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    UPB

    Upstream Bio, Inc.

    Company overview

    Market capitalization
    $290.29M
    Employees
    75
    Latest publication
    2026-09-29
    About Upstream Bio, Inc.

    Upstream Bio, Inc., a clinical-stage biotechnology company, develops treatments for inflammatory diseases focusing on severe respiratory disorders. It offers verekitug, which is in Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps and chronic obstructive pulmonary disease and in Phase I clinical trial for treating chronic obstructive pulmonary disease. The company was incorporated in 2021 and is headquartered in Waltham, Massachusetts.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Revenue773,000USD1,034,000USD668,000USD683,000USD937,000USD566,000USD613,000USD607,000USD
    Research Development36,089,000USD36,565,000USD40,169,000USD32,975,000USD37,865,000USD25,797,000USD21,773,000USD15,433,000USD
    Selling General Administrative7,052,000USD8,084,000USD6,666,000USD5,542,000USD7,419,000USD6,782,000USD5,158,000USD4,067,000USD
    General And Administrative Expenses7,052,000USD———————
    Total Operating Expenses43,141,000USD44,600,000USD46,835,000USD38,517,000USD45,284,000USD32,579,000USD26,931,000USD19,500,000USD
    Operating Income-42,368,000USD-43,615,000USD-46,167,000USD-37,834,000USD-44,347,000USD-32,013,000USD-26,318,000USD-18,893,000USD
    Total Other Income Expense Net2,666,000USD3,024,000USD3,708,000USD4,086,000USD4,381,000USD4,743,000USD5,076,000USD2,901,000USD
    Interest Income2,659,000USD3,054,000USD3,654,000USD4,105,000USD4,431,000USD4,743,000USD5,076,000USD2,904,000USD
    Net Income-39,702,000USD-40,591,000USD-42,459,000USD-33,748,000USD-39,966,000USD-27,270,000USD-21,242,000USD-15,992,000USD
    Cost Of Revenue—49,000USD57,000USD31,000USD57,000USD43,000USD49,000USD14,000USD
    Gross Profit—985,000USD668,000USD683,000USD937,000USD566,000USD613,000USD607,000USD
    Net Interest Income—3,054,000USD3,654,000USD4,105,000USD4,431,000USD4,743,000USD5,076,000USD2,904,000USD
    Income Before Tax—-40,591,000USD-42,459,000USD-33,748,000USD-39,966,000USD-27,270,000USD-21,242,000USD-15,992,000USD
    Net Income From Continuing Ops—-40,591,000USD-42,459,000USD-33,748,000USD-39,966,000USD-27,270,000USD-21,242,000USD-15,992,000USD
    Ebit—-40,591,000USD-42,459,000USD-33,748,000USD-39,966,000USD-27,270,000USD-21,242,000USD-15,992,000USD
    Ebitda—-40,542,000USD-42,402,000USD-33,702,000USD-39,924,000USD-27,227,000USD-21,193,000USD-15,978,000USD
    Depreciation And Amortization—49,000USD57,000USD46,000USD42,000USD43,000USD49,000USD14,000USD
    Reconciled Depreciation—49,000USD57,000USD46,000USD42,000USD43,000USD49,000USD14,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Revenue2,854,000USD2,370,000USD2,380,000USD1,212,000USD
    Cost Of Revenue188,000USD89,000USD60,000USD7,000USD
    Gross Profit2,854,000USD2,370,000USD2,380,000USD1,212,000USD
    Research Development136,806,000USD62,966,000USD31,799,000USD18,657,000USD
    Selling General Administrative26,409,000USD17,168,000USD10,695,000USD6,464,000USD
    Total Operating Expenses163,215,000USD80,134,000USD42,494,000USD25,121,000USD
    Operating Income-160,361,000USD-77,764,000USD-40,114,000USD-23,909,000USD
    Interest Income16,933,000USD12,123,000USD4,165,000USD205,000USD
    Net Interest Income16,933,000USD12,123,000USD4,165,000USD205,000USD
    Income Before Tax-143,443,000USD-62,806,000USD-20,537,000USD-23,868,000USD
