{"success":true,"data":{"pressRelease":{"id":"115130","rtpr_id":"nGNX63HwQ2","ticker":"UPB","exchange":"NASDAQ","all_tickers":["UPB"],"title":"Upstream Bio Reports Second Quarter 2026 Financial Results and Highlights Continued Progress","author":"Globe Newswire","published_at":"2026-08-11T11:00:00.658Z","article_body":"– Company rapidly advancing toward Q1 2027 initiation of Phase 3 trials\ndesigned to deliver best-in-class efficacy with convenient quarterly dosing in\nboth severe asthma and CRSwNP; End-of-Phase 2 interactions with FDA on track\n–\n\n– Completed enrollment in Phase 2 trial in COPD; data expected in the second\nhalf of 2027 –\n\n– Clinical data presentations continue to emphasize differentiated profile\nof verekitug in multiple indications –\n\nWALTHAM, Mass., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Upstream Bio, Inc.\n(https://www.globenewswire.com/Tracker?data=_c8uc8qHoe3_Vra8v0DYSoeOa5oIGWicMsLXFztewoifCUZZClw0sDP6Z2lw7-1U1rqPHH3oWXHqNBGn6cgoiRoQqMvmeJDnJ5AVbwkPyHY=)\n(Nasdaq: UPB), a clinical-stage company developing treatments for severe\ninflammatory respiratory diseases, today reported financial results and\nbusiness updates for the second quarter ended June 30, 2026. The Company\nhighlighted its continued progress in developing verekitug to deliver\npotential best-in-class efficacy with quarterly dosing across three target\nindications: severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP),\nand chronic obstructive pulmonary disease (COPD). Verekitug is the only known\nantagonist currently in clinical development that targets and inhibits the\nthymic stromal lymphopoietin (TSLP) receptor.\n\n“We continued to make progress toward the initiation of our Phase 3 trials\nin severe asthma and CRSwNP in the first quarter of 2027. Our End-of-Phase 2\ninteractions with the FDA are on schedule, and we look forward to sharing more\ndetails about our Phase 3 development plans soon,” said Rand Sutherland, MD,\nChief Executive Officer of Upstream Bio. “With more than 500 participants\ntreated in verekitug clinical trials thus far, and with compelling Phase 2\nresults now demonstrated in both severe asthma and CRSwNP, we have built a\nsubstantial and consistent body of clinical evidence supporting verekitug’s\npotential to deliver durable, best-in-class efficacy with convenient quarterly\ndosing. In addition, our CMC and device development efforts continue to\nadvance, and we are working diligently to provide options for both at-home and\nin-office administration at launch.”\n\n“I am pleased to share that we have completed enrollment in our ongoing\nPhase 2 VENTURE trial in COPD, with 481 participants enrolled; data from this\nimportant Phase 2 study, expected in the second half of 2027, will provide\nvaluable insights into the potential of verekitug for the treatment of\nCOPD,” added Aaron Deykin, MD, Chief Medical Officer and Head of Research &\nDevelopment at Upstream Bio. “Additionally, verekitug’s differentiated\nclinical profile in severe asthma and CRSwNP continues to be reinforced\nthrough additional data recently presented at the ATS and EAACI medical\ncongresses, and our team is looking forward to the upcoming late-breaking\npresentation of our Phase 2 VALIANT trial of verekitug in severe asthma at the\nERS Congress in early September. Collectively, these data further strengthen\nour conviction about the potential for verekitug to advance the standard of\ncare.”\n\nRecent Business Highlights\n* Upcoming Initiation of Phase 3 Trials in Severe Asthma and CRSwNP * The\nCompany remains on track to initiate Phase 3 clinical trials in severe asthma\nand CRSwNP in the first quarter of 2027.\n* End-of-Phase 2 interactions with the U.S. Food and Drug Administration (FDA)\nfor both severe asthma and CRSwNP are on track. These interactions will\nsupport the Phase 3 development plans in both indications.\n* The Company has previously communicated that it plans to pursue a Phase 3\ndevelopment strategy designed to deliver best-in-class efficacy with a\nhigh-dose quarterly regimen in broad patient populations in both severe asthma\nand CRSwNP.\n \n* Phase 2 VENTURE Trial in COPD Enrollment Completed * The Company has\ncompleted enrollment in the VENTURE trial in COPD with 481 participants. Data\nare expected in the second half of 2027, and the Company believes that these\nanalyses will provide important insights into the potential clinical impact of\nverekitug in COPD.\n* VENTURE (NCT06981078\n(https://protect.checkpoint.com/v2/r01/___https:/clinicaltrials.gov/study/NCT06981078?intr=verekitug&rank=2___.YzJ1OnVwc3RyZWFtYmlvOmM6b2ZmaWNlMzY1X2VtYWlsc19hdHRhY2htZW50OmJlZDhiMThmMjIyNjFjZjU5NGU3YmE5MDQzYWIwMGVlOjc6ZDA5ODpkM2VjN2QxODcwYzdiYzc1NzgwNTg0ZTQ1ZGE1YTFkYzRjOTdkZGM3N2EwNGE1ZGI0NDVhMGU2OWYwYzYxZjExOnA6VDpG))\nis a Phase 2, global, randomized, double-blind, placebo-controlled,\nparallel-group clinical trial designed to assess the efficacy and safety of\nverekitug in participants with moderate-to-severe COPD across extended\ndosing-interval arms of 12 and 24 weeks. \n\n\n \n* Additional Analyses of Phase 2 VIBRANT Trial in CRSwNP Presented at American\nThoracic Society (ATS) International Conference 2026 and European Academy of\nAllergy and Clinical Immunology (EAACI) Congress 2026 \n\n * ATS International Conference, May 2026\n(https://investors.upstreambio.com/news-releases/news-release-details/upstream-bio-presents-new-data-phase-2-vibrant-trial-verekitug):\nThe data, presented in two posters, demonstrated the positive effect of\nverekitug in participants with CRSwNP and comorbid asthma, as well as its\nimpact on type 2 inflammatory biomarkers in blood and nasal secretions. *\nVerekitug led to statistically significant and clinically meaningful\nimprovement in asthma symptom control as measured by the Asthma Control\nQuestionnaire-6 (ACQ-6) in participants with CRSwNP and comorbid asthma.