Upstream Bio (UPB) Operating Expenses (2023 - 2026)
Upstream Bio (UPB) reported Operating Expenses of $43.14 million for Q2 2026, down 4.7% from $45.28 million a year earlier and down 3.4% from the prior quarter.
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Analysis
Upstream Bio (UPB) Operating Expenses (2023 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Upstream Bio's Operating Expenses came in at $173.14 million, up 39.3% year-over-year; for FY2025, it was $163.22 million, up 103.7% from FY2024.
- By year, Operating Expenses came in at $80.13 million in FY2024 (+88.6%) and $42.49 million in FY2023.
- Five-year quarterly Operating Expenses spans a low of $10.01 million in Q3 2023 and a high of $46.84 million in Q4 2025.
- Year over year, Operating Expenses gained in seven of the last eight quarters, with growth averaging 80.0%.
- The high point for year-over-year Operating Expenses in five years was Q2 2025 (growth of 150.9%); the low point was Q2 2026 (a decline of 4.7%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $44.65 million (Q1 2026), $46.84 million (Q4 2025) and $38.52 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,130.22 Bn | 1,098.81 Bn | 19.71 Bn | 7.95 Bn |
| 2 | Johnson & Johnson | 613.62 Bn | 532.15 Bn | 17.26 Bn | 10.12 Bn |
| 3 | AbbVie | 501.46 Bn | 474.57 Bn | 12.70 Bn | 10.56 Bn |
| 4 | Merck | 366.84 Bn | 321.22 Bn | 12.21 Bn | 12.80 Bn |
| 5 | Novartis Ag | 297.85 Bn | 261.84 Bn | 11.24 Bn | 6.09 Bn |
| 6 | Astrazeneca | 261.66 Bn | 235.34 Bn | 12.86 Bn | 9.70 Bn |
| 7 | Amgen | 235.39 Bn | 190.79 Bn | 7.24 Bn | 6.54 Bn |
| 8 | Gilead Sciences | 190.66 Bn | 164.86 Bn | 6.22 Bn | 18.20 Bn |
| 9 | Pfizer | 169.57 Bn | 116.22 Bn | 10.94 Bn | 6.68 Bn |
| 10 | Upstream Bio | 156.06 Mn | -1.11 Bn | -3.29 Mn | 43.14 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 43.14 Mn |
| Mar 31, 2026 | 44.65 Mn |
| Dec 31, 2025 | 46.84 Mn |
| Sep 30, 2025 | 38.52 Mn |
| Jun 30, 2025 | 45.28 Mn |
| Mar 31, 2025 | 32.58 Mn |
| Dec 31, 2024 | 26.93 Mn |
| Sep 30, 2024 | 19.50 Mn |
| Jun 30, 2024 | 18.05 Mn |
| Mar 31, 2024 | 15.65 Mn |
| Dec 31, 2023 | 14.78 Mn |
| Sep 30, 2023 | 10.01 Mn |
API Access
Upstream Bio Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=UPB&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "UPB", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=UPB&period=max&api_key=YOUR_API_KEY");
const data = await res.json();