MBX Biosciences (MBX) Q4 2025 earnings summary

Executive summary

• Achieved key clinical milestones, including successful End-of-Phase 2 FDA meeting for canvuparatide and EU orphan drug designation for chronic hypoparathyroidism.

• Advanced obesity pipeline with MBX 4291 in Phase 1 and planned nominations of amycretin and triple-agonist candidates in 2026.

• Strengthened leadership with new board and executive appointments to support late-stage development.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $373.7M as of Dec 31, 2025; pro forma $459.1M after $85.4M ATM raise.

• R&D expenses rose to $79.2M for 2025, up from $57.4M in 2024, driven by clinical trial activities.

• G&A expenses increased to $18.9M for 2025, up from $10.8M in 2024, reflecting expanded operations.

• Net loss for 2025 was $87.0M, compared to $61.9M in 2024.

• Working capital at year-end 2025 was $366.0M, with total assets of $385.1M and total liabilities of $15.9M.

Outlook and guidance

• Phase 3 trial of canvuparatide for hypoparathyroidism set to begin in Q3 2026.

• Full Phase 2 Avail results for canvuparatide to be presented in Q2 2026.

• MBX 4291 Phase 1 12-week data expected in Q4 2026; amycretin and triple-agonist candidate nominations planned for Q2 and Q3 2026.

• Imapextide Phase 2a STEADI trial results anticipated in Q2 2026.

• Cash runway expected to fund operations into 2029.