UpStream Bio Inc. Financials
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).
A development-stage model is spending faster than it converts research into revenue, with financing carrying the balance sheet.
Revenue was broadly unchanged across FY2023-FY2025 while R&D more than quadrupled from$31.8M to$136.8M . Operating cash use reached$133.3M in FY2025, showing development spending—not sales expansion—drives the economics.
Cash conversion is unusually direct for a loss-making developer: FY2025 net loss of
FY2024's financing inflow coincided with the shift from negative to positive equity, indicating the balance-sheet reset came from financing rather than operations. By FY2025, financing inflow was only
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 14.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($371.9M) 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 $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.
Cash & Balance Sheet
UpStream Bio Inc. recorded an outflow of $133.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 123.6% from the prior year.
UpStream Bio Inc. held $101.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: 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 $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.
Not reported for fiscal year 2025.
UPB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $773K-25.2% | $1.0M+54.8% | $668K-2.2% | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K |
| R&D Expenses | $36.1M-1.3% | $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 |
| SG&A Expenses | $7.1M-12.8% | $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 |
| Operating Income | -$42.4M+2.9% | -$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 |
| Income Tax | N/A | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Net Income | -$39.7M+2.2% | -$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 |
| EPS (Diluted) | -$0.73+2.7% | -$0.75+3.8% | -$0.78-23.8% | -$0.63+14.9% | -$0.74-45.1% | -$0.51-104.1% | $12.57+280.6% | -$6.96 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $281.2M-11.6% | $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 |
| Current Assets | $279.6M-11.6% | $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 |
| Cash & Equivalents | $79.4M-17.9% | $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 |
| Accounts Receivable | $772K-25.3% | $1.0M+54.8% | $668K-2.2% | $683K-27.1% | $937K+65.5% | $566K-7.7% | $613K+1.0% | $607K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Total Liabilities | $10.2M-27.3% | $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 |
| Current Liabilities | $10.0M-26.9% | $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 |
| Total Equity | $271.0M-10.9% | $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 |
| Retained Earnings | -$414.5M-10.6% | -$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 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$35.6M+25.6% | -$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 |
| Capital Expenditures | N/A | N/A | $54K-15.6% | $64K | N/A | N/A | $185K | N/A |
| Free Cash Flow | N/A | N/A | -$30.7M-37.6% | -$22.3M | N/A | N/A | -$19.8M | N/A |
| Investing Cash Flow | $15.8M-62.8% | $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 |
| Financing Cash Flow | $2.5M+323.6% | $598K-45.8% | $1.1M+45.1% | $760K+24.2% | $612K+1900.0% | -$34K-100.0% | $270.6M+16592.9% | -$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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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%-1.3pp | -13.4%-0.9pp | -12.5%-3.6pp | -8.9%+0.9pp | -9.8%-3.7pp | -6.1%-1.6pp | -4.5% | N/A |
| Return on Assets | -14.1%-1.4pp | -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% |
| Current Ratio | 27.99+4.9x | 23.14-3.0x | 26.15-6.5x | 32.67-5.6x | 38.27-9.2x | 47.43+2.8x | 44.63+23.7x | 20.90 |
| Debt-to-Equity | 0.040.0x | 0.050.0x | 0.040.0x | 0.030.0x | 0.030.0x | 0.020.0x | 0.03 | N/A |
| 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
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.
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 14.27, 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 55 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.