Company Analysis

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Upstream Bio, Inc. (UPB)

Nasdaq: UPB · Pharmaceutical Preparations · Waltham, MA · filing with the SEC since 2024

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Grade5.8

◀ Past 4.2● Present 6.5▶ Future 6.1

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The companyfiscal 2025, as filed

Revenue$2.9M+20.4%

Net income-$143M-128.4%

Earnings per share$-2.66+52.3%

Operating cash flow-$133M-125.2%

Cash$102M-68.8%

Debtn/a

Shareholders’ equity$340M-27.7%

Shares, diluted53.9M+293.6%

Return on equity-42.2%

The recordfrom its filings

Filings in 202649

Newest filingNov 10 · 10-Q

Annual reportMar 26, 2026

Quarterly reportNov 10, 2026

Next report due10-K by Mar 31

Insider sales, 12 months$100,000

Insider buys, 12 months$0.00

Patents granted3

Filer categoryNon-accelerated filer<br>Smaller reporting company<br>Emerging growth company

Trailing twelve months to Sep 2026Revenue $2.9MNet income -$164MCash from operations -$168Mthe four newest filed quarters added

Left: the newest annual report, with the change on the year before. Right: counted from the company's own filings with the SEC.

Revenue and net income by fiscal yearRevenueNet income

232425

As filed, in USD. Nothing here is a forecast.

News

Nov 10, 2026 · SEC EDGAR · Form 10-Q

Quarterly report

Open the filing on sec.gov

Nov 10, 2026 · SEC EDGAR · Form 8-K

Results released

Open the filing on sec.gov

Nov 6, 2026 · SEC EDGAR · Form SCHEDULE 13G/A

Large holder update, amended

Open the filing on sec.gov

Oct 29, 2026 · SEC EDGAR · Form SCHEDULE 13G/A

Large holder update, amended

Open the filing on sec.gov

Sep 17, 2026 · SEC EDGAR · Form 4

Insider trade report

Open the filing on sec.gov

Sep 17, 2026 · SEC EDGAR · Form 4

Insider trade report

Open the filing on sec.gov

Sep 17, 2026 · SEC EDGAR · Form 4

Insider trade report

Open the filing on sec.gov

Sep 17, 2026 · SEC EDGAR · Form 4

Insider trade report

Open the filing on sec.gov

Sep 17, 2026 · SEC EDGAR · Form 4

Insider trade report

Open the filing on sec.gov

Sep 1, 2026 · SEC EDGAR · Form 8-K

Open the filing on sec.gov

An outside story is shown by its headline, its source and its link only. The SI reads the page when you ask it to break one down.

SI brieffrom the record

Core business

Upstream Bio, Inc. is classed by the SEC under Pharmaceutical Preparations (industry code 2834), based in Waltham, MA.

Newest on the record

Quarterly report on Nov 10. Before it, current report on Nov 10.

What is due next

The 10-K for the period to Dec 31, 2026, due by Mar 31, 2027.

About UPB

Upstream Bio, Inc. is classed by the SEC under Pharmaceutical Preparations (industry code 2834), based in Waltham, MA. In its latest annual figures on file, for the fiscal year ended 2025-12-31, it reported revenue of $2.9 million and a loss of $143 million (its filed statements).

IndustryPharmaceutical Preparations

HeadquartersWaltham, MA

Business modelPre-revenue company

ExchangeNasdaq

Filing since2024

Fiscal year endsDec 31

SEC number (CIK)2022626

Peers on fileJBIO, FULC, LYEL, AVBP

Financial performance

In fiscal 2025 Upstream Bio’s revenue was $2.85 million, up 20.4% from $2.37 million the year before. It made a net loss of $143.4 million.

Annual report, filed Mar 26, 2026.

Financial statements

The grade

Upstream Bio grades 5.8 of 10 against its own industry, the 497 companies in Pharmaceutical Preparations. Six of the nine metrics are read as filed and three are SI estimates, each with its reasoning.

◀ Past4.2

● Present6.5

▶ Future6.1

How the grade is made

Forecast

Every forecast is registered before the outcome, with the rule that settles it. A miss stays on the page.

Company forecasts

SI Assistanton UPB · research, not advice