Upstream Bio, Inc.
UPB Nasdaq Pharmaceutical Preparations Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$2.9M
20.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−5,618.8%
2,337.6 pts
Net income
Profit after all expenses, interest and tax.
−$143M
Free cash flow
Cash from operations minus capital spending.
−$133M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.89 EPS (TTM)
What Upstream Bio, Inc. does
No business description yet.
- Legal name
- Upstream Bio, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 26, 2026
- Accession · CIK
- 0001193125-26-126188
0002022626
Revenue and margins
Upstream Bio, Inc. had $2.9M of revenue in fiscal 2025, up 20.4% on the year before.
FY23
Revenue $2.4M
FY24
Revenue $2.4M
FY25
Revenue $2.9M
Q3 '23
Revenue $0.6M
Q4 '23
Revenue $0.5M
Q1 '24
Revenue $0.6M
Q2 '24
Revenue $0.5M
Q3 '24
Revenue $0.6M
Q4 '24
Revenue $0.6M
Q1 '25
Revenue $0.6M
Q2 '25
Revenue $0.9M
Q3 '25
Revenue $0.7M
Q4 '25
Revenue $0.7M
Q1 '26
Revenue $1.0M
Q2 '26
Revenue $0.8M
FY23
Gross —
Operating −1,685.5%
Net −862.9%
FCF −1,599.6%
FY24
Gross —
Operating −3,281.2%
Net −2,650.0%
FCF −2,518.3%
FY25
Gross —
Operating −5,618.8%
Net −5,026.0%
FCF −4,675.5%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating −1,511.4%
Net −499.5%
FCF —
Q4 '23
Gross —
Operating −3,184.4%
Net −2,629.6%
FCF −3,580.0%
Q1 '24
Gross —
Operating −2,345.8%
Net −1,702.2%
FCF —
Q2 '24
Gross —
Operating −3,439.2%
Net −2,878.0%
FCF —
Q3 '24
Gross —
Operating −3,112.5%
Net −2,634.6%
FCF —
Q4 '24
Gross —
Operating −4,293.3%
Net −3,465.3%
FCF −3,229.5%
Q1 '25
Gross —
Operating −5,656.0%
Net −4,818.0%
FCF —
Q2 '25
Gross —
Operating −4,732.9%
Net −4,265.3%
FCF —
Q3 '25
Gross —
Operating −5,539.4%
Net −4,941.1%
FCF −3,265.6%
Q4 '25
Gross —
Operating −6,911.2%
Net −6,356.1%
FCF −4,593.6%
Q1 '26
Gross —
Operating −4,218.1%
Net −3,925.6%
FCF —
Q2 '26
Gross —
Operating −5,481.0%
Net −5,136.1%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$20.5M
FY24
Net income −$62.8M
FY25
Net income −$143M
Q3 '23
Net income −$3.1M
Q4 '23
Net income −$11.8M
Q1 '24
Net income −$10.9M
Q2 '24
Net income −$14.7M
Q3 '24
Net income −$16.0M
Q4 '24
Net income −$21.2M
Q1 '25
Net income −$27.3M
Q2 '25
Net income −$40.0M
Q3 '25
Net income −$33.7M
Q4 '25
Net income −$42.5M
Q1 '26
Net income −$40.6M
Q2 '26
Net income −$39.7M
FY23
Diluted EPS −$12.95
FY24
Diluted EPS −$5.58
FY25
Diluted EPS −$2.66
Q3 '23
Diluted EPS −$2.11
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS −$4.68
Q2 '24
Diluted EPS −$6.50
Q3 '24
Diluted EPS −$6.96
Q4 '24
Diluted EPS $12.56
Q1 '25
Diluted EPS −$0.51
Q2 '25
Diluted EPS −$0.74
Q3 '25
Diluted EPS −$0.63
Q4 '25
Diluted EPS −$0.78
Q1 '26
Diluted EPS −$0.75
Q2 '26
Diluted EPS −$0.73
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets −17.5%
FY24
Return on capital —
Return on equity −36.2%
Return on assets −21.0%
FY25
Return on capital —
Return on equity −35.4%
Return on assets −34.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$133M in fiscal 2025, −4,675.5% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$38.1M
FY24
Free cash flow −$59.7M
FY25
Free cash flow −$133M
Q3 '23
Free cash flow —
Q4 '23
Free cash flow −$16.1M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow —
Q4 '24
Free cash flow −$19.8M
Q1 '25
Free cash flow —
Q2 '25
Free cash flow —
Q3 '25
Free cash flow −$22.3M
Q4 '25
Free cash flow −$30.7M
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY23
Cash from operations −$37.9M
Capital spending $0.1M
FY24
Cash from operations −$59.2M
Capital spending $0.5M
FY25
Cash from operations −$133M
Capital spending $0.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations —
Capital spending —
Q4 '23
Cash from operations −$16.1M
Capital spending $0.0M
Q1 '24
Cash from operations −$17.6M
Capital spending —
Q2 '24
Cash from operations −$8.0M
Capital spending —
Q3 '24
Cash from operations −$14.0M
Capital spending —
Q4 '24
Cash from operations −$19.6M
Capital spending $0.2M
Q1 '25
Cash from operations −$41.2M
Capital spending —
Q2 '25
Cash from operations −$39.2M
Capital spending —
Q3 '25
Cash from operations −$22.2M
Capital spending $0.1M
Q4 '25
Cash from operations −$30.6M
Capital spending $0.1M
Q1 '26
Cash from operations −$47.9M
Capital spending —
Q2 '26
Cash from operations −$35.6M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Upstream Bio, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 293.6%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Upstream Bio, Inc. can carry it.
