MBX

Company Overview — What Does MBX Biosciences, Inc. Do?

We are a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide™, or PEPTM, platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients. Our PEPs are selectively engineered to have optimized pharmaceutical properties, including extended time-action profiles and consistent drug concentrations with low peak-to-trough concentration ratios, consistent exposure to target tissues, and less frequent dosing. We are advancing a pipeline of novel candidates for endocrine and metabolic disorders with clinically validated targets, established endpoints for regulatory approval, significant unmet medical needs and large potential market opportunities. Our product candidates and programs include: • MBX 2109: Our lead product candidate, MBX 2109, is a parathyroid hormone peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism, or HP. Leveraging our proprietary PEP platform, we designed MBX 2109 to treat the underlying pathophysiology of HP by providing a continuous, infusion-like exposure to parathyroid hormone, or PTH, with convenient once-weekly administration. In a Phase 1 clinical trial, MBX 2109 demonstrated a low ratio between the highest concentration of active drug observed after a dose and the concentration of active drug observed immediately prior to the next dose, or peak-to-trough ratio, which is consistent with a continuous, infusion-like profile, and an extended half-life, potentially enabling the first once-weekly PTH dosing regimen for patients with HP. MBX 2109 was generally well-tolerated with no drug-related severe or serious adverse effects. We are currently evaluating MBX 2109 in a Phase 2 clinical trial in patients with HP and dosed our first patient in this trial in August 2024. We anticipate reporting topline data in the third quarter of 2025. • MBX 1416: We are advancing MBX 1416, which is designed to be a long-acting glucagon-like peptide-1, or GLP-1, receptor antagonist, as a potential therapy for post-bariatric hypoglycemia, or PBH, a chronic complication of bariatric surgery. MBX 1416 is designed as a convenient once-weekly therapy to reduce insulin secretion and increase blood glucose to reduce the frequency and severity of hypoglycemic events. In our ongoing Phase 1 clinical trial, preliminary data regarding the way the compound is absorbed, distributed, metabolized and excreted, or pharmacokinetics, from the single ascending dose portion demonstrated that weekly subcutaneous injections resulted in dose-proportional increases in MBX 1416 exposure and a half-life supporting a once-weekly dosing regimen. We anticipate additional single ascending dose and multiple ascending dose data from our ongoing Phase 1 clinical trial in the fourth quarter of 2024. • Obesity portfolio: Our lead obesity product candidate, MBX 4291, is designed to be a long-acting and highly potent GLP-1 and glucose-dependent insulinotropic polypeptide, or GIP, receptor co-agonist prodrug with the goal of reducing dosing frequency and improving efficacy and tolerability relative to existing standards of care. In our preclinical studies, the active component of MBX 4291 demonstrated a similar activity profile and body weight loss in mice as tirzepatide, an approved weekly GLP-1/GIP co-agonist, and an extended duration of action of the active component of MBX 4291, supporting the potential for once-monthly administration. During our preclinical studies, the concentration of the active component of MBX 4291 was significantly lower than the concentration of tirzepatide during the comparison period. Although we believe MBX 4291 has the potential to be dosed less frequently, less frequent dosing would necessarily require a higher dose of MBX 4291. The results observed from our preclinical studies may not necessarily be predictive of the results of later-stage clinical trials that we may conduct. In addition, the study supporting potential duration of MBX 4291 was conducted separately from studies evaluating its effects. MBX 4291 is currently in IND-enabling studies with an anticipated investigational new drug, or IND, submission in the second quarter of 2025. Beyond MBX 4291, we have a robust discovery pipeline including multiple programs in the lead optimization stage of development. Endocrine organs secrete peptide hormones into the blood stream that act on distant organs to calibrate their function and maintain homeostasis, which impact metabolism, growth, reproduction and other bodily functions. Underproduction of a hormone, known as a hormonal deficiency, can lead to endocrine diseases, such as diabetes and HP. In addition to using peptides as hormone replacement therapies, peptide-based drugs have been developed as pharmacologic agents to treat endocrine and other diseases. However, whether as replacement therapies or novel pharmacological actions, these therapeutic peptides often have significant drawbacks. Unmodified peptides often have short half-lives, and are rapidly degraded by enzymes and swiftly cleared within minutes to hours by the liver and kidney. This often necessitates frequent, daily injections of these peptides, which can result in wide fluctuations of the peptide concentration in the bloodstream leading to diminished effectiveness of the therapy or side effects caused by high levels of the peptide. Modified peptide therapies have been developed to allow less frequent once-daily and once-weekly dosing regimens. Although these convenient, patient-friendly therapies could increase compliance and result in improved effectiveness in the real-world setting, they can still produce significant fluctuations in peptide blood levels or high peak-to-trough ratios, which can lead to side effects and limit potential efficacy. Therefore, there remains a significant unmet need to develop modified peptide therapies with extended time-action profiles and low peak-to-trough ratios that allow for less frequent injections and have the potential to provide improved efficacy, tolerability and convenience. Leveraging the proprietary technologies in our PEP platform, we are designing and developing novel peptide therapeutics with the goal of achieving four key, distinct attributes: 1) high potency, 2) high target selectivity, 3) half-lives that allow for dosing at weekly or less frequent intervals, and 4) low or flat peak-to-trough ratios to improve tolerability, thereby facilitating higher dosing and greater potential efficacy. We were founded as MBX Biosciences LLC, an Indiana limited liability company, in August 2018. We converted to a Delaware corporation in April 2019 and incorporated under the name MBX Biosciences, Inc. Our principal executive offices are located at 11711 N. Meridian Street, Suite 300, Carmel, Indiana. MBX Biosciences, Inc. (MBX) is classified as a small-cap stock in the Healthcare sector, specifically within the Pharmaceutical Products industry. The company is led by CEO P. Kent Hawryluk, headquartered in CARMEL, Indiana. With a market capitalization of $1.5B, MBX is one of the notable companies in the Healthcare sector.

