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Financial Statements — UPB
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 79.40 | 96.72 | 101.58 | 72.16 | 45.46 | 71.31 | 325.89 | 32.95 |
| Short-term Investments | 181.91 | 197.86 | 239.93 | 300.26 | 348.12 | 360.07 | 144.56 | 187.71 |
| Accounts Receivable | 0.77 | 1.03 | 0.67 | 0.68 | 0.94 | 0.57 | 0.61 | 0.61 |
| Total Current Assets | 279.60 | 316.28 | 351.80 | 389.02 | 418.27 | 453.79 | 479.16 | 227.27 |
| Property, Plant & Equipment | 0.46 | 0.51 | 0.56 | 0.62 | 0.54 | 0.54 | 0.58 | 0.58 |
| Goodwill | -- | -- | -- | -- | -- | -- | 0.00 | -- |
| Total Non-current Assets* | 1.57 | 1.78 | 1.98 | 2.18 | 2.25 | 2.38 | 2.56 | 5.43 |
| Total Assets | 281.17 | 318.05 | 353.77 | 391.20 | 420.52 | 456.17 | 481.72 | 232.70 |
| Accounts Payable | 2.31 | 1.71 | 2.73 | 3.95 | 2.55 | 4.72 | 4.04 | 4.90 |
| Total Current Liabilities | 9.99 | 13.67 | 13.45 | 11.91 | 10.93 | 9.57 | 10.74 | 10.87 |
| Total Non-current Liabilities* | 0.23 | 0.39 | 0.55 | 0.70 | 0.85 | 0.99 | 1.13 | 1.26 |
| Total Liabilities | 10.21 | 14.06 | 14.00 | 12.61 | 11.78 | 10.56 | 11.87 | 12.14 |
| Retained Earnings | (414.52) | (374.81) | (334.22) | (291.76) | (258.02) | (218.05) | (190.78) | (169.54) |
| Total Stockholder Equity | 270.96 | 304.00 | 339.77 | 378.58 | 408.74 | 445.61 | 469.85 | (160.31) |
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* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.77 | 1.03 | 0.67 | 0.68 | 0.94 | 0.57 | 0.61 | 0.61 |
| Research & Development | 36.09 | 36.57 | 40.17 | 32.98 | 37.87 | 25.80 | 21.77 | 15.43 |
| Selling, General & Admin | 7.05 | 8.08 | 6.67 | 5.54 | 7.42 | 6.78 | 5.16 | 4.07 |
| Total Operating Expenses | 43.14 | 44.65 | 46.84 | 38.52 | 45.28 | 32.58 | 26.93 | 19.50 |
| Operating Income | (42.37) | (43.61) | (46.17) | (37.83) | (44.35) | (32.01) | (26.32) | (18.89) |
| Pretax Income* | (39.70) | (40.59) | (42.46) | (33.75) | (39.97) | (27.27) | (21.24) | (15.99) |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Income | (39.70) | (40.59) | (42.46) | (33.75) | (39.97) | (27.27) | (21.24) | (15.99) |
| Basic EPS | (0.73) | (0.75) | (0.78) | (0.63) | (0.74) | (0.51) | 12.57 | (6.96) |
| Diluted EPS | (0.73) | (0.75) | (0.78) | (0.63) | (0.74) | (0.51) | 12.57 | (6.96) |
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* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (35.62) | (47.85) | (30.63) | (22.24) | (39.24) | (41.16) | (19.61) | (39.56) |
| Capital Expenditures | 0.00 | -- | 0.05 | 0.06 | 0.05 | -- | 0.19 | 0.33 |
| Free Cash Flow* | (35.62) | -- | (30.68) | (22.30) | (39.29) | -- | (19.80) | (39.89) |
| Investing Cash Flow | 15.76 | 42.40 | 58.94 | 48.19 | 12.77 | (213.38) | 41.91 | (101.39) |
| Financing Cash Flow | 2.53 | 0.60 | 1.10 | 0.76 | 0.61 | (0.03) | 270.65 | 148.26 |
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* Derived from reported values