Upstream Bio second quarter 2026 results highlight $261M cash runway and 2027 Phase 3 targets

Upstream Bio reported a net loss of $39.7 million and collaboration revenue of $0.8 million for the second quarter ended June 30, 2026. The company is advancing its lead TSLP receptor antagonist, verekitug, toward major Phase 3 milestones while maintaining a liquidity position expected to fund operations through 2027.

Key Highlights

• Completed enrollment in the Phase 2 VENTURE trial for COPD with 481 participants, with top-line data expected in the second half of 2027.
• On track to initiate Phase 3 registrational trials for both severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP) in the first quarter of 2027.
• Cash, cash equivalents, and short-term investments totaled $261.3 million, providing a runway through 2027 despite a quarterly net loss of $39.7 million.
• Research and development expenses decreased 4.7% year-over-year to $36.1 million, primarily driven by reduced manufacturing costs during the period.