10-Q · May 13, 2026
Upstream Bio reported a Q4 revenue of $668,000 for the period ended March 31, 2026, surpassing consensus estimates of $600,942. However, the company reported a larger-than-expected net loss of $40.6 million, translating…
Earnings analysis · 10-Q
UPB earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Upstream Bio delivered $1.807 million of Q2 2026 revenue, approximately 92.8% above Q2 2025, but remains deeply loss-making with a $39.702 million quarterly net loss and $80.3 million six-month loss. Cash resources of…
Read full summary
Upstream Bio delivered $1.807 million of Q2 2026 revenue, approximately 92.8% above Q2 2025, but remains deeply loss-making with a $39.702 million quarterly net loss and $80.3 million six-month loss. Cash resources of $261.3 million are expected to fund operations through 2027, and clinical milestones remain on track, including 481 COPD enrollees and planned Phase 3 initiation in Q1 2027. The outlook is mixed because continued development depends on substantial funding, potential equity dilution and third-party manufacturing arrangements exposed to BIOSECURE-related restrictions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue nearly doubled year over year
Q2 2026 revenue was $1.807 million, up $0.870 million, or approximately 92.8%, from $0.937 million in Q2 2025. Revenue also increased from approximately $1.0 million in Q1 2026.
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Clinical investment continues
The company reported a Q2 2026 net loss of $39.702 million. Six-month net loss was $80.3 million, compared with $67.2 million for the six months ended June 30, 2025.
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Cash runway maintained through 2027
Cash, cash equivalents and short-term investments totaled $261.3 million at June 30, 2026, which management expects to fund planned operating expenses and capital expenditures through 2027.
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Clinical development milestones advanced
The COPD clinical program completed enrollment at 481 participants, while Phase 3 trials for verekitug are targeted to begin in Q1 2027.
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ATM provides incremental financing flexibility
Under the ATM program, the company had sold 239,797 shares for approximately $2.1 million of net proceeds as of June 30, 2026, after approximately $0.1 million of commissions.
What to watch
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Additional capital may dilute holders
The company may issue up to $150.0 million of common stock under its ATM prospectus. As of June 30, 2026, it had sold 239,797 shares for approximately $2.1 million of net proceeds, creating potential future dilution and share-price pressure.
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BIOSECURE manufacturing exposure
The company relies on third-party manufacturing, including WuXi Biologics, and could face costly supply transitions if a vendor is designated a biotechnology company of concern under the BIOSECURE Act. WuXi AppTec was identified on the Department of Defense's updated 1260H list on June 8, 2026, while BIOSECURE Act implementation remains incomplete.
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Geopolitical and funding-market volatility
The newly updated geopolitical and market-volatility risk includes potential disruption from tariffs, trade restrictions, military conflicts and financial-market instability. The filing notes a 43-day U.S. government shutdown from October 1, 2025 through November 12, 2025, illustrating the potential for regulatory and capital-market disruption.
Management's outlook
Management expects cash, cash equivalents and short-term investments of $261.3 million to fund planned operating expenses and capital expenditure requirements through 2027, consistent with the prior outlook.
Earlier filings 4
10-K · March 26, 2026
Upstream Bio (UPB) is a clinical-stage biotech focused on verekitug, a TSLP‑receptor monoclonal antibody which the company says is ~300‑fold more potent than tezepelumab and enables extended dosing intervals of up to 24…
10-Q · August 6, 2025
Upstream Bio reported Q2 collaboration revenue of $937,000 and a net loss attributable to common stockholders of $39.97 million (loss per share $0.74). Revenue rose materially year-over-year while operating expenses and…
10-Q · May 6, 2025
Upstream Bio reported collaboration revenue of $566,000 and a net loss of $27.27 million for Q1 2025, driven by a step-up in R&D spend to $25.8 million. Liquidity remains substantial with $71,312 in cash and $360,068 in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.