Upstream Bio, Inc.
For the period ended Jun 30, 2025. Filed Aug 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.
Jun 30, 2025 · Filed Aug 6, 2025
UPB$3.38-5.6%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts in thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Collaboration revenue | $937 | $510 | $1,503 | $1,150 |
| Operating expenses: | ||||
| Research and development | 37,865 | 14,069 | 63,662 | 25,760 |
| General and administrative | 7,419 | 3,981 | 14,201 | 7,943 |
| Total operating expenses | 45,284 | 18,050 | 77,863 | 33,703 |
| Loss from operations | (44,347) | (17,540) | (76,360) | (32,553) |
| Other income (expense): | ||||
| Change in fair value of preferred stock tranche right liability | — | — | — | 2,859 |
| Interest income | 4,431 | 2,877 | 9,174 | 4,143 |
| Other expense, net | (50) | (15) | (50) | (21) |
| Total other income, net | 4,381 | 2,862 | 9,124 | 6,981 |
| Net loss | $(39,966) | $(14,678) | $(67,236) | $(25,572) |
| Redeemable convertible preferred stock cumulative dividends | — | (4,884) | — | (8,000) |
| Net loss attributable to common stockholders | $(39,966) | $(19,562) | $(67,236) | $(33,572) |
| Net loss per share attributable to common stockholders, basic and diluted | $(0.74) | $(6.50) | $(1.25) | $(11.18) |
| Weighted-average common shares outstanding, basic and diluted | 53,770,868 | 3,008,807 | 53,694,424 | 3,002,173 |
| Comprehensive loss: | ||||
| Net loss | $(39,966) | $(14,678) | $(67,236) | $(25,572) |
| Unrealized gain (loss) on investments, net of tax | (110) | (34) | 283 | (76) |
| Total other comprehensive income (loss) | (110) | (34) | 283 | (76) |
| Comprehensive loss | $(40,076) | $(14,712) | $(66,953) | $(25,648) |
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