Upstream Bio

UPB

Biotechnology · Healthcare

Price

$7.01

-0.22 (-3.04%)

Market Cap

$381.5M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+48.3% over 3y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 36.3M (2022) → 53.9M (2025)

Upstream Bio is a small biotechnology company focused on developing medicines for inflammatory diseases, particularly conditions affecting the airways like severe asthma and chronic rhinosinusitis. Its lead drug candidate, verekitug, is designed to block a protein called TSLP, which plays a role in triggering inflammation. The company does not yet sell any approved products and is still in the clinical trial stage.

Upstream Bio earns no meaningful revenue from product sales yet. Its high gross margin reflects only minor grant or collaboration income rather than commercial sales, and its deeply negative operating margin shows it is spending heavily on research and clinical trials. The company operates primarily in the United States and is funded through investor capital raised at its IPO in 2024. The key growth driver is whether verekitug succeeds in late-stage clinical trials and can compete in the already crowded respiratory biologics market, where established drugs like Tezspire and Dupixent hold strong positions.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+82.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-47.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$137M/ year

↑ Rising (+117% vs prior year)

>1,000% of revenue

266.3x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

63.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~18 months

$295M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Upstream Bio grew revenue 83% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

95.3%

Premium pricing power — 95.3% gross margin

Operating Margin

-4218.1%

Losing money on operations — -4218.1%

ROCE

-14.3%

Weak — -14.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+44.7%

Fast-growing sales (44.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-4217.4%

Burning cash (-4217.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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