Cambridge biotech tracker · Waltham
Upstream Bio
Listed on Nasdaq as UPB, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $261M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $34.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 23 mo
- 12 to 24 months
- Net loss
- $39.7M
- Q2 '26
- R&D expense
- $36.1M
- 84% of opex
- Raised, last 4 qtrs
- +$5.0M
- net financing cash flow
- Next readout
- Oct 2027
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
23 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $11.4M a month.
Management’s own date
Through 2027
Dec 2027
That implies $14.5M to $15.3M a month, 1.3× the recent pace.
Planning to spend faster“Based on our current operating plan, we believe that our existing cash, cash equivalents and short-term investments will be sufficient to fund our operating expenses and capital expenditure requirements through 2027.”
Cash against the calendar
What the runway has to reach.
Oct 2027estimated
A Study to Assess the Efficacy and Safety of Verekitug in Participants With COPD
Chronic Obstructive Pulmonary Disease
NCT06981078 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 23 months
- Time to the date
- 11 months
It is about 11 months out. At the current burn there is roughly 12 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Pipeline
2 active trials, through phase 2.
Phase 2 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Long-Term Safety and Efficacy Study of Verekitug (UPB-101) in Adult Participants With Severe Asthma (VALOUR)NCT06966479 · Severe AsthmaPhase 2Sep 2027est.· not a catalyst | Phase 2 | Active, not recruiting | ||
| A Study to Assess the Efficacy and Safety of Verekitug in Participants With COPDNCT06981078 · Chronic Obstructive Pulmonary DiseasePhase 2Oct 2027est. | Phase 2 | Active, not recruiting | ||
| A Study to Investigate the Efficacy and Safety of Verekitug (UPB-101) in Participants With Chronic Rhinosinusitis With Nasal PolypsNCT06164704 · Chronic Rhinosinusitis With Nasal PolypsPhase 2Jul 2025 | Phase 2 | Completed | ||
| A Study to Investigate the Efficacy and Safety of Verekitug (UPB-101) in Adult Participants With Severe Asthma (VALIANT)NCT06196879 · Severe AsthmaPhase 2Dec 2025 | Phase 2 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Oct 2027, about 11 months out. That leaves roughly 12 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 23 months of runway
Cash and investments of $261M at Q2 '26 against an average operating cash burn of $34.1M per quarter over the last four reported quarters runs out around April 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position up $40.6M since Q3 '24
Net financing inflows of $5.0M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 84% of operating expenses
$36.1M of R&D against $43.1M of total operating expenses in Q2 '26, with G&A at $7.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $773K in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $415M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $221M | −$14.0M | −$16.0M | $15.4M | $4.1M | $607K | $1.9M | −$1.6M |
| Q4 '24 · Dec 31, 24 | $470M | −$19.6M | −$21.2M | $21.8M | $5.2M | $613K | $2.1M | $271M |
| Q1 '25 · Mar 31, 25 | $431M | −$41.2M | −$27.3M | $25.8M | $6.8M | $566K | $2.6M | −$34K |
| Q2 '25 · Jun 30, 25 | $394M | −$39.2M | −$40.0M | $37.9M | $7.4M | $937K | $2.6M | $612K |
| Q3 '25 · Sep 30, 25 | $372M | −$22.2M | −$33.7M | $33.0M | $5.5M | $683K | $2.6M | $760K |
| Q4 '25 · Dec 31, 25 | $342M | −$30.6M | −$42.5M | $40.2M | $6.7M | $668K | $2.5M | $1.1M |
| Q1 '26 · Mar 31, 26 | $295M | −$47.9M | −$40.6M | $36.6M | $8.1M | $1.0M | $4.6M | $598K |
| Q2 '26 · Jun 30, 26 | $261M | −$35.6M | −$39.7M | $36.1M | $7.1M | $773K | $4.4M | $2.5M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.