Upstream Bio Q1 net loss widens to $40.6 million; COPD data pushed to 2027
Upstream Bio reported a first-quarter 2026 net loss of $40.6 million, up from $27.3 million a year earlier, as research and development spending rose to $36.6 million. The company also said it will cap enrollment in its Phase 2 COPD trial and now expects data in the second half of 2027, while cash and short-term investments of $294.6 million are expected to fund operations through 2027.
Key points
- Net loss was $40.6 million for the quarter ended March 31, 2026, compared with $27.3 million a year earlier.
- Research and development expenses rose to $36.6 million from $25.8 million, driven by verekitug clinical and manufacturing costs.
- Collaboration revenue was $1.0 million, compared with $0.6 million a year earlier.
- Enrollment in the Phase 2 VENTURE COPD trial will be capped, with data now expected in the second half of 2027; Phase 3 starts in severe asthma and CRSwNP are expected in Q1 2027.
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 13, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.