Upstream Bio, Inc.
UPBHealthcare|Biotechnology|US
$3.23
+0.02 (+0.62%)
Tangible Book / Share
$4.97
Cash / Share
$4.79
Financials
Financial Snapshot
Market Cap
$176.9M
Enterprise Value
$98.5M
Revenue (TTM)
$3.2M
Net Income (TTM)
-$156.5M
Cash & Investments
$261.3M
Net Cash
$260.4M
Free Cash Flow (TTM)
-$136.3M
Operating CF (TTM)
-$136.3M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$261.3M
Quarterly Burn
$34.1M
Monthly Burn
$11.4M
Est. Runway
~7.7 quarters
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $17.1M | $109.8M | $470.5M | $341.5M | $261.3M | |
| Operating Cash Flow | -$19.0M | -$37.9M | -$59.2M | -$133.3M | -$136.3M | |
| Free Cash Flow | -$19.1M | -$38.1M | -$59.7M | -$133.3M | -$136.3M | |
| Capital Expenditure | -$82.0K | -$144.0K | -$511.0K | -$165.0K | $0.00 | |
| Financing Cash Flow | $10.0M | $129.6M | $418.9M | $2.4M | $5.0M |
R&D Spending
R&D (TTM)
$145.8M
R&D Intensity
4616.8%
R&D Growth vs Prior
+6.6%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.2M | $2.4M | $2.4M | $2.9M | $3.2M | |
| R&D Expense | $18.7M | $31.8M | $63.0M | $136.8M | $145.8M | |
| R&D % of Revenue | 1539.4% | 1336.1% | 2656.8% | 4793.5% | 4616.8% | |
| SG&A | $6.5M | $10.7M | $17.2M | $26.4M | $27.3M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.2M | $2.4M | $2.4M | $2.9M | $3.2M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $49.0K | |
| Gross Profit | $1.2M | $2.4M | $2.4M | $2.9M | $3.1M | |
| R&D | $18.7M | $31.8M | $63.0M | $136.8M | $145.8M | |
| SG&A | $6.5M | $10.7M | $17.2M | $26.4M | $27.3M | |
| Operating Income | -$23.9M | -$40.1M | -$77.8M | -$160.4M | -$170.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$23.9M | -$20.5M | -$62.8M | -$143.4M | -$156.5M | |
| Net Income | -$23.9M | -$20.5M | -$62.8M | -$143.4M | -$156.5M | |
| EPS (Diluted) | -0.66 | -1.05 | -1.49 | -2.66 | -2.90 | |
| EBITDA | -$23.9M | -$20.5M | -$62.7M | -$143.3M | -$156.3M | |
| Shares Out. (M) | 36.32 | 36.32 | 51.34 | 53.85 | 54.57 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.1M | $25.8M | $325.9M | $101.6M | $79.4M | |
| Short-Term Investments | $0.00 | $84.0M | $144.6M | $239.9M | $181.9M | |
| Total Current Assets | $18.3M | $117.0M | $479.2M | $351.8M | $279.6M | |
| Total Assets | $18.5M | $117.2M | $481.7M | $353.8M | $281.2M | |
| Total Current Liabilities | $4.9M | $6.5M | $10.7M | $13.5M | $10.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $549.0K | $226.0K | |
| Total Liabilities | $124.6M | $240.3M | $11.9M | $14.0M | $10.2M | |
| Stockholders' Equity | -$106.2M | -$123.1M | $469.9M | $339.8M | $271.0M | |
| Retained Earnings | -$107.4M | -$128.0M | -$190.8M | -$334.2M | -$414.5M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.0M | -$37.9M | -$59.2M | -$133.3M | -$136.3M | |
| Capital Expenditure | -$82.0K | -$144.0K | -$511.0K | -$165.0K | $0.00 | |
| Free Cash Flow | -$19.1M | -$38.1M | -$59.7M | -$133.3M | -$136.3M | |
| Investing Cash Flow | -$82.0K | -$82.8M | -$59.5M | -$93.5M | $165.3M | |
