Upstream Bio, Inc. (UPB) Balance Sheet
UPB balance sheet, 2025
December 31, 2025 · U.S. dollars$353.8M assets = $14.0M liabilities + $339.8M equity
Both columns are drawn to the same scale: what UPB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
UPB financial health
Descriptive bands, not a rating. Fiscal 2025.
UPB balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.5M2022 | $353.8M2025 | +167.5%/yr | |
| Total liabilities | $124.6M2022 | $14.0M2025 | −51.7%/yr | |
| Shareholders’ equity | −$106.2M2022 | $339.8M2025 | — | |
| Cash & short-term investments | $17.1M2022 | $341.5M2025 | +171.6%/yr | |
| Total debt | $94,0002022 | $1.3M2025 | +138.1%/yr | |
| Net cash (debt) | $17.0M2022 | $340.2M2025 | +$323.3M | |
| Working capital | $13.5M2022 | $338.3M2025 | +$324.9M | |
| Book value per share | −$2.922022 | $6.312025 | — | |
| Debt / equity | 0.002024 | 0.002025 | 0.00 | |
| Shares outstanding | 36.3M2022 | 53.9M2025 | +14.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UPB assets
UPB liabilities and equity
UPB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
UPB balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $341.5M | $470.5M | $109.8M | $17.1M |
| Cash & equivalents | $101.6M | $325.9M | $25.8M | $17.1M |
| Short-term investments | $239.9M | $144.6M | $84.0M | $0 |
| Receivables | $668,000 | $1.2M | $236,000 | $412,000 |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $9.6M | $7.5M | $7.0M | $844,000 |
| Total current assets | $351.8M | $479.2M | $117.0M | $18.3M |
| Property, plant & equipment (net) | $1.8M | $2.4M | $202,000 | $164,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $194,000 | $194,000 | $0 | $7,000 |
| Total assets | $353.8M | $481.7M | $117.2M | $18.5M |
| Liabilities | ||||
| Accounts payable | $2.7M | $4.0M | $2.0M | $712,000 |
| Short-term debt | $720,000 | $704,000 | $45,000 | $87,000 |
| Total current liabilities | $13.5M | $10.7M | $6.5M | $4.9M |
| Long-term debt | $0 | $0 | $0 | $0 |
| Lease obligations | $1.3M | $1.8M | $45,000 | $94,000 |
| Other long-term liabilities | $549,000 | $1.1M | $233.8M | $119.8M |
| Total liabilities | $14.0M | $11.9M | $240.3M | $124.6M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $54,000 | $53,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$334.2M | −$190.8M | −$128.0M | −$107.4M |
| Accumulated other comprehensive income | $530,000 | −$25,000 | $21,000 | — |
| Total shareholders' equity | $339.8M | $469.9M | −$123.1M | −$106.2M |
| Key figures | ||||
| Total debt | $1.3M | $1.8M | $45,000 | $94,000 |
| Net cash (debt) | $340.2M | $468.6M | $109.8M | $17.0M |
| Working capital | $338.3M | $468.4M | $110.5M | $13.5M |
| Tangible book value | $339.8M | $469.9M | −$123.1M | −$106.2M |
| Book value per share | $6.31 | $9.15 | −$3.39 | −$2.92 |
| Shares outstanding | 53.9M | 51.3M | 36.3M | 36.3M |
| Current ratio | 26.15 | 44.63 | 17.96 | 3.77 |
| Quick ratio | 25.44 | 43.93 | 16.89 | 3.60 |
| Debt / equity | 0.00 | 0.00 | — | — |
| Equity / assets | 96.0% | 97.5% | −105.1% | −574.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $261.3M | $294.6M | $341.5M | $372.4M | $393.6M | $431.4M | $470.5M | $220.7M | $235.8M | $109.8M |
| Cash & equivalents | $79.4M | $96.7M | $101.6M | $72.2M | $45.5M | $71.3M | $325.9M | $32.9M | $47.3M | $25.8M |
| Short-term investments | $181.9M | $197.9M | $239.9M | $300.3M | $348.1M | $360.1M | $144.6M | $187.7M | $188.5M | $84.0M |
| Receivables | $2.1M | $1.0M | $668,000 | $683,000 | $2.6M | $1.7M | $1.2M | $1.1M | $907,000 | $236,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $16.1M | $20.7M | $9.6M | $15.9M | $22.0M | $20.7M | $7.5M | $5.5M | $6.3M | $7.0M |
| Total current assets | $279.6M | $316.3M | $351.8M | $389.0M | $418.3M | $453.8M | $479.2M | $227.3M | $243.0M | $117.0M |
| Property, plant & equipment (net) | $1.4M | $1.6M | $1.8M | $2.0M | $2.1M | $2.2M | $2.4M | $2.5M | $133,000 | $202,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $194,000 | $194,000 | $194,000 | $194,000 | $194,000 | $194,000 | $194,000 | $2.9M | $1.3M | $0 |
