Upstream Bio Completes COPD Trial Enrollment

The Tip Desk · August 11, 2026 · 3 min read

The company said cash of $261.3 million is expected to fund planned operations through 2027 as it stays on track for first-quarter 2027 Phase 3 starts in asthma and CRSwNP.

Upstream Bio, Inc. (UPB), a clinical-stage company developing treatments for severe inflammatory respiratory diseases, completed enrollment in its Phase 2 VENTURE trial of verekitug in chronic obstructive pulmonary disease, enrolling 481 participants, and said data from the study remain expected in the second half of 2027.

The finish to VENTURE closed a quarter in which the company also kept its stated path toward Phase 3 initiation in severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP) in the first quarter of 2027, with End-of-Phase 2 interactions with the U.S. Food and Drug Administration described as on track. Chief Executive Officer Rand Sutherland said the company remained on that schedule and looked forward to sharing more about Phase 3 plans.

VENTURE is a global, randomized, double-blind, placebo-controlled study in moderate-to-severe COPD with extended dosing-interval arms of 12 and 24 weeks. Chief Medical Officer Aaron Deykin said the completed enrollment would provide insights into verekitug’s potential in COPD. The company previously said it intended to cap further enrollment as it prepared a Phase 3 trial of a high-dose quarterly regimen in the disease.

Verekitug is the only known antagonist in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor. More than 500 participants have been treated across verekitug programs, with Phase 2 results already reported in severe asthma and CRSwNP.

In severe asthma, eligible participants who finished the Phase 2 VALIANT trial were offered enrollment in VALOUR, a long-term extension study of safety and efficacy. VALOUR completed enrollment in March 2026 with more than 90% retention of eligible VALIANT participants; data are expected in the second half of 2027.

The company presented additional analyses of the Phase 2 VIBRANT trial in CRSwNP at the American Thoracic Society and EAACI congresses. At EAACI, post-hoc responder analyses showed that verekitug, given once every three months, led to clinically meaningful improvements in nasal polyp score in approximately 80% of participants, with 72% improving in nasal congestion and 83% in CRSwNP total symptom score. A late-breaking presentation of VALIANT is scheduled at the European Respiratory Society Congress in early September.

Cash, cash equivalents and short-term investments were $261.3 million as of June 30, 2026, down from $341.5 million at year-end 2025, and that balance is expected to fund planned operations through 2027.

Research and development expenses were $36.1 million for the quarter ended June 30, 2026, compared with $37.9 million a year earlier. The $1.8 million decrease was primarily driven by lower manufacturing expenses, partially offset by higher personnel-related expenses, including share-based compensation, and higher clinical costs on verekitug programs. General and administrative expenses were $7.1 million, compared with $7.4 million a year earlier, primarily from lower professional fees, partially offset by higher personnel-related costs.

Net loss was $39.7 million for the quarter, compared with a net loss of $40.0 million a year earlier. Collaboration revenue was $773 thousand, compared with $937 thousand a year earlier. Interest income was $2.7 million, compared with $4.4 million a year earlier. Loss from operations was $42.4 million.

The company plans to pursue a Phase 3 strategy designed to deliver best-in-class efficacy with a high-dose quarterly regimen in broad patient populations in both severe asthma and CRSwNP, and CMC and device work continues toward options for at-home and in-office administration at launch.