Upstream Bio
UPB on Nasdaq. Upstream Bio develops treatments for inflammatory and severe respiratory diseases for patients. Market value $266m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-54.28 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.59 a share, at its 1-year low
Over the past year the price has ranged from $4.53 to $33.68.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $2m | $3m |
| Operating margin | ||
| Operating margin | -3281.2% | -5618.8% |
| Debt to equity | ||
| Debt to equity | n/a | n/a |
| Shares outstanding | ||
| Shares outstanding | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $773,000 last quarter, down 18% on a year ago.
- A loss of $40 million, compared with a loss of $40 million a year ago.
- It loses 5383 cents on each $1 of sales, compared with 4465 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $607,000 |
| December 2024 | $613,000 |
| March 2025 | $566,000 |
| June 2025 | $937,000 |
| September 2025 | $683,000 |
| December 2025 | $668,000 |
| March 2026 | $1m |
| June 2026 | $773,000 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$16m |
| December 2024 | -$21m |
| March 2025 | -$27m |
| June 2025 | -$40m |
| September 2025 | -$34m |
| December 2025 | -$42m |
| March 2026 | -$41m |
| June 2026 | -$40m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 149 funds in all.
Largest holders overall
- FMR$56m
- Orbimed Advisors$39m
- Norges Bank$26mNew
- BlackRock$26mAdded
- Decheng Capital$19m
- Enavate Sciences GP$17m
- Vanguard Capital Management$13m
- Millennium Management$8mAdded
- D. E. Shaw$7mAdded
- JPMorgan Chase$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- FMR LLCPassive investorat least 14.8%+1.4 pts(filed with 1 related holder)Since 30 June 2025
- Norges BankPassive investor7.7%+2.4 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor5.2%Since 30 June 2026
- Decheng Capital Global Life Sciences Fund IV, L.P.Passive investorat least 5.0%−1.1 pts(filed with 4 related holders)Since 31 March 2026
- TCG Crossover GP I, LLCPassive investorat least 3.9%−1.3 pts(filed with 2 related holders)Since 30 September 2025
- HBM Healthcare Investments (Cayman) Ltd.Passive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 14.8%+1.4 pts (filed with 1 related holder) | 30 June 2025 | |
Norges Bank Passive investor | 7.7%+2.4 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.2% | 30 June 2026 | |
Decheng Capital Global Life Sciences Fund IV, L.P. Passive investor | at least 5.0%−1.1 pts (filed with 4 related holders) | 31 March 2026 | |
TCG Crossover GP I, LLC Passive investor | at least 3.9%−1.3 pts (filed with 2 related holders) | 30 September 2025 | |
HBM Healthcare Investments (Cayman) Ltd. Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $104,796.
- Deykin AaronChief Medical OfficerSold
- Date
- 16 September 2026
- Shares
- 895
- Price
- $5.49
- Value
- $4,914
- Sutherland Everett RandChief Executive Officer, DirectorSold
- Date
- 16 September 2026
- Shares
- 2,095
- Price
- $5.49
- Value
- $11,502
- Houghton AdamChief Business OfficerSold
- Date
- 16 September 2026
- Shares
- 700
- Price
- $5.49
- Value
- $3,843
- GRAY MICHAELCFO and COOSold
- Date
- 16 September 2026
- Shares
- 853
- Price
- $5.49
- Value
- $4,683
- Ambrose AllisonGeneral CounselSold
- Date
- 16 September 2026
- Shares
- 485
- Price
- $5.49
- Value
- $2,663
- GRAY MICHAELCFO and COOSold
- Date
- 16 June 2026
- Shares
- 853
- Price
- $6.10
- Value
- $5,203
- Sutherland Everett RandChief Executive Officer, DirectorSold
- Date
- 16 June 2026
- Shares
- 2,095
- Price
- $6.10
- Value
- $12,780
- Houghton AdamChief Business OfficerSold
- Date
- 16 June 2026
- Shares
- 700
- Price
- $6.10
- Value
- $4,270
- Deykin AaronChief Medical OfficerSold
- Date
- 16 June 2026
- Shares
- 895
- Price
- $6.10
- Value
- $5,460
- Ambrose AllisonGeneral CounselSold
- Date
- 16 June 2026
- Shares
- 477
- Price
- $6.10
- Value
- $2,910
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Deykin Aaron Chief Medical Officer | Sold | 895 | $5.49 | $4,914 |
| 16 September 2026 | Sutherland Everett Rand Chief Executive Officer, Director | Sold | 2,095 | $5.49 | $11,502 |
| 16 September 2026 | Houghton Adam Chief Business Officer | Sold | 700 | $5.49 | $3,843 |
| 16 September 2026 | GRAY MICHAEL CFO and COO | Sold | 853 | $5.49 | $4,683 |
| 16 September 2026 | Ambrose Allison General Counsel | Sold | 485 | $5.49 | $2,663 |
| 16 June 2026 | GRAY MICHAEL CFO and COO | Sold | 853 | $6.10 | $5,203 |
| 16 June 2026 | Sutherland Everett Rand Chief Executive Officer, Director | Sold | 2,095 | $6.10 | $12,780 |
| 16 June 2026 | Houghton Adam Chief Business Officer | Sold | 700 | $6.10 | $4,270 |
| 16 June 2026 | Deykin Aaron Chief Medical Officer | Sold | 895 | $6.10 | $5,460 |
| 16 June 2026 | Ambrose Allison General Counsel | Sold | 477 | $6.10 | $2,910 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.