---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-103528"
form_type: "8-K"
ticker: "UPB"
cik: "0002022626"
company_name: "Upstream Bio, Inc."
filed_at: "2025-08-06T23:59:59+00:00"
generated_at: "2026-05-17T20:03:04.949213+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-103528
- form_type: 8-K
- ticker: UPB
- cik: 0002022626
- company_name: Upstream Bio, Inc.
- filed_at: 2025-08-06T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2022626/000095017025103528/0000950170-25-103528-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2022626/000095017025103528/upb-20250806.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-103528
- JSON: https://secwatch.observer/filing/0000950170-25-103528.json
- Plain text: https://secwatch.observer/filing/0000950170-25-103528.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.