Upstream Bio (UPB) director awarded 17,096 options expiring in 2036

Rhea-AI Filing Summary

Upstream Bio, Inc. director Ronald C. Renaud Jr. received a grant of stock options covering 17,096 shares of common stock. The options have an exercise price of $6.6900 per share and expire on June 8, 2036.

These options vest in full on the earlier of June 9, 2027 or the date of the company’s next Annual Meeting of Stockholders, subject to his continued service. Following this grant, he holds 17,096 derivative securities directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Renaud Ronald C JR

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	17,096	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 17,096 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Option grant size: 17,096 options Exercise price: $6.6900 per share Expiration date: June 8, 2036 +3 more

6 metrics

Option grant size 17,096 options Stock Option (Right to Buy) granted to director

Exercise price $6.6900 per share Strike price for underlying common stock

Expiration date June 8, 2036 Option expiration for director grant

Underlying shares 17,096 shares Common stock underlying the option

Post-transaction derivative holdings 17,096 options Total derivative securities after grant

Vesting date trigger June 9, 2027 or next annual meeting Earlier date governs full vesting

Key Terms

Stock Option (Right to Buy), Common Stock, Annual Meeting of Stockholders, vesting, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: Stock Option (Right to Buy)"

Common Stock financial

"underlying_security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Annual Meeting of Stockholders financial

"the date of the next Annual Meeting of Stockholders of the Issuer"

vesting financial

"The shares underlying this option shall vest in full upon the earlier of (i) June 9, 2027 and (ii) the date of the next Annual Meeting"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

derivative security financial

"transaction_type: derivative"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Renaud Ronald C JR

(Last) (First) (Middle)

UPSTREAM BIO, INC.

890 WINTER STREET, SUITE 200

(Street)

WALTHAM MASSACHUSETTS 02451

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Upstream Bio, Inc. [ UPB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$6.69	06/09/2026		A		17,096		(1)	06/08/2036	Common Stock	17,096	$0	17,096	D

Explanation of Responses:

1. The shares underlying this option shall vest in full upon the earlier of (i) June 9, 2027 and (ii) the date of the next Annual Meeting of Stockholders of the Issuer, subject to the Reporting Person's continued service on such vesting date.

	/s/ Allison Ambrose, Attorney-in-Fact	06/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Upstream Bio (UPB) director Ronald C. Renaud Jr. report on this Form 4?

Ronald C. Renaud Jr., a director of Upstream Bio, Inc., reported receiving a grant of stock options for 17,096 shares of common stock. These options were awarded as compensation and are classified as a derivative security with no open-market purchase or sale involved.

What are the key terms of the stock options granted to the Upstream Bio (UPB) director?

The director received 17,096 stock options with an exercise price of $6.6900 per share. The options expire on June 8, 2036, giving him the right to buy Upstream Bio common stock at that fixed price until expiration.

When do the newly granted Upstream Bio (UPB) options to the director vest?

The options vest in full on the earlier of June 9, 2027 or the date of Upstream Bio’s next Annual Meeting of Stockholders. Vesting is conditioned on the director’s continued service with the company through the applicable vesting date.

How many derivative securities does the Upstream Bio (UPB) director hold after this transaction?

After this grant, the director holds 17,096 derivative securities, all from this stock option award. The Form 4 shows this as his total derivative holdings following the transaction, reflecting a compensation-related increase rather than market trading activity.

Does the Form 4 for Upstream Bio (UPB) show any insider buying or selling of common stock?

The Form 4 reports a grant of stock options, coded as an acquisition (A) for compensation, not an open-market trade. There are no reported purchases or sales of Upstream Bio common stock in this filing, only the option award details.