Upstream Bio, Inc.

Listed Company

UPBCIK 0002022626NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.85M

Net Income

$-143.40M

Total Assets

$353.77M

Equity

$339.77M

Shares Out

54.42M

Op. Cash Flow

$-133.28M

Business

Upstream Bio, Inc. is a clinical-stage biotechnology company developing therapies that inhibit TSLP signaling, with an initial focus on severe respiratory inflammatory disorders. Its lead product candidate is verekitug, a fully human IgG1 monoclonal antibody that binds the TSLP receptor and is in Phase 2 development for severe asthma and chronic rhinosinusitis with nasal polyps and being planned for COPD. The company’s activities are organized around research and clinical development, regulatory strategy, and outsourced manufacturing and supply partnerships. It conducts multi‑national clinical trials and leverages third‑party manufacturers and regional licensing partners (including Japan) for development and potential commercialization.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Collaboration revenue	3	2	2
Research and development	137	63	32
General and administrative	26	17	11
Total operating expenses	163	80	42
Loss from operations	−160	−78	−40
Change in fair value of preferred stock tranche right liability	0	3	16
Interest income	17	12	4
Other expense, net	−15,000	−24,000	−115,000
Total other income, net	17	15	20
Net loss	−143	−63	−21
Redeemable convertible preferred stock cumulative dividends	0	−14	−18
Net loss attributable to common stockholders	−143	−76	−38
Net loss per share attributable to common stockholders, basic	−2.66	−5.58	−12.95
Net loss per share attributable to common stockholders, diluted	−2.66	−5.58	−12.95
Weighted-average common shares outstanding, basic	54	14	3
Weighted-average common shares outstanding, diluted	54	14	3
Unrealized gain (loss) on investments, net of tax	555,000	−46,000	21,000
Total other comprehensive income (loss)	555,000	−46,000	21,000
Comprehensive loss	−143	−63	−21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	102	326	26	—
Short-term investments	240	145	84	—
Accounts receivable	668,000	613,000	98,000	—
Prepaid expenses and other current assets	10	8	7	—
Total current assets	352	479	117	—
Property and equipment, net	559,000	582,000	159,000	—
Operating lease right-of-use assets	1	2	43,000	—
Restricted cash	194,000	194,000	—	—
Total assets	354	482	117	—
Accounts payable	3	4	2	—
Accrued expenses and other current liabilities	10	6	4	—
Operating lease liabilities, current portion	720,000	704,000	45,000	—
Total current liabilities	13	11	7	—
Operating lease liabilities, net of current portion	549,000	1	—	—
Total liabilities	14	12	9	—
Commitments and contingencies (Note 13)	—	—	—	—
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024	—	—	—	—
Common stock, $0.001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 54,237,750 and 53,603,398 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	54,000	53,000	3,000	—
Additional paid-in capital	673	661	5	—
Accumulated other comprehensive income (loss)	530,000	−25,000	21,000	—
Accumulated deficit	−334	−191	−128	—
Total stockholders' equity	340	470	−123	−106
Total liabilities and stockholders' equity	354	482	117	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−143	−63	−21
Depreciation and amortization expense	200,000	89,000	60,000
Stock-based compensation expense	10	6	3
Net amortization of premiums and accretion of discounts on short-term investments	−2	−2	−1
Non-cash lease expense	561,000	182,000	82,000
Accounts receivable	−55,000	−515,000	314,000
Prepaid expenses and other assets	−2	−1	−6
Accounts payable	−1	2	1
Accrued expenses and other current liabilities	4	2	422,000
Operating lease liabilities	−565,000	−133,000	−82,000
Net cash used in operating activities	−133	−59	−38
Purchases of short-term investments	−386	−291	−129
Maturities of short-term investments	293	232	46
Purchases of equipment	−165,000	−511,000	−144,000
Net cash used in investing activities	−93	−59	−83
Proceeds from the issuance of Series B redeemable convertible preferred stock, net of issuance costs paid	0	150	—
Proceeds from initial public offering, net of underwriters discounts and commissions	0	273	—
Payments of initial public offering costs	−34,000	−4	—
Proceeds from exercises of stock options	2	159,000	118,000
Proceeds from issuance of common stock under employee stock purchase plan	196,000	0	—
Net cash provided by financing activities	2	419	130
Net increase (decrease) in cash, cash equivalents and restricted cash	−224	300	9
Right-of-use asset obtained in exchange for operating lease liability	0	2	36,000
Initial public offering costs included in accounts payable	0	34,000	—

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