Upstream Bio Q2 net loss $40.0M; cash $393.6M; CRSwNP Phase 2 data on track for Q3 2025

Upstream Bio, Inc.

2025-Q2 EPS reported -$1.25 vs consensus -$0.62 ▼ miss (-102.1%)

Net loss of $40.0M in Q2 2025 vs. $14.7M in Q2 2024; R&D expense rose to $37.9M from $14.1M.
Cash, equivalents and short-term investments $393.6M as of June 30, 2025; expected to fund operations through 2027.
Phase 2 CRSwNP (VIBRANT) top-line data expected Q3 2025; severe asthma (VALIANT) enrollment complete, top-line Q1 2026.
First patient dosed in Phase 2 COPD trial (VENTURE) in July 2025; LTE study for severe asthma initiated May 2025.
General and administrative expenses $7.4M in Q2 2025, up from $4.0M in Q2 2024, driven by personnel and professional fees.

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