Upstream Bio, Inc. (UPB) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UPB SEC filings page.
Upstream Bio, Inc. (UPB) reported $2.9M in revenue for fiscal year 2025, up 20.4% from the prior fiscal year. This page shows its 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 is a development-stage business where escalating research spending drives losses, cash use, and dependence on external financing.
Revenue remained around$2M through FY2025 while research spending reached$136.8M , indicating investment is scaling far faster than reported commercial activity. By FY2025, operating cash flow of-$133.3M closely matched the net loss of$143.4M , so the losses largely represented cash-consuming development rather than noncash accounting charges.
The balance sheet is equity-funded rather than debt-heavy: FY2025 liabilities were
The reported cash-and-investment comparison was 30.7 months of FY2025 operating outflow, but financing cash flow fell to
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. held $341.5M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $133.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Upstream Bio, Inc. scores 57/100 among other emerging companies.
Upstream Bio, Inc. had 54M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Upstream Bio, Inc. scores 4/100 among other emerging companies.
Upstream Bio, Inc. spent $136.8M on research and development in fiscal year 2025, which was 83.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Upstream Bio, Inc. scores 99/100 among other emerging companies.
Upstream Bio, Inc. reported revenue of $2.9M in fiscal year 2025, against $2.4M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Upstream Bio, Inc. scores 55/100 among other emerging companies.
Upstream Bio, Inc.'s operations used $133.3M of cash in fiscal year 2025, against $59.2M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Upstream Bio, Inc. scores 9/100 among other emerging companies.
Upstream Bio, Inc.'s cash, cash equivalents and investments came to $341.5M at the end of fiscal year 2025, against $14.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Upstream Bio, Inc. scores 100/100 among other emerging companies.
Upstream Bio, Inc. scores 8.12, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($228.4M) 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.
Upstream Bio, Inc. reported a net loss of $143.4M while operations used $133.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Upstream Bio, Inc. generated $773K in revenue in Q2 2026. This represents a decrease of 17.5% from the same quarter a year earlier. Against the prior quarter it is down 25.2%.
Upstream Bio, Inc.'s EBITDA was -$42.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.5% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.
Upstream Bio, Inc. reported -$39.7M in net income in Q2 2026. This represents an increase of 0.7% from the same quarter a year earlier. Against the prior quarter it is up 2.2%.
Upstream Bio, Inc. earned -$0.73 per diluted share (EPS) in Q2 2026. This represents an increase of 1.4% from the same quarter a year earlier. Against the prior quarter it is up 2.7%.
Cash & Balance Sheet
Upstream Bio, Inc. held $79.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Upstream Bio, Inc.'s ROE was -14.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Upstream Bio, Inc. invested $36.1M in research and development in Q2 2026. This represents a decrease of 4.7% from the same quarter a year earlier. Against the prior quarter it is down 1.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
UPB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $773K-17.5% | $1.0M+82.7% | $668K+9.0% | $683K+12.5% | $937K+83.7% | $566K-11.6% | $613K | $607K-2.3% |
| R&D Expenses | $36.1M-4.7% | $36.6M+41.7% | $40.2M+84.5% | $33.0M+113.7% | $37.9M+169.1% | $25.8M+120.7% | $21.8M | $15.4M+98.2% |
| SG&A Expenses | $7.1M-4.9% | $8.1M+19.2% | $6.7M+29.2% | $5.5M+36.3% | $7.4M+86.4% | $6.8M+71.2% | $5.2M | $4.1M+83.3% |
| Operating Income | -$42.4M+4.5% | -$43.6M-36.2% | -$46.2M-75.4% | -$37.8M-100.3% | -$44.3M-152.8% | -$32.0M-113.2% | -$26.3M | -$18.9M-101.3% |
| EBITDA | -$42.3M+4.5% | -$43.6M-36.3% | -$46.1M-75.5% | -$37.8M-100.2% | -$44.3M-152.8% | -$32.0M-113.1% | -$26.3M | -$18.9M |
| Income Tax | N/A | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$39.7M+0.7% | -$40.6M-48.8% | -$42.5M-99.9% | -$33.7M-111.0% | -$40.0M-172.3% | -$27.3M-150.3% | -$21.2M | -$16.0M-415.5% |
| EPS (Basic) | -$0.73+1.4% | -$0.75-47.1% | -$0.78-106.2% | -$0.63+90.9% | -$0.74+88.6% | -$0.51+89.1% | $12.57+348.9% | -$6.96-229.9% |
| EPS (Diluted) | -$0.73+1.4% | -$0.75-47.1% | -$0.78-106.2% | -$0.63 | -$0.74 | -$0.51 | $12.57 | -$6.96 |
| Diluted Shares (Avg) | 55M+1.5% | 54M+1.3% | N/A | 54M | 54M | 54M | N/A | 3M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
