Upstream Bio Completes Milestones Ahead of 2027 Phase 3 Start

The Tip Desk · November 10, 2026 · 3 min read

Cash, cash equivalents and short-term investments stood at $207.4 million as of September 30, 2026, which the company said is expected to fund planned operations through 2027.

Upstream Bio, Inc. (UPB), a clinical-stage company developing treatments for severe inflammatory respiratory diseases, said it has achieved key clinical, regulatory and manufacturing milestones ahead of planned Phase 3 starts of verekitug in severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP) in the first quarter of 2027.

Chief Executive Officer Rand Sutherland said preparations for those trials are well underway. The company is developing verekitug, which it described as the only known antagonist in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor, with a strategy aimed at best-in-class efficacy and quarterly dosing across severe asthma, CRSwNP and chronic obstructive pulmonary disease (COPD).

That Phase 3 timetable had already been the company’s stated plan in the second quarter, when it said end-of-Phase 2 interactions with the FDA were on track. In the third-quarter update, Upstream Bio said those milestones had now been achieved rather than merely remaining on schedule.

The Phase 2 VENTURE trial in COPD remains ongoing with approximately 480 participants enrolled. Enrollment completion was announced in August 2026. Data from the study are expected in the second half of 2027. VENTURE is a global, randomized, double-blind, placebo-controlled trial assessing verekitug in adults with moderate-to-severe COPD across 12- and 24-week dosing-interval arms, with a primary endpoint of annualized COPD exacerbation rates.

The Phase 2 VALOUR long-term extension study in severe asthma also remains ongoing, with more than 90% retention of eligible participants from the Phase 2 VALIANT study. VALOUR is a dose-blinded, active treatment extension for eligible participants who completed VALIANT. Data from that study are also expected in the second half of 2027.

For the quarter ended September 30, 2026, research and development expenses were $36.6 million, compared with $33.0 million a year earlier. The company said the $3.6 million increase was primarily driven by personnel-related expenses, including share-based compensation, and higher clinical costs related to its verekitug programs. General and administrative expenses were $7.2 million, versus $5.5 million a year earlier, an increase the company attributed primarily to personnel-related expenses, including share-based compensation, and higher professional fees.

Net loss was $41.2 million for the quarter, compared with a net loss of $33.7 million for the same period in 2025. Collaboration revenue was $395 thousand, versus $683 thousand a year earlier. Interest income was $2.23 million, versus $4.11 million a year earlier.

Cash, cash equivalents and short-term investments were $207.4 million as of September 30, 2026, which the company said is expected to fund planned operations through 2027. Cash and cash equivalents were $47.4 million and short-term investments were $159.9 million at quarter-end.

Upstream Bio said it is focused on advancing verekitug in diseases with significant remaining unmet medical need, where it believes the molecule’s efficacy profile and quarterly at-home dosing have the opportunity to redefine treatment expectations. The company said more than 500 participants have been treated with verekitug across its clinical programs, with positive Phase 2 results in CRSwNP and severe asthma.

It plans to participate in the Truist Securities 2026 Biopharma Symposium on November 12, the Evercore Healthcare Conference November 30–December 2, and the Piper Sandler Healthcare Conference December 1–3.