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Upstream Bio (UPB) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 11, 2026 · Upstream Bio (UPB) Q2 2026 earnings results →

Q2 2026 Revenue down 18% year over year to $773K

Upstream Bio made $773K in Q2 2026 (-18% Y/Y). Operating margin n/m, net loss $39.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.

Revenue$773K
Year over year-18%
Operating marginn/m
Net earnings−$39.7M
Operating cash flow−$35.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $773K in Q2 2026, down 18% year over year and down 25% from the previous quarter.

Operating costs exceeded revenue by $42.4M, an operating margin of -5481.0%. Total costs fell 5% while revenue fell 18%. The quarter ended with a net loss of $39.7M, narrower than the previous quarter's $40.6M loss.

Operating cash flow was −$35.6M. Non-cash charges added back $50K of depreciation and amortization and $4.4M of share-based compensation.

Quarterly history

Upstream Bio revenue by quarterUpstream Bio revenue by quarter$613KQ4 2024$566KQ1 2025$937KQ2 2025$683KQ3 2025$668KQ4 2025$1.0MQ1 2026$773KQ2 2026
Upstream Bio net earnings by quarterUpstream Bio net earnings by quarter−$21.2MQ4 2024−$27.3MQ1 2025−$40.0MQ2 2025−$33.7MQ3 2025−$42.5MQ4 2025−$40.6MQ1 2026−$39.7MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 11, 2026$773K-18%n/m−$39.7M−$35.6M
Q1 202610-QMay 13, 2026$1.0M+83%n/m−$40.6M−$47.9M
Q4 202510-KMar 26, 2026$668K+9%n/m−$42.5M−$30.6M
Q3 202510-QNov 5, 2025$683K+12%n/m−$33.7M−$22.2M
Q2 202510-QAug 6, 2025$937K+84%n/m−$40.0M−$39.2M
Q1 202510-QMay 6, 2025$566K-12%n/m−$27.3M−$41.2M
Q4 202410-KMar 12, 2025$613K+36%n/m−$21.2M−$19.6M

