Upstream Bio (UPB) Q1 2026 earnings summary

Executive summary

• Verekitug, a monoclonal antibody targeting TSLP receptor, is being developed for severe asthma, CRSwNP, and COPD, with multiple Phase 2 trials ongoing and Phase 3 trials planned for Q1 2027.

• Positive top-line Phase 2 results reported for CRSwNP (Sep 2025) and severe asthma (Feb 2026); COPD Phase 2 VENTURE trial ongoing with data expected in H2 2027.

• End-of-Phase 2 FDA meetings planned for mid-2026; Phase 3 trials to focus on quarterly at-home administration.

• Net loss for Q1 2026 was $40.6M, up from $27.3M in Q1 2025, driven by increased R&D and G&A expenses.

• Cash, cash equivalents, and short-term investments totaled $294.6M as of March 31, 2026, expected to fund operations through 2027.

Financial highlights

• Collaboration revenue was $1.0M in Q1 2026, up from $0.6M in Q1 2025, all from the Maruho License Agreement.

• Research and development expenses rose to $36.6M (Q1 2026) from $25.8M (Q1 2025), mainly due to clinical and manufacturing costs and increased headcount.

• General and administrative expenses increased to $8.1M from $6.8M, reflecting higher personnel and professional fees.

• Interest income for Q1 2026 was $3.1M, down from $4.7M in Q1 2025.

• Net cash used in operating activities was $47.9M in Q1 2026, compared to $41.2M in Q1 2025.

Outlook and guidance

• Existing cash and investments expected to fund operations through 2027; additional financing will be needed for long-term growth and commercialization.

• Anticipates continued significant net operating losses as clinical programs expand and headcount grows.

• Phase 3 trials in severe asthma and CRSwNP to begin Q1 2027, pending regulatory alignment.

• Phase 2 VENTURE COPD data anticipated in H2 2027; Phase 3 COPD trial preparations underway.