Upstream Bio, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | $2.9M | $2.4M | $2.4M | — |
| Research and development | $136.8M | $63.0M | $31.8M | — |
| Operating expenses | $163.2M | $80.1M | $42.5M | — |
| Operating income | -$160.4M | -$77.8M | -$40.1M | — |
| Income tax expense | $0 | $0 | $0 | — |
| Net income | -$143.4M | -$62.8M | -$20.5M | — |
| Balance Sheet | ||||
| Cash and equivalents | $101.6M | $325.9M | $25.8M | — |
| Current assets | $351.8M | $479.2M | $117.0M | — |
| Total assets | $353.8M | $481.7M | $117.2M | — |
| Current liabilities | $13.5M | $10.7M | $6.5M | — |
| Total liabilities | $14.0M | $11.9M | $9.4M | — |
| Stockholders' equity | $339.8M | $469.9M | -$123.1M | -$106.2M |
| Cash Flow Statement | ||||
| Cash from operations | -$133.3M | -$59.2M | -$37.9M | — |
| Depreciation and amortization | $188,000 | $89,000 | $60,000 | — |
| Stock-based compensation | $10.3M | $6.0M | $3.3M | — |
| Capital expenditure | $165,000 | $511,000 | $144,000 | — |
| Free cash flow | -$133.4M | -$59.7M | -$38.1M | — |
| Impairments | $0 | $0 | $0 | — |
Shares outstanding 54.4M · Free float 63.4%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.