Filing Flows › Upstream Bio (UPB) › Q3 2025
Upstream Bio (UPB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Upstream Bio (UPB) reported revenue of $683K for the third quarter 2025 (Q3 2025), +13% from a year earlier and -27% from the quarter before.
Upstream Bio, Q3 2025: revenue $683K (+12% year over year), net loss $33.7M, operating cash flow −$22.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $683K | -27% | +13% |
| Operating profit | −$37.8M | — | — |
| Net earnings | −$33.7M | — | — |
| Operating cash flow | −$22.2M | — | — |
What changed
Revenue was $683K in Q3 2025, up 13% year over year and down 27% from the previous quarter.
Operating costs exceeded revenue by $37.8M, an operating margin of -5539.4%. Total costs grew 98% against revenue growth of 13%. The fastest-growing cost line was Research & development (+114%). The quarter ended with a net loss of $33.7M, narrower than the previous quarter's $40.0M loss.
Operating cash flow was −$22.2M. Non-cash charges added back $46K of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $8.9M. Capital expenditures of $64K exceeded it, leaving free cash flow of −$22.3M.
Questions
What was Upstream Bio's revenue in the third quarter 2025?
Upstream Bio (UPB) reported revenue of $683K for the third quarter 2025 (Q3 2025), +13% from a year earlier and -27% from the quarter before.
Source: Upstream Bio 10-Q on SEC EDGAR.