FY23
Cash $110M
Debt —
FY24
Cash $470M
Debt —
FY25
Cash $342M
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $110M | $470M | $342M |
| Current ratio | 18.0x | 44.6x | 26.2x |
| Quick ratio | 18.0x | 44.6x | 26.2x |
| Total assets | $117M | $482M | $354M |
| Total liabilities | $9.4M | $11.9M | $14.0M |
| Shareholders' equity | −$123M | $470M | $340M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 3 | 3 / 7 | 2 / 7 |
| Accruals ratio | 14.8% | −1.2% | −2.4% |
| Altman Z'' | −13.45 | 45.58 | 25.63 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $2.4M | $2.4M | $2.9M |
| Research and development | $31.8M | $63.0M | $137M |
| Operating income | −$40.1M | −$77.8M | −$160M |
| Income tax | $0.0M | $0.0M | $0.0M |
| Net income | −$20.5M | −$62.8M | −$143M |
| Net income to common | −$38.3M | −$76.4M | −$143M |
| Diluted EPS | −$12.95 | −$5.58 | −$2.66 |
| Diluted shares | 0.00B | 0.01B | 0.05B |
| Cash flow | |||
| Cash from operations | −$37.9M | −$59.2M | −$133M |
| Capital expenditure | $0.1M | $0.5M | $0.2M |
| Free cash flow | −$38.1M | −$59.7M | −$133M |
| Depreciation and amortization | $0.1M | $0.1M | $0.2M |
| Stock-based compensation | $3.3M | $6.0M | $10.3M |
| Balance sheet | |||
| Cash and short-term investments | $110M | $470M | $342M |
| Current assets | $117M | $479M | $352M |
| Current liabilities | $6.5M | $10.7M | $13.5M |
| Property and equipment, net | $0.2M | $0.6M | $0.6M |
| Goodwill | — | $0.0M | — |
| Total assets | $117M | $482M | $354M |
| Total liabilities | $9.4M | $11.9M | $14.0M |
| Shareholders' equity | −$123M | $470M | $340M |
| Margins | |||
| Operating margin | −1,685.5% | −3,281.2% | −5,618.8% |
| EBITDA margin | −1,682.9% | −3,277.4% | −5,612.2% |
| Net margin | −862.9% | −2,650.0% | −5,026.0% |
| FCF margin | −1,599.6% | −2,518.3% | −4,675.5% |
| Returns | |||
| Return on capital employed | −36.2% | −16.5% | −47.1% |
| Return on equity | — | −36.2% | −35.4% |
| Return on assets | −17.5% | −21.0% | −34.3% |
| Return on tangible equity | — | −16.3% | −42.2% |
| Growth | |||
| Revenue growth | — | −0.4% | 20.4% |
| Share count change | — | 363.2% | 293.6% |
| Financial health | |||
| Current ratio | 18.0x | 44.6x | 26.2x |
| Quick ratio | 18.0x | 44.6x | 26.2x |
| Capital allocation | |||
| Capex / revenue | 6.1% | 21.6% | 5.8% |
| Stock comp / revenue | 139.7% | 253.3% | 362.0% |
| Quality scores | |||
| Piotroski F-score | — | 3.0 | 2.0 |
| Altman Z'' | −13.4 | 45.6 | 25.6 |
| Accruals ratio | 14.8% | −1.2% | −2.4% |
Source: SEC EDGAR XBRL filings (CIK 0002022626). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.