\n* Verekitug led to improvements in nasal polyp score (NPS) in participants\nwith and without comorbid asthma, as well as rapid and sustained reductions in\nblood and nasal type 2 inflammatory biomarkers.\n \n* EAACI Congress, June 2026\n(https://investors.upstreambio.com/news-releases/news-release-details/upstream-bio-presents-new-responder-analyses-demonstrating):\nThe new post-hoc responder analyses further demonstrated that the significant\nmajority of verekitug-treated participants achieved clinically meaningful\nimprovements in NPS, the primary endpoint, and across key secondary endpoints\nin the Phase 2 VIBRANT trial. * Verekitug, administered once every three\nmonths, led to clinically meaningful improvements in NPS in approximately 80%\nof participants.\n* A majority of verekitug-treated participants experienced clinically\nmeaningful improvements across key secondary endpoints, including 72% in nasal\ncongestion and 83% in CRSwNP total symptom score.\n \n* These findings provide additional support for the continued development of\nverekitug and ongoing planning for Phase 3 registrational studies.\n \n* Phase 2 VALOUR Long-Term Extension Study in Severe Asthma * Eligible\nparticipants with severe asthma who completed the Phase 2 VALIANT clinical\ntrial were offered enrollment in VALOUR (NCT06966479\n(https://protect.checkpoint.com/v2/r01/___https:/clinicaltrials.gov/study/NCT06966479___.YzJ1OnVwc3RyZWFtYmlvOmM6b2ZmaWNlMzY1X2VtYWlsc19hdHRhY2htZW50OmJlZDhiMThmMjIyNjFjZjU5NGU3YmE5MDQzYWIwMGVlOjc6OGE0ODpmYTY2N2VkMWIzMGFmNWNmOGRlNWZkNjFlNzE2MmY2YmNmYjgxM2I1NjQzZjhlMmZkNDIyNjM1NDliMzk3NzU2OnA6VDpG)),\na long-term extension (LTE) study designed to evaluate the long-term safety\nand efficacy of verekitug. The study completed enrollment in March 2026 with\nmore than 90% retention of eligible participants from the Phase 2 VALIANT\nstudy. Data from the study are expected in the second half of 2027.\nSecond Quarter 2026 Financial Results\nAs of June 30, 2026, Upstream Bio had cash, cash equivalents and short-term\ninvestments of $261.3 million, which is expected to fund planned operations\nthrough 2027.\n\nResearch and development expenses were $36.1 million for the quarter ended\nJune 30, 2026, compared to $37.9 million for the same period in 2025. The\ndecrease of $1.8 million was primarily driven by a decrease in manufacturing\nexpenses, partially offset by an increase in personnel-related expenses,\nincluding share-based compensation, and an increase in clinical costs related\nto the Company’s verekitug programs.\n\nGeneral and administrative expenses were $7.1 million for the quarter ended\nJune 30, 2026, compared to $7.4 million for the same period in 2025. The\ndecrease of $0.3 million was primarily driven by a decrease in professional\nfees, partially offset by an increase in personnel-related expenses, including\nshare-based compensation.\n\nNet loss was $39.7 million for the quarter ended June 30, 2026, compared to a\nnet loss of $40.0 million for the same period in 2025.\n\nUpcoming Events\nUpstream Bio expects to participate in the following upcoming medical\ncongresses:\n* European Respiratory Society (ERS) Congress 2026, September 5-9, Barcelona\nAbout Upstream Bio\nUpstream Bio is a clinical-stage biotechnology company developing treatments\nfor severe inflammatory respiratory diseases. The Company is developing\nverekitug, the only known antagonist currently in clinical development that\ntargets and inhibits the receptor for thymic stromal lymphopoietin (TSLP), a\ncytokine which is a clinically validated driver of inflammatory response\npositioned upstream of multiple inflammatory pathways. With more than 500\nparticipants treated with verekitug across its clinical development programs\nand positive Phase 2 results in chronic rhinosinusitis with nasal polyps\n(CRSwNP) and severe asthma, verekitug has a substantial body of clinical\nevidence supporting its advancement into Phase 3 development in both diseases.\nVerekitug is also being evaluated in an ongoing Phase 2 trial in chronic\nobstructive pulmonary disease (COPD). Upstream Bio is focused on leveraging\nverekitug’s differentiated mechanism, potency, and potential for extended\ndosing to develop a treatment which may deliver best-in-class efficacy and\nquarterly dosing for patients underserved by today’s standard of care. To\nlearn more, please visit www.upstreambio.com.\n\nUpstream Bio intends to use the investor relations page on its website as a\nmeans of disclosing material nonpublic information and for complying with its\ndisclosure obligations under Regulation FD. Accordingly, investors should\nmonitor its website in addition to following press releases, filings with the\nSecurities and Exchange Commission (SEC), public conference calls,\npresentations and webcasts.\n\nForward-Looking Statements\nThis press release contains “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933 and Section 21E of the\nSecurities Exchange Act of 1934, each as amended. These statements may be\nidentified by words such as “aims,” “anticipates,” “believes,”\n“continue,” “could,” “estimates,” “expects,” “forecasts,”\n“goal,” “intends,” “may,” “plans,” “possible,”\n“potential,” “predict,” “project,” “seeks,” “should,”\n“target,” “will” and variations of these words or similar expressions.