Upstream Bio reported a net loss of $33.7 million for the quarter ended September 30, 2025, a widening from the $16.0 million loss recorded in Q3 2024. Cash, cash equivalents and short‑term investments stood at $372.4 million, giving the company a runway that is projected to support operations through 2027. Research and development expenses rose 114 % year‑over‑year to $33.0 million, driven by the expansion of three Phase 2 programs—VIBRANT (CRSwNP), VENTURE (COPD) and VALIANT (severe asthma). General and administrative costs increased modestly to $5.5 million, while collaboration revenue grew to $0.683 million from $0.607 million in the prior year.
The operating cash outflow for the first half of 2025 was $102.6 million, up from $80.4 million in the same period last year. The higher burn reflects the company’s intensified clinical activity, including the initiation of the VENTURE trial in July and the ramp‑up of manufacturing capacity for the VIBRANT program. The increase in R&D spending is consistent with the company’s strategy to accelerate development of its lead candidate, verekitug, across multiple indications.
Positive top‑line data from the VIBRANT Phase 2 trial were released in September 2025. Verekitug, administered once every 12 weeks, met its primary endpoint and showed statistically significant improvements on key secondary endpoints in patients with chronic rhinosinusitis with nasal polyps. Enrollment in the VENTURE Phase 2 COPD trial continues, with the first patient dosed in July, and the company expects to report top‑line results from the VALIANT severe asthma Phase 2 study in the first quarter of 2026.
CEO Rand Sutherland said the VIBRANT results “reinforce verekitug’s differentiated clinical profile and its potential to meet or exceed the efficacy of existing biologics while offering a less frequent dosing schedule.” Chief Medical Officer Aaron Deykin added that the data “demonstrate statistically significant and clinically meaningful benefits with a 12‑week dosing interval, positioning verekitug to potentially advance the standard of care in CRSwNP.”
The earnings release underscores the company’s dual focus on maintaining a robust cash position while investing heavily in clinical development. The widened net loss and higher R&D burn are expected for a clinical‑stage biotech, but the strong trial data and extended runway provide a solid foundation for pursuing regulatory submissions and eventual commercialization. Investors will likely view the cash cushion and positive clinical momentum as mitigating factors against the current loss, while the trial results may elevate expectations for future revenue generation.
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