UPB - Upstream Bio, Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$25.00
DETAILS
HIGH:
$25.00
LOW:
$25.00
MEDIAN:
$25.00
CONSENSUS:
$25.00
UPSIDE:
440.54%
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Revenue | 0.8 | 1.0 | 0.7 | 0.7 | 0.9 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 |
| Cost of Revenue | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0.8 | 1.0 | 0.7 | 0.7 | 0.9 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 |
| Operating Expenses | ||||||||||||
| R&D Expenses | 36.1 | 36.6 | 40.2 | 33.0 | 37.9 | 25.8 | 21.8 | 15.4 | 14.1 | 11.7 | 11.6 | 7.8 |
| SG&A Expenses | 7.1 | 8.1 | 6.7 | 5.5 | 7.4 | 6.8 | 5.2 | 4.1 | 4.0 | 4.0 | 3.2 | 2.2 |
| Other Expenses | 0 | (0.0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 43.1 | 44.6 | 46.8 | 38.5 | 45.3 | 32.6 | 26.9 | 19.5 | 18.1 | 15.7 | 14.8 | 10.0 |
| Operating Income | ||||||||||||
| Operating Income | (42.4) | (43.6) | (46.2) | (37.8) | (44.3) | (32.0) | (26.3) | (18.9) | (17.5) | (15.0) | (14.3) | (9.4) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.7 | 3.1 | 3.7 | 4.1 | 4.4 | 4.7 | 5.1 | 2.9 | 2.9 | 1.3 | 1.5 | 1.5 |
| Profitability | ||||||||||||
| EBITDA | (39.7) | (40.5) | (42.4) | (33.7) | (39.9) | (27.2) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| EBIT | (39.7) | (40.6) | (42.5) | (33.7) | (40.0) | (27.3) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| Income Before Tax | (39.7) | (40.6) | (42.5) | (33.7) | (40.0) | (27.3) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| Income Tax Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | (39.7) | (40.6) | (42.5) | (33.7) | (40.0) | (27.3) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| Per Share Data | ||||||||||||
| EPS (Basic) | -0.73 | -0.75 | -0.79 | -0.63 | -0.74 | -0.51 | -0.41 | -0.41 | -0.38 | -0.27 | -0.41 | -0.17 |
| EPS (Diluted) | -0.73 | -0.75 | -0.79 | -0.63 | -0.74 | -0.51 | -0.41 | -0.41 | -0.38 | -0.27 | -0.41 | -0.17 |
| Shares Outstanding | 54.6 | 54.3 | 54.2 | 53.9 | 53.8 | 53.6 | 51.3 | 51.3 | 51.3 | 51.3 | 36.3 | 36.3 |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 79.4 | 96.7 | 101.6 | 72.2 | 45.5 | 71.3 | 325.9 | 32.9 | 47.3 | 109.8 | 25.8 | 17.1 |
| Short-Term Investments | 181.9 | 197.9 | 239.9 | 300.3 | 348.1 | 360.1 | 144.6 | 187.7 | 188.5 | 0 | 84.0 | 0 |
| Net Receivables | 2.1 | 1.0 | 0.7 | 0.7 | 2.6 | 1.7 | 1.2 | 1.1 | 0.9 | 0 | 0.2 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 16.1 | 20.7 | 9.6 | 15.9 | 0.8 | 1 | 0.5 | 0.4 | 0.6 | (109.8) | 0.4 | (17.1) |
