Upstream Bio Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Revenue	2.8	2.37	2.38	1.21
Revenue Growth (YoY)	26.82%	-0.42%	96.37%	-
Gross Profit	2.8	2.37	2.38	1.21
Selling, General & Admin	24.9	17.17	10.7	6.46
Research & Development	118.41	62.97	31.8	18.66
Operating Expenses	143.31	80.13	42.49	25.12
Operating Income	-140.51	-77.76	-40.11	-23.91
Interest & Investment Income	18.36	12.12	4.17	0.21
Other Non Operating Income (Expenses)	-0.07	2.84	15.41	-0.16
Pretax Income	-122.23	-62.81	-20.54	-23.87
Net Income	-122.23	-62.81	-20.54	-23.87
Preferred Dividends & Other Adjustments	13.59	13.59	17.72	-
Net Income to Common	-135.82	-76.4	-38.26	-23.87
Shares Outstanding (Basic)	52	14	3	3
Shares Outstanding (Diluted)	52	14	3	3
Shares Change (YoY)	1624.00%	363.22%	5.49%	-
EPS (Basic)	-2.62	-5.58	-12.95	-8.52
EPS (Diluted)	-2.62	-5.58	-12.95	-8.52
Free Cash Flow	-122.55	-59.68	-38.07	-19.1
Free Cash Flow Per Share	-2.37	-4.36	-12.89	-6.82
Gross Margin	100.00%	100.00%	100.00%	100.00%
Operating Margin	-5020.08%	-3281.18%	-1685.46%	-1972.69%
Profit Margin	-4852.27%	-3223.42%	-1607.35%	-1969.31%
Free Cash Flow Margin	-4378.42%	-2518.27%	-1599.58%	-1576.15%
EBITDA	-140.33	-77.68	-40.05	-23.9
D&A For EBITDA	0.18	0.09	0.06	0.01
EBIT	-140.51	-77.76	-40.11	-23.91

Updated Nov 5, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q