    Net Income-143,443,000USD-62,806,000USD-20,537,000USD-23,868,000USD
    Net Income From Continuing Ops-143,443,000USD-62,806,000USD-20,537,000USD-23,868,000USD
    Ebit-143,443,000USD-62,806,000USD-20,537,000USD-23,868,000USD
    Ebitda-143,255,000USD-62,717,000USD-20,477,000USD-23,861,000USD
    Depreciation And Amortization188,000USD89,000USD60,000USD7,000USD
    Reconciled Depreciation188,000USD89,000USD60,000USD7,000USD
    Total Other Income Expense Net16,918,000USD14,958,000USD19,577,000USD41,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets281,171,000USD318,054,000USD353,772,000USD391,195,000USD420,521,000USD456,169,000USD481,719,000USD232,700,000USD
    Cash And Equivalents79,397,000USD———————
    Cash And Short Term Investments261,307,000USD294,579,000USD341,509,000USD372,427,000USD393,581,000USD431,380,000USD470,451,000USD220,659,000USD
    Short Term Investments181,910,000USD197,855,000USD239,931,000USD300,263,000USD348,123,000USD360,068,000USD144,559,000USD187,711,000USD
    Total Current Assets279,602,000USD316,279,000USD351,797,000USD389,017,000USD418,272,000USD453,787,000USD479,160,000USD227,273,000USD
    Other Current Assets1,174,000USD20,666,000USD9,620,000USD15,907,000USD22,047,000USD20,669,000USD7,529,000USD5,522,000USD
    Total Liabilities10,214,000USD———————
    Total Current Liabilities9,988,000USD13,669,000USD13,452,000USD11,908,000USD10,929,000USD9,567,000USD10,737,000USD10,874,000USD
    Total Stockholder Equity270,957,000USD303,995,000USD339,771,000USD378,584,000USD408,743,000USD445,610,000USD469,852,000USD-160,311,000USD
    Total Equity Including Noncontrolling Interest270,957,000USD———————
    Net Receivables772,000USD1,034,000USD668,000USD683,000USD2,644,000USD1,738,000USD1,180,000USD1,092,000USD
    Property Plant Equipment Net1,375,000USD1,581,000USD1,781,000USD1,984,000USD2,055,000USD2,188,000USD2,365,000USD2,492,000USD
    Accounts Payable2,314,000USD1,710,000USD2,726,000USD3,952,000USD2,551,000USD4,718,000USD4,041,000USD4,899,000USD
    Short Term Debt728,000USD724,000USD720,000USD716,000USD712,000USD708,000USD704,000USD678,000USD
    Common Stock54,000USD54,000USD54,000USD56,000USD54,000USD53,000USD53,000USD3,000USD
    Retained Earnings-414,516,000USD-374,814,000USD-334,223,000USD-291,764,000USD-258,016,000USD-218,050,000USD-190,780,000USD-169,538,000USD
    Accumulated Other Comprehensive Income-123,000USD100,000USD530,000USD493,000USD258,000USD368,000USD-25,000USD351,000USD
    Total Liab—14,059,000USD14,001,000USD12,611,000USD11,778,000USD10,559,000USD11,867,000USD393,011,000USD
    Other Current Liab—11,235,000USD10,006,000USD7,240,000USD7,666,000USD4,141,000USD5,992,000USD5,297,000USD
    Capital Stock—54,000USD54,000USD56,000USD54,000USD53,000USD53,000USD3,000USD
    Cash—96,724,000USD101,578,000USD72,164,000USD45,458,000USD71,312,000USD325,892,000USD32,948,000USD
    Net Debt—-95,610,000USD-100,309,000USD-70,745,000USD-43,897,000USD-69,612,000USD-324,058,000USD-31,007,000USD
    Short Long Term Debt Total—1,114,000USD1,269,000USD1,419,000USD1,561,000USD1,700,000USD1,834,000USD1,941,000USD
    Property Plant Equipment Gross—1,974,000USD2,125,000USD2,271,000USD2,296,000USD2,387,000USD2,521,000USD2,599,000USD
    Common Stock Shares Outstanding—54,332,319shares54,237,750shares53,930,946shares53,770,868shares53,617,723shares51,341,695shares51,341,695shares
    Non Current Assets Total—1,775,000USD1,975,000USD2,178,000USD2,249,000USD2,382,000USD2,559,000USD5,427,000USD
