value if efficacy/dosing advantages are confirmed across indications .

Values retrieved from S&P Global.*