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Upstream Bio, Inc. balance sheet

At the end of fiscal 2025, Upstream Bio, Inc. had total assets of $354m, total liabilities of $14.0m and shareholders' equity of $340m. It held $102m in cash against $0 of debt: net cash of $102m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash and equivalents2632610279
Receivables0111
Total current assets117479352280
Goodwill—0——
Total assets117482354281
Accounts payable2432
Total current liabilities7111310
Total debt0000
Total liabilities9121410
Shareholders' equity−123470340271
Non-controlling interests and other (assets − liabilities − equity)231———
Net debt (negative = net cash)−26−326−102−79
Shares outstanding12m54m54m55m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: UPB vs XBIOALGS vs UPBDYAI vs UPBUPB vs VTGN

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Figures from Upstream Bio, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Upstream Bio, Inc.