Upstream Bio (UPB) Operating Expenses (2023 - 2026)

Upstream Bio's Operating Expenses history runs 4 years deep, the most recent figure standing at $44.6 million for Q1 2026.

• In Q1 2026, Operating Expenses rose 37.05% year-over-year to $44.6 million; the TTM figure through Mar 2026 stood at $175.3 million (up 80.59% YoY), while the FY2025 annual figure was $163.2 million, up 103.68% from the prior year.
• Operating Expenses for Q1 2026 stood at $44.6 million, down from $46.8 million in the prior quarter.
• The five-year high for Operating Expenses was $46.8 million in Q4 2025, with the low at $10.0 million in Q3 2023.
• The 4-year median for Operating Expenses is $26.9 million (2024), against an average of $28.4 million.
• The sharpest annual moves came in 2025 and 2026: Operating Expenses jumped 150.88% in 2025, then jumped 37.05% in 2026.
• Upstream Bio's Operating Expenses stood at $14.8 million in 2023, then jumped by 82.21% to $26.9 million in 2024, then surged by 73.91% to $46.8 million in 2025, then slipped by 4.67% to $44.6 million in 2026.
• Business Quant data shows UPB's Operating Expenses at $44.6 million in Q1 2026, $46.8 million in Q4 2025, and $38.5 million in Q3 2025.