| Total Current Assets | 279.6 | 316.3 | 351.8 | 389.0 | 418.3 | 453.8 | 479.2 | 227.3 | 243.0 | 0 | 117.0 | 0 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 1.4 | 1.6 | 1.8 | 2.0 | 2.1 | 2.2 | 2.4 | 2.5 | 0.1 | 0 | 0.2 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 2.9 | 1.3 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.6 | 1.8 | 2.0 | 2.2 | 2.2 | 2.4 | 2.6 | 5.4 | 1.5 | 0 | 0.2 | 0 |
| Total Assets | 281.2 | 318.1 | 353.8 | 391.2 | 420.5 | 456.2 | 481.7 | 232.7 | 244.5 | 0 | 117.2 | 0 |
| Current Liabilities | ||||||||||||
| Account Payables | 2.3 | 1.7 | 2.7 | 4.0 | 2.6 | 4.7 | 4.0 | 4.9 | 5.6 | 0 | 2.0 | 0 |
| Short-Term Debt | 0.7 | 0.7 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.9 | 11.2 | 10.0 | 7.2 | 1.9 | 0.9 | 2.7 | 2.1 | 1.6 | 0 | 2.2 | 0 |
| Total Current Liabilities | 10.0 | 13.7 | 13.5 | 11.9 | 10.9 | 9.6 | 10.7 | 10.9 | 10.2 | 0 | 6.5 | 0 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 0.2 | 0.4 | 0.5 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 380.9 | 380.9 | (107.8) | 233.8 | (6.7) |
| Total Non-Current Liabilities | 0.2 | 0.4 | 0.5 | 0.7 | 0.8 | 1.0 | 1.1 | 382.1 | 380.9 | (107.8) | 233.8 | (6.7) |
| Total Liabilities | 10.2 | 14.1 | 14.0 | 12.6 | 11.8 | 10.6 | 11.9 | 393.0 | 391.1 | (107.8) | 240.3 | (6.7) |
| Stockholders' Equity | ||||||||||||
| Common Stock | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0 | 0.0 | 0 |
| Retained Earnings | (414.5) | (374.8) | (334.2) | (291.8) | (258.0) | (218.1) | (190.8) | (169.5) | (153.5) | 0 | (128.0) | 0 |
| Accumulated Other Comprehensive Income | (0.1) | 0.1 | 0.5 | 0.5 | 0.3 | 0.4 | (0.0) | 0.4 | (0.1) | (123.1) | 0.0 | (106.2) |
| Total Stockholders' Equity | 271.0 | 304.0 | 339.8 | 378.6 | 408.7 | 445.6 | 469.9 | (160.3) | (146.6) | 107.8 | (123.1) | 6.7 |
| Total Liabilities & Equity | 281.2 | 318.1 | 353.8 | 391.2 | 420.5 | 456.2 | 481.7 | 232.7 | 244.5 | 0 | 117.2 | 0 |
| Debt Metrics | ||||||||||||
| Total Debt | 1.0 | 1.1 | 1.3 | 1.4 | 1.6 | 1.7 | 1.8 | 1.9 | 0 | 0 | 0.0 | 0 |
| Net Debt | (78.4) | (95.6) | (100.3) | (70.7) | (43.9) | (69.6) | (324.1) | (31.0) | (47.3) | (109.8) | (25.8) | (17.1) |
| Metric | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||
| Net Income | (39.7) | (40.6) | (42.5) | (33.7) | (40.0) | (27.3) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| Depreciation & Amortization | 0.1 | (0.7) | 5.9 | (2.8) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-Based Compensation | 4.4 | 4.6 | 2.5 | 2.6 | 2.6 | 2.6 | 2.1 | 1.9 | 1.4 | 0.6 | 0.8 | 0.7 |
| Change in Working Capital | (0.4) | (11.4) | 7.7 | 8.9 | (1.1) | (15.0) | (1.3) | 0.7 | 6.3 | (3.9) | (4.0) | 3.1 |
| Other Non-Cash Items | 0.1 | 0.2 | (4.3) | 2.9 | (0.8) | (1.6) | 0.8 | (0.6) | (1.1) | (3.5) | (1.1) | (5.5) |
| Operating Cash Flow | (35.6) | (47.9) | (30.6) | (22.2) | (39.2) | (41.2) | (19.6) | (14.0) | (8.0) | (17.6) | (16.1) | (4.8) |
