Upstream Bio, Inc. (UPB) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	3.2M	2.9M	2.4M	2.4M	1.2M
Cost of Revenue	49.0K	—	—	—	—
Gross Profit	3.1M	2.9M	2.4M	2.4M	1.2M
Operating Expenses
R&D Expense	145.8M	136.8M	63.0M	31.8M	18.7M
SG&A Expense	27.3M	26.4M	17.2M	10.7M	6.5M
General & Admin Expense	27.3M	26.4M	17.2M	10.7M	6.5M
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	(49.0K)	—	—	—	—
Total Operating Expenses	173.1M	163.2M	80.1M	42.5M	25.1M
Cost and Expenses	173.1M	163.2M	80.1M	42.5M	25.1M
Operating Income (EBIT)	(170.0M)	(160.4M)	(77.8M)	(40.1M)	(23.9M)
Non-Operating
Interest Income	13.5M	16.9M	12.1M	4.2M	205.0K
Interest Expense	—	—	—	—	—
Net Interest Income	13.5M	16.9M	12.1M	4.2M	205.0K
Other Non-Op Income/Expense	13.5M	16.9M	15.0M	19.6M	41.0K
Non-Operating Income (excl Interest)	(13.5M)	(16.9M)	(15.0M)	(19.6M)	(41.0K)
EBT (Pre-Tax Income)	(156.5M)	(143.4M)	(62.8M)	(20.5M)	(23.9M)
Income Tax Expense	—	—	—	—	—
Bottom Line
Net Income	(156.5M)	(143.4M)	(62.8M)	(20.5M)	(23.9M)
Earnings from Cont. Ops	(156.5M)	(143.4M)	(62.8M)	(20.5M)	(23.9M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(156.5M)	(143.4M)	(76.4M)	(38.3M)	(23.9M)
Per Share
Basic EPS	($2.90)	($2.66)	($1.49)	($1.05)	($0.66)
Diluted EPS	($2.90)	($2.66)	($1.49)	($1.05)	($0.66)
Revenue Per Share	$0.06	$0.05	$0.05	$0.07	$0.03
Shares
Basic Shares Outstanding	54.6M	53.9M	51.3M	36.3M	36.3M
Diluted Shares Outstanding	54.6M	53.9M	51.3M	36.3M	36.3M
Profitability Metrics
EBITDA	(156.3M)	(143.3M)	(62.7M)	(20.5M)	(23.9M)
D&A	152.0K	188.0K	89.0K	60.0K	7.0K
EBIT	(156.5M)	(143.4M)	(62.8M)	(20.5M)	(23.9M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026