UPB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $281.2M-33.1% | $318.1M-30.3% | $353.8M-26.6% | $391.2M+68.1% | $420.5M | $456.2M | $481.7M+311.0% | $232.7M |
| Current Assets | $279.6M-33.2% | $316.3M-30.3% | $351.8M-26.6% | $389.0M+71.2% | $418.3M | $453.8M | $479.2M+309.6% | $227.3M |
| Cash & Equivalents | $79.4M+74.7% | $96.7M+35.6% | $101.6M-68.8% | $72.2M+119.0% | $45.5M-4.0% | $71.3M+126.3% | $325.9M+1161.5% | $32.9M-30.4% |
| Short-Term Investments | $181.9M-47.7% | $197.9M-45.1% | $239.9M+66.0% | $300.3M+60.0% | $348.1M | $360.1M | $144.6M+72.1% | $187.7M |
| Accounts Receivable | $772K-17.6% | $1.0M+82.7% | $668K+9.0% | $683K+12.5% | $937K | $566K | $613K+525.5% | $607K |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Total Liabilities | $10.2M-13.3% | $14.1M+33.1% | $14.0M+18.0% | $12.6M-96.8% | $11.8M | $10.6M | $11.9M-95.1% | $393.0M |
| Current Liabilities | $10.0M-8.6% | $13.7M+42.9% | $13.5M+25.3% | $11.9M+9.5% | $10.9M | $9.6M | $10.7M+64.8% | $10.9M |
| Non-Current Liabilities | $226K-73.4% | $390K-60.7% | $549K-51.4% | $703K-99.8% | $849K | $992K | $1.1M-99.5% | $382.1M |
| Total Equity | $271.0M-33.7% | $304.0M-31.8% | $339.8M-27.7% | $378.6M+336.2% | $408.7M+378.8% | $445.6M+434.0% | $469.9M+481.6% | -$160.3M-42.9% |
| Retained Earnings | -$414.5M-60.7% | -$374.8M-71.9% | -$334.2M-75.2% | -$291.8M-72.1% | -$258.0M | -$218.1M | -$190.8M-49.1% | -$169.5M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
UPB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$35.6M+9.2% | -$47.9M-16.2% | -$30.6M-56.2% | -$22.2M-59.3% | -$39.2M-388.3% | -$41.2M-134.4% | -$19.6M-21.7% | -$14.0M |
| Depreciation & Amortization | $50K+19.0% | $49K+14.0% | $57K+16.3% | $46K+228.6% | $42K+223.1% | $43K+230.8% | $49K+250.0% | $14K |
| Stock-Based Compensation | $4.4M+67.7% | $4.6M+76.4% | N/A | $2.6M+39.2% | $2.6M+83.9% | $2.6M+309.8% | N/A | $1.9M+172.8% |
| Capital Expenditures | N/A | N/A | $54K-70.8% | $64K | N/A | N/A | $185K | N/A |
| Free Cash Flow | N/A | N/A | -$30.7M-55.0% | -$22.3M | N/A | N/A | -$19.8M-22.9% | N/A |
| Investing Cash Flow | $15.8M+23.4% | $42.4M+119.9% | $58.9M+40.6% | $48.2M+3319.9% | $12.8M+110.9% | -$213.4M-1640.4% | $41.9M+899.5% | $1.4M |
| Financing Cash Flow | $2.5M+313.9% | $598K+1858.8% | $1.1M-99.6% | $760K+146.3% | $612K-99.6% | -$34K-100.4% | $270.6M+203594.7% | -$1.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
UPB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -5481.0% | -4218.1% | -6911.2% | -5539.4% | -4732.9% | -5656.0% | -4293.3% | -3112.5% |
| Net Margin | -5136.1% | -3925.6% | -6356.1% | -4941.1% | -4265.3% | -4818.0% | -3465.3% | -2634.6% |
| Return on Equity | -14.6%-4.9pp | -13.4%-7.2pp | -12.5%-8.0pp | -8.9% | -9.8% | -6.1% | -4.5% | N/A |
| Return on Assets | -14.1%-4.6pp | -12.8%-6.8pp | -12.0%-7.6pp | -8.6%-1.8pp | -9.5% | -6.0% | -4.4% | -6.9% |
| Current Ratio | 27.99-10.3x | 23.14-24.3x | 26.15-18.5x | 32.67+11.8x | 38.27 | 47.43 | 44.63+26.7x | 20.90 |
| Debt-to-Equity | 0.040.0x | 0.050.0x | 0.040.0x | 0.03 | 0.03 | 0.02 | 0.03 | N/A |
| Asset Turnover | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 | 0.00 | 0.00 | 0.00 |
| FCF Margin | N/A | N/A | -4593.6% | -3265.6% | N/A | N/A | -3229.5% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Upstream Bio, Inc. UPB | FY2025 | $2.9M | -$143.4M | N/A | $228.4M | 54/100 |
| Spyre Therapeutics, Inc. SYRE | FY2025 | $0 | -$155.2M | N/A | $8.0B | — |
| uniQure N.V. QURE | FY2025 | $16.1M | -$199.0M | N/A | $1.6B | 44/100 |
| Tourmaline Bio, Inc. TRML | FY2024 | N/A | -$73.2M | N/A | $1.2B | — |
| Rapport Therapeutics, Inc. RAPP | FY2025 | N/A | -$111.5M | N/A | $1.5B | — |
Where Upstream Bio, Inc. Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $133.3M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
Upstream Bio, Inc. (UPB) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $228.4M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Upstream Bio, Inc.'s price-to-sales ratio?
Upstream Bio, Inc. (UPB) trades at 72.3x sales, its market capitalization divided by revenue of $3.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $228.4M as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Upstream Bio, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Upstream Bio, Inc. (UPB) held $341.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $133.3M over that year. Dividing the one by the other, the reported balance equals about 31 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Upstream Bio, Inc.'s Altman Z-Score?
Upstream Bio, Inc. (UPB) has an Altman Z-Score of 8.12, 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) reported a net loss of $143.4M while operations used $133.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 54 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.