Upstream Bio (UPB) Q2 2026 earnings summary

Executive summary

• Verekitug, a monoclonal antibody targeting TSLP receptor for severe inflammatory respiratory diseases, is advancing with positive Phase 2 results in asthma and CRSwNP, and Phase 3 trials planned for Q1 2027; COPD Phase 2 data expected in H2 2027.

• Completed enrollment in Phase 2 COPD trial and long-term extension study in severe asthma, with high retention rates; data expected H2 2027.

• Clinical data presentations reinforce verekitug's differentiated efficacy and safety profile in multiple indications.

• Net losses continue as the company invests heavily in R&D; no product sales to date, with revenue derived solely from a collaboration agreement with Maruho for Japanese clinical activities.

• Cash, cash equivalents, and short-term investments totaled $261.3 million as of June 30, 2026, expected to fund operations through 2027.

Financial highlights

• Collaboration revenue was $0.8 million for Q2 2026, down from $0.9 million in Q2 2025; $1.8 million for the first half of 2026, up from $1.5 million in the prior year.

• Net loss for Q2 2026 was $39.7 million, nearly flat year-over-year; net loss for the first half of 2026 was $80.3 million, up from $67.2 million in 2025.

• Research and development expenses were $36.1 million for Q2 2026 (down $1.8 million YoY) and $72.7 million for the first half (up $9.0 million YoY), mainly due to increased COPD trial activity and higher personnel costs.

• General and administrative expenses were $7.1 million for Q2 2026 (down $0.3 million YoY) and $15.1 million for the first half (up $0.9 million YoY), mainly due to increased headcount.

• Interest income declined to $2.7 million in Q2 2026 from $4.4 million in Q2 2025, reflecting lower investment balances.

Outlook and guidance

• Cash runway expected through 2027 based on current operating plans.

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

• Plans to initiate Phase 3 trials for severe asthma and CRSwNP in Q1 2027, with a focus on maximizing efficacy and quarterly at-home administration.

• Additional financing will be required to support long-term growth and commercialization efforts.

• Phase 2 COPD trial data expected in H2 2027.