Upstream Bio Reports Third Quarter 2026 Financial Results and Highlights Continued Progress

Verekitug’s next planned development steps include Phase 3 starts in early 2027 and two study readouts expected later that year.

Rhea-AI Summary

Upstream Bio (UPB) reported a third-quarter net loss of $41.192 million while advancing verekitug toward planned late-stage respiratory disease trials. The loss widened from $33.748 million a year earlier; collaboration revenue fell to $395,000 from $683,000. Research and development expenses rose to $36.609 million from $32.975 million, while administrative expenses increased to $7.165 million from $5.542 million.

The company plans to start Phase 3 trials in severe asthma and chronic rhinosinusitis with nasal polyps in the first quarter of 2027. Its ongoing Phase 2 COPD trial has approximately 480 participants enrolled, and its severe-asthma extension study retained more than 90% of eligible participants. Both studies have data expected in the second half of 2027. Cash, cash equivalents and short-term investments totaled $207.4 million at September 30, which the company expects to fund planned operations through 2027.

7 points · 1 major

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0 major · 13 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.$207.4 million in cash, equivalents and short-term investments is expected to fund planned operations through 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Upstream plans Phase 3 starts in the first quarter of 2027 for severe asthma and nasal polyps.
• Moderate pointPhase 2 COPD enrollment completed in August 2026, with approximately 480 participants enrolled.
• Minor pointPhase 3 preparations have achieved clinical, regulatory and manufacturing milestones.
• Minor pointSevere-asthma extension retention exceeds 90% of eligible Phase 2 VALIANT participants.

2 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.COPD and severe-asthma extension data are expected in the second half of 2027.
• Minor pointNine-month collaboration revenue increased to $2.202 million from $2.186 million a year earlier.

Negative

• Moderate pointThird-quarter net loss widened to $41.192 million from $33.748 million a year earlier.
• Moderate pointCash and equivalents fell to $47.416 million at September 30, 2026, from $101.578 million at December 31, 2025.
• Moderate pointShort-term investments fell to $159.949 million at September 30, 2026, from $239.931 million at December 31, 2025.
• Minor pointNine-month net loss widened to $121.485 million from $100.984 million a year earlier.
• Minor pointThird-quarter collaboration revenue fell to $395,000 from $683,000 a year earlier.

8 minor points

• Minor pointThird-quarter research and development expenses increased to $36.609 million from $32.975 million a year earlier.
• Minor pointThird-quarter administrative expenses increased to $7.165 million from $5.542 million a year earlier.
• Minor pointNine-month research and development expenses rose to $109.263 million from $96.637 million a year earlier.
• Minor pointNine-month administrative expenses rose to $22.301 million from $19.743 million a year earlier.
• Minor pointThird-quarter operating loss widened to $43.379 million from $37.834 million a year earlier.
• Minor pointNine-month operating loss widened to $129.362 million from $114.194 million a year earlier.
• Minor pointThird-quarter interest income declined to $2.230 million from $4.105 million a year earlier.
• Minor pointNine-month interest income declined to $7.943 million from $13.279 million a year earlier.

Key Figures

VENTURE enrollment: Approximately 480 participants VALOUR LTE retention: More than 90% Planned Phase 3 initiation: First quarter of 2027 +5 more

VENTURE enrollment

Approximately 480 participants

Ongoing Phase 2 COPD trial

VALOUR LTE retention

More than 90%

Eligible participants from the Phase 2 VALIANT study

Planned Phase 3 initiation

First quarter of 2027

Severe asthma and CRSwNP

VENTURE data timing

Second half of 2027

Phase 2 COPD study

Cash, cash equivalents and short-term investments

$207.4 million

As of September 30, 2026; expected to fund planned operations through 2027

Research and development expenses

$36.6 million

Third quarter 2026, compared with $33.0 million in third quarter 2025

General and administrative expenses

$7.2 million

Third quarter 2026, compared with $5.5 million in third quarter 2025

Net loss

$41.2 million

Third quarter 2026, compared with $33.7 million in third quarter 2025

Previous Earnings Reports

1 past event · Latest: Aug 11

Same Type 1 event

1. Aug 11

   Q2 earnings

   24h Move

   -4.7%

   Reported higher year-over-year net loss and expenses; cash expected to fund operations through 2027.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tslp receptor, placebo-controlled, annualized copd exacerbation rates

