Upstream Bio - Public Comps and Valuation Multiples

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

Website

upstreambio.com

Sectors

Biopharmaceuticals
Drug Development & Therapeutics
Vaccines & Immunotherapies
BioTech

Financials

LTM Revenue $2.6M

LTM EBITDA -$135M

EV

$555M

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Upstream Bio Financials

As of August 2025, Upstream Bio reported last 12-month revenue of $2.6M and EBITDA of -$135M.

In the same period, Upstream Bio achieved -$124M in LTM net income.

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Upstream Bio P&L

In the most recent fiscal year, Upstream Bio reported revenue of $2.4M and EBITDA of -$77.7M.

Upstream Bio expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.6M	XXX	$2.4M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	-$135M	XXX	-$77.7M	XXX	XXX	XXX
EBITDA Margin	-5213%	XXX	-3277%	XXX	XXX	XXX
EBIT	-$139M	XXX	-$77.8M	XXX	XXX	XXX
EBIT Margin	-5377%	XXX	-3281%	XXX	XXX	XXX
Net Profit	-$124M	XXX	-$62.8M	XXX	XXX	XXX
Net Margin	-4807%	XXX	-2650%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Upstream Bio including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.6M. EBITDA for the last twelve months was -$135M. In the most recent fiscal year, Upstream Bio achieved $2.4M in revenue and -$77.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.6M	Analyst estimates available to subscribers	$2.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$135M	Analyst estimates available to subscribers	-$77.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-5213.4% EBITDA margin	Analyst estimates available to subscribers	-3277.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$139M	Analyst estimates available to subscribers	-$77.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-5376.7% EBIT margin	Analyst estimates available to subscribers	-3281.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$124M	Analyst estimates available to subscribers	-$62.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-4806.9% net profit margin	Analyst estimates available to subscribers	-2650.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Upstream Bio

This financial data table provides comprehensive performance metrics for Upstream Bio, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Upstream Bio generated $2.6M in revenue over the last twelve months.
The company achieved -$135M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$124M.

Fiscal Year Performance

In the most recent fiscal year, Upstream Bio reported $2.4M in total revenue.
Fiscal year EBITDA was -$77.7M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3277.4%.
Net profit margin reached -2650.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Upstream Bio. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Upstream Bio Stock Performance

Upstream Bio has current market cap of $947M, and EV of $555M.

Market Cap Evolution

Upstream Bio Stock Data

As of September 12, 2025, Upstream Bio's stock price is $18.

See Upstream Bio trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$555M	$947M	XXX	XXX	XXX	XXX	$-3.61

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Upstream Bio Valuation Multiples

Upstream Bio's trades at 234.2x EV/Revenue multiple, and -7.1x EV/EBITDA.

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Upstream Bio Financial Valuation Multiples

As of September 12, 2025, Upstream Bio has market cap of $947M and EV of $555M.

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 -7.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$947M	XXX	$947M	XXX	XXX	XXX
EV (current)	$555M	XXX	$555M	XXX	XXX	XXX
EV/Revenue	214.5x	XXX	234.2x	XXX	XXX	XXX
EV/EBITDA	-4.1x	XXX	-7.1x	XXX	XXX	XXX
EV/EBIT	-4.0x	XXX	-7.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-7.6x	XXX	-15.1x	XXX	XXX	XXX
EV/FCF	-10.5x	XXX	-9.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Upstream Bio Margins & Growth Rates

Upstream Bio's last 12 month revenue growth is -28%

Upstream Bio's revenue per employee in the last FY averaged $46K, while opex per employee averaged $1.5M for the same period.

Upstream Bio's rule of 40 is -1711% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Upstream Bio's rule of X is -5283% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Upstream Bio Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-28%	XXX	-20%	XXX	XXX	XXX
EBITDA Margin	-5213%	XXX	-3277%	XXX	XXX	XXX
EBITDA Growth	33%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-1711%	XXX	-3305%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-5283%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$46K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2657%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3381%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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