Charts

Upstream Bio: revenue growth, year over year and quarter over quarterUpstream Bio: revenue growth, year over year and quarter over quarterY/YQ/Q+36%Q4 2024-12%-8%Q1 2025+84%+66%Q2 2025+12%-27%Q3 2025+9%-2%Q4 2025+83%+55%Q1 2026-18%-25%Q2 2026
Latest (Q2 2026): Y/Y -18%, Q/Q -25%.
Upstream Bio: where the cash came from (+) and went (−), TTM to Q2 2026Upstream Bio: where the cash came from (+) and went (−), TTM to Q2 2026Other investing$165MOperating cash flow−$136MCash drawn (+) / kept (−)−$33.9MOther financing$4.4MShares issued$632KCapital spending−$118K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Upstream Bio: profit against cash, quarter by quarterUpstream Bio: profit against cash, quarter by quarterNet incomeOperating cash flow−$16.0M−$14.0MQ3 2024−$21.2M−$19.6MQ4 2024−$27.3M−$41.2MQ1 2025−$40.0M−$39.2MQ2 2025−$33.7M−$22.2MQ3 2025−$42.5M−$30.6MQ4 2025−$40.6M−$47.9MQ1 2026−$39.7M−$35.6MQ2 2026
Latest (Q2 2026): Net income −$39.7M, Operating cash flow −$35.6M.
Upstream Bio: diluted shares by fiscal year (split-adjusted)Upstream Bio: diluted shares by fiscal year (split-adjusted)47MFY202355MFY202454MFY2025
+13.9% since FY2023: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2025, 4-for-1 split before FY2024.
Upstream Bio in its industry: growth against margin (225 companies, SIC 2834)Upstream Bio in its industry: growth against margin (225 companies, SIC 2834)revenue growth, year over year →↑ operating marginmedian +11%median -50%JNJLLYMRKABBVPFEBMYABTREGNTEVAVTRSVRTXBHCZTSONCOGNALNYELANJAZZBMRNPRGOAMRXUTHRRPRXNRIXINSMKeenova Therapeutics plcALKSMDGLPAHCSRPTPTCTINDVBBIOACADCORTPBHANIPKNSAPTGXHRMYIONSAXSMTGTXSUPNTVTXCOLLVREOFAMPHMIRMPCRXRARELQDAARQTIRWDARDXNATRXNCREBSZLABXERSINVACRMDMNKDRYTMURGNPHATAUPHSNDXRIGLLGNDEOLSARWRPGENHROWVNDAOPKSDGRGERNETONAGIOPBYITNGXCYRXCYTKMRVIORGONUVBLFVNSIGAKROSAMRNZVRASPRYHRTXAKBABCYCKPTIGYREMGNXELTPSEPNVRDNLFCRCrinetics Pharmaceuticals, Inc.VSTMKURATBPHLABADCTNAMSFBIOXLODERMARCTRMTIAYTUFHTXENTATNXPOCULASMBWVEAPMDBFRIABEOSTOKLXRXCAPRIDYANKTRZOMDFINBPJANXSBFMGOSSETSTRCUSCPIXLIFDCUEAQSTPRAXWHWKVERUEMMAGENBVRCACELUQUREZYMEEQABCLIMNMKYNBAKTSRNACVSICNTBTRAWISCOEVFMTVRDLPCNCAMPAtaiBeckley Inc.CTMXALMSPMHSACRSVTGNROIVKRROJAGXENSCKRSAABUSPRPHSTTKCPHITRDATXMDGOVXNWBOBIOEIRDOVIDSPRBXBIOPRTAMCRBARVNMNOVSLNIGCBIOALGVNDNTHCPMDSPRORFLCOYASCYXBFRGSXTPBTAIQHCWBSERYARWRNACRGBPAVTXCLNNNTHIHINDAAGHALTONCOCRVOSKVIBOLTBDPTLYELIBOPULMUPB (-18%, -100%)
Pharmaceutical Preparations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Upstream Bio

We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin (“TSLP”), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Preclinical and clinical data to date demonstrate verekitug’s highly potent inhibition of the TSLP receptor, which we believe will translate to a differentiated product profile, including improved clinical outcomes, substantially extended dosing intervals and the potential to treat a broad spectrum of patients.

In its own words, from its 10-K, filed Mar 26, 2026.

Upstream Bio against its Pharmaceutical Preparations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -18% against the peers' median +7%.

CompanyQuarterRevenueY/YOp. margin
UPB Upstream BioQ2 2026$773K-18%n/m
JNJ Johnson & JohnsonQ3 2026$25.4B+6%0.1%
LLY ELI LillyQ3 2026$24.4B+39%34.5%
MRK MerckQ3 2026$18.1B+5%30.7%
ABBV AbbVieQ3 2026$17.4B+10%36.0%
PFE PfizerQ3 2026$16.6B-0.4%20.4%
BMY Bristol Myers SquibbQ3 2026$13.1B+7%19.4%
ABT Abbott LaboratoriesQ3 2026$13.0B+14%10.4%
REGN Regeneron PharmaceuticalsQ3 2026$5.1B+36%40.0%

Source: Upstream Bio 10-Q on SEC EDGAR · CIK 2022626 · Pharmaceutical Preparations

13F: who owns UPB and who is buying

Largest holders of UPB (13F)Largest holders of UPB (13F)Vanguard Group$64.8MFMR LLC$56.5MOrbimed Advisors LLC$39.4MBlackRock$26.0MDecheng Capital LLC$18.9MEnavate Sciences GP, LLC$17.0MVanguard Capital Management LLC$13.0MMillennium Management LLC$7.9MD. E. Shaw$7.2MQube Research & Technologies$6.8M
Funds' net buying of UPB by quarter (13F)Funds' net buying of UPB by quarter (13F)$510M2024-12$26.1M2025-03$22.2M2025-06−$55.3M2025-09$94.3M2025-12−$46.0M2026-03$7.5M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on UPB

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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