MBX Stock — MBX Biosciences Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization 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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$51.35

Market cap

$2,473.0M

Cash

$418.6M

Enterprise value

$2,054.4M

Balance sheet

Cash	$418.6M
Debt	$0.0M
Net cash	$418.6M
Enterprise value	$2,054.4M
Basic shares	48.2M shares
Fully diluted shares	53.6M shares
Fully diluted market cap	$2,751.3M
Cash per share	$8.69
Quarterly burn	$22.6M
Cash runway	18.5 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

48.2M

Pre-funded warrants

0.0M

Options

4.6M

RSUs

0.2M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.6M

FDSO

53.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

MBX 4291 · Dec 11, 2026 - Jan 22, 2027 in 5 wks · Phase 1 · Obesity

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Dec 11, 2026 - Jan 22, 2027 in 5 wks	MBX 4291	Phase 1	Obesity	Q4 2026 Est. Dec 11, 2026 · PCD + 6 wks (Nov 27-Dec 25)
Jul 8 - Aug 19 in 8 mo	400 µg of MBX 2109 once-weekly by subcutaneous injection	Phase 2	Hypoparathyroidism	—
Feb 12 - Mar 25 in 15 mo	Canvuparatide	Phase 3	Hypoparathyroidism	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Canvuparatide

Stage not disclosed · Active Modality: peptide

Aliases MBX 2109

Target parathyroid hormone (PTH)

Indications

Hypoparathyroidism (Phase 3)

Status note Lead product candidate per the primary 10-Q; described as a parathyroid hormone peptide prodrug. Stage and indications not stated in the primary excerpts.

MBX 4291

Stage not disclosed · Active Modality: peptide

Target GLP-1/GIP

Indications

Obesity (Phase 1)

Status note Named product candidate in the primary 10-Q. Target/modality per 10-K fallback; stage and indications not stated in the primary excerpts.

Imapextide

Stage not disclosed · Active Modality: peptide

Aliases MBX 1416

Target GLP-1 receptor

Status note Named product candidate in the primary 10-Q. Target/modality per 10-K fallback; stage and indications not stated in the primary excerpts.

MBX 5765

Stage not disclosed · Active

Target GLP-1 / GIP / GCG / amylin+calcitonin receptors

Status note Named product candidate in the primary 10-Q. Stage, modality, target, and indications not stated in the excerpts.

MBX 6180

Stage not disclosed · Active

Target GLP-1 / GIP / GCG receptors

Status note Named product candidate in the primary 10-Q. Stage, modality, target, and indications not stated in the excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Canvuparatide
Lead indication	Hypoparathyroidism
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07699471	Phase 3	Recruiting	Sponsor	MBX Biosciences	—	Hypoparathyroidism	—
NCT06531941	Phase 2	Active, not recruiting	Sponsor	MBX Biosciences	—	Hypoparathyroidism	—
NCT07142707	Phase 1	Recruiting	Sponsor	MBX Biosciences	—	Obesity	Q4 2026 Est. Dec 11, 2026 · PCD + 6 wks (Nov 27-Dec 25)

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for MBX Biosciences on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	6,652,013	no change	8.00%	2026-08-14
OrbiMed Advisors	3,428,736	-209,151	3.58%	2026-08-14
Braidwell LP	710,880	-781,587	1.45%	2026-08-14
Cormorant Asset Management	550,000	-570,000	1.56%	2026-08-14
EcoR1 Capital	388,500	-388,500	1.06%	2026-08-14
DAFNA Capital	11,809	-163,656	0.12%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MBX — MBX Biosciences Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MBX — MBX Biosciences Inc.