UPB on Nasdaq
Upstream Bio, Inc.
American pharmaceutical preparations company, incorporated in Delaware. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
Compare with Traws Pharma, Inc., Xenetic Biosciences (United States) or TherapeuticsMD, Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-5618.8%Operating margin3
-5026.0%Net margin3
20.4%Revenue growth, 20253
-42.2%Return on equity3
-$133.4MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development100¢$136.8M
Out of $2.9M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Collaboration revenue | $2.9M | $2.4M |
| Research and development | $136.8M | $63.0M |
| General and administrative | $26.4M | $17.2M |
| Total operating expenses | $163.2M | $80.1M |
| Loss from operations | -$160.4M | -$77.8M |
| Change in fair value of preferred stock tranche right liability | $0 | $2.9M |
| Interest income | $16.9M | $12.1M |
| Other expense, net | -$15.0K | -$24.0K |
| Total other income, net | $16.9M | $15.0M |
| Redeemable convertible preferred stock cumulative dividends | $0 | -$13.6M |
| Net loss attributable to common stockholders | -$143.4M | -$76.4M |
| Net loss per share attributable to common stockholders, basic | -$2.66 | -$5.58 |
| Net loss per share attributable to common stockholders, diluted | -$2.66 | -$5.58 |
| Weighted-average common shares outstanding, basic | 53.9M shares | 13.7M shares |
| Weighted-average common shares outstanding, diluted | 53.9M shares | 13.7M shares |
| Net loss | -$143.4M | -$62.8M |
| Unrealized gain (loss) on investments, net of tax | $555.0K | -$46.0K |
| Total other comprehensive income (loss) | $555.0K | -$46.0K |
| Comprehensive loss | -$142.9M | -$62.9M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $101.6M | $325.9M | |
| Short-term investments | $239.9M | $144.6M | |
| Accounts receivable | $668.0K | $613.0K | |
| Prepaid expenses and other current assets | $9.6M | $8.1M | |
| Total current assets | $351.8M | $479.2M | |
| Property and equipment, net | $559.0K | $582.0K | |
| Operating lease right-of-use assets | $1.2M | $1.8M | |
| Restricted cash | $194.0K | $194.0K | |
| Total assets | $353.8M | $481.7M | |
| Accounts payable | $2.7M | $4.0M | |
| Accrued expenses and other current liabilities | $10.0M | $6.0M | |
| Operating lease liabilities, current portion | $720.0K | $704.0K | |
| Total current liabilities | $13.5M | $10.7M | |
| Operating lease liabilities, net of current portion | $549.0K | $1.1M | |
| Total liabilities | $14.0M | $11.9M | |
| 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 | $54.0K | $53.0K | |
| Additional paid-in capital | $673.4M | $660.6M | |
| Accumulated other comprehensive income (loss) | $530.0K | -$25.0K | |
| Accumulated deficit | -$334.2M | -$190.8M | |
| Total stockholders' equity | $339.8M | $469.9M | -$123.1M |
| Total liabilities and stockholders' equity | $353.8M | $481.7M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | |
| Common stock, shares issued | 54.2M shares | 53.6M shares | |
| Common stock, shares outstanding | 54.2M shares | 53.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $101.6M | $325.9M | |
| Short-term investments | $239.9M | $144.6M | |
| Accounts receivable | $668.0K | $613.0K | |
| Prepaid expenses and other current assets | $9.6M | $8.1M | |
| Total current assets | $351.8M | $479.2M | |
| Property and equipment, net | $559.0K | $582.0K | |
| Operating lease right-of-use assets | $1.2M | $1.8M | |
| Restricted cash | $194.0K | $194.0K | |
| Total assets | $353.8M | $481.7M | |
| Accounts payable | $2.7M | $4.0M | |
| Accrued expenses and other current liabilities | $10.0M | $6.0M | |
| Operating lease liabilities, current portion | $720.0K | $704.0K | |
| Total current liabilities | $13.5M | $10.7M | |
| Operating lease liabilities, net of current portion | $549.0K | $1.1M | |
| Total liabilities | $14.0M | $11.9M | |
| 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 | $54.0K | $53.0K | |
| Additional paid-in capital | $673.4M | $660.6M | |
| Accumulated other comprehensive income (loss) | $530.0K | -$25.0K | |
