Upstream Bio (UPB) Q3 2026 earnings summary

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.