NASDAQ : UPB
Upstream Bio, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 3.27 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 179.10M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Upstream Bio, Inc. (UPB) reported revenue of 3.16M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 3.16M | 2.85M | 2.37M | 2.38M | 1.21M |
| Gross Profit | 3.16M | 2.85M | 2.37M | 2.38M | 1.21M |
| Selling, General & Admin | 27.34M | 26.41M | 17.17M | 10.70M | 6.46M |
| Research & Development | 145.80M | 136.81M | 62.97M | 31.80M | 18.66M |
| Operating Expenses | 173.14M | 163.22M | 80.13M | 42.49M | 25.12M |
| Operating Income | -169.98M | -160.36M | -77.76M | -40.11M | -23.91M |
| Interest & Investment Income | 13.47M | 16.93M | 12.12M | 4.17M | 205.00K |
| Other Non Operating Income (Expenses) | 12.00K | -15.00K | 2.83M | 15.41M | -164.00K |
| Pretax Income | -156.50M | -143.44M | -62.81M | -20.54M | -23.87M |
| Net Income | -156.50M | -143.44M | -62.81M | -20.54M | -23.87M |
| Preferred Dividends & Other Adjustments | 13.59M | 17.72M | |||
| Net Income to Common | -156.50M | -143.44M | -76.39M | -38.26M | -23.87M |
| Shares Outstanding (Basic) | 54.23M | 53.85M | 13.68M | 2.95M | 2.80M |
| Shares Outstanding (Diluted) | 54.23M | 53.85M | 13.68M | 2.95M | 2.80M |
| EPS (Basic) | -2.89 | -2.66 | -5.58 | -12.95 | -8.52 |
| EPS (Diluted) | -2.89 | -2.66 | -5.58 | -12.95 | -8.52 |
| Free Cash Flow | -136.46M | -133.44M | -59.68M | -38.07M | -19.10M |
| Free Cash Flow Per Share | -2.52 | -2.48 | -4.36 | -12.89 | -6.82 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | -5,382.65% | -5,618.82% | -3,281.18% | -1,685.46% | -1,972.69% |
| Profit Margin | -4,955.67% | -5,026.03% | -3,223.42% | -1,607.35% | -1,969.31% |
| Free Cash Flow Margin | -4,321.15% | -4,675.54% | -2,518.27% | -1,599.58% | -1,576.15% |
| EBITDA | -169.78M | -160.17M | -77.67M | -40.05M | -23.90M |
| D&A For EBITDA | 202.00K | 188.00K | 89.00K | 60.00K | 7.00K |
| EBIT | -169.98M | -160.36M | -77.76M | -40.11M | -23.91M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 79.40M | 101.58M | 325.89M | 25.83M | 17.05M |
| Short-Term Investments | 181.91M | 239.93M | 144.56M | 83.98M | |
| Cash & Short-Term Investments | 261.31M | 341.51M | 470.45M | 109.81M | 17.05M |
| Accounts Receivable | 772.00K | 668.00K | 613.00K | 98.00K | 412.00K |
| Other Receivables | 1.38M | 1.65M | 567.00K | 138.00K | |
| Receivables | 2.15M | 2.32M | 1.18M | 236.00K | 412.00K |
| Prepaid Expenses | 300.00K | 881.00K | 852.00K | 21.00K | 90.00K |
| Other Current Assets | 15.85M | 7.09M | 6.68M | 6.93M | 754.00K |
| Total Current Assets | 279.60M | 351.80M | 479.16M | 117.00M | 18.31M |
| Property, Plant & Equipment | 1.38M | 1.78M | 2.37M | 202.00K | 164.00K |
| Other Long-Term Assets | 194.00K | 194.00K | 194.00K | 7.00K | |
| Total Assets | 281.17M | 353.77M | 481.72M | 117.20M | 18.48M |
| Accounts Payable | 2.31M | 2.73M | 4.04M | 1.99M | 712.00K |
| Accrued Expenses | 6.95M | 10.01M | 5.99M | 4.48M | 4.06M |
| Current Portion of Leases | 728.00K | 720.00K | 704.00K | 45.00K | 87.00K |
| Total Current Liabilities | 9.99M | 13.45M | 10.74M | 6.51M | 4.86M |
| Long-Term Leases | 226.00K | 549.00K | 1.13M | 7.00K | |
| Other Long-Term Liabilities | 2.87M | 6.95M | |||
| Total Liabilities | 10.21M | 14.00M | 11.87M | 9.39M | 11.81M |
| Common Stock | 54.00K | 54.00K | 53.00K | 3.00K | 3.00K |
| Additional Paid-In Capital | 685.54M | 673.41M | 660.60M | 4.82M | 1.28M |
| Retained Earnings | -414.52M | -334.22M | -190.78M | -127.97M | -107.44M |
| Comprehensive Income & Other | -123.00K | 530.00K | -25.00K | 21.00K | |
| Total Common Equity | 270.96M | 339.77M | 469.85M | -123.13M | -106.16M |
