Filing Flows › Upstream Bio (UPB) › Q1 2025
Upstream Bio (UPB) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Upstream Bio (UPB) reported revenue of $566K for the first quarter 2025 (Q1 2025), -12% from a year earlier and -8% from the quarter before.
Upstream Bio, Q1 2025: revenue $566K (-12% year over year), net loss $27.3M, operating cash flow −$41.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $566K | -8% | -12% |
| Operating profit | −$32.0M | — | — |
| Net earnings | −$27.3M | — | — |
| Operating cash flow | −$41.2M | — | — |
What changed
Revenue was $566K in Q1 2025, down 12% year over year and down 8% from the previous quarter.
Operating costs exceeded revenue by $32.0M, an operating margin of -5656.0%. Total costs grew 108% against a revenue fall of 12%. The fastest-growing cost line was Research & development (+121%). The quarter ended with a net loss of $27.3M, wider than the previous quarter's $21.2M loss.
Operating cash flow was −$41.2M. Non-cash charges added back $43K of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items used $16.6M.
Questions
What was Upstream Bio's revenue in the first quarter 2025?
Upstream Bio (UPB) reported revenue of $566K for the first quarter 2025 (Q1 2025), -12% from a year earlier and -8% from the quarter before.
Source: Upstream Bio 10-Q on SEC EDGAR.