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Upstream Bio (UPB) Operating Expenses (2023 - 2025)

Upstream Bio (UPB) has 3 years of Operating Expenses data on record, last reported at $38.5 million in Q3 2025.

  • For Q3 2025, Operating Expenses rose 97.52% year-over-year to $38.5 million; the TTM value through Sep 2025 reached $143.3 million, up 169.37%, while the annual FY2024 figure was $80.1 million, 88.58% up from the prior year.
  • Operating Expenses reached $38.5 million in Q3 2025 per UPB's latest filing, down from $45.3 million in the prior quarter.
  • Across five years, Operating Expenses topped out at $45.3 million in Q2 2025 and bottomed at $10.0 million in Q3 2023.
  • Average Operating Expenses over 3 years is $25.8 million, with a median of $23.2 million recorded in 2024.
  • Peak YoY movement for Operating Expenses: surged 94.86% in 2024, then surged 150.88% in 2025.
  • A 3-year view of Operating Expenses shows it stood at $10.0 million in 2023, then surged by 169.12% to $26.9 million in 2024, then soared by 43.02% to $38.5 million in 2025.
  • Per Business Quant database, its latest 3 readings for Operating Expenses were $38.5 million in Q3 2025, $45.3 million in Q2 2025, and $32.6 million in Q1 2025.