Upstream Bio, Inc. (UPB) AI Stock Analysis

Upstream Bio, Inc., incorporated in 2021 and headquartered in Waltham, Massachusetts, is a clinical-stage biotechnology company focused on treatments for inflammatory diseases with an emphasis on severe respiratory disorders. The company employs 75 people and completed its initial public offering in 2024. Its core asset is verekitug, an investigational therapy currently being evaluated in Phase 2 clinical trials for the treatment of severe asthma, chronic rhinosinusitis with nasal polyps, and chronic obstructive pulmonary disease. Verekitug is also being evaluated in a Phase I clinical trial for treating chronic obstructive pulmonary disease.

Upstream Bio generated $1.2M in revenue in FY2022, rising to $2.4M in FY2023 and remaining flat at $2.4M in FY2024 after a 0.4% decline. In FY2025, revenue increased 20.4% to $2.9M, representing a three-year revenue CAGR of 33.0% from FY2022 to FY2025. However, net losses expanded from -$23.9M in FY2022 to -$62.8M in FY2024 and -$143.4M in FY2025, driven by research and development expenses that climbed from $18.7M to $136.8M over that timeframe. For the trailing twelve months ended June 30, 2026, revenue stood at $3.2M with an operating margin of -5481.0%, while quarterly revenue fell 17.5% year-over-year.

As of June 30, 2026, Upstream Bio held $261.3M in cash and short-term investments against total debt of $954,000, resulting in net cash of $260.4M and a debt-to-equity ratio of 0.00. Total assets reached $281.2M and shareholders' equity stood at $271.0M, supporting a current ratio of 27.99. In FY2025, the company used -$133.3M in operating cash flow and recorded free cash flow of -$133.3M, with capital expenditures totaling $165,000.

At a closing price of $2.76, Upstream Bio has a market cap of $151.2M and an enterprise value of $25.0M. The stock trades at a price-to-sales multiple of 47.9x, well above the 4.1x median of its US-listed Healthcare peers, with a price-to-book ratio of 1.1x and EV-to-revenue of 7.9x. The stock has fallen 87.6% over the past 12 months and 89.8% year-to-date, underperforming the S&P 500 (SPY), which gained 16.8% over the past year.

Wall Street coverage consists of 5 Strong Buy, 1 Buy, and 2 Hold ratings, with no Sell or Strong Sell recommendations. The mean price target is $31.14, representing an implied upside of 1028.4% above the last close of $2.76. For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$2.90 on revenue of $2.7M. Seven analysts covering the following fiscal year project revenue of $1.4M and EPS of -$2.80. The company beat EPS estimates in 2 of the last 4 quarters, with next earnings scheduled for November 4, 2026.

This page is an AI-written research summary of Upstream Bio, Inc. (UPB). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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