Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Upstream Bio, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
Revenue
2.38
2.37
2.85
Research and development
31.8
63
137
General and administrative
10.7
17.2
26.4
Operating expenses
42.5
80.1
163
Operating income
-40.1
-77.8
-160
Interest income
4.17
12.1
16.9
Other non-operating income
19.6
15
16.9
Income tax
0
0
0
Net income
-20.5
-62.8
-143
EBITDA
-40.1
-77.7
-160
EPS, basic
-12.95
-5.58
-2.66
EPS, diluted
-12.95
-5.58
-2.66
Shares, basic (weighted)
2.95
13.7
53.9
Shares, diluted (weighted)
2.95
13.7
53.9
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
25.8
326
102
Short-term investments
84
145
240
Receivables
0.1
0.61
0.67
Other current assets
7.09
8.1
0.73
Total current assets
117
479
352
Property, plant and equipment
0.16
0.58
0.56
Lease right-of-use assets
0.04
1.78
1.22
Goodwill
0
Total assets
117
482
354
Accounts payable
1.99
4.04
2.73
Accrued liabilities
2.17
2.7
4.19
Total current liabilities
6.52
10.7
13.5
Lease liabilities
1.13
0.55
Total liabilities
9.39
11.9
14
Paid-in capital
4.82
661
673
Retained earnings
-128
-191
-334
Other comprehensive income
0.02
-0.03
0.53
Shareholders' equity
-123
470
340
Total equity
-123
470
340
Total liabilities and equity
117
482
354
Shares outstanding
2.99
53.6
54.2
Cash flow statement
FY2024
FY2024
FY2025
Net income
-20.5
-62.8
-143
Depreciation and amortization
0.06
0.09
0.19
Stock-based compensation
3.33
6
10.3
Change in payables
1.28
2.02
-1.28
Cash from operations
-37.9
-59.2
-133
Capital expenditures
-0.14
-0.51
-0.17
Purchases of investments
-129
-291
-386
Cash from investing
-82.8
-59.5
-93.5
Stock issued
0.12
0.16
2.28
Cash from financing
130
419
2.44
Net change in cash
8.78
300
-224
Free cash flow
-38.1
-59.7
-133
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.36 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-5,383.0%
Operating income / revenue.
EBITDA margin
-5,376.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-4,956.0%
Net income / revenue.
Operating cash flow margin
-4,317.0%
Cash from operations / revenue.
Return on equity (ROE)
-57.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-55.7%
Net income / average total assets.
Return on invested capital (ROIC)
-70.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
4,617.0%
Research and development expense / revenue.
Stock-based pay / revenue
446.5%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
6.4%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
20.4%
Revenue vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-27.7%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-26.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
293.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
28.0x
Current assets / current liabilities.
Quick ratio
26.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
26.2x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.06
Revenue / diluted weighted shares.
Operating cash flow per share
-$2.50
Cash from operations / diluted weighted shares.
Book value per share
$4.95
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
93.0x
Market cap / revenue.
P/B
1.08x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.08x
Market cap / tangible book value, when positive.
EV/Sales
10.2x
Enterprise value / revenue.
Earnings yield
-53.3%
Net income / market cap (the inverse of P/E).
What was Upstream Bio, Inc.'s revenue in fiscal 2025?
Upstream Bio, Inc. reported revenue of $2.9M for fiscal 2025, 20.4% higher than the year before.
Was Upstream Bio, Inc. profitable in fiscal 2025?
No. It reported a net loss of $143.4M.
How much free cash flow did Upstream Bio, Inc. generate in fiscal 2025?
Cash from operations of $133.3M minus capital expenditures of $165.0K left free cash flow of -$133.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.