UPB Stock — Upstream Bio Inc.: Cash, EV, Pipeline

Share price

$5.34

Market cap

$292.5M

Cash

$261.3M

Enterprise value

$31.2M

Balance sheet

Cash	$261.3M
Debt	$0.0M
Net cash	$261.3M
Enterprise value	$31.2M
Basic shares	54.8M shares
Fully diluted shares	64.1M shares
Fully diluted market cap	$342.1M
Cash per share	$4.77

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	Verekitug	Phase 2	Severe Asthma	—
Nov 12 - Dec 24	Verekitug	Phase 2	Chronic Obstructive Pulmonary Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Verekitug

Phase 2 · Active Modality: monoclonal antibody

Aliases ASP7266

Target TSLP receptor

Partnerships Astellas: in-licensed compound (designated ASP7266 by Astellas); mid-single-digit royalties owed to Regeneron on net sales under the Terminated Regeneron License Agreement. Maruho: exclusive license agreement for Japan (all collaboration revenue derived from Maruho; no future payments obligated). WuXi Biologics/Lonza: manufacturing

Indications

Severe asthma (Phase 2)
Chronic rhinosinusitis with nasal polyps (CRSwNP) (Phase 2)
COPD (Phase 2)

Status note The only known antagonist in clinical development targeting the TSLP receptor. Approximately 500 participants treated across five clinical trials; Phase 1b MAD trial established proof-of-concept in asthma. Phase 2 trials in COPD (initiated July 2025), CRSwNP, and severe asthma, plus a Phase 2 LTE study in severe asthma.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Verekitug
Lead indication	Severe Asthma
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06966479	Phase 2	Active, not recruiting	Sponsor	UPB	—	Severe Asthma	—
NCT06981078	Phase 2	Active, not recruiting	Sponsor	UPB	—	Chronic Obstructive Pulmonary Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Upstream Bio Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	5,693,589	no change	0.75%	2026-08-14
Sphera Biotech	219,700	-138,300	0.22%	2026-08-14
ADAR1 Capital Management	0	-35,000	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

UPB — Upstream Bio Inc.