Upstream Bio Holds $294.6M Cash, Targets Q1 2027 Phase 3 Asthma and CRSwNP Trials
Upstream Bio ended Q1 2026 with $294.6 million in cash, funding operations through 2027, and recorded $36.6 million in R&D expenses. The company targets FDA End-of-Phase 2 meetings in mid-2026, Phase 3 asthma and CRSwNP trials in Q1 2027, and expects COPD Phase 2 data in H2 2027.
1. End-of-Phase 2 Meetings and Phase 3 Initiation
Upstream Bio plans End-of-Phase 2 meetings with the FDA in mid-2026 to align on registrational trial designs and expects to initiate Phase 3 studies for severe asthma and CRSwNP in Q1 2027, leveraging quarterly at-home dosing regimens for best-in-class efficacy.
2. Ongoing Phase 2 Trials in COPD
The Phase 2 VENTURE trial in COPD has enrolled over 400 participants, with further enrollment capped to optimize efficacy profiling; top-line, placebo-controlled data are now expected in the second half of 2027 to support a planned high-dose quarterly Phase 3 study.
3. Upcoming Data Presentations
The VALOUR long-term extension study for severe asthma completed enrollment in March 2026 with over 90% patient retention, and additional analyses from the Phase 2 VIBRANT trial—including CRSwNP and Type 2 biomarker data—will be presented at the ATS and EAACI conferences.
4. Q1 2026 Financial Results
As of March 31, 2026, Upstream Bio held $294.6 million in cash, cash equivalents and short-term investments, funding planned operations through 2027, and reported $36.6 million in R&D expenses for the quarter.