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

What they do

We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin (“TSLP”), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.23

Market cap

$176.9M

Cash

$493.0M

Enterprise value

-$316.1M

Balance sheet

Cash	$493.0M
Debt	$0.0M
Net cash	$493.0M
Enterprise value	-$316.1M
Basic shares	54.8M shares
Fully diluted shares	64.4M shares
Fully diluted market cap	$208.0M
Cash per share	$9.00
Quarterly burn	$35.6M
Cash runway	13.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

54.8M

Pre-funded warrants

0.0M

Options

9.3M

RSUs

0.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

64.4M

Cap table as of 2026-06-30.

Price history

Loading UPB daily closes…

Loading price history…

Next catalyst

Verekitug · Oct 13 - Nov 24 in 11 mo · Phase 2 · Severe Asthma

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24 in 11 mo	Verekitug	Phase 2	Severe Asthma	2H 2027 Est. Sep 30, 2027 · half midpoint
Nov 12 - Dec 24 in 12 mo	Verekitug	Phase 2	Chronic Obstructive Pulmonary Disease	2H 2027 Est. Sep 30, 2027 · half midpoint

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	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06981078	Phase 2	Active, not recruiting	Sponsor	UPB	—	Chronic Obstructive Pulmonary Disease	2H 2027 Est. Sep 30, 2027 · half midpoint

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

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

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
Boxer Capital	150,000	no change	0.08%	2026-08-14
Stonepine Capital	33,432	-1,568	0.18%	2026-08-17
ADAR1 Capital Management	0	-35,000	0.00%	2026-08-14

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

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

UPB — Upstream Bio Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

UPB — Upstream Bio Inc.