| Financing Cash Flow | $10.0M | $129.6M | $418.9M | $2.4M | $5.0M | |
| Issuance of Stock | $0.00 | $118.0K | $272.7M | $2.4M | $5.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.3M | $3.4M | $6.0M | $10.3M | $14.1M | |
| Net Change in Cash | -$9.1M | $8.8M | $300.3M | -$224.3M | $33.9M |
Dilution Tracker
Shares outstanding grew 48.3% over 5 years — significant dilution
Shares Outstanding
55M
5-Year Share Growth
+48.3%
Stock Issuance (TTM)
$5.0M
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 36.32 | 36.32 | 51.34 | 53.85 | 54.57 | |
| Change vs Prior % | — | 0.0% | 41.3% | 4.9% | 1.3% | |
| Stock Issuance | $0.00 | $118.0K | $272.7M | $2.4M | $5.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.3M | $3.4M | $6.0M | $10.3M | $14.1M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 98.4% | |
| Operating Margin % | -1972.7% | -1685.5% | -3281.2% | -5618.8% | -5382.6% | |
| Net Margin % | -1969.3% | -862.9% | -2650.0% | -5026.0% | -4955.7% | |
| EBITDA Margin % | -1968.7% | -860.4% | -2646.3% | -5019.4% | -4949.3% | |
| FCF Margin % | -1576.2% | -1599.6% | -2518.3% | -4669.8% | -4317.4% | |
| ROE % | 22.5% | 16.7% | -13.4% | -42.2% | -48.4% | |
| ROA % | -129.2% | -17.5% | -13.0% | -40.5% | -55.7% | |
| ROIC % | -174.4% | -36.2% | -16.5% | -47.0% | -62.5% | |
| R&D / Revenue % | 1539.4% | 1336.1% | 2656.8% | 4793.5% | 4616.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0.0% | 96.4% | -0.4% | 20.4% | |
| Gross Profit | 0.0% | 96.4% | -0.4% | 20.4% | |
| Operating Income | 0.0% | -67.8% | -93.9% | -106.2% | |
| Net Income | 0.0% | 14.0% | -205.8% | -128.4% | |
| EPS (Diluted) | 0.0% | -59.1% | -41.9% | -78.5% | |
| Operating Cash Flow | 0.0% | -99.4% | -56.0% | -125.2% | |
| Free Cash Flow | 0.0% | -99.3% | -56.8% | -123.3% | |
| R&D Expense | 0.0% | 70.4% | 98.0% | 117.3% | |
| SG&A Expense | 0.0% | 65.5% | 60.5% | 53.8% | |
| Total Assets | 0.0% | 534.3% | 311.0% | -26.6% | |
| Book Value / Share | 0.0% | -16.0% | 370.0% | -31.1% | |
| Debt | 0.0% | -52.1% | 3975.6% | -30.8% | |
| Diluted Shares | 0.0% | 0.0% | 41.3% | 4.9% |
Valuation
P/E (TTM)At Loss
P/S56.02
10Y Low / Med / High335.76 / 512.30 / 659.33
P/B0.65
EV/EBITDAAt Loss
EV/Revenue31.18
10Y Low / Med / High219.41 / 477.15 / 645.34
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$4.97
Net Current Assets / Share
$4.92
Graham Net-Net
$4.63
Cash / Share
$4.79
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| P/E Ratio | -33.33 | -20.95 | -11.03 | -10.21 | -1.11 | |
| P/S Ratio | 659.33 | 335.76 | 356.14 | 512.30 | 56.02 | |
| P/B Ratio | -7.53 | -6.49 | 1.80 | 4.30 | 0.65 | |
| EV/EBITDA | -32.78 | -37.77 | -8.29 | -9.51 | -0.63 | |
| EV/Revenue | 645.34 | 324.93 | 219.41 | 477.15 | 31.18 |
Analyst Estimates & Quality
Altman Z-Score
7.65
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $2.7M | $1.6M | $4.2M |
| Net Income | -$166.7M | -$140.5M | -$147.9M |
| EPS | $-2.87 | $-2.76 | $-2.88 |
| # Analysts (EPS) | 7 | 6 | 6 |