Upstream Bio, Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
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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.
Sep 30, 2026 · Filed Nov 10, 2026
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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(121,485) | $(100,984) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 148 | 131 |
| Stock-based compensation expense | 13,346 | 7,826 |
| Net amortization of premiums and accretion of discounts on short-term investments | (1,216) | (2,874) |
| Non-cash lease expense | 468 | 415 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 273 | (70) |
| Prepaid expenses and other assets | (27,253) | (7,811) |
| Accounts payable | (341) | (55) |
| Accrued expenses and other current liabilities | (1,163) | 1,193 |
| Operating lease liabilities | (480) | (415) |
| Net cash used in operating activities | (137,703) | (102,644) |
| Cash flows from investing activities: | ||
| Purchases of short-term investments | (81,132) | (347,596) |
| Maturities of short-term investments | 161,473 | 195,285 |
| Purchases of equipment | — | (111) |
| Net cash provided by (used in) investing activities | 80,341 | (152,422) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock in connection with at-the-market offering, net of commissions | 2,083 | — |
| Proceeds from issuance of common stock under stock plans | 1,117 | 1,372 |
| Payments of initial public offering costs | — | (34) |
| Net cash provided by financing activities | 3,200 | 1,338 |
| Net decrease in cash, cash equivalents and restricted cash | (54,162) | (253,728) |
| Cash, cash equivalents and restricted cash at beginning of period | 101,772 | 326,086 |
| Cash, cash equivalents and restricted cash at end of period | $47,610 | $72,358 |
| Cash, cash equivalents and restricted cash at end of period: | ||
| Cash and cash equivalents | $47,416 | $72,164 |
| Restricted cash | 194 | 194 |
| Total cash, cash equivalents and restricted cash at end of period | $47,610 | $72,358 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Purchases of property and equipment included in accrued expenses | $— | $55 |
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