| Accumulated deficit | -$334.2M | -$190.8M | |
| Total stockholders' equity | $339.8M | $469.9M | -$123.1M |
| Total liabilities and stockholders' equity | $353.8M | $481.7M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | |
| Common stock, shares issued | 54.2M shares | 53.6M shares | |
| Common stock, shares outstanding | 54.2M shares | 53.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$143.4M | -$62.8M |
| Depreciation and amortization expense | $188.0K | $89.0K |
| Stock-based compensation expense | $10.3M | $6.0M |
| Change in fair value of preferred stock tranche right liability | $0 | -$2.9M |
| Net amortization of premiums and accretion of discounts on short-term investments | -$1.5M | -$1.7M |
| Non-cash lease expense | $561.0K | $182.0K |
| Accounts receivable | -$55.0K | -$515.0K |
| Prepaid expenses and other assets | -$1.5M | -$1.0M |
| Accounts payable | -$1.3M | $2.0M |
| Accrued expenses and other current liabilities | $4.0M | $1.5M |
| Operating lease liabilities | -$565.0K | -$133.0K |
| Net cash used in operating activities | -$133.3M | -$59.2M |
| Purchases of short-term investments | -$385.9M | -$290.6M |
| Maturities of short-term investments | $292.6M | $231.6M |
| Purchases of equipment | -$165.0K | -$511.0K |
| Net cash used in investing activities | -$93.5M | -$59.5M |
| Proceeds from the issuance of Series B redeemable convertible preferred stock, net of issuance costs paid | $0 | $149.9M |
| Proceeds from initial public offering, net of underwriters discounts and commissions | $0 | $272.7M |
| Payments of initial public offering costs | -$34.0K | -$3.9M |
| Proceeds from exercises of stock options | $2.3M | $159.0K |
| Proceeds from issuance of common stock under employee stock purchase plan | $196.0K | $0 |
| Net cash provided by financing activities | $2.4M | $418.9M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$224.3M | $300.3M |
| Right-of-use asset obtained in exchange for operating lease liability | $0 | $1.9M |
| Initial public offering costs included in accounts payable | $0 | $34.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Upstream Bio, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
2025
- Chief executive officerEverett Rand Sutherland Oct 10, 2024 to now7
Board members and other officers (10)
- Chief Medical OfficerAaron Deykin Oct 10, 2024 to now8
- Chief Business OfficerAdam Houghton Oct 10, 2024 to now9
- Board memberDaniella Beckman Oct 10, 2024 to now10
- Board memberErez Chimovits Oct 10, 2024 to now11
- Board memberEverett Rand Sutherland Oct 10, 2024 to now7
- Board memberIsrael Gp L.p. Orbimed Ii. Oct 10, 2024 to Oct 17, 202412
- Board memberLiam Ratcliffe Oct 10, 2024 to now13
- Board memberMarcella K. Ruddy Oct 10, 2024 to now14
- Board memberRonald C. Renaud Jr. Oct 10, 2024 to now15
- General counselAllison Ambrose Dec 17, 2024 to now16
Timeline
- Oct 10, 2024New chief executive Everett Rand Sutherland becomes CEO7
Filings
133 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 16 major events, 62 insider forms, 15 large holders, 32 other. The latest 20:
- Sep 17, 20264 EDGAR
- Sep 17, 20264 EDGAR
- Sep 17, 20264 EDGAR
- Sep 17, 20264 EDGAR
- Sep 17, 20264 EDGAR
- Sep 1, 20268-K EDGAR
- Aug 12, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 11, 20268-K EDGAR
- Jul 30, 2026SCHEDULE 13G EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 17, 20264 EDGAR
- Jun 11, 20264 EDGAR
- Jun 11, 20264 EDGAR
- Jun 11, 20264 EDGAR
- Jun 11, 20264 EDGAR
- Jun 11, 20264 EDGAR
The 133 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
18 open-market trades by officers, directors and large owners since October 2021: 3 buys and 15 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Deykin AaronChief Medical Officer | Sale | 895 | $5.49 | $4.9K | Form 4 |
| Sep 16, 2026 | Sutherland Everett RandChief Executive Officer | Sale | 2,095 | $5.49 | $11.5K | Form 4 |
| Sep 16, 2026 | Houghton AdamChief Business Officer | Sale | 700 | $5.49 | $3.8K | Form 4 |
| Sep 16, 2026 | GRAY MICHAELCFO and COO | Sale | 853 | $5.49 | $4.7K | Form 4 |
