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Upstream Bio, Inc., a clinical-stage biotechnology company, develops treatments for inflammatory diseases focusing on severe respiratory disorders. It offers verekitug, which is in Phase 2 trials for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps and chronic obstructive pulmonary disease and in Phase I clinical trial for treating chronic obstructive pulmonary disease. The company was incorporated in 2021 and is headquartered in Waltham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3M | $-160M | $-143M | $-133M | -42.2% | 20.4% | 128.4% |
| 2024 | $2M | $-78M | $-63M | $-60M | -13.4% | -0.4% | 205.8% |
| 2023 | $2M | $-40M | $-21M | $-38M | 16.7% | 96.4% | -14.0% |
| 2022 | $1M | $-24M | $-24M | $-19M | 22.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1.21 | 2.38 | 2.37 | 2.85 |
| Operating Revenue | 1.21 | 2.38 | 2.37 | 2.85 |
| Operating Expense | 25.12 | 42.49 | 80.13 | 163.22 |
| Research And Development | 18.66 | 31.80 | 62.97 | 136.81 |
| Selling General And Administration | 6.46 | 10.70 | 17.17 | 26.41 |
| Total Expenses | 25.12 | 42.49 | 80.13 | 163.22 |
| Operating Income | -23.91 | -40.11 | -77.76 | -160.36 |
| Total Operating Income As Reported | -23.91 | -40.11 | -77.76 | -160.36 |
| EBITDA | -23.90 | -40.05 | -77.68 | -160.17 |
| Normalized EBITDA | -23.90 | -40.05 | -77.68 | -160.17 |
| EBIT | -23.91 | -40.11 | -77.76 | -160.36 |
| Interest Income | 0.20 | 4.16 | 12.12 | 16.93 |
| Net Interest Income | 0.20 | 4.16 | 12.12 | 16.93 |
| Other Non Operating Income Expenses | -0.16 | 15.41 | 2.84 | -0.02 |
| Other Income Expense | -0.16 | 15.41 | 2.84 | -0.02 |
| Interest Income Non Operating | 0.20 | 4.16 | 12.12 | 16.93 |
| Net Non Operating Interest Income Expense | 0.20 | 4.16 | 12.12 | 16.93 |
| Pretax Income | -23.87 | -20.54 | -62.81 | -143.44 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | -23.87 | -20.54 | -62.81 | -143.44 |
| Net Income From Continuing And Discontinued Operation | -23.87 | -20.54 | -62.81 | -143.44 |
| Net Income From Continuing Operation Net Minority Interest | -23.87 | -20.54 | -62.81 | -143.44 |
| Net Income | -23.87 | -20.54 | -62.81 | -143.44 |
| Net Income Common Stockholders | -23.87 | -38.26 | -76.40 | -143.44 |
| Net Income Including Noncontrolling Interests | -23.87 | -20.54 | -62.81 | -143.44 |
| Normalized Income | -23.87 | -20.54 | -62.81 | -143.44 |
| Diluted NI Availto Com Stockholders | -23.87 | -38.26 | -76.40 | -143.44 |
| Basic Average Shares | 36.32 | 36.32 | 53.60 | 53.85 |
| Diluted Average Shares | 36.32 | 36.32 | 53.60 | 53.85 |
| Reconciled Depreciation | 0.01 | 0.06 | 0.09 | 0.19 |
| Preferred Stock Dividends | - | 17.72 | 13.59 | - |
| General And Administrative Expense | 6.46 | 10.70 | 17.17 | 26.41 |
| Other Gand A | 2.73 | 4.34 | 6.33 | 11.22 |
| Salaries And Wages | 3.74 | 6.35 | 10.84 | 15.19 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Upstream Bio, Inc.this co. | UPB | $404M | -2.82 | 1.19 | -42.2% | -1.90 |
| Orthofix Medical Inc. | OFIX | $418M | -4.53 | 0.93 | -20.5% | 51.78 |
| Cross Country Healthcare, Inc. | CCRN | $409M | -4.31 | 1.27 | -29.4% | -4.69 |
| AirSculpt Technologies, Inc. | AIRS | $403M | -34.53 | 4.59 | -13.3% | 391.43 |
| Monopar Therapeutics Inc. | MNPR | $399M |
| -29.11 |
| 2.90 |
| -10.0% |
| -20.21 |
| Community Health Systems, Inc. | CYH | $393M | 0.77 | -0.28 | -36.5% | 5.53 |
| TruBridge, Inc. | TBRG | $391M | 89.74 | 2.20 | 2.4% | 12.54 |
| OmniAb, Inc. | OABI | $386M | -5.95 | 1.44 | -24.3% | -8.06 |
| Compass Therapeutics, Inc. | CMPX | $384M | -5.77 | 1.95 | -33.8% | -5.08 |
| Peer Median | - | -5.15 | 1.70 | -22.4% | 0.42 | |