MBX Biosciences, Inc. (MBX) Stock Rating — Reduce (April 2026)

As of April 2026, MBX Biosciences, Inc. receives a Reduce rating with a composite score of 40.0/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.MBX ranks #2,460 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, MBX Biosciences, Inc. ranks #306 of 838 stocks, placing it in the upper half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

MBX Stock Price and 52-Week Range

MBX Biosciences, Inc. (MBX) currently trades at $31.00. The stock lost $1.86 (5.7%) in the most recent trading session. The 52-week high for MBX is $44.89, which means the stock is currently trading -30.9% from its annual peak. The 52-week low is $4.81, putting the stock 544.9% above its annual trough. Recent trading volume was 284K shares, suggesting relatively thin trading activity.

Is MBX Overvalued or Undervalued? — Valuation Analysis

MBX Biosciences, Inc. (MBX) carries a value factor score of 27/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 3.88x, versus the sector average of 2.75x.

At current multiples, MBX Biosciences, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

MBX Biosciences, Inc. Profitability — ROE, Margins, and Quality Score

MBX Biosciences, Inc. (MBX) earns a quality factor score of 28/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -22.5%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -21.6% versus the sector average of -33.1%.

Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

MBX Debt, Balance Sheet, and Financial Health

MBX Biosciences, Inc. has a debt-to-equity ratio of 4.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 24.62x, indicating strong short-term liquidity. Total debt on the balance sheet is $0. Cash and equivalents stand at $223M.

MBX has a beta of 1.34, meaning it is more volatile than the broader market — a $10,000 investment in MBX would be expected to move 34.3% more than the S&P 500 on any given day. The stability factor score for MBX Biosciences, Inc. is 25/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

MBX Biosciences, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, MBX Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-2.38. Net income for the quarter was $-83M. Operating income came in at $-92M.

In FY 2025, MBX Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-2.38. Net income for the quarter was $-87M. Operating income came in at $-98M.

In Q3 2025, MBX Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.63. Net income for the quarter was $-22M. Operating income came in at $-24M.

In Q2 2025, MBX Biosciences, Inc. reported revenue of $0 and earnings per share (EPS) of $-0.58. Net income for the quarter was $-19M. Operating income came in at $-22M.

Over the past 8 quarters, MBX Biosciences, Inc. has experienced revenue contraction from $0 to $0. Investors analyzing MBX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

MBX Dividend Yield and Income Analysis

MBX Biosciences, Inc. (MBX) does not currently pay a dividend. This is common among smaller companies in the Pharmaceutical Products industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

MBX Momentum and Technical Analysis Profile

MBX Biosciences, Inc. (MBX) has a momentum factor score of 71/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 50/100 reflects moderate short selling activity.

MBX vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, MBX Biosciences, Inc. (MBX) ranks #306 out of 838 stocks based on the Blank Capital composite score. This places MBX in the upper half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing MBX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MBX vs S&P 500 (SPY) comparison to assess how MBX Biosciences, Inc. stacks up against the broader market across all factor dimensions.

MBX Next Earnings Date

No upcoming earnings date has been announced for MBX Biosciences, Inc. (MBX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy MBX? — Investment Thesis Summary

The quantitative profile for MBX Biosciences, Inc. suggests caution. The quality score of 28/100 flags below-average profitability. The value score of 27/100 indicates premium valuation. Price momentum is positive at 71/100, suggesting the trend favors buyers. High volatility (stability score 25/100) increases portfolio risk.

In summary, MBX Biosciences, Inc. (MBX) earns a Reduce rating with a composite score of 40.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on MBX stock.

Related Resources for MBX Investors

Explore more research and tools: MBX vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare MBX head-to-head with peers: MBX vs AZN, MBX vs SLGL, MBX vs VMD.