MBX Biosciences (MBX) Oppenheimer 36th Annual Healthcare Life Sciences Conference summary

Strategic and financial overview

• Anticipates 2026 as a pivotal year with key milestones across three clinical programs and obesity pipeline, supported by a strong cash position extending operations into 2029.

• Year-end cash balance of $373 million, bolstered by an $87 million ATM stock sale, resulting in a pro forma cash position of $460 million and significant portfolio advancement optionality.

• Focused on executing current pipeline, including two new obesity candidate selections in Q2 and Q3, with robust discovery efforts centered on obesity and future platform expansion potential.

• All major milestones have been met on time, with ongoing pre-commercial activities and recruitment of a CCO to prepare for potential product launches.

Clinical program updates and milestones

• Canvuparatide (once-weekly PTH replacement) progressing to phase III in 2026, with phase II 1-year open-label extension data expected in Q2 and global registrational phase III initiation in Q3.

• Phase II data showed a 63% responder rate at 12 weeks and 79% at six months, with high patient retention and focus on durability, safety, and bone mineral density at 1-year readout.

• Strong physician and patient enthusiasm for once-weekly dosing, with market research indicating high preference for canvuparatide over daily alternatives.

Obesity and metabolic pipeline

• MBX-4291, a once-monthly GLP-1/GIP co-agonist, expects 12-week data in Q4 2026, aiming to demonstrate improved tolerability and efficacy with less frequent dosing.

• Two additional obesity candidates targeting amylin and glucagon to be selected in Q2 and Q3, expanding the portfolio with differentiated mechanisms.

• Triple agonist (GLP-1, GIP, glucagon) in development, leveraging complementary mechanisms for enhanced weight loss and potential additional benefits.