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Other financials

Income statement

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Revenue$773.0K-17.5%
Operating income-$42.4M+4.5%
Net income-$39.7M+0.7%
EPS (diluted)-$0.73+1.4%

Balance sheet

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Cash & equivalents$79.4M+74.7%
Total debt$954.0K-38.9%
Total equity$271.0M-33.7%
Total assets$281.2M-33.1%

Cash flow

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Operating cash flow-$35.6M+9.2%
Free cash flow-$30.7M-55.0%

Valuation

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Market cap$394.54M-54.7%
Enterprise value$316.1M-61.6%
P/S124.9×-195×

Profitability

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Operating margin-5,382.6%+1,393pp
Net margin-4,955.7%+2,041pp

Returns & leverage

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Return on equity-46%
Debt / equity0.0×
Current ratio28×-10.3×

Where this comes from

Reported directly by Upstream Bio, Inc. in its filing.

Tagged under the XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

The source filing: Upstream Bio, Inc.’s 10-K, filed March 26, 2026.

Filed
Mar 26, 2026, 4:04 PM EDT
Fiscal year
FY2025
Accession
0001193125-26-126188
Line itemYear Ended December 31, 2025Year Ended December 31, 2024
Cash flows from investing activities:
Purchases of short-term investments(385,878)(290,609)
Maturities of short-term investments292,563231,635
Purchases of equipment(165)(511)
Net cash used in investing activities(93,480)(59,485)
Cash flows from financing activities:
Proceeds from the issuance of Series B redeemable convertible preferred stock, net of issuance costs paid149,924
Proceeds from initial public offering, net of underwriters discounts and commissions272,723

Item 16. Form 10-K Summary.

FAQ

What is Upstream Bio, Inc.'s capex?
Upstream Bio, Inc. (UPB) reported capex of $54K in Q4 2025.
How has Upstream Bio, Inc.'s capex changed year-over-year?
Upstream Bio, Inc.'s capex decreased by 70.8% year-over-year, from $185K to $54K.
What does capex mean?
Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

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