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).
Upstream Bio remains a cash-funded R&D enterprise, where research spending rather than product sales determines the pace of operations.
FY2025 operating cash burn of$133.3M was close to the net loss of$143.4M , so the reported loss translated into real cash use rather than mainly accounting noise. With capex at only$165K and year-end cash down to$101.6M , the drain came from running the research program, not from building a fixed-asset base.
The company is still economically pre-commercial: FY2025 R&D reached
Balance-sheet pressure is more about cash depletion than debt, because cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of UpStream Bio Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
UpStream Bio Inc. scores 16.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($425.0M) relative to total liabilities ($14.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
UpStream Bio Inc. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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 1.2% 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M+54.8% | $668K-2.2% | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K+19.0% | $510K |
| 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 | $36.6M-9.0% | $40.2M+21.8% | $33.0M-12.9% | $37.9M+46.8% | $25.8M+18.5% | $21.8M+41.1% | $15.4M+9.7% | $14.1M |
| SG&A Expenses | $8.1M+21.3% | $6.7M+20.3% | $5.5M-25.3% | $7.4M+9.4% | $6.8M+31.5% | $5.2M+26.8% | $4.1M+2.2% | $4.0M |
| Operating Income | -$43.6M+5.5% | -$46.2M-22.0% | -$37.8M+14.7% | -$44.3M-38.5% | -$32.0M-21.6% | -$26.3M-39.3% | -$18.9M-7.7% | -$17.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | -$40.6M+4.4% | -$42.5M-25.8% | -$33.7M+15.6% | -$40.0M-46.6% | -$27.3M-28.4% | -$21.2M-32.8% | -$16.0M-9.0% | -$14.7M |
| EPS (Diluted) | $-0.75 | N/A | $-0.63+14.9% | $-0.74-45.1% | $-0.51 | N/A | $-6.96-7.1% | $-6.50 |
UPB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $318.1M-10.1% | $353.8M-9.6% | $391.2M-7.0% | $420.5M-7.8% | $456.2M-5.3% | $481.7M+107.0% | $232.7M | N/A |
| Current Assets | $316.3M-10.1% | $351.8M-9.6% | $389.0M-7.0% | $418.3M-7.8% | $453.8M-5.3% | $479.2M+110.8% | $227.3M | N/A |
| Cash & Equivalents | $96.7M-4.8% | $101.6M+40.8% | $72.2M+58.7% | $45.5M-36.3% | $71.3M-78.1% | $325.9M+889.1% | $32.9M-30.4% | $47.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.0M+54.8% | $668K-2.2% | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $14.1M+0.4% | $14.0M+11.0% | $12.6M+7.1% | $11.8M+11.5% | $10.6M-11.0% | $11.9M-97.0% | $393.0M | N/A |
| Current Liabilities | $13.7M+1.6% | $13.5M+13.0% | $11.9M+9.0% | $10.9M+14.2% | $9.6M-10.9% | $10.7M-1.3% | $10.9M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $304.0M-10.5% | $339.8M-10.3% | $378.6M-7.4% | $408.7M-8.3% | $445.6M-5.2% | $469.9M+393.1% | -$160.3M-9.3% | -$146.6M |
| Retained Earnings | -$374.8M-12.1% | -$334.2M-14.6% | -$291.8M-13.1% | -$258.0M-18.3% | -$218.1M-14.3% | -$190.8M-12.5% | -$169.5M | N/A |
UPB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$47.9M-56.2% | -$30.6M-37.7% | -$22.2M+43.3% | -$39.2M+4.7% | -$41.2M-109.9% | -$19.6M-40.5% | -$14.0M-73.7% | -$8.0M |
| Capital Expenditures | N/A | $54K-15.6% | $64K | N/A | N/A | $185K | N/A | N/A |
| Free Cash Flow | N/A | -$30.7M-37.6% | -$22.3M | N/A | N/A | -$19.8M | N/A | N/A |
| Investing Cash Flow | $42.4M-28.1% | $58.9M+22.3% | $48.2M+277.2% | $12.8M+106.0% | -$213.4M-609.2% | $41.9M+2874.3% | $1.4M+101.2% | -$116.7M |
| Financing Cash Flow | $598K-45.8% | $1.1M+45.1% | $760K+24.2% | $612K+1900.0% | -$34K-100.0% | $270.6M+16592.9% | -$1.6M-101.2% | $140.5M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -4218.1%+2693.1pp | -6911.2%-1371.8pp | -5539.4%-806.5pp | -4732.9%+923.1pp | -5656.0%-1362.7pp | -4293.3%-1180.8pp | -3112.5%+326.7pp | -3439.2% |
| Net Margin | -3925.6%+2430.5pp | -6356.1%-1415.0pp | -4941.1%-675.8pp | -4265.3%+552.7pp | -4818.0%-1352.8pp | -3465.3%-830.7pp | -2634.6%+243.4pp | -2878.0% |
| Return on Equity | -13.4%-0.9pp | -12.5%-3.6pp | -8.9%+0.9pp | -9.8%-3.7pp | -6.1%-1.6pp | -4.5% | N/A | N/A |
| Return on Assets | -12.8%-0.8pp | -12.0%-3.4pp | -8.6%+0.9pp | -9.5%-3.5pp | -6.0%-1.6pp | -4.4%+2.5pp | -6.9% | N/A |
| Current Ratio | 23.14-3.0 | 26.15-6.5 | 32.67-5.6 | 38.27-9.2 | 47.43+2.8 | 44.63+23.7 | 20.90 | N/A |
| Debt-to-Equity | 0.050.0 | 0.040.0 | 0.030.0 | 0.030.0 | 0.020.0 | 0.03+2.5 | -2.45 | N/A |
| FCF Margin | N/A | -4593.6%-1328.0pp | -3265.6% | N/A | N/A | -3229.5% | N/A | N/A |
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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 Altman Z-Score?
UpStream Bio Inc. (UPB) has an Altman Z-Score of 16.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is UpStream Bio Inc.'s Piotroski F-Score?
UpStream Bio Inc. (UPB) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.