The filing contains no material surprises — net loss and cash burn are in line with the prior quarter. The key catalyst to watch is the End-of-Phase 2 FDA interactions expected mid-2026, which will de-risk the Phase 3 program. Monitor for any updates on FDA alignment or changes to the Phase 3 trial design that could shift the risk/reward profile.
Price Chart
Executive Summary
Upstream Bio reported Q2 2026 financial results with a net loss of $39.7M, roughly in line with the $40.0M loss in Q2 2025. The company highlighted continued progress toward Phase 3 trial initiation in severe asthma and CRSwNP in Q1 2027, completed enrollment in the Phase 2 COPD trial (VENTURE) with 481 participants, and presented additional positive Phase 2 data at medical congresses. Cash burn remains the primary focus for this clinical-stage biotech, with $261.3M in cash expected to fund operations through 2027, representing a $33.3M decrease from Q1 2026's $294.6M.
Key Financial Metrics
Key Facts
- Net loss of $39.7M for Q2 2026, nearly identical to $40.0M in Q2 2025
- Cash, cash equivalents and short-term investments of $261.3M as of June 30, 2026, down from $294.6M at March 31, 2026
- Phase 3 trials in severe asthma and CRSwNP remain on track for initiation in Q1 2027
- Completed enrollment in Phase 2 VENTURE COPD trial with 481 participants; data expected H2 2027
- R&D expenses decreased to $36.1M from $37.9M YoY, driven by lower manufacturing costs
- Collaboration revenue was $773K for Q2 2026 vs $937K in Q2 2025
Financial Impact
Net loss of $39.7M in Q2 2026, cash burn of ~$33.3M from Q1 2026 to Q2 2026, with $261.3M cash runway through 2027
Risk Factors
- Cash burn rate of ~$33M per quarter implies ~8 quarters of runway, but Phase 3 trials will significantly increase spending
- Phase 3 trial results in severe asthma and CRSwNP are binary events with no data expected until at least 2028
- Competition from approved TSLP-targeting therapies (Tezspire) and other pipeline candidates
- COPD Phase 2 data not expected until H2 2027, adding to long development timeline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343407 |
| Document: upb-20260811.htm | 0001193125-26-343407 |
| Document: 0001193125-26-343407-index-headers.html | 0001193125-26-343407 |
| Document: 0001193125-26-343407-index.html | 0001193125-26-343407 |
| Document: 0001193125-26-343407.txt | 0001193125-26-343407 |
| 8-K Data (Synthetic) | 0001193125-26-343407 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | 8-K | $6.55 | awaiting T+60 | — | $2.75 (−58.02%) |
Aug 11, 2026 10w ago | 8-K | $7.44 | awaiting T+60 | — | $2.75 (−63.04%) |
Jun 17, 2026 18w ago | Insider Cluster | $6.25 | awaiting T+60 | — | $2.75 (−56.00%) |
Jun 14, 2026 19w ago | Press Release | $6.10 $5.96 | ▼ −2.30% | ▼ −3.30% | $2.75 (−54.92%) |
May 18, 2026 23w ago | Press Release | $8.51 $6.91 | ▼ −18.80% | ▼ −23.65% | $2.75 (−67.69%) |
May 13, 2026 23w ago | Press Release | $9.36 $7.25 | ▲ +22.54% | ▲ +26.98% | $2.75 (+70.62%) |
Apr 17, 2026 27w ago | Press Release | $9.99 $7.14 | ▼ −28.53% | ▼ −34.67% | $2.75 (−72.47%) |
Mar 26, 2026 30w ago | 424B5 | $8.67 $6.41 | ▲ +26.07% | ▲ +42.13% | $2.75 (+68.28%) |
Mar 26, 2026 30w ago | Press Release | $9.79 $6.40 | ▼ −34.68% | ▼ −48.63% | $2.75 (−71.91%) |
Mar 16, 2026 32w ago | Insider Cluster | $9.61 $6.45 | ▼ −32.88% | ▼ −43.37% | $2.75 (−71.38%) |
US Market Status
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