| Investing Activities | ||||||||||||
| Capital Expenditure | 0 | 0 | (0.0) | 0.0 | (0.0) | 0 | (0.2) | (0.3) | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (50.9) | (14.4) | (38.3) | (24.5) | (57.1) | (266.1) | (42.2) | (73.4) | (151.6) | (23.4) | (34.8) | (4.5) |
| Sales/Maturities of Investments | 66.7 | 56.8 | 97.3 | 72.7 | 69.9 | 52.7 | 84.3 | 75.1 | 34.9 | 37.3 | 29.6 | 16.7 |
| Other Investing Activities | 0 | 0 | (0.0) | (0.1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | 15.8 | 42.4 | 58.9 | 48.2 | 12.8 | (213.4) | 41.9 | 1.4 | (116.7) | 13.9 | (5.2) | 12.2 |
| Financing Activities | ||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1.7) | 140.5 | 9.4 | 0 | 0.1 |
| Financing Cash Flow | 2.5 | 0.6 | 1.1 | 0.8 | 0.6 | (0.0) | 270.6 | (1.6) | 140.5 | 9.4 | (0.1) | 0.1 |
| Cash Position | ||||||||||||
| Net Change in Cash | (17.3) | (4.9) | 29.4 | 26.7 | (25.9) | (254.6) | 292.9 | (14.2) | 15.8 | 5.7 | (21.5) | 7.5 |
| Cash at Beginning | 96.9 | 101.8 | 72.4 | 45.7 | 71.5 | 326.1 | 33.1 | 47.3 | 31.5 | 25.8 | 47.3 | 39.8 |
| Cash at End | 79.6 | 96.9 | 101.8 | 72.4 | 45.7 | 71.5 | 326.1 | 33.1 | 47.3 | 31.5 | 25.8 | 47.3 |
| Free Cash Flow | (35.6) | (47.9) | (30.7) | (22.2) | (39.3) | (41.2) | (19.8) | (14.3) | (8.0) | (17.6) | (16.1) | (4.8) |
| Key Metrics | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 0.8 | 1.0 | 0.7 | 0.7 | 0.9 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 |
| Gross Profit | 0.8 | 1.0 | 0.7 | 0.7 | 0.9 | 0.6 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | 0.6 |
| Operating Income | (42.4) | (43.6) | (46.2) | (37.8) | (44.3) | (32.0) | (26.3) | (18.9) | (17.5) | (15.0) | (14.3) | (9.4) |
| Net Income | (39.7) | (40.6) | (42.5) | (33.7) | (40.0) | (27.3) | (21.2) | (16.0) | (14.7) | (10.9) | (11.8) | (3.1) |
| EPS (Diluted) | -0.73 | -0.75 | -0.79 | -0.63 | -0.74 | -0.51 | -0.41 | -0.41 | -0.38 | -0.27 | -0.41 | -0.17 |
| Balance Sheet | ||||||||||||
| Cash & Equivalents | 79.4 | 96.7 | 101.6 | 72.2 | 45.5 | 71.3 | 325.9 | 32.9 | 47.3 | 109.8 | 25.8 | 17.1 |
| Total Assets | 281.2 | 318.1 | 353.8 | 391.2 | 420.5 | 456.2 | 481.7 | 232.7 | 244.5 | 0 | 117.2 | 0 |
| Total Debt | 1.0 | 1.1 | 1.3 | 1.4 | 1.6 | 1.7 | 1.8 | 1.9 | 0 | 0 | 0.0 | 0 |
| Stockholders' Equity | 271.0 | 304.0 | 339.8 | 378.6 | 408.7 | 445.6 | 469.9 | (160.3) | (146.6) | 107.8 | (123.1) | 6.7 |
| Cash Flow | ||||||||||||
| Operating Cash Flow | (35.6) | (47.9) | (30.6) | (22.2) | (39.2) | (41.2) | (19.6) | (14.0) | (8.0) | (17.6) | (16.1) | (4.8) |
| Capital Expenditure | 0 | 0 | (0.0) | 0.0 | (0.0) | 0 | (0.2) | (0.3) | 0 | 0 | 0 | 0 |
| Free Cash Flow | (35.6) | (47.9) | (30.7) | (22.2) | (39.3) | (41.2) | (19.8) | (14.3) | (8.0) | (17.6) | (16.1) | (4.8) |