| Sep 16, 2026 | Ambrose AllisonGeneral Counsel | Sale | 485 | $5.49 | $2.7K | Form 4 |
| Jun 16, 2026 | GRAY MICHAELCFO and COO | Sale | 853 | $6.10 | $5.2K | Form 4 |
| Jun 16, 2026 | Sutherland Everett RandChief Executive Officer | Sale | 2,095 | $6.10 | $12.8K | Form 4 |
| Jun 16, 2026 | Houghton AdamChief Business Officer | Sale | 700 | $6.10 | $4.3K | Form 4 |
| Jun 16, 2026 | Deykin AaronChief Medical Officer | Sale | 895 | $6.10 | $5.5K | Form 4 |
| Jun 16, 2026 | Ambrose AllisonGeneral Counsel | Sale | 477 | $6.10 | $2.9K | Form 4 |
| Mar 16, 2026 | GRAY MICHAELCFO and COO | Sale | 852 | $9.29 | $7.9K | Form 4 |
| Mar 16, 2026 | Deykin AaronChief Medical Officer | Sale | 894 | $9.29 | $8.3K | Form 4 |
| Mar 16, 2026 | Sutherland Everett RandChief Executive Officer | Sale | 2,093 | $9.29 | $19.4K | Form 4 |
| Mar 16, 2026 | Ambrose AllisonGeneral Counsel | Sale | 475 | $9.29 | $4.4K | Form 4 |
| Mar 16, 2026 | Houghton AdamChief Business Officer | Sale | 699 | $9.29 | $6.5K | Form 4 |
| Oct 15, 2024 | Access Industries Holdings LLC10% owner | Buy | 1,175,000 | $17.00 | $20.0M | Form 4 |
| Oct 15, 2024 | Chimovits ErezDirector | Buy | 825,000 | $17.00 | $14.0M | Form 4 |
| Oct 15, 2024 | ORBIMED ADVISORS LLCDirector | Buy | 825,000 | $17.00 | $14.0M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- NORGES BANKSCHEDULE 13G/A, 2 filings Oct 24, 2025 to Aug 12, 202617
- BlackRockSCHEDULE 13G, 1 filing Jul 30, 202618
- Decheng Capital Global Life Sciences Fund IV, L.P.SCHEDULE 13G/A, 2 filings Feb 14, 2025 to May 15, 202619
- HBM Healthcare Investments (Cayman) Ltd.SCHEDULE 13G/A, 2 filings Feb 13, 2025 to Nov 14, 202520
- TCG Crossover GP I, LLCSCHEDULE 13G/A, 2 filings Feb 14, 2025 to Nov 14, 202521
- FMR LLCSCHEDULE 13G/A, 3 filings Nov 7, 2024 to Aug 6, 202522
- AI Upstream LLCSC 13D, 1 filing Oct 22, 202423
- BCLS Fund III Investments, LPSC 13G, 1 filing Oct 18, 202424
- ORBIMED ADVISORS LLCSC 13D, 1 filing Oct 17, 202425
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Fmr LLC | 8,162,897 | $56.5M | 0.0% | +61,334 |
| Orbimed Advisors LLC | 5,693,589 | $39.4M | 0.7% | No change |
| Norges Bank | 3,768,619 | $26.1M | 0.0% | New |
| BlackRock, Inc. | 3,753,358 | $26.0M | 0.0% | +382,669 |
| Decheng Capital LLC | 2,724,868 | $18.9M | 2.6% | No change |
| Enavate Sciences Gp, LLC | 2,459,703 | $17.0M | 4.9% | No change |
| Vanguard Capital Management LLC | 1,876,734 | $13.0M | 0.0% | +3,160 |
| Millennium Management LLC | 1,143,775 | $7.9M | 0.0% | +206,452 |
| D. E. Shaw & Co., Inc. | 1,036,044 | $7.2M | 0.0% | +215,564 |
| Jpmorgan Chase & Co | 1,012,044 | $7.0M | 0.0% | +549,043 |
| Qube Research & Technologies Ltd | 978,500 | $6.8M | 0.0% | +359,179 |
| Parkman Healthcare Partners LLC | 935,247 | $6.5M | 0.7% | +148,464 |
| Geode Capital Management, LLC | 931,261 | $6.4M | 0.0% | −19,356 |
| SEB Asset Management AB | 878,473 | $6.1M | 0.0% | No change |
| Woodline Partners LP | 831,481 | $5.8M | 0.0% | No change |
| State Street Corp | 766,323 | $5.3M | 0.0% | +60,973 |
| Vanguard Portfolio Management LLC | 712,667 | $4.9M | 0.0% | −15,044 |
| Y-Intercept (Hong Kong) Ltd | 693,555 | $4.8M | 0.1% | −307,076 |
| Bain Capital Life Sciences Investors, LLC | 600,949 | $4.2M | 0.2% | −266,262 |
| Aqr Capital Management LLC | 544,869 | $3.8M | 0.0% | +472,698 |
| Morgan Stanley | 524,632 | $3.6M | 0.0% | −27,977 |
| Bnp Paribas Financial Markets | 511,546 | $3.5M | 0.0% | +385,546 |
| Walleye Capital LLC | 498,490 | $3.4M | 0.0% | New |
| Trexquant Investment LP | 466,430 | $3.2M | 0.0% | +289,773 |
| Point72 Asset Management, L.P. | 453,011 | $3.1M | 0.0% | +274,843 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8SEC EDGARAaron Deykin, Chief Medical Officer
- 9
- 10SEC EDGARDaniella Beckman, Board member
- 11SEC EDGARErez Chimovits, Board member
- 12
- 13SEC EDGARLiam Ratcliffe, Board member
- 14SEC EDGARMarcella K. Ruddy, Board member
- 15SEC EDGARRonald C. Renaud Jr., Board member
- 16SEC EDGARAllison Ambrose, General counsel
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25