\nAny statements in this press release that are not statements of historical\nfact may be deemed to be forward-looking statements. These forward-looking\nstatements include, without limitation, express or implied statements\nregarding: the clinical development of verekitug for the treatment of severe\nasthma, CRSwNP and COPD, including the initiation, timing, progress and\nresults of ongoing and planned clinical trials; expectations regarding the\ndifferentiation, safety, efficacy, tolerability, or extended dosing interval\nof verekitug; certain activities and next steps to support the Company’s\nmaturation into a late clinical-stage company; expectations regarding\nregulatory interactions with the FDA on the data from the VIBRANT and VALIANT\nPhase 2 trials and the outcomes of any such interactions; advancement of the\nCompany’s chemistry, manufacturing and controls and device development\nefforts and the potential for both at-home and in-office administration at\nlaunch; Upstream Bio’s expected operating expenses and capital expenditure\nrequirements, including its cash runway through 2027; and participation at\nupcoming investor conferences and medical congresses. Any forward-looking\nstatements in this press release are based on the Company’s current\nexpectations, estimates and projections only as of the date of this release\nand are subject to a number of risks and uncertainties that could cause actual\nresults to differ materially and adversely from those set forth in or implied\nby such forward-looking statements. Readers are cautioned that actual results,\nlevels of activity, safety, efficacy, performance or events and circumstances\ncould differ materially from those expressed or implied in the Company’s\nforward-looking statements due to a variety of risks and uncertainties, which\ninclude, without limitation, risks and uncertainties related to: Upstream\nBio’s ability to advance verekitug through clinical development, and to\nobtain regulatory approval of and ultimately commercialize verekitug on the\nexpected timeline, if at all; the results of preclinical studies or clinical\nstudies not being predictive of future results in connection with future\nstudies; the initiation, timing, progress and results of clinical trials;\nUpstream Bio’s ability to fund its development activities and achieve\ndevelopment goals; Upstream Bio’s dependence on third parties to conduct\nclinical trials and manufacture verekitug, and commercialize verekitug, if\napproved; Upstream Bio’s ability to attract, hire and retain key personnel,\nand protect its intellectual property; Upstream Bio’s financial condition\nand need for substantial additional funds in order to complete development\nactivities and commercialize verekitug, if approved; regulatory developments\nand approval processes of the U.S. Food and Drug Administration and comparable\nforeign regulatory authorities; Upstream Bio’s competitors and industry; and\nother risks and uncertainties described in greater detail under the caption\n“Risk Factors” in Upstream Bio’s most recent Annual Report on Form 10-K\nand Quarterly Report on Form 10-Q, as well as any subsequent filings with the\nSEC. Any forward-looking statements represent Upstream Bio’s views only as\nof today and should not be relied upon as representing its views as of any\nsubsequent date. Upstream Bio explicitly disclaims any obligation or\nundertaking to update any forward-looking statements contained herein to\nreflect any change in its expectations or any changes in events, conditions or\ncircumstances on which any such statement is based except to the extent\nrequired by law, and claims the protection of the safe harbor for\nforward-looking statements contained in the Private Securities Litigation\nReform Act of 1995.\n\nInvestor and Media Contact:\nMeggan Buckwell\nDirector, Corporate Communications and Investor Relations\nir@upstreambio.com\n\n\n\n UPSTREAM BIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)                \n                                                                                                    \n                                                        June 30,              December 31,          \n                                                        2026                  2025                  \n Assets                                                                                             \n Current assets:                                                                                    \n Cash and cash equivalents                              $      79,397         $        101,578      \n Short-term investments                                        181,910                 239,931      \n Accounts receivable                                           772                     668          \n Prepaid expenses and other current assets                     17,523                  9,620        \n Total current assets                                          279,602                 351,797      \n Property and equipment, net                                   460                     559          \n Operating lease right-of-use assets                           915                     1,222        \n Restricted cash                                               194                     194          \n Total assets                                           $      281,171        $        353,772      \n Liabilities and Stockholders’ Equity                                                               \n Current liabilities:                                                                               \n Accounts payable                                       $      2,314          $        2,726        \n Accrued expenses and other current liabilities                6,946                   10,006       \n Operating lease liabilities, current portion                  728                     