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.

• On a quarterly basis, Operating Expenses rose 37.05% year-over-year to $44.6 million in Q1 2026; TTM through Mar 2026 was $175.3 million, a 80.59% increase from a year earlier, with the FY2025 full-year figure at $163.2 million, up 103.68% from the prior year.
• Operating Expenses slipped to $44.6 million in Q1 2026 per UPB's latest filing, from $46.8 million in the prior quarter.
• Across five years, Operating Expenses topped out at $46.8 million in Q4 2025 and bottomed 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.
• Across the five-year window, Operating Expenses jumped 150.88% in 2025 and jumped 37.05% in 2026, its largest moves.
• Year by year, Operating Expenses stood at $14.8 million in 2023, then surged by 82.21% to $26.9 million in 2024, then soared by 73.91% to $46.8 million in 2025, then dropped by 4.67% to $44.6 million in 2026.
• Per Business Quant, the three latest UPB Operating Expenses figures stand at $44.6 million (Q1 2026), $46.8 million (Q4 2025), and $38.5 million (Q3 2025).