Upstream Bio Inc. reported a net loss of $33.7 million for the third quarter ended September 30, 2025, compared to a net loss of $16.0 million for the same period in 2024. Research and development expenses were $33.0 million, up from $15.4 million, primarily due to increased clinical and manufacturing expenses for the verekitug programs. General and administrative expenses rose to $5.5 million from $4.1 million, mainly driven by higher personnel-related and professional service fees. As of September 30, 2025, the company held $372.4 million in cash, cash equivalents, and short-term investments, expected to fund operations through 2027. Key business developments included positive top-line results from the Phase 2 VIBRANT trial of verekitug in CRSwNP, ongoing enrollment in the VENTURE Phase 2 trial in COPD, and plans to report top-line results from the VALIANT Phase 2 trial in severe asthma in the first quarter of 2026.