Filing Flows › Upstream Bio (UPB) › Q4 2024
Upstream Bio (UPB) Q4 2024 earnings results (fourth quarter 2024)
10-K filed Mar 12, 2025
Upstream Bio (UPB) reported revenue of $613K for the fourth quarter 2024 (Q4 2024), +36% from a year earlier and +1% from the quarter before.
Upstream Bio, Q4 2024: revenue $613K (+36% year over year), net loss $21.2M, operating cash flow −$19.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2024 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $613K | +1% | +36% |
| Operating profit | −$26.3M | — | — |
| Net earnings | −$21.2M | — | — |
| Operating cash flow | −$19.6M | — | — |
What changed
Revenue was $613K in Q4 2024, up 36% year over year and up 1% from the previous quarter.
Operating costs exceeded revenue by $26.3M, an operating margin of -4293.3%. Total costs grew 82% against revenue growth of 36%. The fastest-growing cost line was Research & development (+88%). The quarter ended with a net loss of $21.2M, wider than the previous quarter's $16.0M loss. Non-operating items added $5.1M, -24% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$19.6M. Non-cash charges added back $49K of depreciation and amortization and $2.1M of share-based compensation. Capital expenditures of $185K exceeded it, leaving free cash flow of −$19.8M.
Questions
What was Upstream Bio's revenue in the fourth quarter 2024?
Upstream Bio (UPB) reported revenue of $613K for the fourth quarter 2024 (Q4 2024), +36% from a year earlier and +1% from the quarter before.
Source: Upstream Bio 10-K on SEC EDGAR.