720          \n Total current liabilities                                     9,988                   13,452       \n Operating lease liabilities, net of current portion           226                     549          \n Total liabilities                                             10,214                  14,001       \n Stockholders’ equity:                                                                              \n Common stock                                                  54                      54           \n Additional paid-in capital                                    685,542                 673,410      \n Accumulated other comprehensive income (expense)              (123      )             530          \n Accumulated deficit                                           (414,516  )             (334,223  )  \n Total stockholders’ equity                                    270,957                 339,771      \n Total liabilities and stockholders’ equity             $      281,171        $        353,772      \n                                                                                                    \n\n\n\n UPSTREAM BIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS) (UNAUDITED)                                      \n                                                                                                                                    \n                                Three Months Ended June 30,                        Six Months Ended June 30,                        \n                                2026                          2025                 2026                          2025               \n                                                                                                                                    \n Collaboration revenue          $      773                    $      937           $      1,807                  $      1,503       \n Operating expenses:                                                                                                                \n Research and development              36,089                        37,865               72,654                        63,662      \n General and administrative            7,052                         7,419                15,136                        14,201      \n Total operating expenses              43,141                        45,284               87,790                        77,863      \n Loss from operations                  (42,368  )                    (44,347  )           (85,983  )                    (76,360  )  \n Other income (expense):                                                                                                            \n Interest income                       2,659                         4,431                5,713                         9,174       \n Other income (expense), net           7                             (50      )           (23      )                    (50      )  \n Total other income, net               2,666                         4,381                5,690                         9,124       \n Net loss                       $      (39,702  )             $      (39,966  )    $      (80,293  )             $      (67,236  )  \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f1393297-d0b6-4706-960f-6128bcd0c6a4)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX63HwQ2","title":"Upstream Bio Reports Second Quarter 2026 Financial Results and Highlights Continued Progress","author":"Globe Newswire","ticker":"UPB","created":"2026-08-11T11:00:00.658Z","tickers":["UPB"],"exchange":"NASDAQ","article_body":"– Company rapidly advancing toward Q1 2027 initiation of Phase 3 trials\ndesigned to deliver best-in-class efficacy with convenient quarterly dosing in\nboth severe asthma and CRSwNP; End-of-Phase 2 interactions with FDA on track\n–\n\n– Completed enrollment in Phase 2 trial in COPD; data expected in the second\nhalf of 2027 –\n\n– Clinical data presentations continue to emphasize differentiated profile\nof verekitug in multiple indications –\n\nWALTHAM, Mass., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Upstream Bio, Inc.\n(https://www.globenewswire.com/Tracker?data=_c8uc8qHoe3_Vra8v0DYSoeOa5oIGWicMsLXFztewoifCUZZClw0sDP6Z2lw7-1U1rqPHH3oWXHqNBGn6cgoiRoQqMvmeJDnJ5AVbwkPyHY=)\n(Nasdaq: UPB), a clinical-stage company developing treatments for severe\ninflammatory respiratory diseases, today reported financial results and\nbusiness updates for the second quarter ended June 30, 2026. The Company\nhighlighted its continued progress in developing verekitug to deliver\npotential best-in-class efficacy with quarterly dosing across three target\nindications: severe asthma, chronic rhinosinusitis with nasal polyps (CRSwNP),\nand chronic obstructive pulmonary disease (COPD). Verekitug is the only known\nantagonist currently in clinical development that targets and inhibits the\nthymic stromal lymphopoietin (TSLP) receptor.\n\n“We continued to make progress toward the initiation of our Phase 3 trials\nin severe asthma and CRSwNP in the first quarter of 2027. Our End-of-Phase 2\ninteractions with the FDA are on schedule, and we look forward to sharing more\ndetails about our Phase 3 development plans soon,” said Rand Sutherland, MD,\nChief Executive Officer of Upstream Bio. “With more than 500 participants\ntreated in verekitug clinical trials thus far, and with compelling Phase 2\nresults now demonstrated in both severe asthma and CRSwNP, we have built a\nsubstantial and consistent body of clinical evidence supporting verekitug’s\npotential to deliver durable, best-in-class efficacy with convenient quarterly\ndosing. In addition, our CMC and device development efforts continue to\nadvance, and we are working diligently to provide options for both at-home and\nin-office administration at launch.”