UPB Healthcare

Upstream Bio, Inc.

$3.39+1.19%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 185.7M USD
Enterprise value: -9.5M USD
Full-time employees: 75

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #576 of 1,157 healthcare companies (top 50%)

See how it ranks against its peers

Worth knowing

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.
Upstream Bio's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Upstream Bio's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Upstream Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Upstream Bio reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Little borrowing. Debt is 0.00× equity vs a peer median of 0.2×.Debt is 0.00× equity vs peers 0.2×.
Upstream Bio has among the least debt in its peer group relative to shareholders' equity.

StockQuotient Score

52/ 100

Oct 5 45 → Nov 4 52 (+7)

Valuation

Is the price right?

33/100

Weak

2/3 inputs reported · Partial data

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-84.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yieldUnavailable

Cash exceeds market value plus debt, so EBITDA yield is not meaningful and is left out · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0401 · MAD: 0.0401

Free cash flow yield-73.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield145.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 4.9%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth33.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Reported value33% base weight · Z-score 3.24Sector median: 0.0584 · MAD: 0.0840

Revenue growth16.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.01Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-5382.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -71.87Sector median: 0.0706 · MAD: 0.1217

Return on assets-55.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -10.68Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-70.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -7.45Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin100.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-57.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.6250 · MAD: 0.3380

Current ratio27.99×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 11.07Sector median: 2.5860 · MAD: 1.3850

Debt / equity<0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.07Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Upstream Bio

Is Upstream Bio getting weaker?: Its latest SEC filing (Aug 11, 2026) got weaker in some ways: 12-month revenue fell 4.9%. Its overall score is unchanged at 52/100 since Oct 28, 2026.
How is Upstream Bio valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -84.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -84.3% vs peers 1.5% (weaker than 100% of peers).
Is Upstream Bio growing?: Yes, faster than most of its peers. Growth scores 71/100 against 1,393 healthcare peers. 3-year revenue growth 33.0% vs a peer median of 5.8% (stronger than 89% of peers).3-year revenue growth 33.0% vs peers 5.8% (stronger than 89% of peers).
How profitable is Upstream Bio?: Less profitable than most of its peers. Profitability scores 3/100 against 1,393 healthcare peers. Operating margin -5382.6% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -5382.6% vs peers 7.1% (weaker than 100% of peers).
How risky is Upstream Bio?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 27.99× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 27.99× vs peers 2.59× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 11, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

12-month revenue fell 4.9%

Worth watching: Upstream Bio is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.3M USD	3.2M USD	−4.9%
Net income (12 months)	−156.8M USD	−156.5M USD	−0.2%
Operating margin	-5176.5%	-5382.6%	−206.2 pts
Free cash flow (12 months)	−140.1M USD	−136.5M USD	−2.6%
Cash	96.7M USD	79.4M USD	−17.9%
Shares outstanding	54.4M	54.8M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2023	FY 2024	FY 2025	Change
Operating margin	-1685.5%	-3281.2%	-5618.8%	▼ >999 pts
Net margin	-862.9%	-2650.0%	-5026.0%	▼ >999 pts
Return on assets (ROA)	-17.5%	-13.0%	-40.5%	▼ 28 pts
Return on equity (ROE)	—	-13.4%	-42.2%	▼ 29 pts
Free cash flow margin	-1599.6%	-2518.3%	-4675.5%	▼ >999 pts
Current ratio	17.96×	44.63×	26.15×	▼ 41%

UPB price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #576 of 1,157 healthcare companies (top 50%)

See how it ranks against its peers

Worth knowing

Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

Upstream Bio's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Upstream Bio's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Upstream Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Upstream Bio reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Little borrowing. Debt is 0.00× equity vs a peer median of 0.2×.Debt is 0.00× equity vs peers 0.2×.

Upstream Bio has among the least debt in its peer group relative to shareholders' equity.

Questions investors ask about Upstream Bio

Is Upstream Bio getting weaker?

Its latest SEC filing (Aug 11, 2026) got weaker in some ways: 12-month revenue fell 4.9%. Its overall score is unchanged at 52/100 since Oct 28, 2026.

How is Upstream Bio valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,393 healthcare peers. Earnings yield -84.3% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -84.3% vs peers 1.5% (weaker than 100% of peers).

Is Upstream Bio growing?

Yes, faster than most of its peers. Growth scores 71/100 against 1,393 healthcare peers. 3-year revenue growth 33.0% vs a peer median of 5.8% (stronger than 89% of peers).3-year revenue growth 33.0% vs peers 5.8% (stronger than 89% of peers).

How profitable is Upstream Bio?

Less profitable than most of its peers. Profitability scores 3/100 against 1,393 healthcare peers. Operating margin -5382.6% vs a peer median of 7.1% (weaker than 100% of peers).Operating margin -5382.6% vs peers 7.1% (weaker than 100% of peers).

How risky is Upstream Bio?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 27.99× vs a peer median of 2.59× (stronger than 95% of peers).Current ratio 27.99× vs peers 2.59× (stronger than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.3M USD

3.2M USD

−4.9%

Net income (12 months)

−156.8M USD

−156.5M USD

−0.2%

Operating margin

-5176.5%

-5382.6%

−206.2 pts

Free cash flow (12 months)

−140.1M USD

−136.5M USD

−2.6%

Cash

96.7M USD

79.4M USD

−17.9%

Shares outstanding

54.4M

54.8M

+0.6%

Key ratios

FY 2023

FY 2024

FY 2025

Change

Operating margin

-1685.5%

-3281.2%

-5618.8%

▼ >999 pts

Net margin

-862.9%

-2650.0%

-5026.0%

▼ >999 pts

Return on assets (ROA)

-17.5%

-13.0%

-40.5%

▼ 28 pts

Return on equity (ROE)

—

-13.4%

-42.2%

▼ 29 pts

Free cash flow margin

-1599.6%

-2518.3%

-4675.5%

▼ >999 pts

Current ratio

17.96×

44.63×

26.15×

▼ 41%