    Non Current Liabilities Total—390,000USD549,000USD703,000USD849,000USD992,000USD1,130,000USD382,137,000USD
    Non Currrent Assets Other—194,000USD194,000USD194,000USD194,000USD194,000USD194,000USD2,935,000USD
    Net Working Capital—302,610,000USD338,345,000USD377,109,000USD407,343,000USD444,220,000USD468,423,000USD216,399,000USD
    Unclassified Equity—678,601,000USD673,356,000USD669,743,000USD666,393,000USD663,186,000USD660,551,000USD8,870,000USD
    Unclassified Non Current Liabilities——————1,130,000USD382,137,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Assets353,772,000USD481,719,000USD117,198,000USD18,478,000USD
    Other Current Assets9,620,000USD7,529,000USD6,950,000USD844,000USD
    Total Liab14,001,000USD11,867,000USD240,324,000USD124,633,000USD
    Total Stockholder Equity339,771,000USD469,852,000USD-123,126,000USD-106,155,000USD
    Other Current Liab10,006,000USD5,992,000USD4,480,000USD4,057,000USD
    Common Stock54,000USD53,000USD3,000USD3,000USD
    Capital Stock54,000USD53,000USD3,000USD3,000USD
    Retained Earnings-334,223,000USD-190,780,000USD-127,974,000USD-107,437,000USD
    Cash101,578,000USD325,892,000USD25,833,000USD17,051,000USD
    Cash And Short Term Investments341,509,000USD470,451,000USD109,810,000USD17,051,000USD
    Total Current Assets351,797,000USD479,160,000USD116,996,000USD18,307,000USD
    Total Current Liabilities13,452,000USD10,737,000USD6,515,000USD4,856,000USD
    Net Debt-100,309,000USD-324,058,000USD-25,788,000USD-16,957,000USD
    Short Term Debt720,000USD704,000USD45,000USD87,000USD
    Short Long Term Debt Total1,269,000USD1,834,000USD45,000USD94,000USD
    Short Term Investments239,931,000USD144,559,000USD83,977,000USD0USD
    Net Receivables668,000USD1,180,000USD236,000USD412,000USD
    Accounts Payable2,726,000USD4,041,000USD1,990,000USD712,000USD
    Property Plant Equipment Net1,781,000USD2,365,000USD202,000USD164,000USD
    Property Plant Equipment Gross2,125,000USD2,521,000USD269,000USD171,000USD
    Accumulated Other Comprehensive Income530,000USD-25,000USD21,000USD—
    Common Stock Shares Outstanding53,852,752shares51,341,695shares36,323,322shares36,323,322shares
    Non Current Assets Total1,975,000USD2,559,000USD202,000USD171,000USD
    Non Current Liabilities Total549,000USD1,130,000USD233,809,000USD119,777,000USD
    Non Currrent Assets Other194,000USD194,000USD-1USD7,000USD
    Net Working Capital338,345,000USD468,423,000USD110,481,000USD13,451,000USD
    Unclassified Equity673,356,000USD660,551,000USD4,821,000USD1,276,000USD
    Unclassified Non Current Liabilities—1,130,000USD233,809,000USD119,777,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Depreciation99,000USD
    Stock Based Compensation9,001,000USD
    Change To Liabilities-412,000USD
    Change In Working Capital-8,315,000USD
    Operating Cash Flow-83,473,000USD
    Capital Expenditures0USD
    Unclassified Investing Cash Flow58,161,000USD
    Investing Cash Flow58,161,000USD
    Common Stock Issuance1,048,000USD
    Unclassified Financing Cash Flow2,083,000USD
    Financing Cash Flow3,131,000USD
    Change In Cash-22,181,000USD
    End Cash Flow79,591,000USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-40,591,000USD-42,459,000USD-33,748,000USD-39,966,000USD-27,270,000USD-21,242,000USD-15,992,000USD-14,678,000USD
    Depreciation-705,000USD5,884,000USD-2,828,000USD42,000USD43,000USD49,000USD14,000USD13,000USD