\n\n“I am pleased to share that we have completed enrollment in our ongoing\nPhase 2 VENTURE trial in COPD, with 481 participants enrolled; data from this\nimportant Phase 2 study, expected in the second half of 2027, will provide\nvaluable insights into the potential of verekitug for the treatment of\nCOPD,” added Aaron Deykin, MD, Chief Medical Officer and Head of Research &\nDevelopment at Upstream Bio. “Additionally, verekitug’s differentiated\nclinical profile in severe asthma and CRSwNP continues to be reinforced\nthrough additional data recently presented at the ATS and EAACI medical\ncongresses, and our team is looking forward to the upcoming late-breaking\npresentation of our Phase 2 VALIANT trial of verekitug in severe asthma at the\nERS Congress in early September. Collectively, these data further strengthen\nour conviction about the potential for verekitug to advance the standard of\ncare.”\n\nRecent Business Highlights\n* Upcoming Initiation of Phase 3 Trials in Severe Asthma and CRSwNP * The\nCompany remains on track to initiate Phase 3 clinical trials in severe asthma\nand CRSwNP in the first quarter of 2027.\n* End-of-Phase 2 interactions with the U.S. Food and Drug Administration (FDA)\nfor both severe asthma and CRSwNP are on track. These interactions will\nsupport the Phase 3 development plans in both indications.\n* The Company has previously communicated that it plans to pursue a Phase 3\ndevelopment strategy designed to deliver best-in-class efficacy with a\nhigh-dose quarterly regimen in broad patient populations in both severe asthma\nand CRSwNP.\n \n* Phase 2 VENTURE Trial in COPD Enrollment Completed * The Company has\ncompleted enrollment in the VENTURE trial in COPD with 481 participants. Data\nare expected in the second half of 2027, and the Company believes that these\nanalyses will provide important insights into the potential clinical impact of\nverekitug in COPD.\n* VENTURE (NCT06981078\n(https://protect.checkpoint.com/v2/r01/___https:/clinicaltrials.gov/study/NCT06981078?intr=verekitug&rank=2___.YzJ1OnVwc3RyZWFtYmlvOmM6b2ZmaWNlMzY1X2VtYWlsc19hdHRhY2htZW50OmJlZDhiMThmMjIyNjFjZjU5NGU3YmE5MDQzYWIwMGVlOjc6ZDA5ODpkM2VjN2QxODcwYzdiYzc1NzgwNTg0ZTQ1ZGE1YTFkYzRjOTdkZGM3N2EwNGE1ZGI0NDVhMGU2OWYwYzYxZjExOnA6VDpG))\nis a Phase 2, global, randomized, double-blind, placebo-controlled,\nparallel-group clinical trial designed to assess the efficacy and safety of\nverekitug in participants with moderate-to-severe COPD across extended\ndosing-interval arms of 12 and 24 weeks. \n\n\n \n* Additional Analyses of Phase 2 VIBRANT Trial in CRSwNP Presented at American\nThoracic Society (ATS) International Conference 2026 and European Academy of\nAllergy and Clinical Immunology (EAACI) Congress 2026 \n\n * ATS International Conference, May 2026\n(https://investors.upstreambio.com/news-releases/news-release-details/upstream-bio-presents-new-data-phase-2-vibrant-trial-verekitug):\nThe data, presented in two posters, demonstrated the positive effect of\nverekitug in participants with CRSwNP and comorbid asthma, as well as its\nimpact on type 2 inflammatory biomarkers in blood and nasal secretions. *\nVerekitug led to statistically significant and clinically meaningful\nimprovement in asthma symptom control as measured by the Asthma Control\nQuestionnaire-6 (ACQ-6) in participants with CRSwNP and comorbid asthma.\n* Verekitug led to improvements in nasal polyp score (NPS) in participants\nwith and without comorbid asthma, as well as rapid and sustained reductions in\nblood and nasal type 2 inflammatory biomarkers.\n \n* EAACI Congress, June 2026\n(https://investors.upstreambio.com/news-releases/news-release-details/upstream-bio-presents-new-responder-analyses-demonstrating):\nThe new post-hoc responder analyses further demonstrated that the significant\nmajority of verekitug-treated participants achieved clinically meaningful\nimprovements in NPS, the primary endpoint, and across key secondary endpoints\nin the Phase 2 VIBRANT trial. * Verekitug, administered once every three\nmonths, led to clinically meaningful improvements in NPS in approximately 80%\nof participants.\n* A majority of verekitug-treated participants experienced clinically\nmeaningful improvements across key secondary endpoints, including 72% in nasal\ncongestion and 83% in CRSwNP total symptom score.\n \n* These findings provide additional support for the continued development of\nverekitug and ongoing planning for Phase 3 registrational studies.\n \n* Phase 2 VALOUR Long-Term Extension Study in Severe Asthma * Eligible\nparticipants with severe asthma who completed the Phase 2 VALIANT clinical\ntrial were offered enrollment in VALOUR (NCT06966479\n(https://protect.checkpoint.com/v2/r01/___https:/clinicaltrials.gov/study/NCT06966479___.YzJ1OnVwc3RyZWFtYmlvOmM6b2ZmaWNlMzY1X2VtYWlsc19hdHRhY2htZW50OmJlZDhiMThmMjIyNjFjZjU5NGU3YmE5MDQzYWIwMGVlOjc6OGE0ODpmYTY2N2VkMWIzMGFmNWNmOGRlNWZkNjFlNzE2MmY2YmNmYjgxM2I1NjQzZjhlMmZkNDIyNjM1NDliMzk3NzU2OnA6VDpG)),\na long-term extension (LTE) study designed to evaluate the long-term safety\nand efficacy of verekitug. The study completed enrollment in March 2026 with\nmore than 90% retention of eligible participants from the Phase 2 VALIANT\nstudy. Data from the study are expected in the second half of 2027.\nSecond Quarter 2026 Financial Results\nAs of June 30, 2026, Upstream Bio had cash, cash equivalents and short-term\ninvestments of $261.3 million, which is expected to fund planned operations\nthrough 2027.