| Shareholders' Equity | 270.96M | 339.77M | 469.85M | 107.81M | 6.67M |
| Total Liabilities & Equity | 281.17M | 353.77M | 481.72M | 117.20M | 18.48M |
| Total Debt | 954.00K | 1.27M | 1.83M | 45.00K | 94.00K |
| Net Cash (Debt) | 260.35M | 340.24M | 468.62M | 109.77M | 16.96M |
| Net Cash Per Share | 4.80 | 6.32 | 34.25 | 37.16 | 6.06 |
| Filing Date Shares Outstanding | 54.77M | 54.42M | 53.64M | 2.85M | 2.80M |
| Total Common Shares Outstanding | 54.77M | 54.24M | 53.60M | 2.85M | 2.80M |
| Working Capital | 269.61M | 338.35M | 468.42M | 110.48M | 13.45M |
| Book Value Per Share | 4.95 | 6.26 | 8.77 | -43.16 | -37.91 |
| Tangible Book Value | 270.96M | 339.77M | 469.85M | -123.13M | -106.16M |
| Tangible Book Value Per Share | 4.95 | 6.26 | 8.77 | -43.16 | -37.91 |
| Machinery | 816.00K | 816.00K | 667.00K | 199.00K | 22.00K |
| Construction In Progress | 42.00K | ||||
| Leasehold Improvements | 87.00K | 87.00K | 71.00K | 27.00K | 18.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -156.50M | -143.44M | -62.81M | -20.54M | -23.87M |
| Depreciation & Amortization | 202.00K | 188.00K | 89.00K | 60.00K | 7.00K |
| Loss (Gain) From Sale of Investments | 425.00K | -1.50M | -1.66M | -1.26M | |
| Stock-Based Compensation | 14.10M | 10.33M | 6.00M | 3.43M | 1.28M |
| Other Operating Activities | 596.00K | 561.00K | -2.68M | -15.31M | 149.00K |
| Change in Accounts Receivable | 165.00K | -55.00K | -515.00K | 314.00K | -412.00K |
| Change in Accounts Payable | -237.00K | -1.28M | 2.02M | 1.28M | 462.00K |
| Change in Other Net Operating Assets | 4.90M | 1.93M | 371.00K | -5.90M | 3.36M |
| Operating Cash Flow | -136.34M | -133.28M | -59.17M | -37.93M | -19.02M |
| Capital Expenditures | -118.00K | -165.00K | -511.00K | -144.00K | -82.00K |
| Investment in Securities | 165.41M | -93.31M | -58.97M | -82.70M | |
| Investing Cash Flow | 165.29M | -93.48M | -59.48M | -82.84M | -82.00K |
| Issuance of Common Stock | 4.99M | 2.48M | 272.88M | 118.00K | |
| Other Financing Activities | -34.00K | -3.97M | -37.00K | ||
| Financing Cash Flow | 4.99M | 2.44M | 418.91M | 129.55M | 9.96M |
| Net Cash Flow | 33.94M | -224.31M | 300.25M | 8.78M | -9.14M |
| Free Cash Flow | -136.46M | -133.44M | -59.68M | -38.07M | -19.10M |
| Free Cash Flow Margin | -4,321.15% | -4,675.54% | -2,518.27% | -1,599.58% | -1,576.15% |
| Free Cash Flow Per Share | -2.52 | -2.48 | -4.36 | -12.89 | -6.82 |
| Levered Free Cash Flow | -86.62M | -88.75M | -40.98M | -25.96M | |
| Unlevered Free Cash Flow | -86.62M | -88.75M | -40.98M | -25.96M | |
| Change in Working Capital | 4.83M | 589.00K | 1.87M | -4.30M | 3.41M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 186.77M | 1.47B | 881.13M | ||
| Enterprise Value | -73.58M | 1.10B | 1.04B | ||
| Last Close Price | 3.41 | 27.15 | 16.44 | ||
| PS Ratio | 59.14 | 514.07 | 371.78 | ||
| PB Ratio | 0.69 | 4.32 | 1.88 | ||
| P/TBV Ratio | 0.69 | 4.32 | 1.88 | ||
| EV/Sales Ratio | 384.07 | 440.20 | |||
| Debt / Equity Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Net Debt / Equity Ratio | -0.96 | -1.00 | -1.00 | -1.02 | -2.54 |
| Net Debt / EBITDA Ratio | 1.53 | 2.12 | 6.03 | 2.74 | 0.71 |
| Net Debt / FCF Ratio | 1.91 | 2.55 | 7.85 | 2.88 | 0.89 |
| Asset Turnover | 0.01 | 0.01 | 0.01 | 0.04 | |
| Quick Ratio | 26.38 | 25.56 | 43.93 | 16.89 | 3.60 |
| Current Ratio | 27.99 | 26.15 | 44.63 | 17.96 | 3.77 |
| Return on Equity (ROE) | -46.05% | -35.43% | -21.75% | -35.88% | |
| Return on Assets (ROA) | -30.28% | -23.99% | -16.23% | -36.96% | |
| Return on Capital Employed (ROCE) | -62.70% | -47.10% | -16.50% | -36.20% | -175.50% |
| Earnings Yield | -84.63% | -9.78% | -7.13% | ||
| FCF Yield | -73.06% | -9.10% | -6.77% | ||
| Buyback Yield / Dilution | -38.95% | -293.59% | -363.22% | -5.49% |