Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-17

Upstream Bio, Inc. (UPB)

CEO E. Rand Sutherland was paid $4,302,100 in fiscal year 2025, ↓ down 52.8% from fiscal year 2024 (SEC filing 0001193125-26-158966 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,302,100 ↓
E. Rand Sutherland total, FY2025
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CEO pay percentile vs peers
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CEO-to-median pay ratio
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UPB's next annual pay disclosure, estimated April 16, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
E. Rand Sutherland$650,000$0$0$3,300,350$341,250$0$10,500$4,302,100
Chief Executive Officer
Michael Paul Gray490,000001,287,137205,800010,5001,993,437
Chief Financial Officer and Chief Operating Officer
Aaron Deykin515,000001,089,116216,300010,5001,830,916
Chief Medical Officer and Head of Research and Development

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
E. Rand Sutherland$4,302,100$9,108,953—↓ −4,806,853
Michael Paul Gray1,993,4372,938,577—↓ −945,140
Aaron Deykin1,830,916———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$4,302,100 E. Rand Sutherland total, FY2025

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Data as of September 17, 2026 · Source: 0001193125-26-158966 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Aaron DeykinExecutive$1,830,916
E. Rand SutherlandCEO$4,302,100
Michael Paul GrayCFO$1,993,437
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Daniella BeckmanIndependent Director$204,010
Erez ChimovitsIndependent Director$196,810
H. Edward Fleming, JrIndependent Director—
Liam RatcliffeIndependent Director$202,510
Marcella Kuhlman RuddyIndependent Director$199,010
Ronald C. Renaud, JrChair of the Board—
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
H. Edward Fleming JrDirector2026-06-09A17,096$0$0Derivative, Class A CommonForm 4 ↗
Daniella BeckmanDirector2026-06-09A17,09600Derivative, Class A CommonForm 4 ↗
Marcella Kuhlman RuddyDirector2026-06-09A17,09600Derivative, Class A CommonForm 4 ↗
Liam RatcliffeDirector2026-06-09A17,09600Derivative, Class A CommonForm 4 ↗
Ronald C. Renaud JrDirector2026-06-09A17,09600Derivative, Class A CommonForm 4 ↗
Erez ChimovitsDirector2026-06-09A17,09600Derivative, Class A CommonForm 4 ↗
Michael Paul GrayCFO and COO2026-06-16D85365,203CommonForm 4 ↗
Allison AmbroseGeneral Counsel2026-06-16D47762,910CommonForm 4 ↗
Aaron DeykinChief Medical Officer2026-06-16D89565,460CommonForm 4 ↗
Adam HoughtonChief Business Officer2026-06-16D70064,270CommonForm 4 ↗
E. Rand SutherlandDirector2026-06-16D2,095612,780CommonForm 4 ↗
Adam HoughtonChief Business Officer2026-09-16D70053,843CommonForm 4 ↗
E. Rand SutherlandDirector2026-09-16D2,095511,502CommonForm 4 ↗
Aaron DeykinChief Medical Officer2026-09-16D89554,914CommonForm 4 ↗
Allison AmbroseGeneral Counsel2026-09-16D48552,663CommonForm 4 ↗
Michael Paul GrayCFO and COO2026-09-16D85354,683CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
E. Rand SutherlandOPTION2025-02-06——500,000—$3,300,350
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
E. Rand Sutherland$0$0$3,300,3500.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
E. Rand SutherlandOption505,5785.69—
Aaron DeykinOption53,2103.45—
E. Rand SutherlandOption614,7176.59—
Michael Paul GrayOption250,3355.69—
E. Rand SutherlandOption395,8348.53—
Michael Paul GrayOption154,3758.53—
Aaron DeykinOption130,6258.53—
Aaron DeykinOption5,0814.27—
Michael Paul GrayOption88,9305.69—
Aaron DeykinOption23,3053.45—
Aaron DeykinOption4,9394.87—
Aaron DeykinOption64,7726.59—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is to provide a competitive and market-based total compensation program to attract, motivate, and retain our executive team. Our compensation is based heavily on performance, which aligns with our goal to drive long-term growth and value creation.

