Upstream Bio, Inc. Segments Disclosure
18. Segment reporting
The Company currently has a reportable operating segment and revenue generated exclusively from the Maruho Agreement. The Company’s , who is the CODM, manages the Company on a consolidated basis and utilizes consolidated net loss as a basis for resource allocation and decision making. The CODM considers budget-to-actual variances for each of the disaggregated components of operating expenses when making decisions about allocating resources and evaluating performance. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of December 31, 2025, the Company’s cash, cash equivalents and short-term investments were $341.5 million.
The Company's consolidated and segment net loss, including disaggregated components of operating expenses is as follows (in thousands):
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Year Ended December 31, |
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2025 |
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2024 |
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Collaboration revenue |
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$ |
2,854 |
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$ |
2,370 |
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Operating expenses: |
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Research and development: |
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Verekitug program: |
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Asthma indication |
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47,694 |
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28,069 |
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COPD indication |
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34,562 |
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3,115 |
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CRSwNP indication |
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7,564 |
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10,524 |
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Manufacturing costs |
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23,013 |
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6,580 |
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Personnel expenses |
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18,343 |
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9,911 |
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Professional fees and other |
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5,630 |
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4,767 |
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Total research and development expenses |
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136,806 |
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62,966 |
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General and administrative: |
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Personnel expenses |
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15,188 |
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10,842 |
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Professional fees |
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6,718 |
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4,349 |
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Other |
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4,503 |
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1,977 |
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Total general and administrative expenses |
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26,409 |
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17,168 |
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Total operating expenses |
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163,215 |
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80,134 |
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Loss from operations |
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(160,361 |
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(77,764 |
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Other income (expense): |
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Change in fair value of preferred stock tranche right liability |
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— |
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2,859 |
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Interest income |
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16,933 |
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12,123 |
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Other expense, net |
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(15 |
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(24 |
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Total other income, net |
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16,918 |
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14,958 |
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Segment and consolidated net loss |
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$ |
(143,443 |
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$ |
(62,806 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 12, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.