Upstream Bio, Inc. (UPB) Income Statement
UPB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUPB revenue and net income
Where UPB's revenue goes
2025Each bar shows an amount and its share of revenue. UPB kept −5,026.0% of revenue as net income.
UPB profit margins
UPB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.4% | +33.0% | — | — |
| Gross profit | +20.4% | +33.0% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UPB quarterly EPS vs estimates
Upstream Bio beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.67).
UPB income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $2.9M | $2.4M | $2.4M | $1.2M |
| Cost of revenue | $188,000 | $89,000 | $60,000 | $7,000 |
| Gross profit | $2.9M | $2.4M | $2.4M | $1.2M |
| Research & development | $136.8M | $63.0M | $31.8M | $18.7M |
| Sales, general & admin | $26.4M | $17.2M | $10.7M | $6.5M |
| Total operating expenses | $163.2M | $80.1M | $42.5M | $25.1M |
| Operating income | −$160.4M | −$77.8M | −$40.1M | −$23.9M |
| Interest income | $16.9M | $12.1M | $4.2M | $205,000 |
| Income before taxes | −$143.4M | −$62.8M | −$20.5M | −$23.9M |
| Net income | −$143.4M | −$62.8M | −$20.5M | −$23.9M |
| EBITDA | −$143.3M | −$62.7M | −$20.5M | −$23.9M |
| EPS (diluted) | −$2.66 | −$18.55 | −$0.57 | — |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −5,618.8% | −3,281.2% | −1,685.5% | −1,972.7% |
| Net margin | −5,026.0% | −2,650.0% | −862.9% | −1,969.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $773,000 | $1.0M | $668,000 | $683,000 | $937,000 | $566,000 | $613,000 | $607,000 | $510,000 | $640,000 | $450,000 | $621,000 |
| Cost of revenue | $0 | $49,000 | $57,000 | $31,000 | $57,000 | $43,000 | $49,000 | $14,000 | $0 | $0 | $0 | $0 |
| Gross profit | $773,000 | $985,000 | $668,000 | $683,000 | $937,000 | $566,000 | $613,000 | $607,000 | $510,000 | $640,000 | $450,000 | $621,000 |
| Research & development | $36.1M | $36.6M | $40.2M | $33.0M | $37.9M | $25.8M | $21.8M | $15.4M | $14.1M | $11.7M | $11.6M | $7.8M |
| Sales, general & admin | $7.1M | $8.1M | $6.7M | $5.5M | $7.4M | $6.8M | $5.2M | $4.1M | $4.0M | $4.0M | $3.2M | $2.2M |
| Total operating expenses | $43.1M | $44.6M | $46.8M | $38.5M | $45.3M | $32.6M | $26.9M | $19.5M | $18.1M | $15.7M | $14.8M | $10.0M |
| Operating income | −$42.4M | −$43.6M | −$46.2M | −$37.8M | −$44.3M | −$32.0M | −$26.3M | −$18.9M | −$17.5M | −$15.0M | −$14.3M | −$9.4M |
| Interest income | $2.7M | $3.1M | $3.7M | $4.1M | $4.4M | $4.7M | $5.1M | $2.9M | $2.9M | $1.3M | $1.5M | $1.5M |
| Income before taxes | −$39.7M | −$40.6M | −$42.5M | −$33.7M | −$40.0M | −$27.3M | −$21.2M | −$16.0M | −$14.7M | −$10.9M | −$11.8M | −$3.1M |
| Net income | −$39.7M | −$40.6M | −$42.5M | −$33.7M | −$40.0M | −$27.3M | −$21.2M | −$16.0M | −$14.7M | −$10.9M | −$11.8M | −$3.1M |
| EBITDA | −$39.7M | −$40.5M | −$42.4M | −$33.7M | −$39.9M | −$27.2M | −$21.2M | −$16.0M | −$14.7M | −$10.9M | −$11.8M | −$3.1M |
| EPS (diluted) | −$0.73 | −$0.75 | −$0.78 | −$0.63 | −$0.74 | −$0.51 | −$0.41 | −$6.96 | −$11.18 | — | — | — |
| Gross margin | 100.0% | 95.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −5,481.0% | −4,218.1% | −6,911.2% | −5,539.4% | −4,732.9% | −5,656.0% | −4,293.3% | −3,112.5% | −3,439.2% | −2,345.8% | −3,184.4% | −1,511.4% |
| Net margin | −5,136.1% | −3,925.6% | −6,356.1% | −4,941.1% | −4,265.3% | −4,818.0% | −3,465.3% | −2,634.6% | −2,878.0% | −1,702.2% | −2,629.6% | −499.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UPB's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UPB financial results
In fiscal year 2025 (ended December 31, 2025), Upstream Bio reported revenue of $2.9 million, up 20.4% from the year before. It had a net loss of $143.4 million, a net profit margin of −5,026.0%. Diluted earnings per share came to −$2.66.
See the UPB stock overview for the latest quote and news, or the UPB chart for price history and technical indicators.
UPB income statement FAQ
What is Upstream Bio's annual revenue?
Upstream Bio reported total revenue of $2.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.4% from $2.4 million the previous year.
Is Upstream Bio profitable?
No. Upstream Bio reported a net loss of $143.4 million in fiscal 2025, a net profit margin of −5,026.0%; its operating margin was −5,618.8%.
What is Upstream Bio's gross margin?
Upstream Bio's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Upstream Bio kept $100 after the direct cost of its products and services.
How much does Upstream Bio spend on research and development?
Upstream Bio spent $136.8 million on research and development in fiscal 2025, 4,793.5% of revenue.
What are Upstream Bio's earnings per share?
Upstream Bio earned $-2.66 per diluted share in fiscal 2025, compared with $-18.55 a year earlier.
When will Upstream Bio report its next earnings?
Upstream Bio is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Upstream Bio's fiscal year end?
Upstream Bio's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.