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Upstream Bio Valuation Multiples
Discover revenue and EBITDA valuation multiples for Upstream Bio and similar public comparables like Armata Pharmaceuticals, Swedencare, Keros Therapeutics, Anavex Life Sciences and more.
Upstream Bio Overview
About Upstream Bio
Upstream Bio Inc is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. It is developing verekitug, the known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin (TSLP), a cytokine that is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune-mediated diseases.
Founded
2021
HQ
Employees
52
Website
Sectors
Financials (LTM)
EV
$44M
Upstream Bio Financials
Upstream Bio reported last 12-month revenue of $2M and negative EBITDA of ($159M).
In the same LTM period, Upstream Bio generated $2M in gross profit, ($159M) in EBITDA losses, and had net loss of ($149M).
Revenue (LTM)
Upstream Bio P&L
In the most recent fiscal year, Upstream Bio reported revenue of $2M and EBITDA of ($78M).
Upstream Bio expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2M | XXX | $2M | XXX | XXX | XXX |
| Gross Profit | $2M | XXX | — | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | — | XXX | XXX | XXX |
| EBITDA | ($159M) | XXX | ($78M) | XXX | XXX | XXX |
| EBITDA Margin | (6515%) | XXX | (3277%) | XXX | XXX | XXX |
| EBIT Margin | (6784%) | XXX | (3281%) | XXX | XXX | XXX |
| Net Profit | ($149M) | XXX | ($63M) | XXX | XXX | XXX |
| Net Margin | (6086%) | XXX | (2650%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Upstream Bio Stock Performance
Upstream Bio has current market cap of $415M, and enterprise value of $44M.
Market Cap Evolution
Upstream Bio's stock price is $7.68.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $44M | $415M | 0.0% | XXX | XXX | XXX | $-1.16 |
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Start Free TrialUpstream Bio Valuation Multiples
Upstream Bio trades at 18.0x EV/Revenue multiple, and (0.3x) EV/EBITDA.
EV / Revenue (LTM)
Upstream Bio Financial Valuation Multiples
As of March 18, 2026, Upstream Bio has market cap of $415M and EV of $44M.
Equity research analysts estimate Upstream Bio's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Upstream Bio has a P/E ratio of (2.8x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $415M | XXX | $415M | XXX | XXX | XXX |
| EV (current) | $44M | XXX | $44M | XXX | XXX | XXX |
| EV/Revenue | 18.0x | XXX | 18.6x | XXX | XXX | XXX |
| EV/EBITDA | (0.3x) | XXX | (0.6x) | XXX | XXX | XXX |
| EV/EBIT | (0.3x) | XXX | (0.6x) | XXX | XXX | XXX |
| EV/Gross Profit | 18.0x | XXX | — | XXX | XXX | XXX |
| P/E | (2.8x) | XXX | (6.6x) | XXX | XXX | XXX |
| EV/FCF | (0.7x) | XXX | (1.1x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Upstream Bio Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Upstream Bio Margins & Growth Rates
Upstream Bio's revenue in the last 12 month declined by (30%).
Upstream Bio's revenue per employee in the last FY averaged $0.0M.
Upstream Bio's rule of 40 is (6545%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Upstream Bio's rule of X is (6590%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Upstream Bio Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | (30%) | XXX | 13% | XXX | XXX | XXX |
| EBITDA Margin | (6515%) | XXX | (3277%) | XXX | XXX | XXX |
| EBITDA Growth | 17% | XXX | 97% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (6545%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (6590%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 724% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 5861% | XXX | 2657% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 3381% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Upstream Bio Public Comps
See public comps and valuation multiples for other Biopharmaceuticals comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Armata Pharmaceuticals | XXX | XXX | XXX | XXX | XXX | XXX |
| Swedencare | XXX | XXX | XXX | XXX | XXX | XXX |
| Keros Therapeutics | XXX | XXX | XXX | XXX | XXX | XXX |
| Anavex Life Sciences | XXX | XXX | XXX | XXX | XXX | XXX |
| Ever Supreme Bio Technology | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Upstream Bio M&A Activity
Upstream Bio acquired XXX companies to date.
Last acquisition by Upstream Bio was on XXXXXXXX, XXXXX. Upstream Bio acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Upstream Bio
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialUpstream Bio Investment Activity
Upstream Bio invested in XXX companies to date.
Upstream Bio made its latest investment on XXXXXXXX, XXXXX. Upstream Bio invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Upstream Bio
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Upstream Bio
| When was Upstream Bio founded? | Upstream Bio was founded in 2021. |
| Where is Upstream Bio headquartered? | Upstream Bio is headquartered in United States. |
| How many employees does Upstream Bio have? | As of today, Upstream Bio has over 52 employees. |
| Who is the CEO of Upstream Bio? | Upstream Bio's CEO is Everett Rand Sutherland. |
| Is Upstream Bio publicly listed? | Yes, Upstream Bio is a public company listed on Nasdaq. |
| What is the stock symbol of Upstream Bio? | Upstream Bio trades under UPB ticker. |
| When did Upstream Bio go public? | Upstream Bio went public in 2024. |
| Who are competitors of Upstream Bio? | Upstream Bio main competitors are Armata Pharmaceuticals, Swedencare, Keros Therapeutics, Anavex Life Sciences. |
| What is the current market cap of Upstream Bio? | Upstream Bio's current market cap is $415M. |
| What is the current revenue of Upstream Bio? | Upstream Bio's last 12 months revenue is $2M. |
| What is the current revenue growth of Upstream Bio? | Upstream Bio revenue growth (NTM/LTM) is (30%). |
| What is the current EV/Revenue multiple of Upstream Bio? | Current revenue multiple of Upstream Bio is 18.0x. |
| Is Upstream Bio profitable? | No, Upstream Bio is not profitable. |
| What is the current EBITDA of Upstream Bio? | Upstream Bio has negative EBITDA and is not profitable. |
| What is Upstream Bio's EBITDA margin? | Upstream Bio's last 12 months EBITDA margin is (6515%). |
| What is the current EV/EBITDA multiple of Upstream Bio? | Current EBITDA multiple of Upstream Bio is (0.3x). |
| What is the current FCF of Upstream Bio? | Upstream Bio's last 12 months FCF is ($67M). |
| What is Upstream Bio's FCF margin? | Upstream Bio's last 12 months FCF margin is (2737%). |
| What is the current EV/FCF multiple of Upstream Bio? | Current FCF multiple of Upstream Bio is (0.7x). |
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