UPB (Upstream Bio) Beneish M-Score: -2.47 (As of Jul. 17, 2026)

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UPB Upstream Bio Inc UPB
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What is Upstream Bio Beneish M-Score?

Upstream Bio UPB -3.04% 10 Beneish M-Score is -2.47 as of Jul. 17, 2026. GuruFocus rates UPB with a GF Score™ of 10/100. The stock has 1 warning sign investors should review. Among 824 Biotechnology companies, Upstream Bio ranks better than 53.52% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Upstream Bio's Beneish M-Score or its related term are showing as below:

UPB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.47   Med: -2.03   Max: -0.84
Current: -2.47

During the past 4 years, the highest Beneish M-Score of Upstream Bio was -0.84. The lowest was -2.47. And the median was -2.03.

Upstream Bio Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Upstream Bio's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Upstream Bio Beneish M-Score Chart

Upstream Bio Annual Data
Trend Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 -2.02

Upstream Bio Quarterly Data
Dec22 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -0.84 -2.03 -2.02 -2.47

UPB vs OABI, VNDA, LXEO: Beneish M-Score Comparison

For the Biotechnology subindustry, Upstream Bio's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Upstream Bio Beneish M-Score vs Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Upstream Bio's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Upstream Bio's Beneish M-Score falls into.


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Upstream Bio Inc UPB
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Upstream Bio Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Upstream Bio for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0367+0.528 * 1+0.404 * 1.4353+0.892 * 1.4469+0.115 * 0.4719
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9582+4.679 * -0.052686-0.327 * 1.9097
=-2.47

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $2.61 Mil.
Revenue was 1.034 + 0.668 + 0.683 + 0.937 = $3.32 Mil.
Gross Profit was 1.034 + 0.668 + 0.683 + 0.937 = $3.32 Mil.
Total Current Assets was $316.28 Mil.
Total Assets was $318.05 Mil.
Property, Plant and Equipment(Net PPE) was $1.58 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.19 Mil.
Selling, General, & Admin. Expense(SGA) was $27.71 Mil.
Total Current Liabilities was $13.67 Mil.
Long-Term Debt & Capital Lease Obligation was $0.39 Mil.
Net Income was -40.591 + -42.459 + -33.748 + -39.966 = $-156.76 Mil.
Non Operating Income was -0.03 + 0.054 + -0.019 + -0.05 = $-0.05 Mil.
Cash Flow from Operations was -47.852 + -30.631 + -22.24 + -39.239 = $-139.96 Mil.
 Total Receivables was $1.74 Mil.
Revenue was 0.566 + 0.613 + 0.607 + 0.51 = $2.30 Mil.
Gross Profit was 0.566 + 0.613 + 0.607 + 0.51 = $2.30 Mil.
Total Current Assets was $453.79 Mil.
Total Assets was $456.17 Mil.
Property, Plant and Equipment(Net PPE) was $2.19 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.12 Mil.
Selling, General, & Admin. Expense(SGA) was $19.99 Mil.
Total Current Liabilities was $9.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.99 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2.607 / 3.322) / (1.738 / 2.296)
=0.784768 / 0.756969
=1.0367

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(2.296 / 2.296) / (3.322 / 3.322)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (316.279 + 1.581) / 318.054) / (1 - (453.787 + 2.188) / 456.169)
=0.00061 / 0.000425
=1.4353

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=3.322 / 2.296
=1.4469

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.119 / (0.119 + 2.188)) / (0.194 / (0.194 + 1.581))
=0.051582 / 0.109296
=0.4719

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(27.711 / 3.322) / (19.988 / 2.296)
=8.341662 / 8.705575
=0.9582

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0.39 + 13.669) / 318.054) / ((0.992 + 9.567) / 456.169)
=0.044203 / 0.023147
=1.9097

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-156.764 - -0.045 - -139.962) / 318.054
=-0.052686

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Upstream Bio has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.47 mean?
Upstream Bio (UPB) has a Beneish M-Score of -2.47 as of Jul. 17, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Upstream Bio and its competitors. According to the industry distribution chart, Upstream Bio ranks #383 out of 824 companies in the Biotechnology industry, placing it in the top 46.5%.
Is Upstream Bio's Beneish M-Score too high?
Upstream Bio's current Beneish M-Score is -2.47. Based on the distribution chart, Upstream Bio ranks #383 out of 824 companies in the Biotechnology industry, which is above the industry midpoint. Overall, Upstream Bio has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.
How does Upstream Bio's Beneish M-Score compare to OABI and VNDA?
According to the Biotechnology industry distribution chart, Upstream Bio ranks #383 out of 824 companies for Beneish M-Score. This puts Upstream Bio in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Biotechnology company?
A good Beneish M-Score depends on the Biotechnology industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Upstream Bio and its competitors. Upstream Bio's current Beneish M-Score is -2.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Upstream Bio stock overvalued right now?
Upstream Bio (UPB) has a current Beneish M-Score of -2.47. The current Beneish M-Score is -2.47. Upstream Bio's overall GF Score™ is 10/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Upstream Bio (UPB), the current Beneish M-Score is -2.47 as of Jul. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Upstream Bio Business Description

Address 890 Winter Street, Suite 200, Waltham, MA, USA, 02451
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. Verekitug has advanced into three separate world-wide, placebo-controlled, randomized Phase 2 clinical trials, two completed in chronic rhinosinusitis with nasal polyps (CRSwNP) and severe asthma, and one ongoing in chronic obstructive pulmonary disease (COPD).
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