Filing Flows › Upstream Bio (UPB) › Q4 2025
Upstream Bio (UPB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
Upstream Bio (UPB) reported revenue of $668K for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -2% from the quarter before.
Upstream Bio, Q4 2025: revenue $668K (+9% year over year), net loss $42.5M, operating cash flow −$30.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $668K | -2% | +9% |
| Operating profit | −$46.2M | — | — |
| Net earnings | −$42.5M | — | — |
| Operating cash flow | −$30.6M | — | — |
What changed
Revenue was $668K in Q4 2025, up 9% year over year and down 2% from the previous quarter.
Operating costs exceeded revenue by $46.2M, an operating margin of -6911.2%. Total costs grew 74% against revenue growth of 9%. The fastest-growing cost line was Research & development (+84%). The quarter ended with a net loss of $42.5M, wider than the previous quarter's $33.7M loss.
Operating cash flow was −$30.6M. Non-cash charges added back $57K of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $9.3M. Capital expenditures of $54K exceeded it, leaving free cash flow of −$30.7M.
Questions
What was Upstream Bio's revenue in the fourth quarter 2025?
Upstream Bio (UPB) reported revenue of $668K for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and -2% from the quarter before.
Source: Upstream Bio 10-K on SEC EDGAR.