Upstream Bio, Inc.
UPB · Pharmaceutical Preparations · 54.4M shares · +363%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.10 · est. market cap ~$332M — last insider sale, 2026-06-16 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — immunology clinical, heavy burn ($133M), very cash-rich.
Strengths
- Liquidity — current ratio 26.2 (97th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Chronic dilutionShare count +363%/yr over 1y (dilution, book value/share -84%)
- Net lossNet loss (net margin -5026.0%)
- Cash burnNegative free cash flow (-133.4M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $342M cash & investments, ~10 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider sellingInsider selling — 10 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-5618.8%
Net margin
-5026.0%
Return on equity
-42.2%
Return on assets
-40.5%
Revenue growth (QoQ)
54.8%
Current ratio
26.2×
Free cash flow
-$133M
EBITDA
-$160M
Tangible book value
$340M
Cash & investments
$342M
Cash runway
10q
Stock comp / revenue
362.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | GRAY MICHAEL | Sell | 853 | $6.10 |
| 2026-06-16 | Sutherland Everett Rand | Sell | 2.1K | $6.10 |
| 2026-06-16 | Houghton Adam | Sell | 700 | $6.10 |
| 2026-06-16 | Deykin Aaron | Sell | 895 | $6.10 |
| 2026-06-16 | Ambrose Allison | Sell | 477 | $6.10 |
| 2026-03-16 | GRAY MICHAEL | Sell | 852 | $9.29 |
| 2026-03-16 | Deykin Aaron | Sell | 894 | $9.29 |
| 2026-03-16 | Sutherland Everett Rand | Sell | 2.1K | $9.29 |
| 2026-03-16 | Ambrose Allison | Sell | 475 | $9.29 |
| 2026-03-16 | Houghton Adam | Sell | 699 | $9.29 |
| 2026-01-02 | GRAY MICHAEL | Grant | 30K | — |
| 2026-01-02 | Deykin Aaron | Grant | 32K | — |
| 2026-01-02 | Ambrose Allison | Grant | 17K | — |
| 2026-01-02 | Houghton Adam | Grant | 25K | — |
| 2026-01-02 | Sutherland Everett Rand | Grant | 75K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06981078 ↗ | A Study to Assess the Efficacy and Safety of Verekitug in Participants With COPD Chronic Obstructive Pulmonary Disease | PHASE2 | Active Not Recruiting | 2028-04-01 |
| NCT06966479 ↗ | A Long-Term Safety and Efficacy Study of Verekitug (UPB-101) in Adult Participants With Severe Asthma (VALOUR) Severe Asthma | PHASE2 | Active Not Recruiting | 2027-09-01 |
| NCT06196879 ↗ | A Study to Investigate the Efficacy and Safety of Verekitug (UPB-101) in Adult Participants With Severe Asthma (VALIANT) Severe Asthma | PHASE2 | Completed | 2025-12-16 |
| NCT06164704 ↗ | A Study to Investigate the Efficacy and Safety of Verekitug (UPB-101) in Participants With Chronic Rhinosinusitis With Nasal Polyps Chronic Rhinosinusitis With Nasal Polyps | PHASE2 | Completed | 2025-07-07 |
| NCT05448651 ↗ | Safety and Biologic Impact (Pharmacodynamics) of Repeated Injections and Increasing Amounts of UPB-101 in Asthmatics Asthma | PHASE1 | Completed | 2023-08-15 |
| NCT05653479 ↗ | Safety and Blood Levels After a Single Injection of UPB-101 in Healthy Japanese and Non-Japanese Non-East Asian Adults Healthy | PHASE1 | Completed | 2023-04-07 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-09 | 0001193125-26-265800 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001193125-26-220578 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001193125-26-220584 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001193125-26-126188 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-126572 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-125057 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-045649 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-045500 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001193125-25-265713 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001193125-25-265705 ↗ |
| 8-K | 2025-09-02 | 2025-09-02 | 0002022626-25-000005 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000950170-25-103534 ↗ |