UPB Graph | UPSTREAM BIO, INC.

UPB Revenue Flow

Filed revenue amounts for 2026-04-01 to 2026-06-30. Coverage is partial. Unconnected amounts are separate disclosures; they must not be added together.

2026-06-30: Revenue $773.00K; Research and development $36.09M; Operating expenses $43.14M; Income tax (m).
2026-03-31: Revenue $1.03M; Research and development $36.56M; Operating expenses $44.65M; Income tax $0.00.
2025-12-31: Revenue $668.00K*; Research and development $40.17M*; Operating expenses $46.84M*; Income tax $0.00*.
2025-09-30: Revenue $683.00K; Research and development $32.98M; Operating expenses $38.52M; Income tax (m).

Revenue flow

Separate filed amounts; connecting flows are not established. Components and totals may overlap.

Finer product or service dollar figures and nonoverlapping groupings are shown only where supported by the retained filing evidence. Growth percentages are never converted to revenue dollars.

Historical revenue and expense breakdown

Revenue and expense 3 month

Period end	Revenue	Research and development	Operating expenses	Income tax	Net income
2026-06-30	$773.00K	$36.09M	$43.14M	(m)	-$39.70M
2026-03-31	$1.03M	$36.56M	$44.65M	$0.00	-$40.59M
2025-12-31	$668.00K*	$40.17M*	$46.84M*	$0.00*	-$42.46M*
2025-09-30	$683.00K	$32.98M	$38.52M	(m)	-$33.75M
2025-06-30	$937.00K	$37.87M	$45.28M	(m)	-$39.97M
2025-03-31	$566.00K	$25.80M	$32.58M	$0.00	-$27.27M
2024-09-30	$607.00K	$15.43M	$19.50M	(m)	-$15.99M
2024-06-30	$510.00K	$14.07M	$18.05M	(m)	-$14.68M
2024-03-31	$640.00K	$11.69M	$15.65M	$0.00	-$10.89M
2023-09-30	$621.00K	$7.79M	$10.01M	(m)	-$3.10M
2023-06-30	(m)	(m)	(m)	(m)	-$2.54M
2023-03-31	(m)	(m)	(m)	(m)	-$3.06M

Revenue and expense 6 month

Period end	Revenue	Research and development	Operating expenses	Income tax	Net income
2026-06-30	$1.81M	$72.65M	$87.79M	$0.00	-$80.29M
2025-06-30	$1.50M	$63.66M	$77.86M	$0.00	-$67.24M
2024-06-30	$1.15M	$25.76M	$33.70M	$0.00	-$25.57M

Revenue and expense 9 month

Period end	Revenue	Research and development	Operating expenses	Income tax	Net income
2025-09-30	$2.19M	$96.64M	$116.38M	$0.00	-$100.98M
2024-09-30	$1.76M	$41.19M	$53.20M	$0.00	-$41.56M
2023-09-30	$1.93M	$20.25M	$27.71M	$0.00	-$8.70M

Revenue and expense 12 month

Period end	Revenue	Research and development	Operating expenses	Income tax	Net income
2025-12-31	$2.85M	$136.81M	$163.22M	$0.00	-$143.44M
2024-12-31	$2.37M	$62.97M	$80.13M	$0.00	-$62.81M
2023-12-31	$2.38M	$31.80M	$42.49M	$0.00	-$20.54M

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