Upstream Bio, Inc. (UPB)
Upstream Bio, Inc. is a biotechnology company in the clinical development stage, dedicated to innovating therapies for inflammatory conditions, particularly those affecting the severe respiratory system. Its pipeline notably features verekitug, a monoclonal antibody designed to selectively target and suppress the thymic stromal lymphopoietin receptor. Beyond this, the company is actively developing treatments for severe asthma, chronic rhinosinusitis with nasal polyps, and chronic obstructive pulmonary disease. Established in 2021, Upstream Bio maintains its operational base in Waltham, Massachusetts.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Upstream Bio, Inc.
NASDAQ:UPBHealthcare · Biotechnology
-8.36%$2.74
AH Close$2.74+0.00%vs close
AH Close$2.74+0.00%vs close
Mkt Cap$150.07M
Float37.92M
O/S54.77M
Inst Own92.2%
SI11.9%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.85M
Net Income-$143.44M
Total Assets$353.77M
Free Cash Flow-$133.28M
Debt & Equity
Debt 0%
Equity 100%
Total Debt$1.27M
Total Equity$339.77M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in UPB's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$353.77M
Liabilities$14M
Accounts Receivable$668K
Accounts Payable$2.73M
Inventory$0
PP&E (Net)$1.78M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Revenue | $2.85M | $2.37M | $2.38M | $1.21M |
| YoY Growth | 20.4% | -0.4% | 96.4% | - |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $2.85M | $2.37M | $2.38M | $1.21M |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $136.81M | $62.97M | $31.8M | $18.66M |
| Selling, General, and Administrative | $26.41M | $17.17M | $10.7M | $6.46M |
| Other | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $163.22M | $80.13M | $42.49M | $25.12M |
| Operating Income (EBIT) | -$160.36M | -$77.76M | -$40.11M | -$23.91M |
| Operating Margin | -5618.8% | -3281.2% | -1685.5% | -1972.7% |
| Interest Expense | $0 | $0 | $0 | $0 |
| Interest Income | $16.93M | $12.12M | $4.17M | $205K |
| Other Income (Expense) | $16.92M | $14.96M | $19.58M | $41K |
| Income Before Tax (EBT) | -$143.44M | -$62.81M | -$20.54M | -$23.87M |
| Income Tax Expense | $0 | $0 | $0 | $0 |
| Net Income | -$143.44M | -$62.81M | -$20.54M | -$23.87M |
| Net Income Margin | -5026.0% | -2650.0% | -862.9% | -1969.3% |
| Supplementary Data | ||||
| EPS | -2.66 | -1.49 | -1.05 | -0.66 |
| Diluted EPS | -2.66 | -1.49 | -1.05 | -0.66 |
| Weighted Average OS | 53.85M | 51.34M | 36.32M | 36.32M |
| EBITDA | -$143.25M | -$62.72M | -$20.48M | -$23.86M |
| EBITDA Margin | -5019.4% | -2646.3% | -860.4% | -1968.7% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Assets | ||||
| Current Assets | ||||
| Cash and Cash Equivalents | $101.58M | $325.89M | $25.83M | $17.05M |
| Short-Term Investments | $239.93M | $144.56M | $83.98M | $0 |
| Cash and Short-Term Investments | $341.51M | $470.45M | $109.81M | $17.05M |
| Accounts Receivable | $668K | $1.18M | $236K | $412K |
| Inventory | $0 | $0 | $0 | $0 |
| Other Current Assets | $9.62M | $494K | $370K | $233K |
| Total Current Assets | $351.8M | $479.16M | $117M | $18.31M |
| Long-Term Assets | ||||
| Property, Plant & Equipment Net | $1.78M | $2.37M | $202K | $164K |
| Goodwill | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $194K | $194K | $0 | $7K |
| Total Long-Term Assets | $1.98M | $2.56M | $202K | $171K |
| Other Assets | $0 | $0 | $0 | $0 |
| Total Assets | $353.77M | $481.72M | $117.2M | $18.48M |
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $2.73M | $4.04M | $1.99M | $712K |
| Short-Term Debt | $720K | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $10.01M | $2.7M | $2.17M | $893K |
| Total Current Liabilities | $13.45M | $10.74M | $6.51M | $4.86M |
| Long-Term Liabilities | ||||
| Long-Term Debt | $549K | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $233.81M | $6.95M |
| Total Long-Term Liabilities | $549K | $1.13M | $233.81M | $119.78M |
| Other Liabilities | $0 | $0 | $0 | $0 |
| Total Liabilities | $14M | $11.87M | $240.32M | $124.63M |
| Stockholders' Equity | ||||
| Preferred Stock | $0 | $0 | $0 | $112.82M |
| Common Stock | $54K | $53K | $3K | $3K |
| Retained Earnings | -$334.22M | -$190.78M | -$127.97M | -$107.44M |
| Comprehensive Income & Other | $530K | -$25K | $21K | $0 |
| Other Stockholders' Equity | $673.94M | $660.58M | $4.84M | $1.28M |
| Total Equity | $339.77M | $469.85M | -$123.13M | -$106.16M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $353.77M | $481.72M | $117.2M | $18.48M |
| Supplementary Data | ||||
| Total Debt | $1.27M | $1.83M | $45K | $94K |
| Net Debt | -$100.31M | -$324.06M | -$25.79M | -$16.96M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Currency | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Operating Activities | ||||
| Net Income | -$143.44M | -$62.81M | -$20.54M | -$23.87M |
| Depreciation & Amortization | $188K | $89K | $60K | $7K |
| Deferred Income Tax | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $10.33M | $6M | $3.43M | $1.28M |
| Changes in Working Capital: | ||||
| Accounts Receivable | -$55K | -$515K | $314K | -$412K |
| Inventory | $0 | $0 | $0 | $0 |
| Accounts Payable | -$1.28M | $2.02M | $1.28M | $462K |
| Other Working Capital | $1.93M | $371K | -$5.9M | $3.36M |
| Total Working Capital Change | $589K | $1.87M | -$4.3M | $3.41M |
| Other Non-Cash Items | -$941K | -$4.33M | -$16.57M | $149K |
| Net Cash from Operating | -$133.28M | -$59.17M | -$37.93M | -$19.02M |
| Investing Activities | ||||
| Capital Expenditures | -$165K | -$511K | -$144K | -$82K |
| Acquisitions | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$385.88M | -$290.61M | -$128.99M | $0 |
| Sales of Investments | $292.56M | $231.63M | $46.29M | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$93.48M | -$59.48M | -$82.84M | -$82K |
| Financing Activities | ||||
| Debt Repaid | - | - | - | - |
| Common Stock Issuance | $2.44M | $272.72M | $118K | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | -$3.74M | $0 | -$37K |
| Net Cash from Financing | $2.44M | $418.91M | $129.55M | $9.96M |
| Forex Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$224.31M | $300.25M | $8.78M | -$9.14M |
| Supplementary Data | ||||
| Operating Cash Flow | -$133.28M | -$59.17M | -$37.93M | -$19.02M |
| Capital Expenditure | -$165K | -$511K | -$144K | -$82K |
| Free Cash Flow | -$133.28M | -$59.68M | -$38.07M | -$19.1M |
| Cash at Beginning | $326.09M | $25.83M | $17.05M | $26.19M |
| Cash at End | $101.77M | $326.09M | $25.83M | $17.05M |