Upstream Bio reports Q1 net loss $40.6M; Phase 3 plans on track for 2027

Upstream Bio, Inc.

2026-Q1 EPS reported -$0.75 revenue$1,034,000

Cash, cash equivalents and short-term investments $294.6M as of March 31, 2026; expected to fund operations through 2027.
Net loss $40.6M vs $27.3M YoY; R&D expenses $36.6M (up from $25.8M) driven by clinical and manufacturing costs.
End-of-Phase 2 meetings with FDA planned mid-2026; Phase 3 initiations in severe asthma and CRSwNP expected Q1 2027.
Phase 2 VENTURE COPD trial capping enrollment at >400 participants; data now expected H2 2027.
Phase 2 VALOUR LTE study in severe asthma completed enrollment with >90% retention of eligible patients.

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