UpStream Bio Inc. Financials
This page shows UpStream Bio Inc. (UPB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
UpStream Bio Inc. has an operating margin of -5618.8%, meaning the company retains $-5619 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -3281.2% the prior year.
UpStream Bio Inc.'s revenue surged 20.4% year-over-year to $2.9M, reflecting rapid business expansion. This strong growth earns a score of 67/100.
UpStream Bio Inc. carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 26.15, UpStream Bio Inc. holds $26.15 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While UpStream Bio Inc. generated -$133.3M in operating cash flow, capex of $165K consumed most of it, leaving -$133.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
UpStream Bio Inc. generates a -42.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -13.4% the prior year.
UpStream Bio Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, UpStream Bio Inc. generates $0.93 in operating cash flow (-$133.3M OCF vs -$143.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
UpStream Bio Inc. generated $2.9M in revenue in fiscal year 2025. This represents an increase of 20.4% from the prior year.
UpStream Bio Inc.'s EBITDA was -$160.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 106.2% from the prior year.
UpStream Bio Inc. reported -$143.4M in net income in fiscal year 2025. This represents a decrease of 128.4% from the prior year.
UpStream Bio Inc. earned $-2.66 per diluted share (EPS) in fiscal year 2025. This represents an increase of 52.3% from the prior year.
Cash & Balance Sheet
UpStream Bio Inc. generated -$133.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 123.6% from the prior year.
UpStream Bio Inc. held $101.6M in cash against $0 in long-term debt as of fiscal year 2025.
UpStream Bio Inc. had 54M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Margins & Returns
UpStream Bio Inc.'s operating margin was -5618.8% in fiscal year 2025, reflecting core business profitability. This is down 2337.6 percentage points from the prior year.
UpStream Bio Inc.'s net profit margin was -5026.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2376.0 percentage points from the prior year.
UpStream Bio Inc.'s ROE was -42.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.8 percentage points from the prior year.
Capital Allocation
UpStream Bio Inc. invested $136.8M in research and development in fiscal year 2025. This represents an increase of 117.3% from the prior year.
UpStream Bio Inc. invested $165K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.7% from the prior year.
UPB Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K+19.0% | $510K-20.3% | $640K | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $33.0M-12.9% | $37.9M+46.8% | $25.8M+18.5% | $21.8M+41.1% | $15.4M+9.7% | $14.1M+20.3% | $11.7M | N/A |
| SG&A Expenses | $5.5M-25.3% | $7.4M+9.4% | $6.8M+31.5% | $5.2M+26.8% | $4.1M+2.2% | $4.0M+0.5% | $4.0M | N/A |
| Operating Income | -$37.8M+14.7% | -$44.3M-38.5% | -$32.0M-21.6% | -$26.3M-39.3% | -$18.9M-7.7% | -$17.5M-16.8% | -$15.0M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | $0 | N/A | N/A | N/A | $0 | N/A |
| Net Income | -$33.7M+15.6% | -$40.0M-46.6% | -$27.3M-28.4% | -$21.2M-32.8% | -$16.0M-9.0% | -$14.7M-34.7% | -$10.9M | N/A |
| EPS (Diluted) | $-0.63+14.9% | $-0.74-45.1% | $-0.51 | N/A | $-6.96-7.1% | $-6.50-38.9% | $-4.68 | N/A |
UPB Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $391.2M-7.0% | $420.5M-7.8% | $456.2M-5.3% | $481.7M+107.0% | $232.7M | N/A | N/A | $117.2M |
| Current Assets | $389.0M-7.0% | $418.3M-7.8% | $453.8M-5.3% | $479.2M+110.8% | $227.3M | N/A | N/A | $117.0M |
| Cash & Equivalents | $72.2M+58.7% | $45.5M-36.3% | $71.3M-78.1% | $325.9M+889.1% | $32.9M-30.4% | $47.3M+50.2% | $31.5M+22.0% | $25.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K | N/A | N/A | $98K |
| Goodwill | N/A | N/A | N/A | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.6M+7.1% | $11.8M+11.5% | $10.6M-11.0% | $11.9M-97.0% | $393.0M | N/A | N/A | $240.3M |
| Current Liabilities | $11.9M+9.0% | $10.9M+14.2% | $9.6M-10.9% | $10.7M-1.3% | $10.9M | N/A | N/A | $6.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $378.6M-7.4% | $408.7M-8.3% | $445.6M-5.2% | $469.9M+393.1% | -$160.3M-9.3% | -$146.6M-9.9% | -$133.4M-8.3% | -$123.1M |