\n\nResearch and development expenses were $36.1 million for the quarter ended\nJune 30, 2026, compared to $37.9 million for the same period in 2025. The\ndecrease of $1.8 million was primarily driven by a decrease in manufacturing\nexpenses, partially offset by an increase in personnel-related expenses,\nincluding share-based compensation, and an increase in clinical costs related\nto the Company’s verekitug programs.\n\nGeneral and administrative expenses were $7.1 million for the quarter ended\nJune 30, 2026, compared to $7.4 million for the same period in 2025. The\ndecrease of $0.3 million was primarily driven by a decrease in professional\nfees, partially offset by an increase in personnel-related expenses, including\nshare-based compensation.\n\nNet loss was $39.7 million for the quarter ended June 30, 2026, compared to a\nnet loss of $40.0 million for the same period in 2025.\n\nUpcoming Events\nUpstream Bio expects to participate in the following upcoming medical\ncongresses:\n* European Respiratory Society (ERS) Congress 2026, September 5-9, Barcelona\nAbout Upstream Bio\nUpstream Bio is a clinical-stage biotechnology company developing treatments\nfor severe inflammatory respiratory diseases. The Company is developing\nverekitug, the only known antagonist currently in clinical development that\ntargets and inhibits the receptor for thymic stromal lymphopoietin (TSLP), a\ncytokine which is a clinically validated driver of inflammatory response\npositioned upstream of multiple inflammatory pathways. With more than 500\nparticipants treated with verekitug across its clinical development programs\nand positive Phase 2 results in chronic rhinosinusitis with nasal polyps\n(CRSwNP) and severe asthma, verekitug has a substantial body of clinical\nevidence supporting its advancement into Phase 3 development in both diseases.\nVerekitug is also being evaluated in an ongoing Phase 2 trial in chronic\nobstructive pulmonary disease (COPD). Upstream Bio is focused on leveraging\nverekitug’s differentiated mechanism, potency, and potential for extended\ndosing to develop a treatment which may deliver best-in-class efficacy and\nquarterly dosing for patients underserved by today’s standard of care. To\nlearn more, please visit www.upstreambio.com.\n\nUpstream Bio intends to use the investor relations page on its website as a\nmeans of disclosing material nonpublic information and for complying with its\ndisclosure obligations under Regulation FD. Accordingly, investors should\nmonitor its website in addition to following press releases, filings with the\nSecurities and Exchange Commission (SEC), public conference calls,\npresentations and webcasts.\n\nForward-Looking Statements\nThis press release contains “forward-looking statements” within the\nmeaning of Section 27A of the Securities Act of 1933 and Section 21E of the\nSecurities Exchange Act of 1934, each as amended. These statements may be\nidentified by words such as “aims,” “anticipates,” “believes,”\n“continue,” “could,” “estimates,” “expects,” “forecasts,”\n“goal,” “intends,” “may,” “plans,” “possible,”\n“potential,” “predict,” “project,” “seeks,” “should,”\n“target,” “will” and variations of these words or similar expressions.\nAny statements in this press release that are not statements of historical\nfact may be deemed to be forward-looking statements. These forward-looking\nstatements include, without limitation, express or implied statements\nregarding: the clinical development of verekitug for the treatment of severe\nasthma, CRSwNP and COPD, including the initiation, timing, progress and\nresults of ongoing and planned clinical trials; expectations regarding the\ndifferentiation, safety, efficacy, tolerability, or extended dosing interval\nof verekitug; certain activities and next steps to support the Company’s\nmaturation into a late clinical-stage company; expectations regarding\nregulatory interactions with the FDA on the data from the VIBRANT and VALIANT\nPhase 2 trials and the outcomes of any such interactions; advancement of the\nCompany’s chemistry, manufacturing and controls and device development\nefforts and the potential for both at-home and in-office administration at\nlaunch; Upstream Bio’s expected operating expenses and capital expenditure\nrequirements, including its cash runway through 2027; and participation at\nupcoming investor conferences and medical congresses. Any forward-looking\nstatements in this press release are based on the Company’s current\nexpectations, estimates and projections only as of the date of this release\nand are subject to a number of risks and uncertainties that could cause actual\nresults to differ materially and adversely from those set forth in or implied\nby such forward-looking statements. Readers are cautioned that actual results,\nlevels of activity, safety, efficacy, performance or events and circumstances\ncould differ materially from those expressed or implied in the Company’s\nforward-looking statements due to a variety of risks and uncertainties, which\ninclude, without limitation, risks and uncertainties related to: Upstream\nBio’s ability to advance verekitug through clinical development, and to\nobtain regulatory approval of and ultimately commercialize verekitug on the\nexpected timeline, if at all; the results of preclinical studies or clinical\nstudies not being predictive of future results in connection with future\nstudies; the initiation, timing, progress and results of clinical trials;\nUpstream Bio’s ability to fund its development activities and achieve\ndevelopment goals; Upstream Bio’s dependence on third parties to conduct\nclinical trials and manufacture verekitug, and commercialize verekitug, if\napproved; Upstream Bio’s ability to attract, hire and retain key