Upstream Bio, Inc. reported its financial results and business highlights for the quarter ended September 30, 2026. The company announced that it plans to initiate Phase 3 clinical trials for its candidate verekitug in severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP) during the first quarter of 2027.
Verekitug is a clinical-stage antagonist targeting the thymic stromal lymphopoietin (TSLP) receptor. The company highlighted that preparations for these trials are underway, with key clinical, regulatory, and manufacturing milestones already achieved. The company noted that verekitug is the only known antagonist in clinical development that targets and inhibits the TSLP receptor.
In addition to the Phase 3 plans, Upstream Bio provided updates on ongoing trials. The Phase 2 VENTURE trial in chronic obstructive pulmonary disease (COPD), with approximately 480 participants, remains ongoing. Data from this study is expected in the second half of 2027. The Phase 2 VALOUR long-term extension study in severe asthma is also ongoing, with more than 90% retention of eligible participants from the Phase 2 VALIANT study. Data from VALOUR is also expected in the second half of 2027.
Financially, as of September 30, 2026, Upstream Bio had cash, cash equivalents, and short-term investments totaling $207.4 million. The company stated this balance is expected to fund planned operations through 2027. For the quarter ended September 30, 2026, the company reported a net loss of $41.2 million, compared to a net loss of $33.7 million for the same period in 2025. Research and development expenses for the quarter were $36.6 million, while general and administrative expenses were $7.2 million.
