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Winner, Winner: The Chicken McNugget Story
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Upstream Bio
Upstream Bio (UPB) investor relations material
Upstream Bio Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Verekitug is the sole clinical-stage candidate, targeting severe asthma, CRSwNP and COPD; development emphasizes potential best-in-class efficacy and convenient quarterly dosing.
Phase 3 dosing in severe asthma and CRSwNP is planned for Q1 2027, without biomarker restrictions; cash and short-term investments totaled $207.4M at quarter-end, with funding projected through 2027.
Financial highlights
Q3 collaboration revenue was $0.4M vs. $0.7M YoY; 9M revenue was $2.2M vs. $2.2M, entirely from Maruho cost reimbursements.
Q3 operating expenses were $43.8M vs. $38.5M YoY; 9M expenses were $131.6M vs. $116.4M.
Q3 net loss was $41.2M vs. $33.7M YoY; 9M net loss was $121.5M vs. $101.0M.
Q3 basic and diluted loss per share was $0.75 vs. $0.63; 9M loss per share was $2.23 vs. $1.88.
Q3 R&D expense rose to $36.6M from $33.0M, mainly from personnel and verekitug clinical costs; G&A rose to $7.2M from $5.5M.
Outlook and guidance
Cash, cash equivalents and short-term investments are expected to fund operating expenses and capital expenditures through 2027; the estimate depends on assumptions and capital may be used sooner.
Phase 3 dosing for severe asthma and CRSwNP is planned for Q1 2027, without biomarker restrictions and with quarterly at-home administration.
Phase 2 VENTURE COPD results and VALOUR severe-asthma LTE data are expected in H2 2027; COPD enrollment is complete.
R&D and G&A expenses and operating losses are expected to rise as development advances; substantial product revenue is not expected for several years, if ever.
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Latest events from Upstream Bio
- Verekitug demonstrated robust efficacy and safety, advancing to Phase 3 for severe asthma and CRSWNP.UPB
Corporate presentation - Q2 net loss was $39.7M as Phase 3 trials advance and cash runway extends through 2027.UPBQ2 2026
- Quarterly dosing with verekitug shows best-in-class efficacy in asthma and CRSwNP, phase III next year.UPBGoldman Sachs 47th Annual Global Healthcare Conference 2026
- Directors elected and auditor ratified, with all proposals approved by shareholders.UPBAGM 2026
- Verekitug demonstrated robust efficacy and safety, advancing to Phase 3 for major respiratory diseases.UPBCorporate presentation
- Phase 3 trials in severe asthma and CRSwNP set for Q1 2027, with cash runway through 2027.UPBQ1 2026
- Vote on two director elections and auditor ratification at the June 2026 virtual meeting.UPBProxy filing
- Virtual meeting to elect directors, ratify auditor, and reinforce governance and oversight.UPBProxy filing
- Verekitug cut severe asthma exacerbations by 56% with durable efficacy and strong safety.UPBStudy result
Next Upstream Bio earnings date
Q4 202612 Mar, 2027
Upstream Bio
Next Upstream Bio earnings date
Q4 202612 Mar, 2027
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Frequently asked questions
Upstream Bio Inc. is a U.S.-based biotechnology company focused on developing innovative therapies for inflammatory and allergic diseases. The company’s research is centered on targeting key biological pathways involved in immune response, with the goal of creating treatments that address unmet medical needs in conditions such as asthma and other chronic inflammatory disorders. Upstream Bio’s pipeline includes investigational drugs aimed at modulating immune mechanisms to improve patient outcomes and quality of life. Upstream Bio Inc. is headquartered in Waltham, Massachusetts.