| Retained Earnings | -$291.8M-13.1% | -$258.0M-18.3% | -$218.1M-14.3% | -$190.8M-12.5% | -$169.5M | N/A | N/A | -$128.0M |
UPB Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.2M+43.3% | -$39.2M+4.7% | -$41.2M-109.9% | -$19.6M-40.5% | -$14.0M-73.7% | -$8.0M+54.2% | -$17.6M-9.0% | -$16.1M |
| Capital Expenditures | $64K | N/A | N/A | $185K | N/A | N/A | N/A | $0 |
| Free Cash Flow | -$22.3M | N/A | N/A | -$19.8M | N/A | N/A | N/A | -$16.1M |
| Investing Cash Flow | $48.2M+277.2% | $12.8M+106.0% | -$213.4M-609.2% | $41.9M+2874.3% | $1.4M+101.2% | -$116.7M-942.1% | $13.9M+364.3% | -$5.2M |
| Financing Cash Flow | $760K+24.2% | $612K+1900.0% | -$34K-100.0% | $270.6M+16592.9% | -$1.6M-101.2% | $140.5M+1396.9% | $9.4M+7157.9% | -$133K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
UPB Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -5539.4%-806.5pp | -4732.9%+923.1pp | -5656.0%-1362.7pp | -4293.3%-1180.8pp | -3112.5%+326.7pp | -3439.2%-1093.4pp | -2345.8% | N/A |
| Net Margin | -4941.1%-675.8pp | -4265.3%+552.7pp | -4818.0%-1352.8pp | -3465.3%-830.7pp | -2634.6%+243.4pp | -2878.0%-1175.9pp | -1702.2% | N/A |
| Return on Equity | -8.9%+0.9pp | -9.8%-3.7pp | -6.1%-1.6pp | -4.5% | N/A | N/A | N/A | N/A |
| Return on Assets | -8.6%+0.9pp | -9.5%-3.5pp | -6.0%-1.6pp | -4.4%+2.5pp | -6.9% | N/A | N/A | N/A |
| Current Ratio | 32.67-5.6 | 38.27-9.2 | 47.43+2.8 | 44.63+23.7 | 20.90 | N/A | N/A | 17.96 |
| Debt-to-Equity | 0.030.0 | 0.030.0 | 0.020.0 | 0.03+2.5 | -2.45 | N/A | N/A | -1.95 |
| FCF Margin | -3265.6% | N/A | N/A | -3229.5% | N/A | N/A | N/A | N/A |
Similar Companies
Frequently Asked Questions
What is UpStream Bio Inc.'s annual revenue?
UpStream Bio Inc. (UPB) reported $2.9M in total revenue for fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is UpStream Bio Inc.'s revenue growing?
UpStream Bio Inc. (UPB) revenue grew by 20.4% year-over-year, from $2.4M to $2.9M in fiscal year 2025.
Is UpStream Bio Inc. profitable?
No, UpStream Bio Inc. (UPB) reported a net income of -$143.4M in fiscal year 2025, with a net profit margin of -5026.0%.
What is UpStream Bio Inc.'s EBITDA?
UpStream Bio Inc. (UPB) had EBITDA of -$160.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is UpStream Bio Inc.'s operating margin?
UpStream Bio Inc. (UPB) had an operating margin of -5618.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is UpStream Bio Inc.'s net profit margin?
UpStream Bio Inc. (UPB) had a net profit margin of -5026.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is UpStream Bio Inc.'s return on equity (ROE)?
UpStream Bio Inc. (UPB) has a return on equity of -42.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is UpStream Bio Inc.'s free cash flow?
UpStream Bio Inc. (UPB) generated -$133.4M in free cash flow during fiscal year 2025. This represents a -123.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is UpStream Bio Inc.'s operating cash flow?
UpStream Bio Inc. (UPB) generated -$133.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are UpStream Bio Inc.'s total assets?
UpStream Bio Inc. (UPB) had $353.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are UpStream Bio Inc.'s capital expenditures?
UpStream Bio Inc. (UPB) invested $165K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does UpStream Bio Inc. spend on research and development?
UpStream Bio Inc. (UPB) invested $136.8M in research and development during fiscal year 2025.
What is UpStream Bio Inc.'s current ratio?
UpStream Bio Inc. (UPB) had a current ratio of 26.15 as of fiscal year 2025, which is generally considered healthy.
What is UpStream Bio Inc.'s debt-to-equity ratio?
UpStream Bio Inc. (UPB) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is UpStream Bio Inc.'s return on assets (ROA)?
UpStream Bio Inc. (UPB) had a return on assets of -40.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is UpStream Bio Inc.'s cash runway?
Based on fiscal year 2025 data, UpStream Bio Inc. (UPB) had $101.6M in cash against an annual operating cash burn of $133.3M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is UpStream Bio Inc.'s Piotroski F-Score?
UpStream Bio Inc. (UPB) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are UpStream Bio Inc.'s earnings high quality?
UpStream Bio Inc. (UPB) has an earnings quality ratio of 0.93x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is UpStream Bio Inc.?
UpStream Bio Inc. (UPB) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.