3 terms

tslp receptor medical

"targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor"

A TSLP receptor is a protein on the surface of certain immune cells that binds the signaling molecule thymic stromal lymphopoietin (TSLP) and starts a chain reaction inside the cell. Think of it as a lock on a cell that the TSLP key fits into to trigger inflammation or immune activity; for investors, drugs that block or mimic this receptor can change disease outcomes and create commercial opportunities in allergy, asthma, and immune-related conditions.

placebo-controlled technical

"global, randomized, double-blind, placebo-controlled, parallel-group clinical trial"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

annualized copd exacerbation rates medical

"with a primary endpoint of annualized COPD exacerbation rates"

The annualized COPD exacerbation rate is a clinical-trial metric that expresses how many acute worsening episodes of chronic obstructive pulmonary disease (COPD) occur per patient per year. It is typically calculated by dividing the total number of exacerbations observed in the study population by the total patient-time at risk (patient-years), or estimated from a statistical model (e.g., a negative binomial model) to account for different follow-up lengths; rates can be reported overall or by severity (mild, moderate, severe) depending on the trial's exacerbation definitions. Because it depends on how an ‘‘exacerbation’’ is defined and on study duration and analysis method, comparisons across studies require consistent definitions and statistical approaches.

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– Company plans to initiate Phase 3 trials in both severe asthma and CRSwNP in the first quarter of 2027 –

– Prioritizing Phase 3 development strategy designed to deliver best-in-class efficacy and convenient quarterly dosing –

WALTHAM, Mass., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for severe inflammatory respiratory diseases, today reported financial results and business updates for the third quarter ended September 30, 2026. The Company highlighted its continued progress in developing verekitug to deliver potential best-in-class efficacy with quarterly dosing across three target indications: severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP), and chronic obstructive pulmonary disease (COPD). Verekitug is the only known antagonist currently in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor.

“Our team is focused on the timely execution of startup activities for verekitug’s Phase 3 trials in severe asthma and CRSwNP. Preparations for the planned initiation of these trials in the first quarter of 2027 are well underway, with key clinical, regulatory, and manufacturing milestones now having been achieved,” said Rand Sutherland, MD, Chief Executive Officer of Upstream Bio. “With the substantial and consistent clinical evidence generated across our programs to date, we believe that verekitug has the potential to make a meaningful difference for patients living with these diseases. As we look ahead, we remain focused on advancing verekitug in diseases with significant remaining unmet medical need, where we believe its compelling efficacy profile and convenient quarterly at-home dosing have the opportunity to meaningfully redefine treatment expectations and establish a new standard of care.”

Additional Business Highlights

• Trials in COPD and Severe Asthma Long-Term Extension (LTE) Ongoing
  • The Phase 2 VENTURE trial in COPD (NCT06981078) remains ongoing with approximately 480 participants enrolled. VENTURE is a global, randomized, double-blind, placebo-controlled, parallel-group clinical trial designed to assess the efficacy and safety of verekitug in adults with moderate-to-severe COPD across extended dosing-interval arms of 12 and 24 weeks, with a primary endpoint of annualized COPD exacerbation rates. Enrollment completion was announced in August 2026 and data from the study are expected in the second half of 2027. The Company believes that this trial will provide important insights into the potential clinical impact of verekitug in COPD.
     
