Upstream Bio, Inc. (UPB)

Upstream Bio Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	-122.23	-62.81	-20.54	-23.87
Depreciation & Amortization	0.18	0.09	0.06	0.01
Stock-Based Compensation	9.91	6	3.43	1.28
Other Adjustments	-1.65	-4.33	-16.57	0.15
Change in Receivables	-0.07	-0.52	0.31	-0.41
Changes in Accounts Payable	-0.93	2.02	1.28	0.46
Changes in Accrued Expenses	2.95	1.51	0.42	4.02
Changes in Other Operating Activities	-10.42	-1.14	-6.32	-0.66
Operating Cash Flow	-122.26	-59.17	-37.93	-19.02
Capital Expenditures	-0.3	-0.51	-0.14	-0.08
Purchases of Investments	-389.81	-290.61	-128.99	-
Proceeds from Sale of Investments	279.59	231.64	46.29	-
Investing Cash Flow	-110.51	-59.49	-82.84	-0.08
Issuance of Common Stock	1.4	272.88	0.12	-
Net Common Stock Issued (Repurchased)	1.4	272.88	0.12	-
Issuance of Preferred Stock	-	149.92	129.43	10
Net Preferred Stock Issued (Repurchased)	-	149.92	129.43	10
Other Financing Activities	-0.05	-3.9	-	-0.04
Financing Cash Flow	271.99	418.91	129.55	9.96
Net Cash Flow	39.22	300.25	8.78	-9.14
Free Cash Flow	-122.55	-59.68	-38.07	-19.1
FCF Margin	-4378.42%	-2518.27%	-1599.58%	-1576.16%
Free Cash Flow Per Share	-2.37	-4.36	-12.89	-6.50
Levered Free Cash Flow	-131.29	-74.43	-42.96	-20.12
Unlevered Free Cash Flow	-149.03	-75.8	-44.82	-20.16

Updated Nov 5, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q