UPB Upstream Bio
Price Chart
Executive Summary
Upstream Bio reported Q4 and full-year 2025 financial results, highlighted by a strong cash position of $341.5 million and advancement of its Phase 2 programs for verekitug in severe asthma and CRSwNP. Positive top-line data from the Phase 2 VALIANT trial showed significant reductions in asthma exacerbations, supporting plans to initiate Phase 3 trials in both indications in Q1 2027.
Key Financial Metrics
Actionable Insight
Monitor upcoming FDA interactions in 2026 that could shape Phase 3 trial design; watch for initiation of Phase 3 dosing in Q1 2027 as a key catalyst. Despite higher losses, robust cash runway reduces near-term dilution risk.
Key Facts
- Cash, cash equivalents, and short-term investments totaled $341.5 million as of December 31, 2025, sufficient to fund operations through 2027.
- Phase 2 VALIANT trial in severe asthma met primary endpoint with 56% reduction in annualized asthma exacerbation rate (AAER) at 100 mg every 12 weeks (p<0.0003).
- Phase 2 VIBRANT trial in CRSwNP showed placebo-adjusted NPS reduction of -1.95 (p<0.0001) in WOCF analysis.
- Research and development expenses increased to $40.2M in Q4 2025 from $21.8M in Q4 2024 due to clinical and manufacturing costs.
- Net loss widened to $42.5M in Q4 2025 from $21.2M in Q4 2024.
Financial Impact
Increased R&D spend by $18.4M YoY in Q4, driven by verekitug development; net loss doubled to $42.5M despite strong cash reserves.
Risk Factors
- Clinical development risk: Phase 3 success not guaranteed despite positive Phase 2 data.
- Increased burn rate may pressure cash runway if development timelines extend beyond 2027.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3262866 |
Filters
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May 18, 2026
25d ago
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Press Release
| $8.51 $8.21 | ▼ −3.53% | ▼ −5.14% | $6.10 (−28.32%) |
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May 13, 2026
4w ago
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Press Release
| $9.36 $8.03 | ▲ +14.21% | ▲ +13.05% | $6.10 (+34.83%) |
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Apr 17, 2026
8w ago
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Press Release
| $9.99 $9.30 | ▼ −6.91% | ▼ −7.46% | $6.10 (−38.94%) |
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Mar 26, 2026
11w ago
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424B5
| $8.67 $9.72 | ▼ −12.11% | ▼ −8.25% | $6.10 (+29.64%) |
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Mar 26, 2026
11w ago
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Press Release
| $9.79 $9.50 | ▼ −2.96% | ▼ −4.60% | $6.10 (−37.69%) |
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Mar 16, 2026
12w ago
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Insider Cluster
| $9.61 $8.45 | ▼ −12.07% | ▼ −10.03% | $6.10 (−36.52%) |
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Mar 1, 2026
14w ago
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Press Release
| $7.70 $8.06 | ▲ +4.68% | ▲ +5.88% | $6.10 (−20.78%) |
US Market Status
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