Upstream Bio, Inc.
For the period ended Mar 31, 2025. Filed May 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
UPB$3.38-5.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Amounts in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(27,270) | $(10,894) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 43 | 13 |
| Stock-based compensation expense | 2,635 | 643 |
| Change in fair value of preferred stock tranche right liability | — | (2,859) |
| Net amortization of premiums and accretion of discounts on short-term investments | (1,735) | (623) |
| Non-cash lease expense | 134 | 21 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 47 | (640) |
| Prepaid expenses and other assets | (13,745) | (1,702) |
| Accounts payable | 711 | (615) |
| Accrued expenses and other current liabilities | (1,851) | (884) |
| Operating lease liabilities | (134) | (22) |
| Net cash used in operating activities | (41,165) | (17,562) |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (266,056) | (23,412) |
| Maturities of short-term investments | 52,675 | 37,264 |
| Net cash provided by (used in) investing activities | (213,381) | 13,852 |
| Cash flows from financing activities: | ||
| Share subscription obligation(1) | — | 9,375 |
| Payments of deferred offering costs | (34) | — |
| Proceeds from exercises of stock options | — | 12 |
| Net cash provided by (used in) financing activities | (34) | 9,387 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (254,580) | 5,677 |
| Cash, cash equivalents and restricted cash at beginning of period | 326,086 | 25,833 |
| Cash, cash equivalents and restricted cash at end of period | $71,506 | $31,510 |
| Cash, cash equivalents and restricted cash at end of period: | ||
| Cash and cash equivalents | $71,312 | $31,510 |
| Restricted cash | 194 | — |
| Total cash, cash equivalents and restricted cash at end of period | $71,506 | $31,510 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Initial public offering costs included in accrued expenses | $— | $52 |
(1)Related to proceeds received prior to the satisfaction of the Series B Option in April 2024 (Note 8).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.