Cambridge biotech tracker · Waltham
Upstream Bio
Listed on Nasdaq as UPB, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $261M
- Q2 '26 · Jun 29, 2026
- Burn per quarter
- $34.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 23 mo
- 12 to 24 months
- Net loss
- $39.7M
- Q2 '26
- R&D expense
- $36.1M
- 84% of opex
- Raised, last 4 qtrs
- +$5.0M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 23 months of runway
Cash and investments of $261M at Q2 '26 against an average operating cash burn of $34.1M per quarter over the last four reported quarters runs out around April 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position up $40.6M since Q3 '24
Net financing inflows of $5.0M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 84% of operating expenses
$36.1M of R&D against $43.1M of total operating expenses in Q2 '26, with G&A at $7.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $773K in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $415M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net loss | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 29, 24 | $221M | −$14.0M | −$16.0M | $15.4M | $4.1M | $607K | $1.9M | −$1.6M |
| Q4 '24 · Dec 30, 24 | $470M | −$19.6M | −$21.2M | $21.8M | $5.2M | $613K | $2.1M | $271M |
| Q1 '25 · Mar 30, 25 | $431M | −$41.2M | −$27.3M | $25.8M | $6.8M | $566K | $2.6M | −$34K |
| Q2 '25 · Jun 29, 25 | $394M | −$39.2M | −$40.0M | $37.9M | $7.4M | $937K | $2.6M | $612K |
| Q3 '25 · Sep 29, 25 | $372M | −$22.2M | −$33.7M | $33.0M | $5.5M | $683K | $2.6M | $760K |
| Q4 '25 · Dec 30, 25 | $342M | −$30.6M | −$42.5M | $40.2M | $6.7M | $668K | $2.5M | $1.1M |
| Q1 '26 · Mar 30, 26 | $295M | −$47.9M | −$40.6M | $36.6M | $8.1M | $1.0M | $4.6M | $598K |
| Q2 '26 · Jun 29, 26 | $261M | −$35.6M | −$39.7M | $36.1M | $7.1M | $773K | $4.4M | $2.5M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.