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Financials · UPB

Upstream Bio Inc. (UPB) financials

For the twelve months ended Jun 30, 2026, Upstream Bio Inc. reported $3.16M of revenue and -$156.50M of net income.

Revenue, TTM
$3.16M
Revenue growth, YoY
+16.0%
Net income, TTM
-$156.50M
Net margin
-4955.7%
EPS, diluted, TTM
-$2.89
Cash
$79.40M
P/S
56.02
Market cap
$176.9M
Annual revenue$2.85M
FY2023FY2025
Annual net income-$143.44M
FY2023FY2025
Annual free cash flow-$133.44M
FY2023FY2025

UPB revenue and earnings growth

UPB revenueQ2 2026$773.0K

Quarter YoY
-17.5%
QoQ
-25.2%
FY YoY
+20.4%

UPB revenue was $773.0K in fiscal Q2 2026 (ended Jun 30, 2026), down 17.5% from a year earlier and down 25.2% from the prior quarter. For the full fiscal 2025 it was $2.85M, up 20.4% from fiscal 2024.

UPB net incomeQ2 2026-$39.70M

UPB net income was -$39.70M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$39.97M a year earlier. For the full fiscal 2025 it was -$143.44M, compared with -$62.81M in fiscal 2024.

UPB EPSQ2 2026-$0.73

UPB diluted EPS was -$0.73 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.74 a year earlier. For the full fiscal 2025 it was -$2.66.

UPB free cash flowQ4 2025-$30.68M

UPB free cash flow was -$30.68M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$19.80M a year earlier. For the full fiscal 2025 it was -$133.44M, compared with -$59.68M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Revenue$2.85M$2.37M$2.38M
Research and development$136.81M$62.97M$31.80M
Selling, general and admin$26.41M$17.17M$10.70M
Operating income-$160.36M-$77.76M-$40.11M
Income tax$0$0$0
Net income-$143.44M-$62.81M-$20.54M
EPS, basic-$2.66-$5.58-$12.95
EPS, diluted-$2.66-$5.58-$12.95
Diluted shares53.9M13.7M3.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Cash and equivalents$101.58M$325.89M$25.83M
Short-term investments$239.93M$144.56M$83.98M
Receivables$668.0K$613.0K$98.0K
Current assets$351.80M$479.16M$117.00M
Goodwill-$0-
Total assets$353.77M$481.72M$117.20M
Current liabilities$13.45M$10.74M$6.51M
Total liabilities$14.00M$11.87M$9.39M
Shareholders' equity$339.77M$469.85M-$123.13M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Operating cash flow-$133.28M-$59.17M-$37.93M
Capital expenditures$165.0K$511.0K$144.0K
Free cash flow-$133.44M-$59.68M-$38.07M
Investing cash flow-$93.48M-$59.48M-$82.84M
Financing cash flow$2.44M$418.91M$129.55M
Stock-based compensation$10.33M$6.00M$3.33M
Depreciation and amortization$188.0K$89.0K$60.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Revenue growth, YoY20.4%-0.4%-
Operating margin-5618.8%-3281.2%-1685.5%
Net margin-5026.0%-2650.0%-862.9%
Free cash flow margin-4675.5%-2518.3%-1599.6%
Return on equity-42.2%-13.4%-
Return on assets-40.5%-13.0%-17.5%
Current ratio26.1544.6317.96

Source: XBRL data Upstream Bio Inc. files with the SEC, latest filing dated Aug 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

UPB peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
UPB$3.16M+16.0%-$156.50M-4955.7%$176.9M
LLY$86.46B+45.5%$27.58B31.9%$1.27T
JNJ$99.33B+7.8%$16.09B16.2%$664.95B
ABBV$66.01B+10.7%$10.34B15.7%$514.92B
MRK$67.38B+4.9%$2.45B3.6%$361.71B
NVS$54.53B+8.4%$13.98B25.6%$310.17B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
ABT$48.23B+10.0%$4.70B9.7%$190.39B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$178.51B

UPB FAQ

7 questions
  • What is UPB revenue?
    Upstream Bio Inc. (UPB) reported $3.16M of revenue for the twelve months ended Jun 30, 2026. That is up 16.0% from the year before. Revenue for fiscal 2025 was $2.85M.
  • Is UPB profitable?
    No. Upstream Bio Inc. reported a net loss of $156.50M for the twelve months ended Jun 30, 2026.
  • How much cash and debt does UPB have?
    Upstream Bio Inc. reported $79.40M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is UPB revenue growing?
    Upstream Bio Inc.'s revenue changed +20.4% in fiscal 2025, to $2.85M.
  • What is UPB earnings per share?
    Diluted earnings per share were -$2.89 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did UPB last report financial results?
    The latest statements here come from Upstream Bio Inc.'s 10-Q filed on Aug 11, 2026, covering the period ended Jun 30, 2026.
  • Where does this UPB financial data come from?
    Quantisnow builds these statements from the structured XBRL data Upstream Bio Inc. files with the SEC. It is provided for information only and is not investment advice.