Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

UPB

Upstream Bio, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 38.6%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
316,279,000USD
Total Liabilities
14,059,000USD
NCAV
302,220,000USD
Cash
96,724,000USD
NCAV per share
4.92USD/share
Evidence
2 annual | 7 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
7
Requires inspection High NCAV Burn since the previous filing 302,220,000
Latest
302,220,0002026-03-31
Comparison
337,796,0002025-12-31
Change
-10.5%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-220584; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -47,852,000
Latest
-47,852,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-220584

Supporting observation Current Ratio > 1.5 23.14
Latest
23.142026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-220584

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001193125-25-265713 2025-11-05 10-Q Missing Source Data Vault | sec/cleaned/cik=0002022626/accession=0001193125-25-265713/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 7 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
Revenue 2,854,000 2,370,000
Operating Income -160,361,000 -77,764,000
Net Income -143,443,000 -62,806,000
Cash From Operations -133,275,000 -59,172,000
Capex -165,000 -511,000
Free Cash Flow -133,440,000 -59,683,000
Cash And Equivalents 101,578,000 325,892,000
Accounts Receivable 668,000 613,000
Inventory n/a n/a
Total Current Assets 351,797,000 479,160,000
Total Assets 353,772,000 481,719,000
Total Current Liabilities 13,452,000 10,737,000
Total Liabilities 14,001,000 11,867,000
Shareholders Equity 339,771,000 469,852,000
Shares Outstanding 54,419,986 53,640,895
Shares Outstanding Diluted n/a n/a
Weighted Avg Shares Diluted 53,852,752 13,682,326
Weighted Avg Shares Basic 53,852,752 13,682,326
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 7 quarterly periods available from Data Vault for this company.

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-09-30
10-Q
USD
Revenue 773,000 1,034,000 668,000 683,000 937,000 566,000 607,000
Operating Income -42,368,000 -43,615,000 -46,167,000 -37,834,000 -44,347,000 -32,013,000 -18,893,000
Net Income -39,702,000 -40,591,000 -42,459,000 -33,748,000 -39,966,000 -27,270,000 -15,992,000
Cash From Operations -35,621,000 -47,852,000 -30,631,000 -22,240,000 -39,239,000 -41,165,000 n/a
Capex n/a n/a n/a -64,000 n/a n/a n/a
Free Cash Flow n/a n/a n/a -22,304,000 n/a n/a n/a
Cash And Equivalents 79,397,000 96,724,000 101,578,000 72,164,000 45,458,000 71,312,000 32,948,000
Total Current Assets 279,602,000 316,279,000 351,797,000 389,017,000 418,272,000 453,787,000 227,273,000
Total Liabilities 10,214,000 14,059,000 14,001,000 12,611,000 11,778,000 10,559,000 12,137,000
Shares Outstanding 54,771,041 54,419,986 54,419,986 54,038,591 53,909,427 53,793,703 53,596,601
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 54,567,976 54,332,319 54,085,472 53,930,946 53,770,868 53,617,723 3,023,155
Weighted Avg Shares Basic 54,567,976 54,332,319 54,085,472 53,930,946 53,770,868 53,617,723 3,023,155
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 279,602,000USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Total Liabilities 10,214,000USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Cash 79,397,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Shares Outstanding 54,771,041 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
NCAV 269,388,000USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 4.92USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 38.6% derived 2026-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0002022626
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0002022626/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
9
Imported At
2026-11-01T11:38:17+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001193125-26-220584
CIK
0002022626
Mary Filing Date
2026-05-13
Filing Currency
USD
Internal Discount
38.6%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-05-13; mary_accession=0001193125-26-220584; mary_cik=0002022626; gnni_supporting_filing_date=2026-05-13; internal_discount=0.38597; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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