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Upstream Bio cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$35.6M in Q2 2026 · −$136M over twelve months

Operating cash flow−$35.6M
Free cash flow−$35.6M

Analysis

In Q2 2026, Upstream Bio generated −$35.6M of operating cash flow. That is $3.6M more than in Q2 2025 (−$39.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$136M; the largest uses were operating cash flow ($136M), capital spending ($118K); besides operations, cash came from other investing ($165M), other financing ($4.4M); the cash balance rose by $33.9M.

Operating cash flow was −$35.6M against net income of −$39.7M. The largest differences: stock-based pay +$4.4M, prepaid and other assets +$3.1M, payables +$604K.

Free cash flow

Upstream Bio: free cash flow by quarterUpstream Bio: free cash flow by quarter−$14.0MQ3 2024−$19.8MQ4 2024−$41.2MQ1 2025−$39.2MQ2 2025−$22.3MQ3 2025−$30.7MQ4 2025−$47.9MQ1 2026−$35.6MQ2 2026
Operating cash flow less capital spending.
Upstream Bio: operating cash flow against capital spendingUpstream Bio: operating cash flow against capital spendingOperating cash flowCapital spending−$14.0M$0Q3 2024−$19.6M$185KQ4 2024−$41.2M$0Q1 2025−$39.2M$0Q2 2025−$22.2M$64KQ3 2025−$30.6M$54KQ4 2025−$47.9M$0Q1 2026−$35.6M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$35.6M, Capital spending $0.

Capital allocation, year by year

Upstream Bio: where the cash came from (up) and went (down), by fiscal yearUpstream Bio: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingFY2023: Operating cash flow −$37.9MFY2023: Shares issued $118KFY2023: Capital spending −$144K$118KFY2023FY2024: Operating cash flow −$59.2MFY2024: Shares issued $423MFY2024: Capital spending −$511K$423MFY2024FY2025: Operating cash flow −$133MFY2025: Shares issued $2.3MFY2025: Capital spending −$165K$2.3MFY2025
Over these 3 years operating cash flow totalled −$230M; the largest uses were operating cash flow ($230M) and capital spending ($820K). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$261M
Debtnone
Net cash$261M
Cash runway23 months

Upstream Bio is burning cash: its operations consume cash, a free cash flow of −$136M a year at the current rate against $261M of cash and investments: a runway of about 23 months before any new financing.

Where the cash came from and went

Upstream Bio: sources (+) and uses (−) of cash, Q2 2026Upstream Bio: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$35.6MCash drawn (+) / kept (−)$17.3MOther investing$15.8MShares issued$2.1MOther financing$433K
Upstream Bio: sources (+) and uses (−) of cash, TTM to Q2 2026Upstream Bio: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing$165MOperating cash flow−$136MCash drawn (+) / kept (−)−$33.9MOther financing$4.4MShares issued$632KCapital spending−$118K

From profit to cash

Upstream Bio: net income to operating cash flow, Q2 2026Upstream Bio: net income to operating cash flow, Q2 2026Net income−$39.7MDepreciation & amortization$50KStock-based pay$4.4MPayables$604KPrepaid and other assets$3.1MOperating cash flow−$35.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$35.6M—$2.1M$17.3M−$35.6M
Q1 2026−$47.9M—$669M$4.9M−$47.9M
Q4 2025−$30.6M−$54K$907K−$29.4M−$30.7M
Q3 2025−$22.2M−$64K$760K−$26.7M−$22.3M
Q2 2025−$39.2M—$612K$25.9M−$39.2M
Q1 2025−$41.2M——$255M−$41.2M
Q4 2024−$19.6M−$185K$28K−$293M−$19.8M
Q3 2024−$14.0M—$19K$14.2M−$14.0M

Upstream Bio: income statement and cash flow

Upstream Bio, Q2 2026: revenue $773K (-18% year over year). The chart follows the revenue to costs, profit and cash.

Upstream Bio: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.