    Stock Based Compensation4,647,000USD2,506,000USD2,594,000USD2,597,000USD2,635,000USD2,086,000USD1,863,000USD1,412,000USD
    Other Non Cash Items151,000USD-4,309,000USD2,863,000USD-847,000USD-1,601,000USD813,000USD-564,000USD-1,120,000USD
    Change To Account Receivables-366,000USD15,000USD254,000USD-371,000USD47,000USD-6,000USD-97,000USD228,000USD
    Change In Working Capital-11,354,000USD7,747,000USD8,879,000USD-1,065,000USD-14,972,000USD-1,318,000USD717,000USD6,337,000USD
    Total Cash From Operating Activities-47,852,000USD-30,631,000USD-22,240,000USD-39,239,000USD-41,165,000USD-19,612,000USD-13,962,000USD-8,036,000USD
    Capital Expenditures0USD-47,000USD-47,000USD-47,000USD0USD-185,000USD-326,000USD0USD
    Free Cash Flow-47,852,000USD-30,678,000USD-22,193,000USD-39,286,000USD-41,165,000USD-19,797,000USD-14,288,000USD-8,036,000USD
    Investments42,400,000USD58,996,000USD48,186,000USD12,773,000USD-213,381,000USD41,908,000USD1,409,000USD-116,654,000USD
    Total Cashflows From Investing Activities42,400,000USD58,942,000USD48,186,000USD12,773,000USD-213,381,000USD41,908,000USD1,409,000USD-116,654,000USD
    Total Cash From Financing Activities598,000USD1,103,000USD760,000USD612,000USD-34,000USD270,648,000USD-1,641,000USD140,516,000USD
    Issuance Of Capital Stock598,000USD0USD0USD0USD0USD272,723,000USD0USD—
    Change In Cash-4,854,000USD29,414,000USD26,706,000USD-25,854,000USD-254,580,000USD292,944,000USD-14,194,000USD15,826,000USD
    Begin Period Cash Flow101,772,000USD72,358,000USD45,652,000USD71,506,000USD326,086,000USD33,142,000USD47,336,000USD31,510,000USD
    End Period Cash Flow96,918,000USD101,772,000USD72,358,000USD45,652,000USD71,506,000USD326,086,000USD33,142,000USD47,336,000USD
    Other Cashflows From Financing Activities598,000USD—760,000USD—-34,000USD270,648,000USD-1,641,000USD140,516,000USD
    Other Cashflows From Investing Activities—-7,000USD-111,000USD—————
    Unclassified Financing Cash Flow—1,103,000USD———-272,723,000USD——
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Net Income-143,443,000USD-62,806,000USD-20,537,000USD-23,868,000USD
    Depreciation-1,314,000USD89,000USD60,000USD7,000USD
    Stock Based Compensation10,332,000USD6,004,000USD3,427,000USD1,279,000USD
    Other Non Cash Items561,000USD-4,332,000USD-16,571,000USD149,000USD
    Change To Account Receivables-55,000USD-515,000USD314,000USD-412,000USD
    Change In Working Capital589,000USD1,873,000USD-4,305,000USD3,412,000USD
    Total Cash From Operating Activities-133,275,000USD-59,172,000USD-37,926,000USD-19,021,000USD
    Capital Expenditures-165,000USD-511,000USD-144,000USD-82,000USD
    Free Cash Flow-133,275,000USD-59,683,000USD-38,070,000USD-19,103,000USD
    Investments-93,315,000USD-59,485,000USD-82,842,000USD-82,000USD
    Total Cashflows From Investing Activities-93,480,000USD-59,485,000USD-82,842,000USD-82,000USD
    Total Cash From Financing Activities2,441,000USD418,910,000USD129,550,000USD9,963,000USD
    Issuance Of Capital Stock0USD422,647,000USD129,432,000USD10,000,000USD
    Change In Cash-224,314,000USD300,253,000USD8,782,000USD-9,140,000USD
    Begin Period Cash Flow326,086,000USD25,833,000USD17,051,000USD26,191,000USD
    End Period Cash Flow101,772,000USD326,086,000USD25,833,000USD17,051,000USD
    Unclassified Financing Cash Flow2,441,000USD-149,924,000USD-129,432,000USD-10,000,000USD
    Other Cashflows From Financing Activities—146,187,000USD129,550,000USD9,963,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.