Upstream Bio, Inc.
Upstream Bio, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 million, up 20.4% from fiscal 2024. In the quarter to June 2026, revenue fell 17.5%, EPS grew 1.35% and free cash flow grew 9.33%, each against the same quarter a year earlier.
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Upstream Bio, Inc. (UPB) Piotroski F-score
Upstream Bio, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (34.34%) | (25.51%) | Fail | 0 |
| Positive operating cash flow | (133.27m) | (59.17m) | Fail | 0 |
| Rising return on assets | (34.34%) | (25.51%) | Fail | 0 |
| Cash flow above net income | 10.17m | 17.22m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 26.15 | 44.63 | Fail | 0 |
| No new shares issued | 53,853,000 | 13,682,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.01 | 0.01 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| ADCT ADC Therapeutics SA compare | 5 |
| STRO Sutro Biopharma, Inc. compare | 3 |
| YARW Yarrow Bioscience, Inc compare | 3 |
| TRDA Entrada Therapeutics, Inc. compare | 3 |
| UPB Upstream Bio, Inc. | 2 |
| BCYC Bicycle Therapeutics PLC Sponsored ADR compare | 2 |
| ELDN Eledon Pharmaceuticals, Inc. compare | — |
| ACOG Alpha Cognition Inc. compare | — |
| SION Sionna Therapeutics, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover