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 was $44.6 million for Q1 2026 at Upstream Bio, down from $46.8 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $46.8 million in Q4 2025 to a low of $10.0 million in Q3 2023.
• Historically, Operating Expenses has averaged $28.4 million across 4 years, with a median of $26.9 million in 2024.
• The sharpest annual moves came in 2025 and 2026: Operating Expenses surged 150.88% in 2025, then surged 37.05% in 2026.
• A 4-year view of Operating Expenses shows it 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.
• The last three Operating Expenses figures came in at $44.6 million (Q1 2026), $46.8 million (Q4 2025), and $38.5 million (Q3 2025), per Business Quant data.