CEO STI target (% of salary)50%
CEO LTI target (% of salary)—
Independent consultantAlpine Rewards
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Ronald C. Renaud JrIndependent · Board Chair · Compensation (Chair)$82,000$0$149,010$0$0$231,010
Daniella BeckmanIndependent · Audit (Chair)55,0000149,01000204,010
Liam RatcliffeIndependent · Audit · Compensation53,5000149,01000202,510
H. Edward Fleming JrIndependent · Audit · Nominating/Governance52,5000149,01000201,510
Marcella Kuhlman RuddyIndependent · Nominating/Governance (Chair)50,0000149,01000199,010
Erez ChimovitsIndependent · Nominating/Governance · Compensation47,8000149,01000196,810
E. Rand SutherlandEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 12,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$340,800
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$340,800

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Upstream Bio, Inc.2025E. Rand Sutherland$650,000$0$3,300,350$341,250$4,302,100

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Upstream Bio, Inc. in fiscal 2025?
As disclosed, E. Rand Sutherland (Chief Executive Officer) was the highest-paid executive at Upstream Bio, Inc. in fiscal 2025, with total compensation of $4,302,100.
How much does Upstream Bio, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Upstream Bio, Inc. reported total board compensation of $340,800 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, E. Rand SutherlandDEF 14A2026-04-160001193125-26-158966Section “Executive Compensation”. As printed: 4,302,100. Filing ↗machine: r2 · c24 · span 433625–433634
2Section 01, Michael Paul GrayDEF 14A2026-04-160001193125-26-158966Section “Executive Compensation”. As printed: 1,993,437. Filing ↗machine: r4 · c24 · span 452063–452072
3Section 01, Aaron DeykinDEF 14A2026-04-160001193125-26-158966Section “Executive Compensation”. As printed: 1,830,916. Filing ↗machine: r6 · c24 · span 470912–470921
4Section 03, E. Rand Sutherland OPTIONDEF 14A2026-04-160001193125-26-158966Section “EXE CUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t10 · r2 · c9 · span 428437–428446
5Section 07, pay ratio10-K2026-03-260001193125-26-126188Section “CEO Pay Ratio”. As printed: —. Filing ↗
6Section 08, Ronald C. Renaud JrDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 231,010. Filing ↗machine: span 324819–325028
7Section 08, Daniella BeckmanDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 204,010. Filing ↗
8Section 08, Liam RatcliffeDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 202,510. Filing ↗machine: span 345579–345788
9Section 08, H. Edward Fleming JrDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 201,510. Filing ↗machine: span 338675–338884
10Section 08, Marcella Kuhlman RuddyDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 199,010. Filing ↗machine: span 331783–331992
11Section 08, Erez ChimovitsDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 196,810. Filing ↗
12Section 08, E. Rand SutherlandDEF 14A2026-04-160001193125-26-158966Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, H. Edward Fleming Jr 2026-06-09Form 42026-06-110001193125-26-268167Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Daniella Beckman 2026-06-09Form 42026-06-110001193125-26-268166Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Marcella Kuhlman Ruddy 2026-06-09Form 42026-06-110001193125-26-268169Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Liam Ratcliffe 2026-06-09Form 42026-06-110001193125-26-268165Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Ronald C. Renaud Jr 2026-06-09Form 42026-06-110001193125-26-268168Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Erez Chimovits 2026-06-09Form 42026-06-110001193125-26-268164Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Michael Paul Gray 2026-06-16Form 42026-06-170001193125-26-274126Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Allison Ambrose 2026-06-16Form 42026-06-170001193125-26-274119Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Aaron Deykin 2026-06-16Form 42026-06-170001193125-26-274121Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Adam Houghton 2026-06-16Form 42026-06-170001193125-26-274122Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, E. Rand Sutherland 2026-06-16Form 42026-06-170001193125-26-274125Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Adam Houghton 2026-09-16Form 42026-09-170001193125-26-394324Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, E. Rand Sutherland 2026-09-16Form 42026-09-170001193125-26-394325Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Aaron Deykin 2026-09-16Form 42026-09-170001193125-26-394330Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Allison Ambrose 2026-09-16Form 42026-09-170001193125-26-394318Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Michael Paul Gray 2026-09-16Form 42026-09-170001193125-26-394322Insider equity transaction reported since the proxy statement. Filing ↗
29Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)Computed——Cash 340,800 + equity 0 + all other 0 = 340,800, summed across the director compensation table rows.machine: formula: Σ = 340,800
32Upstream Bio, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-160001193125-26-158966CEO total compensation as printed in Upstream Bio, Inc.'s own proxy. As printed: 4,302,100. Filing ↗machine: r2 · c24 · span 433625–433634

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