Filing Flows › Upstream Bio (UPB) › Q1 2026
Upstream Bio (UPB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 13, 2026
Upstream Bio (UPB) reported revenue of $1.0M for the first quarter 2026 (Q1 2026), +83% from a year earlier and +55% from the quarter before.
Upstream Bio, Q1 2026: revenue $1.0M (+83% year over year), net loss $40.6M, operating cash flow −$47.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.0M | +55% | +83% |
| Operating profit | −$43.6M | — | — |
| Net earnings | −$40.6M | — | — |
| Operating cash flow | −$47.9M | — | — |
What changed
Revenue was $1.0M in Q1 2026, up 83% year over year and up 55% from the previous quarter.
Operating costs exceeded revenue by $43.6M, an operating margin of -4218.1%. Total costs grew 37% against revenue growth of 83%. The fastest-growing cost line was Research & development (+42%). The quarter ended with a net loss of $40.6M, narrower than the previous quarter's $42.5M loss.
Operating cash flow was −$47.9M. Non-cash charges added back $49K of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $12.0M.
Questions
What was Upstream Bio's revenue in the first quarter 2026?
Upstream Bio (UPB) reported revenue of $1.0M for the first quarter 2026 (Q1 2026), +83% from a year earlier and +55% from the quarter before.
Source: Upstream Bio 10-Q on SEC EDGAR.