UPB · Upstream Bio, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.03M | - | $683.0K | $510.0K | $640.0K | - | $607.0K | - |
| Cost of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - |
| R&D | $36.56M | - | $32.98M | $37.87M | $11.69M | - | $15.43M | - |
| SG&A | $8.08M | - | $5.54M | $7.42M | $3.96M | - | $4.07M | - |
| Total Operating Expenses | $44.65M | - | $38.52M | $18.05M | $15.65M | - | $19.50M | - |
| D&A | $49.0K | - | - | - | $13.0K | - | - | - |
| Operating Income | ($43.62M) | - | ($37.83M) | ($17.54M) | ($15.01M) | - | ($18.89M) | - |
| Interest Expense | - | - | - | - | - | - | - | - |
| Income Tax | $0 | - | - | - | $0 | - | - | - |
| Net Income | ($40.59M) | - | ($33.75M) | ($39.97M) | ($27.27M) | - | ($15.99M) | - |
| EPS - Basic | ($0.75) | - | ($0.63) | ($6.50) | ($4.68) | - | ($2.11) | - |
| EPS - Diluted | ($0.75) | - | ($0.63) | ($6.50) | ($4.68) | - | ($2.11) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $96.72M | $101.58M | $72.16M | $45.46M | $31.51M | $325.89M | $47.32M | $25.83M |
| Accounts Receivable | $1.03M | $668.0K | $683.0K | $937.0K | $566.0K | $613.0K | $98.0K | - |
| Inventory | - | - | - | - | - | - | - | - |
| Accounts Payable | $1.71M | $2.73M | $3.95M | $2.55M | $4.72M | $4.04M | $1.99M | - |
| Current Assets | $316.28M | $351.80M | $389.02M | $418.27M | $453.79M | $479.16M | $117.00M | - |
| Total Assets | $318.05M | $353.77M | $391.19M | $420.52M | $456.17M | $481.72M | $232.70M | - |
| Current Liabilities | $13.67M | $13.45M | $11.91M | $10.93M | $9.57M | $10.74M | $10.87M | - |
| Long-term Debt | - | - | - | - | - | - | - | - |
| Total Liabilities | $14.06M | $14.00M | $12.61M | $11.78M | $10.56M | $11.87M | $9.39M | - |
| Stockholders' Equity | $304.00M | $339.77M | $378.58M | $408.74M | $445.61M | $469.85M | ($109.87M) | - |
| Retained Earnings | ($374.81M) | ($334.22M) | ($291.76M) | ($258.02M) | ($218.05M) | ($190.78M) | ($169.54M) | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($47.85M) | - | - | - | ($17.56M) | - | - | - |
| Investing Cash Flow | $42.40M | - | - | - | $13.85M | - | - | - |
| Financing Cash Flow | $598.0K | - | - | - | $9.39M | - | - | - |
| CapEx | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||
| Gross margin | - | - | - | - | - | - | - | - |
| Operating margin | -4218.1% | - | -5539.4% | -3439.2% | -2345.8% | - | -3112.5% | - |
| EBITDA margin | -4213.3% | - | - | - | -2343.8% | - | - | - |
| Net margin | -3925.6% | - | -4941.1% | -7836.5% | -4260.9% | - | -2634.6% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - |
| R&D / Revenue | 3536.3% | - | 4828.0% | 7424.5% | 1826.7% | - | 2542.5% | - |
| SG&A / Revenue | 781.8% | - | 811.4% | 1454.7% | 619.1% | - | 670.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | - |
| Return on assets | -12.8% | - | -8.6% | -9.5% | -6.0% | - | -6.9% | - |
| Return on equity | -13.4% | - | -8.9% | -9.8% | -6.1% | - | 14.6% | - |
| Return on invested capital | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||
| Current ratio | 23.14 | 26.15 | 32.67 | 38.27 | 47.43 | 44.63 | 10.76 | - |
| Quick ratio | 23.14 | 26.15 | 32.67 | 38.27 | 47.43 | 44.63 | 10.76 | - |
| Cash ratio | 7.08 | 7.55 | 6.06 | 4.16 | 3.29 | 30.35 | 4.35 | - |
| Leverage | ||||||||
| Debt / Equity | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.05 | 1.04 | 1.03 | 1.03 | 1.02 | 1.03 | -2.12 | - |
| Liabilities / Assets | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.04 | - |
| Efficiency | ||||||||
| Asset turnover | 0.00 | - | 0.00 | 0.00 | 0.00 | - | 0.00 | - |
| Inventory turnover | - | - | - | - | - | - | - | - |
| Days sales outstanding | 365d | - | 365d | 671d | 323d | - | 59d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - |
| Valuation | ||||||||
| P / E | - | - | - | - | - | - | - | - |
| P / B | 1.6x | - | 2.7x | 0.1x | 0.0x | - | - | - |
| P / S | 472.9x | - | 1485.3x | 64.8x | 28.6x | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| Growth | ||||||||
| Revenue growth (YoY) | 61.6% | - | 12.5% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -190.5% | - | -100.3% | - | - | - | - | - |
| Net income growth (YoY) | -48.8% | - | -111.0% | - | - | - | - | - |
| EPS growth (YoY) | 84.0% | - | 70.1% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -31.8% | -27.7% | - | - | - | - | - | - |
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Upstream Bio against the 5 most active filers in the same SIC group.