Upstream Bio (UPB) Research & Development (2023 - 2026)
Upstream Bio (UPB) posted quarterly Research & Development of $36.6 million for Q1 2026, up 41.74% year-over-year from $25.8 million in Q1 2025, and down 8.97% quarter-over-quarter from $40.2 million in Q4 2025.
Upstream Bio (UPB) Research & Development (2023 - 2026) Analysis & Trends
Upstream Bio's Research & Development history runs 4 years deep, the most recent figure standing at $36.6 million for Q1 2026.
- In Q1 2026, Research & Development rose 41.74% year-over-year to $36.6 million; the TTM figure through Mar 2026 stood at $147.6 million (up 91.48% YoY), while the FY2025 annual figure was $136.8 million, up 117.27% from the prior year.
- Research & Development for Q1 2026 stood at $36.6 million, down from $40.2 million in the prior quarter.
- The five-year high for Research & Development was $40.2 million in Q4 2025, with the low at $7.8 million in Q3 2023.
- The 4-year median for Research & Development is $21.8 million (2024), against an average of $23.2 million.
- The sharpest annual moves came in 2025 and 2026: Research & Development soared 169.14% in 2025, then surged 41.74% in 2026.
- Upstream Bio's Research & Development stood at $11.6 million in 2023, then jumped by 88.45% to $21.8 million in 2024, then surged by 84.49% to $40.2 million in 2025, then decreased by 8.97% to $36.6 million in 2026.
- Business Quant data shows UPB's Research & Development at $36.6 million in Q1 2026, $40.2 million in Q4 2025, and $33.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 993.80 Mn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 1.63 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 1.37 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 394.92 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 612.28 Mn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 1,146.05 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 97.90 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 413.13 Mn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 210.03 Mn |
| 10 | Upstream Bio | 387.23 Mn | 387.23 Mn | -3.29 Mn | 36.09 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 36.09 Mn |
| Mar 31, 2026 | 36.57 Mn |
| Dec 31, 2025 | 40.17 Mn |
| Sep 30, 2025 | 32.98 Mn |
| Jun 30, 2025 | 37.87 Mn |
| Mar 31, 2025 | 25.80 Mn |
| Dec 31, 2024 | 21.77 Mn |
| Sep 30, 2024 | 15.43 Mn |
| Jun 30, 2024 | 14.07 Mn |
| Mar 31, 2024 | 11.69 Mn |
| Dec 31, 2023 | 11.55 Mn |
| Sep 30, 2023 | 7.79 Mn |