Detailed financial statements for Upstream Bio, Inc. (UPB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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.
Analysis Summary
Trailing-twelve-month margins: gross margin 98.4%, operating margin -53.8%, net margin -49.6%.
At the current price of $5.33, UPB has negative trailing earnings (P/E not meaningful) and an ROE of -42.22%. Market capitalisation stands at $290M.
Balance sheet quality for UPB: current ratio of 26.2, net cash position of $340.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.2M | $2.4M | $2.4M | $2.9M |
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | $1.2M | $2.4M | $2.4M | $2.9M |
| Research & Development | $18.7M | $31.8M | $63.0M | $136.8M |
| Selling, General & Admin | $6.5M | $10.7M | $17.2M | $26.4M |
| Operating Expenses | $25.1M | $42.5M | $80.1M | $163.2M |
| Operating Income | -$23.9M | -$40.1M | -$77.8M | -$160.4M |
| EBITDA | -$23.9M | -$20.5M | -$62.7M | -$143.3M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$23.9M | -$20.5M | -$62.8M | -$143.4M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$23.9M | -$20.5M | -$62.8M | -$143.4M |
| EPS | $-0.66 | $-1.05 | $-1.49 | $-2.66 |
| EPS (Diluted) | $-0.66 | $-1.05 | $-1.49 | $-2.66 |
| Shares Outstanding (Diluted) | $36.3M | $36.3M | $51.3M | $53.9M |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $17.1M | $25.8M | $325.9M | $101.6M |
| Short-term Investments | 0 | $84.0M | $144.6M | $239.9M |
| Receivables | $412000 | $236000 | $1.2M | $668000 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $18.3M | $117.0M | $479.2M | $351.8M |
| Property, Plant & Equipment | $164000 | $202000 | $2.4M | $1.8M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $18.5M | $117.2M | $481.7M | $353.8M |
| Accounts Payable | $712000 | $2.0M | $4.0M | $2.7M |
| Short-term Debt | 0 | 0 | 0 | $720000 |
| Total Current Liabilities | $4.9M | $6.5M | $10.7M | $13.5M |
| Long-term Debt | 0 | 0 | 0 | $549000 |
| Total Liabilities | $124.6M | $240.3M | $11.9M | $14.0M |
| Retained Earnings | -$107.4M | -$128.0M | -$190.8M | -$334.2M |
| Total Equity | -$106.2M | -$123.1M | $469.9M | $339.8M |
| Total Debt | $94000 | $45000 | $1.8M | $1.3M |
| Net Debt | -$17.0M | -$109.8M | -$468.6M | -$340.2M |
| Working Capital | $13.5M | $110.5M | $468.4M | $338.3M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income | -$23.9M | -$20.5M | -$62.8M | -$143.4M |
| Depreciation & Amortization | $7000 | $60000 | $89000 | -$1.3M |
| Stock-based Compensation | $1.3M | $3.4M | $6.0M | $10.3M |
| Change in Working Capital | $3.4M | -$4.3M | $1.9M | $589000 |
| Operating Cash Flow | -$19.0M | -$37.9M | -$59.2M | -$133.3M |
| Capital Expenditure | -$82000 | -$144000 | -$511000 | -$165000 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$19.1M | -$38.1M | -$59.7M | -$133.3M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth (YoY) | +96.4% | -0.4% | +20.4% | |
| Net Income Growth (YoY) | +14.0% | -205.8% | -128.4% | |
| EPS Growth (YoY) | -59.1% | -41.9% | -78.5% | |
| Shares Change (YoY) | +0.0% | +41.3% | +4.9% | |
| FCF Growth (YoY) | -99.3% | -56.8% | -123.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -1972.7% | -1685.5% | -3281.2% | -5618.8% |
| EBITDA Margin | -1968.7% | -860.4% | -2646.3% | -5019.4% |
| Net Margin | -1969.3% | -862.9% | -2650.0% | -5026.0% |
| FCF Margin | -1576.2% | -1599.6% | -2518.3% | -4669.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| FCF Per Share | $-0.53 | $-1.05 | $-1.16 | $-2.47 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $36.3M | $36.3M | $51.3M | $53.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -42.22% |
| Return on Invested Capital | -47.02% |
| Return on Assets | -40.55% |
| Gross Margin | 98.45% |
| Operating Margin | -5382.65% |
| Net Margin | -4955.67% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 27.99 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 60.99 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| P/E | -33.33 | -20.95 | -11.03 | -10.21 |
| P/B | -7.53 | -6.49 | 1.80 | 4.30 |
| P/S | 659.33 | 335.76 | 356.14 | 512.30 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -1972.7% | -1685.5% | -3281.2% | -5618.8% |
| Net Margin | -1969.3% | -862.9% | -2650.0% | -5026.0% |
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