MBX Biosciences, Inc.

Listed Company

MBXCIK 0001776111NasdaqEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-87.00M

Total Assets

$385.14M

Equity

$369.22M

Shares Out

47.51M

Op. Cash Flow

$-79.95M

Business

MBX Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on the discovery and development of precision peptide therapies for endocrine and metabolic disorders. It offers a proprietary Precision Endocrine Peptide (PEP) platform and product candidates including canvuparatide (a PTH prodrug for hypoparathyroidism), MBX 1416 (a long-acting GLP-1 receptor antagonist for post-bariatric hypoglycemia) and an obesity portfolio led by MBX 4291, plus discovery-stage programs. Key business areas include clinical development, IND-enabling/preclinical obesity programs, and discovery/technology platform operations supported by licensed intellectual property. The company advances programs through global clinical trials and plans to commercialize via internal teams and strategic third-party partnerships across the U.S., Europe and other markets.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Research and development	79	57	29
General and administrative	19	11	7
Total operating expenses	98	68	35
Loss from operations	−98	−68	−35
Interest and other income, net	11	6	3
Net loss	−87	−62	−33
Unrealized gain on marketable securities	285,000	54,000	60,000
Reclassification of net gains included in net loss	−54,000	−59,000	−3,000
Total other comprehensive gain (loss)	231,000	−5,000	57,000
Total comprehensive loss	−87	−62	−33
Net loss attributable to common stockholders	−87	−62	−33
Net loss per common share, basic	−2.38	−5.82	−31.96
Net loss per common share, diluted	−2.38	−5.82	−31.96
Weighted average number of common shares outstanding used in computation of net loss per common share, basic	37	11	1
Weighted average number of common shares outstanding used in computation of net loss per common share, diluted	37	11	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	75	49	31	—
Marketable securities	298	213	50	—
Prepaid expenses and other current assets	8	5	3	—
Total current assets	382	267	83	—
Property and equipment, net	3	1	439,000	—
Right-of-use assets	487,000	119,000	226,000	—
Other assets	383,000	50,000	50,000	—
Total assets	385	269	84	—
Accounts payable	3	5	1	—
Accrued expenses	12	6	2	—
Operating lease liability, current	172,000	171,000	153,000	—
Total current liabilities	15	11	4	—
Share repurchase liability	2,000	42,000	194,000	—
Operating lease liability, net of current	424,000	0	171,000	—
Total liabilities	16	11	4	—
Commitments and contingencies (Note 9)	—	—	—	—
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized and zero issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	0	—
Common stock, $0.0001 par value, 500,000,000 shares authorized and 44,927,953 issued and outstanding as of December 31, 2025 and 500,000,000 shares authorized and 33,421,525 issued and outstanding as of December 31, 2024	6,000	5,000	1,000	—
Additional paid-in-capital	593	395	3	—
Accumulated deficit	−225	−138	−76	—
Accumulated other comprehensive income	286,000	55,000	60,000	—
Total stockholders' equity	369	257	−72	−43
Total liabilities and stockholders' equity	385	269	84	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−87	−62	−33
Stock-based compensation expense	9	5	2
Non cash operating lease expense	133,000	106,000	95,000
Accretion and amortization of marketable securities, net	−4	−3	−1
Depreciation expense	200,000	200,000	200,000
Prepaid expenses and other current assets	−3	−2	−1
Accounts payable	−2	4	412,000
Accrued expenses	7	3	45,000
Other assets	8,000	0	−8,000
Operating lease right-of-use asset	−501,000	0	—
Operating lease liability	425,000	−153,000	−137,000
Net cash used in operating activities	−80	−55	−32
Purchases of property and equipment	−2	−874,000	−129,000
Purchases of marketable securities	−358	−239	−64
Maturities of marketable securities	268	80	33
Call redemptions of marketable securities	9	0	—
Net cash used in investing activities	−84	−161	−31
Proceeds from public offering, net of underwriting discounts and commissions	188	0	—
Proceeds from initial public offering, net of underwriting discounts and commissions	0	175	—
Proceeds from exercise of common stock options	2	403,000	739,000
Payments related to offering costs	−771,000	−4	—
Preferred stock issuance costs	0	−279,000	−30,000
Net cash provided by financing activities	190	234	69
Net increase in cash and cash equivalents	26	19	6
Vesting of early exercised stock options and founder shares	40,000	232,000	504,000
Property and equipment in accounts payable and accrued liabilities	26,000	29,000	18,000
Deferred initial public offering costs included in accounts payable and accrued expenses	127,000	0	—
Conversion of convertible preferred stock to common stock upon initial public offering	0	216	—

Filings

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