Upstream Bio, Inc. UPB
We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin ("TSLP"), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Preclinical and clinical data to date demonstrate verekitug's highly potent inhibition of the TSLP receptor, which we believe will translate to a differentiated product profile, including improved clinical outcomes, substantially extended dosing intervals and the potential to treat a broad spectrum of patients. We have advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma, including a long-term safety and efficacy extension study ("Phase 2 LTE"), chronic rhinosinusitis with nasal polyps ("CRSwNP"), and chronic obstructive pulmonary disease ("COPD"). We reported positive top-line results in our CRSwNP Phase 2 trial in September 2025 and positive top-line results in our severe asthma Phase 2 trial in February 2026. We initiated our Phase 2 COPD trial in July 2025. We plan to initiate dosing in Phase 3 trials in both severe asthma and CRSwNP in the first quarter of 2027, prioritizing a Phase 3 development strategy that focuses on maximizing efficacy in both indications, without biomarker restriction, with quarterly at-home administration. Our experienced team is committed to maximizing verekitug's unique attributes to address the substantial unmet needs for patients underserved by today's standard of care.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $2.9M | $2.4M | $2.4M | — |
| R&D | $136.8M | $63.0M | $31.8M | — |
| SG&A | $26.4M | $17.2M | $10.7M | — |
| Total operating expenses | $163.2M | $80.1M | $42.5M | — |
| Operating income | -$160.4M | -$77.8M | -$40.1M | — |
| Pre-tax income | -$143.4M | -$62.8M | -$20.5M | — |
| Income tax | $0 | $0 | $0 | — |
| Net income | -$143.4M | -$62.8M | -$20.5M | — |
| EPS, basic | -2.66 | -5.58 | -12.95 | — |
| EPS, diluted | -2.66 | -5.58 | -12.95 | — |
| Shares, diluted (wtd. avg.) | 53.9M | 13.7M | 3.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $101.6M | $325.9M | $25.8M | — |
| Short-term investments | $239.9M | $144.6M | $84.0M | — |
| Receivables | $668.0K | $613.0K | $98.0K | — |
| Total current assets | $351.8M | $479.2M | $117.0M | — |
| Property, plant and equipment | $559.0K | $582.0K | $159.0K | — |
| Goodwill | — | $0 | — | — |
| Total assets | $353.8M | $481.7M | $117.2M | — |
| Accounts payable | $2.7M | $4.0M | $2.0M | — |
| Total current liabilities | $13.5M | $10.7M | $6.5M | — |
| Total liabilities | $14.0M | $11.9M | $9.4M | — |
| Retained earnings | -$334.2M | -$190.8M | -$128.0M | — |
| Total equity | $339.8M | $469.9M | -$123.1M | -$106.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$133.3M | -$59.2M | -$37.9M | — |
| Depreciation and amortisation | $188.0K | $89.0K | $60.0K | — |
| Stock-based compensation | $10.3M | $6.0M | $3.3M | — |
| Capital expenditure | $165.0K | $511.0K | $144.0K | — |
| Investing cash flow | -$93.5M | -$59.5M | -$82.8M | — |
| Financing cash flow | $2.4M | $418.9M | $129.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-126188.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $2.4M | $2.4M | $2.9M |
| Gross profit | — | — | — | — |
| Net income | — | -$20.5M | -$62.8M | -$143.4M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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