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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% | - |
| 2024 | $2M | $-78M | $-63M | $-60M | -13.4% | -0.4% | - |
| 2023 | $2M | $-40M | $-21M | $-38M | 16.7% | 96.4% | - |
| 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 Expense | 25.12 | 42.49 | 80.13 | 163.22 |
| Operating Income | -23.91 | -40.11 | -77.76 | -160.36 |
| EBITDA | -23.90 | -40.05 | -77.67 | -160.17 |
| EBIT | -23.91 | -40.11 | -77.76 | -160.36 |
| Pretax Income | -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 | -76.39 | -143.44 |
| Total Expenses | 25.12 | 42.49 | 80.13 | 163.22 |
| Interest Income | 0.20 | 4.17 | 12.12 | 16.93 |
| Research And Development | 18.66 | 31.80 | 62.97 | 136.81 |
| Selling General And Administration | 6.46 | 10.70 | 17.17 | 26.41 |
| Normalized EBITDA | -23.90 | -40.05 | -77.67 | -160.17 |
| Normalized Income | -23.87 | -20.54 | -62.81 | -143.44 |
| Basic EPS | -0.66 | -1.05 | -1.17 | -2.66 |
| Diluted EPS | -0.66 | -1.05 | -1.17 | -2.66 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -23.87 | -20.54 | -62.81 | -143.44 |
| Reconciled Depreciation | 0.01 | 0.06 | 0.09 | 0.19 |
| Net Interest Income | 0.20 | 4.17 | 12.12 | 16.93 |
| Net Income From Continuing And Discontinued Operation | -23.87 | -20.54 | -62.81 | -143.44 |
| Total Operating Income As Reported | -23.91 | -40.11 | -77.76 | -160.36 |
| Diluted Average Shares | 36.32 | 36.32 | 53.60 | 53.85 |
| Basic Average Shares | 36.32 | 36.32 | 53.60 | 53.85 |
| Diluted NI Availto Com Stockholders | -23.87 | -38.26 | -76.39 | -143.44 |
| Preferred Stock Dividends | 0 | 17.72 | 13.59 | 0 |
| Net Income Including Noncontrolling Interests | -23.87 | -20.54 | -62.81 | -143.44 |
| Net Income Continuous Operations | -23.87 | -20.54 | -62.81 | -143.44 |
| Other Income Expense | -0.16 | 15.41 | 2.83 | -0.01 |
| Other Non Operating Income Expenses | -0.16 | 15.41 | 2.83 | -0.01 |
| Net Non Operating Interest Income Expense | 0.20 | 4.17 | 12.12 | 16.93 |
| Interest Income Non Operating | 0.20 | 4.17 | 12.12 | 16.93 |
| 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 |
| Operating Revenue | 1.21 | 2.38 | 2.37 | 2.85 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Upstream Bio, Inc.this co. | UPB | - | - | - | -42.2% | - |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M | - | 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |