Every 10-Q that Upstream Bio, Inc. (UPB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow UPB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UPB filings page.
Upstream Bio, Inc. is a clinical-stage biotech focused on verekitug, a monoclonal antibody targeting the TSLP receptor for severe asthma, CRSwNP, and COPD. The company reported a net loss of $39.7 million for the quarter and $80.3 million for the six months ended June 30, 2026, compared with $67.2 million a year earlier.
Collaboration revenue from its Maruho agreement was modest at $1.8 million for the first half. Research and development expenses rose to $72.7 million, driven mainly by advancing Phase 2 programs and Phase 3 planning, while general and administrative expenses were $15.1 million. Cash, cash equivalents and short-term investments totaled $261.3 million, and the company states this should fund operations through 2027. Upstream also has a $150 million at-the-market equity program, of which about $2.1 million has been used so far.
Upstream Bio, Inc. reported a wider quarterly loss as it advances its lead drug candidate verekitug through multiple mid‑stage trials. For the three months ended March 31, 2026, collaboration revenue from its Maruho agreement was $1.0 million, while research and development expenses rose to $36.6 million and general and administrative costs were $8.1 million.
This drove a net loss of $40.6 million, compared with $27.3 million a year earlier, and a net loss per share of $0.75. The company ended the quarter with $294.6 million in cash, cash equivalents and short‑term investments and expects this to fund operations through 2027 as it runs Phase 2 studies in severe asthma, CRSwNP and COPD and prepares Phase 3 programs for asthma and CRSwNP.
Upstream Bio (UPB) filed its Q3 2025 10‑Q, reporting higher R&D spend as it advances verekitug across three Phase 2 programs. Collaboration revenue was $683 thousand, while research and development expense rose to $32.975 million and general and administrative expense was $5.542 million, leading to a net loss of $33.748 million for the quarter.
For the nine months, the company recorded a net loss of $100.984 million as it scaled clinical activities. Cash, cash equivalents and short‑term investments were $372.4 million as of September 30, 2025, and management notes this liquidity is expected to fund operations through 2027. Operating cash use was $102.644 million year‑to‑date. The company reported positive top‑line results in CRSwNP in September 2025, completed enrollment in its severe asthma Phase 2 in June 2025 with top‑line data expected in the first quarter of 2026, and initiated a Phase 2 COPD trial in July 2025.
Upstream Bio (UPB) Q2 2025 10-Q highlights. The clinical-stage biotech recorded collaboration revenue of $0.94 m (+84% YoY), while R&D expense jumped 169 % to $37.9 m as Phase 2 programs for verekitug in severe asthma, CRSwNP and COPD advanced. Total operating costs rose to $45.3 m, pushing the quarterly net loss to $40.0 m (-173 % YoY) or $(0.74) per share.
Despite the widening loss, liquidity remains robust: cash, cash equivalents and short-term investments total $393.6 m against only $11.8 m of liabilities. Operating cash burn was $80.4 m for the first half, but management believes existing resources fund operations “through 2027.” Interest income of $4.4 m partially offset expenses.
Pipeline momentum continues: CRSwNP Phase 2 enrollment completed Jan-25 with top-line data expected Q3-25; severe asthma Phase 2 enrollment finished Jun-25 with read-out due Q1-26; COPD Phase 2 began Jul-25. The filing reiterates typical biotech risks, notably single-asset dependence and future financing needs.