Upstream Bio, Inc. (UPB) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Upstream Bio reported revenue of $2.9M, up 20.4% from $2.4M the year before. Net income was -$143.4M (a -5026.0% net margin), or -$2.66 per diluted share. Operating margin was -5618.8%. Operating activities generated -$133.3M of cash, leaving -$133.4M of free cash flow. At fiscal year end, Upstream Bio held $353.8M in total assets against $14.0M in total liabilities, including $101.6M of cash and equivalents.
Open the full interactive Upstream Bio financials → Quarterly statements, key ratios, valuation history and price charts.
Upstream Bio Key Stats
| Share Price | $3.55 |
|---|---|
| Market Cap | $193.7M |
| Revenue YoY Growth | +20.4% |
| 52-Week Range | $3.55 – $32.60 |
| Shares Outstanding | 54.6 million (basic, 2026 Q2) |
Upstream Bio Income Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Revenue | $2.4M | $2.9M |
| Operating Income | -$77.8M | -$160.4M |
| Pre-Tax Income | -$62.8M | -$143.4M |
| Income Tax | $0 | $0 |
| Net Income | -$62.8M | -$143.4M |
| Diluted EPS | -$5.58 | -$2.66 |
Upstream Bio Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $683,000 | $668,000 | $1.0M | $773,000 |
| Net Income | -$33.7M | -$42.5M | -$40.6M | -$39.7M |
| Diluted EPS | -$0.63 | -$0.79 | -$0.75 | -$0.73 |
Upstream Bio Balance Sheet
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash & Equivalents | $325.9M | $101.6M |
| Current Assets | $479.2M | $351.8M |
| Total Assets | $481.7M | $353.8M |
| Current Liabilities | $10.7M | $13.5M |
| Total Long-Term Debt | $200,000 | $200,000 |
| Total Liabilities | $11.9M | $14.0M |
| Shareholders' Equity | $469.9M | $339.8M |
Upstream Bio Cash Flow Statement
| FY 2024 | FY 2025 | |
|---|---|---|
| Cash From Operations | -$59.2M | -$133.3M |
| Cash From Investing | -$59.5M | -$93.5M |
| Cash From Financing | $418.9M | $2.4M |
| Free Cash Flow | -$59.7M | -$133.4M |
Figures from Upstream Bio's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Upstream Bio financials page for every line item.
Upstream Bio Company Profile
| Ticker | UPB |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Waltham, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0002022626 |
Frequently Asked Questions
What was Upstream Bio's revenue in fiscal 2025?
Upstream Bio (UPB) reported revenue of $2.9M for fiscal 2025.
What was Upstream Bio's net income in fiscal 2025?
Upstream Bio reported net income of -$143.4M for fiscal 2025.
What was Upstream Bio's earnings per share (EPS) in fiscal 2025?
Upstream Bio's diluted EPS was -$2.66 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Upstream Bio generate in fiscal 2025?
Upstream Bio generated -$133.4M of free cash flow in fiscal 2025.
What was Upstream Bio's revenue last quarter?
In its most recent reported quarter (2026 Q2), Upstream Bio reported revenue of $773,000.
How much debt does Upstream Bio have?
Upstream Bio reported $200,000 of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Upstream Bio are outstanding?
Upstream Bio reported a weighted average of 54.6 million basic shares outstanding in 2026 Q2.
What is Upstream Bio's market cap?
Based on its latest closing price, Upstream Bio (UPB) has a market capitalization of about $193.7M.
When does Upstream Bio's fiscal year end?
Upstream Bio's fiscal year end, as registered with the SEC, is December 31.
Where is Upstream Bio headquartered?
Upstream Bio lists its business address in Waltham, Massachusetts in its SEC filings.