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UPB

Upstream Bio, Inc.

UPB

Upstream Bio, Inc. • NASDAQ
$28.60 ▲ 2.14% (+0.60)
Market Cap $1.55 B
52w High $33.00
52w Low $5.14
Dividend Yield 0%
P/E -4.47
Volume 145.02K
Outstanding Shares 54.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $683K ▼ $38.486M ▼ $-33.748M ▲ -4.941K% ▼ $-0.63 ▲ $-33.717M ▲
Q2-2025 $937K ▲ $45.284M ▲ $-39.966M ▼ -4.265K% ▲ $-0.74 ▼ $-44.305M ▼
Q1-2025 $566K ▼ $32.579M ▲ $-27.27M ▼ -4.818K% ▼ $-0.51 ▼ $-31.97M ▼
Q4-2024 $613K ▲ $26.931M ▲ $-21.242M ▼ -3.465K% ▼ $-0.41 $-26.269M ▼
Q3-2024 $607K $19.5M $-15.992M -2.635K% $-0.41 $-18.879M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $372.427M ▼ $391.195M ▼ $12.611M ▲ $378.584M ▼
Q2-2025 $393.581M ▼ $420.521M ▼ $11.778M ▲ $408.743M ▼
Q1-2025 $431.38M ▼ $456.169M ▼ $10.559M ▼ $445.61M ▼
Q4-2024 $470.451M ▲ $481.719M ▲ $11.867M ▼ $469.852M ▲
Q3-2024 $220.659M $232.7M $393.011M $-160.311M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-33.748M ▲ $-22.24M ▲ $48.186M ▲ $760K ▲ $26.706M ▲ $-22.193M ▲
Q2-2025 $-39.966M ▼ $-39.239M ▲ $12.773M ▲ $612K ▲ $-25.854M ▲ $-39.286M ▲
Q1-2025 $-27.27M ▼ $-41.165M ▼ $-213.381M ▼ $-34K ▼ $-254.58M ▼ $-41.165M ▼
Q4-2024 $-21.242M ▼ $-19.612M ▼ $41.908M ▲ $270.648M ▲ $292.944M ▲ $-19.797M ▼
Q3-2024 $-15.992M $-13.962M $1.409M $-1.641M $-14.194M $-14.288M

Five-Year Company Overview

Income Statement

Income Statement Upstream Bio is a classic early-stage biotech story: there is essentially no revenue yet, and the income statement is driven almost entirely by research and development and other operating costs. Losses have been growing steadily as the company scales up its clinical work, which is normal for a firm at this stage. The widening losses reflect heavier investment rather than a deterioration in an existing business, but it still means the company is far from profitability and will remain so until its lead drug progresses much further and, eventually, is approved and commercialized, which is uncertain and likely years away.

Balance Sheet

Balance Sheet The balance sheet looks like that of a funded clinical biotech: cash has increased sharply in the most recent period, total assets have grown, there is no financial debt, and equity has flipped from negative to positive. This suggests fresh capital has come in, likely through financing events ahead of or around the IPO. The lack of debt reduces financial risk, but the company’s assets are mostly cash and intangibles tied to a single drug program, not diversified operating assets. The balance sheet is currently a cushion to support development, but its strength will depend on how quickly cash is spent and whether trial results justify future capital raises.

Cash Flow

Cash Flow Cash flow is negative, driven by operating outflows tied to R&D and corporate overhead. There is little or no spending on physical assets, so virtually all cash burn is going into developing the pipeline. This pattern is typical for a clinical-stage biotech: money flows out steadily with no offsetting product inflows yet. The key issue is runway—how long existing cash can support ongoing trials and any expansion into new indications—because the company is reliant on future financing or partnership income to sustain operations until it can generate recurring revenue, if ever.

Competitive Edge

Competitive Edge Competitively, Upstream Bio is focused and differentiated but operating in a crowded and high-stakes space. Its lead antibody targets the TSLP receptor rather than the ligand, which may offer stronger and broader inflammatory control compared with existing drugs. The potential for less frequent dosing is a meaningful convenience edge for patients and physicians. The “pipeline in a product” concept—one drug that could be used across several inflammatory diseases—could be powerful if clinical data across multiple indications stay positive. On the other hand, the company faces large, well-funded rivals in respiratory and inflammatory diseases, long and costly trials, and the constant risk that data in later-stage studies do not match early promise.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Upstream Bio’s story. The company is built around a single novel antibody with an upstream mechanism in the inflammatory cascade, acquired from a large pharma and further developed in-house. R&D spending has been ramping up as trials in nasal polyps, severe asthma, and potentially COPD move forward, and management appears to be pursuing a strategy of building multiple indications off the same underlying biology. This concentration brings both upside and risk: success could create a franchise across many diseases, while setbacks in key trials could significantly undermine the company’s value, since there is limited diversification beyond this lead asset.

Summary

Upstream Bio is an early-stage biotech with no commercial products yet, growing operating losses, and a cash-rich, debt-free balance sheet built to fund clinical development. Its entire story hinges on verekitug, a novel antibody targeting the TSLP receptor with the potential for strong efficacy, convenient infrequent dosing, and use across several inflammatory diseases. The scientific rationale and trial progress described so far are encouraging, and the company appears to have a defensible innovation and intellectual property base. At the same time, the business is highly dependent on one main program, future capital raises, and successful navigation of clinical, regulatory, and competitive hurdles. Overall, this is a high-risk, high-uncertainty profile typical of a single-asset clinical-stage biotech, where future outcomes will be driven almost entirely by the quality and consistency of upcoming trial results and management’s ability to finance and execute its development plans.

NEWS

November 25, 2025 · 7:00 AM UTC

Upstream Bio to Participate in Upcoming December Investor Conferences

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November 5, 2025 · 7:00 AM UTC

Upstream Bio Reports Third Quarter 2025 Financial Results and Highlights Continued Progress

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October 31, 2025 · 7:00 AM UTC

Upstream Bio to Participate in Upcoming November Investor Conferences

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September 30, 2025 · 4:15 AM UTC

Upstream Bio Presents Data Showing Structural and Mechanistic Drivers of Verekitug's Potent Pharmacodynamic Activity and Differentiated Clinical Profile at European Respiratory Society Congress

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September 9, 2025 · 7:00 AM UTC

Upstream Bio to Participate in the Stifel 2025 Virtual Immunology and Inflammation Forum

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