Upstream Bio Q2 2026 net loss narrows to $39.7 million; Phase 3 start set for Q1 2027
Upstream Bio reported second-quarter 2026 results with a net loss of $39.7 million, compared with $40.0 million a year earlier, and collaboration revenue of $773,000, down from $937,000. The company said it remains on track to start Phase 3 trials of verekitug in severe asthma and CRSwNP in the first quarter of 2027, and that its cash runway extends through 2027, which matters to shareholders as the company funds its clinical program.
Key points
- Net loss of $39.7 million for Q2 2026 versus $40.0 million in Q2 2025
- Research and development expenses of $36.1 million, down from $37.9 million
- Cash, cash equivalents and short-term investments of $261.3 million as of June 30, 2026, expected to fund operations through 2027
- Phase 3 trials in severe asthma and CRSwNP targeted to begin in Q1 2027; COPD Phase 2 data expected in second half of 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 August 11, 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.