Earnings Releases·Nov 10, 2026, 7:05 AM ET

Upstream Bio — Third Quarter 2026 Earnings Summary

Net loss widened to $41.2 million for Q3 2026 from $33.7 million in the prior year period, driven by increased R&D and G&A expenses, while total operating expenses for the nine months ended September 30, 2026, rose to $131.6 million from $116.4 million.
Collaboration revenue declined to $0.395 million in Q3 2026 compared to $0.683 million in the prior year period, and total assets decreased to $246.0 million as of September 30, 2026, from $353.8 million at year-end 2025.
The company plans to initiate Phase 3 trials for verekitug in severe asthma and CRSwNP in Q1 2027, with Phase 2 data from the VENTURE (COPD) and VALOUR (severe asthma) studies expected in the second half of 2027.
Cash, cash equivalents, and short-term investments totaled $207.4 million as of September 30, 2026, which management expects will fund operations through 2027.
No specific guidance changes, M&A activity, or capital return programs were disclosed; management emphasized confidence in verekitug's potential to establish a new standard of care in severe inflammatory respiratory diseases.