| Total assets | $281.2M | $318.1M | $353.8M | $391.2M | $420.5M | $456.2M | $481.7M | $232.7M | $244.5M | $117.2M |
| Liabilities | ||||||||||
| Accounts payable | $2.3M | $1.7M | $2.7M | $4.0M | $2.6M | $4.7M | $4.0M | $4.9M | $5.6M | $2.0M |
| Short-term debt | $728,000 | $724,000 | $720,000 | $716,000 | $712,000 | $708,000 | $704,000 | $678,000 | — | $45,000 |
| Total current liabilities | $10.0M | $13.7M | $13.5M | $11.9M | $10.9M | $9.6M | $10.7M | $10.9M | $10.2M | $6.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $954,000 | $1.1M | $1.3M | $1.4M | $1.6M | $1.7M | $1.8M | $1.9M | $0 | $45,000 |
| Other long-term liabilities | $226,000 | $390,000 | $549,000 | $703,000 | $849,000 | $992,000 | $1.1M | $382.1M | $380.9M | $233.8M |
| Total liabilities | $10.2M | $14.1M | $14.0M | $12.6M | $11.8M | $10.6M | $11.9M | $393.0M | $391.1M | $240.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $54,000 | $54,000 | $54,000 | $56,000 | $54,000 | $53,000 | $53,000 | $3,000 | $3,000 | $3,000 |
| Retained earnings (deficit) | −$414.5M | −$374.8M | −$334.2M | −$291.8M | −$258.0M | −$218.1M | −$190.8M | −$169.5M | −$153.5M | −$128.0M |
| Accumulated other comprehensive income | −$123,000 | $100,000 | $530,000 | $493,000 | $258,000 | $368,000 | −$25,000 | $351,000 | −$55,000 | $21,000 |
| Total shareholders' equity | $271.0M | $304.0M | $339.8M | $378.6M | $408.7M | $445.6M | $469.9M | −$160.3M | −$146.6M | −$123.1M |
| Key figures | ||||||||||
| Total debt | $954,000 | $1.1M | $1.3M | $1.4M | $1.6M | $1.7M | $1.8M | $1.9M | — | $45,000 |
| Net cash (debt) | $260.4M | $293.5M | $340.2M | $371.0M | $392.0M | $429.7M | $468.6M | $218.7M | — | $109.8M |
| Working capital | $269.6M | $302.6M | $338.3M | $377.1M | $407.3M | $444.2M | $468.4M | $216.4M | $232.8M | $110.5M |
| Tangible book value | $271.0M | $304.0M | $339.8M | $378.6M | $408.7M | $445.6M | $469.9M | −$160.3M | −$146.6M | −$123.1M |
| Book value per share | $4.97 | $5.60 | $6.26 | $7.02 | $7.60 | $8.31 | $9.15 | −$3.12 | −$2.86 | −$3.39 |
| Shares outstanding | 54.6M | 54.3M | 54.2M | 53.9M | 53.8M | 53.6M | 51.3M | 51.3M | 51.3M | 36.3M |
| Current ratio | 27.99 | 23.14 | 26.15 | 32.67 | 38.27 | 47.43 | 44.63 | 20.90 | 23.72 | 17.96 |
| Quick ratio | 26.38 | 21.63 | 25.44 | 31.33 | 36.25 | 45.27 | 43.93 | 20.39 | 23.11 | 16.89 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
| Equity / assets | 96.4% | 95.6% | 96.0% | 96.8% | 97.2% | 97.7% | 97.5% | −68.9% | −60.0% | −105.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
UPB financial position
At the end of fiscal 2025 (December 31, 2025), Upstream Bio had total assets of $353.8 million (down 26.6% from a year earlier), total liabilities of $14.0 million and shareholders' equity of $339.8 million. It held $341.5 million in cash and short-term investments against $1.3 million of debt, a net cash position of $340.2 million. Its current ratio was 26.15. In the latest quarter (ended June 30, 2026) total assets were $281.2 million and equity $271.0 million.
Related: UPB income statement, UPB cash flow statement, UPB key metrics. See the UPB stock overview for the latest quote and news.
UPB balance sheet FAQ
What are Upstream Bio's total assets?
Upstream Bio reported total assets of $353.8 million at the end of fiscal 2025 (December 31, 2025), compared with $481.7 million a year earlier.
How much debt does Upstream Bio have?
Upstream Bio had $1.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Upstream Bio have?
Upstream Bio held $341.5 million in cash and short-term investments at the end of fiscal 2025; with $1.3 million of debt that is net cash of $340.2 million.
What is Upstream Bio's book value?
Upstream Bio's shareholders' equity (book value) was $339.8 million at the end of fiscal 2025, or $6.31 per share.
What is Upstream Bio's current ratio?
Upstream Bio had current assets of $351.8 million and current liabilities of $13.5 million, a current ratio of 26.15 (it can cover its short-term obligations).