  • The Phase 2 VALOUR LTE study in severe asthma (NCT06966479) also remains ongoing, with more than 90% retention of eligible participants from the Phase 2 VALIANT study. VALOUR is a dose-blinded, active treatment extension study for eligible participants with severe asthma who completed the Phase 2 VALIANT study to assess the long-term efficacy and safety outcomes of verekitug. Data from the study are expected in the second half of 2027.
    
    

Third Quarter 2026 Financial Results
As of September 30, 2026, Upstream Bio had cash, cash equivalents, and short-term investments of $207.4 million, which is expected to fund planned operations through 2027.

Research and development expenses were $36.6 million for the quarter ended September 30, 2026, compared to $33.0 million for the same period in 2025. The increase of $3.6 million was primarily driven by an increase in personnel-related expenses, including share-based compensation, and an increase in clinical costs related to the Company’s verekitug programs.

General and administrative expenses were $7.2 million for the quarter ended September 30, 2026, compared to $5.5 million for the same period in 2025. The increase of $1.7 million was primarily driven by an increase in personnel-related expenses, including share-based compensation, and an increase in professional fees.

Net loss was $41.2 million for the quarter ended September 30, 2026, compared to a net loss of $33.7 million for the same period in 2025.

Upcoming Events
Upstream Bio expects to participate in the following upcoming investor conferences:

• Truist Securities 2026 Biopharma Symposium, November 12, New York, NY
• 9^th Annual Evercore Healthcare Conference, November 30–December 2, Coral Gables, FL
• 38^th Annual Piper Sandler Healthcare Conference, December 1–3, New York, NY
  
  

About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for severe inflammatory respiratory diseases. The Company is developing verekitug, the only known antagonist currently in clinical development that targets and inhibits the receptor for thymic stromal lymphopoietin (TSLP), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple inflammatory pathways. With more than 500 participants treated with verekitug across its clinical development programs and positive Phase 2 results in chronic rhinosinusitis with nasal polyps (CRSwNP) and severe asthma, verekitug has a substantial body of clinical evidence supporting its advancement into Phase 3 development in both diseases. Verekitug is also being evaluated in an ongoing Phase 2 trial in chronic obstructive pulmonary disease (COPD). Upstream Bio is focused on leveraging verekitug’s differentiated mechanism, potency, and potential for extended dosing to develop a treatment which may deliver best-in-class efficacy and quarterly dosing for patients underserved by today’s standard of care.
To learn more, please visit www.upstreambio.com.

Upstream Bio intends to use the investor relations page on its website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor its website in addition to following press releases, filings with the Securities and Exchange Commission (SEC), public conference calls, presentations and webcasts.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “predict,” “project,” “seeks,” “should,” “target,” “will” and variations of these words or similar expressions. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, express or implied statements regarding: the clinical development of verekitug for the treatment of severe asthma, CRSwNP and COPD, including the Company’s expectations and preparations for the initiation of Phase 3 clinical trials in severe asthma and CRSwNP in the first quarter of 2027 and the timing, progress and results of ongoing and planned clinical trials; expectations to report data from the Phase 2 VENTURE trial in COPD and the Phase 2 VALOUR long-term extension study in severe asthma in the second half of 2027; expectations regarding the potential of verekitug to deliver best-in-class efficacy and its differentiation, safety and  tolerability; certain activities and next steps to support the Company’s maturation into a late clinical-stage company; expectations regarding regulatory interactions with the U.S. Food and Drug Administration; verekitug’s potential to address unmet medical needs, improve outcomes for patients, and establish a new standard of care with quarterly at-home administration; Upstream Bio’s expected operating expenses and capital expenditure requirements, including its cash runway through 2027; and participation at upcoming investor conferences. Any forward-looking statements in this press release are based on the Company’s current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results, levels of activity, safety, efficacy, performance or events and circumstances could differ materially from those expressed or implied in the Company’s forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to: Upstream Bio’s ability to advance verekitug through clinical development, and to obtain regulatory approval of and ultimately commercialize verekitug on the expected timeline, if at all; the results of preclinical studies or clinical studies not being predictive of future results in connection with future studies; the initiation, timing, progress and results of clinical trials; Upstream Bio’s ability to fund its development activities and achieve development goals; Upstream Bio’s dependence on third parties to conduct clinical trials and manufacture verekitug, and commercialize verekitug, if approved; Upstream Bio’s ability to attract, hire and retain key personnel, and protect its intellectual property; Upstream Bio’s financial condition and need for substantial additional funds in order to complete development activities and commercialize verekitug, if approved; regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; Upstream Bio’s competitors and industry; and other risks and uncertainties described in greater detail under the caption “Risk Factors” in Upstream Bio’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as any subsequent filings with the SEC. Any forward-looking statements represent Upstream Bio’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Upstream Bio explicitly disclaims any obligation or undertaking to update any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based except to the extent required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Investor and Media Contact:
Meggan Buckwell
Director, Corporate Communications and Investor Relations
ir@upstreambio.com