personnel,\nand protect its intellectual property; Upstream Bio’s financial condition\nand need for substantial additional funds in order to complete development\nactivities and commercialize verekitug, if approved; regulatory developments\nand approval processes of the U.S. Food and Drug Administration and comparable\nforeign regulatory authorities; Upstream Bio’s competitors and industry; and\nother risks and uncertainties described in greater detail under the caption\n“Risk Factors” in Upstream Bio’s most recent Annual Report on Form 10-K\nand Quarterly Report on Form 10-Q, as well as any subsequent filings with the\nSEC. Any forward-looking statements represent Upstream Bio’s views only as\nof today and should not be relied upon as representing its views as of any\nsubsequent date. Upstream Bio explicitly disclaims any obligation or\nundertaking to update any forward-looking statements contained herein to\nreflect any change in its expectations or any changes in events, conditions or\ncircumstances on which any such statement is based except to the extent\nrequired by law, and claims the protection of the safe harbor for\nforward-looking statements contained in the Private Securities Litigation\nReform Act of 1995.\n\nInvestor and Media Contact:\nMeggan Buckwell\nDirector, Corporate Communications and Investor Relations\nir@upstreambio.com\n\n\n\n UPSTREAM BIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)                \n                                                                                                    \n                                                        June 30,              December 31,          \n                                                        2026                  2025                  \n Assets                                                                                             \n Current assets:                                                                                    \n Cash and cash equivalents                              $      79,397         $        101,578      \n Short-term investments                                        181,910                 239,931      \n Accounts receivable                                           772                     668          \n Prepaid expenses and other current assets                     17,523                  9,620        \n Total current assets                                          279,602                 351,797      \n Property and equipment, net                                   460                     559          \n Operating lease right-of-use assets                           915                     1,222        \n Restricted cash                                               194                     194          \n Total assets                                           $      281,171        $        353,772      \n Liabilities and Stockholders’ Equity                                                               \n Current liabilities:                                                                               \n Accounts payable                                       $      2,314          $        2,726        \n Accrued expenses and other current liabilities                6,946                   10,006       \n Operating lease liabilities, current portion                  728                     720          \n Total current liabilities                                     9,988                   13,452       \n Operating lease liabilities, net of current portion           226                     549          \n Total liabilities                                             10,214                  14,001       \n Stockholders’ equity:                                                                              \n Common stock                                                  54                      54           \n Additional paid-in capital                                    685,542                 673,410      \n Accumulated other comprehensive income (expense)              (123      )             530          \n Accumulated deficit                                           (414,516  )             (334,223  )  \n Total stockholders’ equity                                    270,957                 339,771      \n Total liabilities and stockholders’ equity             $      281,171        $        353,772      \n                                                                                                    \n\n\n\n UPSTREAM BIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS) (UNAUDITED)                                      \n                                                                                                                                    \n                                Three Months Ended June 30,                        Six Months Ended June 30,                        \n                                2026                          2025                 2026                          2025               \n                                                                                                                                    \n Collaboration revenue          $      773                    $      937           $      1,807                  $      1,503       \n Operating expenses:                                                                                                                \n Research and development              36,089                        37,865               72,654                        63,662      \n General and administrative            7,052                         7,419                15,136                        14,201      \n Total operating expenses              