Filing Flows › Upstream Bio (UPB) › Q2 2025
Upstream Bio (UPB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Upstream Bio (UPB) reported revenue of $937K for the second quarter 2025 (Q2 2025), +84% from a year earlier and +66% from the quarter before.
Upstream Bio, Q2 2025: revenue $937K (+84% year over year), net loss $40.0M, operating cash flow −$39.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $937K | +66% | +84% |
| Operating profit | −$44.3M | — | — |
| Net earnings | −$40.0M | — | — |
| Operating cash flow | −$39.2M | — | — |
What changed
Revenue was $937K in Q2 2025, up 84% year over year and up 66% from the previous quarter.
Operating costs exceeded revenue by $44.3M, an operating margin of -4732.9%. Total costs grew 151% against revenue growth of 84%. The fastest-growing cost line was Research & development (+169%). The quarter ended with a net loss of $40.0M, wider than the previous quarter's $27.3M loss.
Operating cash flow was −$39.2M. Non-cash charges added back $42K of depreciation and amortization and $2.6M of share-based compensation.
Questions
What was Upstream Bio's revenue in the second quarter 2025?
Upstream Bio (UPB) reported revenue of $937K for the second quarter 2025 (Q2 2025), +84% from a year earlier and +66% from the quarter before.
Source: Upstream Bio 10-Q on SEC EDGAR.