UPSTREAM BIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
		September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents		$	47,416			$	101,578
Short-term investments			159,949				239,931
Accounts receivable			395				668
Prepaid expenses and other current assets			36,873				9,620
Total current assets			244,633				351,797
Property and equipment, net			411				559
Operating lease right-of-use assets			754				1,222
Restricted cash			194				194
Total assets		$	245,992			$	353,772
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	2,385			$	2,726
Accrued expenses and other current liabilities			8,843				10,006
Operating lease liabilities, current portion			732				720
Total current liabilities			11,960				13,452
Operating lease liabilities, net of current portion			57				549
Total liabilities			12,017				14,001
Stockholders’ equity:
Common stock			54				54
Additional paid-in capital			689,956				673,410
Accumulated other comprehensive income (loss)			(327	)			530
Accumulated deficit			(455,708	)			(334,223	)
Total stockholders’ equity			233,975				339,771
Total liabilities and stockholders’ equity		$	245,992			$	353,772

UPSTREAM BIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS) (UNAUDITED)
		Three Months Ended September 30,									Nine Months Ended September 30,
		2026				2025					2026				2025
Collaboration revenue		$	395			$	683				$	2,202			$	2,186
Operating expenses:
Research and development			36,609				32,975					109,263				96,637
General and administrative			7,165				5,542					22,301				19,743
Total operating expenses			43,774				38,517					131,564				116,380
Loss from operations			(43,379	)			(37,834	)				(129,362	)			(114,194	)
Other income (expense):
Interest income			2,230				4,105					7,943				13,279
Other expense, net			(43	)			(19	)				(66	)			(69	)
Total other income, net			2,187				4,086					7,877				13,210
Net loss		$	(41,192	)		$	(33,748	)			$	(121,485	)		$	(100,984	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Upstream Bio plan to start verekitug Phase 3 trials?

Upstream Bio plans to initiate Phase 3 trials in severe asthma and chronic rhinosinusitis with nasal polyps in the first quarter of 2027. Clinical, regulatory and manufacturing milestones supporting trial startup have been achieved.

What were Upstream Bio’s third-quarter 2026 financial results?

Upstream Bio reported a $41.192 million net loss for the three months ended September 30, 2026, compared with $33.748 million a year earlier. Collaboration revenue was $395,000, compared with $683,000 in the prior-year quarter.

What is Upstream Bio’s Phase 2 VENTURE COPD trial measuring?

VENTURE’s primary endpoint is the annualized rate of COPD exacerbations, or episodes of worsening disease. The randomized, double-blind, placebo-controlled trial evaluates verekitug’s efficacy and safety in adults with moderate-to-severe COPD, using dosing intervals of 12 and 24 weeks.

Who can participate in Upstream Bio’s VALOUR severe-asthma extension study?

VALOUR includes eligible participants with severe asthma who completed the Phase 2 VALIANT study. It is a dose-blinded, active-treatment extension assessing verekitug’s long-term efficacy and safety.