43,141                        45,284               87,790                        77,863      \n Loss from operations                  (42,368  )                    (44,347  )           (85,983  )                    (76,360  )  \n Other income (expense):                                                                                                            \n Interest income                       2,659                         4,431                5,713                         9,174       \n Other income (expense), net           7                             (50      )           (23      )                    (50      )  \n Total other income, net               2,666                         4,381                5,690                         9,124       \n Net loss                       $      (39,702  )             $      (39,966  )    $      (80,293  )             $      (67,236  )  \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f1393297-d0b6-4706-960f-6128bcd0c6a4)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-08-11T11:00:00.800213393Z","server_sent_at_ms":1786446000800},"received_at":"2026-08-11T11:00:05.203Z","source_url":"https://www.globenewswire.com/news-release/2026/08/11/3342576/0/en/upstream-bio-reports-second-quarter-2026-financial-results-and-highlights-continued-progress.html"},"analysis":{"id":"104126","press_release_id":"115130","analysis_json":{"industry":{"label":"Biotechnology","sector":"Health Care"},"redFlags":[],"eventType":"earnings","narrative":"Upstream Bio reported a Q2 net loss of $39.7 million, slightly narrower than the $40.0 million loss in the prior-year period, with cash, equivalents and short-term investments totaling $261.3 million.\n\nThe company stated its current cash resources are expected to fund planned operations through 2027 as it advances its lead asset verekitug.\n\nOperationally, Upstream Bio remains on track to initiate Phase 3 trials in severe asthma and CRSwNP by the first quarter of 2027 and completed enrollment in its Phase 2 COPD trial with 481 participants.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Cash runway secured into 2027 as Phase 3 initiation plans remain on track for Q1."},"keyFigures":{"revenue":773000,"customDimensions":{"net_loss":39700000,"ga_expenses":7100000,"rd_expenses":36100000,"cash_position":261300000,"copd_trial_enrollment":481}},"quotedText":"We continued to make progress toward the initiation of our Phase 3 trials in severe asthma and CRSwNP in the first quarter of 2027.","namedEntities":{"people":[{"name":"Rand Sutherland","role":"Chief Executive Officer"},{"name":"Aaron Deykin","role":"Chief Medical Officer and Head of Research & Development"},{"name":"Meggan Buckwell","role":"Director, Corporate Communications and Investor Relations"}],"products":["verekitug"],"companies":[{"name":"Upstream Bio, Inc.","ticker":"UPB"},{"name":"U.S. Food and Drug Administration","relationship":"regulator"}],"dollarAmounts":[{"amount":"$261.3 million","context":"cash, cash equivalents and short-term investments as of June 30, 2026"},{"amount":"$36.1 million","context":"Research and development expenses for Q2 2026"},{"amount":"$7.1 million","context":"General and administrative expenses for Q2 2026"},{"amount":"$39.7 million","context":"Net loss for Q2 2026"}]},"materialImpact":{"score":2,"reasoning":"Routine quarterly earnings report for a clinical-stage biotech. While cash runway remains sufficient into 2027 and Phase 3 plans are reaffirmed, there are no binary regulatory outcomes or material surprises that would drive significant stock movement."},"tickerRelevance":{"others":[],"primary":"UPB"},"globalImportance":15,"audienceRelevance":15,"eventTypeSecondary":["clinical_trial"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"routine_earnings","sectorWeight":"biotech"}},"event_type":"earnings","event_type_secondary":["clinical_trial"],"sentiment":"bullish","material_impact_score":2,"narrative":"Upstream Bio reported a Q2 net loss of $39.7 million, slightly narrower than the $40.0 million loss in the prior-year period, with cash, equivalents and short-term investments totaling $261.3 million.\n\nThe company stated its current cash resources are expected to fund planned operations through 2027 as it advances its lead asset verekitug.\n\nOperationally, Upstream Bio remains on track to initiate Phase 3 trials in severe asthma and CRSwNP by the first quarter of 2027 and completed enrollment in its Phase 2 COPD trial with 481 participants.","key_figures":{"revenue":773000,"customDimensions":{"net_loss":39700000,"ga_expenses":7100000,"rd_expenses":36100000,"cash_position":261300000,"copd_trial_enrollment":481}},"named_entities":{"people":[{"name":"Rand Sutherland","role":"Chief Executive Officer"},{"name":"Aaron Deykin","role":"Chief Medical Officer and Head of Research & Development"},{"name":"Meggan Buckwell","role":"Director, Corporate Communications and Investor Relations"}],"products":["verekitug"],"companies":[{"name":"Upstream Bio, Inc.","ticker":"UPB"},{"name":"U.S. Food and Drug Administration","relationship":"regulator"}],"dollarAmounts":[{"amount":"$261.3 million","context":"cash, cash equivalents and short-term investments as of June 30, 2026"},{"amount":"$36.1 million","context":"Research and development expenses for Q2 2026"},{"amount":"$7.1 million","context":"General and administrative expenses for Q2 2026"},{"amount":"$39.7 million","context":"Net loss for Q2 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-11T12:02:39.189Z","global_importance":15,"audience_relevance":15,"importance_components":{"tickerTier":"small-cap","eventGravity":"routine_earnings","sectorWeight":"biotech"}},"durationMs":143709,"modelName":"glm-4.7"}}