Upstream Bio, Inc. reported Q4 and full year 2025 financial results with net loss of $42.5 million for the quarter and cash position of $341.5 million as of December 31, 2025, funding operations through 2027. The company highlighted positive Phase 2 results for verekitug in severe asthma and CRSwNP, planning Phase 3 trials initiation in Q1 2027 with high-dose quarterly regimen.
Key takeaways
Cash, cash equivalents and short-term investments of $341.5 million as of December 31, 2025, expected to fund operations through 2027
Q4 2025 R&D expenses $40.2 million vs $21.8 million in Q4 2024
Q4 2025 G&A expenses $6.7 million vs $5.2 million in Q4 2024
Q4 2025 net loss $42.5 million vs $21.2 million in Q4 2024
Phase 2 VALIANT trial: 56% reduction in AAER at 100 mg every 12 weeks (p<0.0003)
Plans to initiate Phase 3 dosing in severe asthma and CRSwNP in Q1 2027