MBX Biosciences, Inc. (MBX) SEC Filings & Earnings Calls
EquiReason read 26 MBX Biosciences, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Appointment of Peter Radovich as an independent Class I director, with standard compensation including a stock option for 18,200 shares and cash compensation per policy. No unusual.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
27 Aug 20268-K · 7.01, 8.01First patient dosed in pivotal Phase 3 oPTimize trial of once-weekly canvuparatide for hypoparathyroidism. Trial builds on positive Phase 2 results. ~160 patients, 26-week double-blind, 78-week OLE.open
Risks flagged
Clinical trial risk; Phase 3 may fail to meet endpoints; regulatory approval uncertain.
“Phase 3 trial just initiated; no efficacy/safety data yet.”
10 Aug 2026SC 13D/AOrbiMed Advisors LLC and related entities filed Amendment No. 3 to Schedule 13D for MBX Biosciences, reporting a decrease in beneficial ownership by more than 1% due to open-market sales, with no stated plans for control or major changes.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage (OrbiMed Advisors LLC) · 2026-08-10 | 6.4% | |
| Beneficial Ownership Percentage (OrbiMed Capital GP VII LLC) · 2026-08-10 | 5.2% | |
| Beneficial Ownership Percentage (OrbiMed Genesis GP LLC) · 2026-08-10 | 1.2% |
Risks flagged
Activist/insider selling pressure
“On June 29, 2026, GEN sold 80,200 Shares at a price of $53.48. On June 30, 2026, OPI VII sold 120,546 Shares at a price of $55.53.” · word for word
10 Aug 2026SC 13D/AOrbiMed Advisors LLC and related entities filed Amendment No. 3 to Schedule 13D for MBX Biosciences, reporting a decrease in beneficial ownership by more than 1% due to open-market sales, with no stated plans for control or major changes.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage (OrbiMed Advisors LLC) · 2026-08-10 | 6.4% | |
| Beneficial Ownership Percentage (OrbiMed Capital GP VII LLC) · 2026-08-10 | 5.2% | |
| Beneficial Ownership Percentage (OrbiMed Genesis GP LLC) · 2026-08-10 | 1.2% |
Risks flagged
Activist/insider selling pressure
“On June 29, 2026, GEN sold 80,200 Shares at a price of $53.48. On June 30, 2026, OPI VII sold 120,546 Shares at a price of $55.53.” · word for word
6 Aug 20268-K · 2.02, 7.01, 8.01Cash and investments $419Mearningsopen
Figures in the filing · each found in the filing text
| Cash and investments · Q2-2026 | $419M |
Risks flagged
Clinical-stage biotech with no approved products; reliance on pipeline success.
“Standard risk factors for clinical-stage biopharmaceutical company.”
6 Aug 202610-QMBX Biosciences reported Q2 2026 results: net loss of $37.1M for the quarter, cash position $418.6M, advancing Phase 3 for canvuparatide.earningsopen
Figures in the filing · each found in the filing text
| Net loss · H1-2026 | $-61M | |
| Cash, cash equivalents and marketable securities · 2026-06-30 | $419M | |
| Accumulated deficit · 2026-06-30 | $285M | |
| Research and development expenses · H1-2026 | $49M | +23% y/y |
| General and administrative expenses · H1-2026 | $19M | +128% y/y |
| Stock-based compensation expense · H1-2026 | $12M |
Guidance
Cash runway into 2029
Company reaffirms cash runway into 2029; plans to initiate Phase 3 for canvuparatide in Q3 2026.
Risks flagged
No approved products or revenue
“We do not have any products approved for sale and have not generated any revenue from product sales.” · word for word
Significant operating losses and accumulated deficit
“We have incurred significant operating losses since inception and we expect to continue to incur substantial losses for the foreseeable future.” · word for word
Need for substantial additional funding
“We will need substantial additional funding to support our continuing operations and pursue our growth strategy.” · word for word
Clinical development uncertainty
“The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming, and the successful development of our product candidates is highly uncertain.” · word for word
13 Jul 20268-K · 5.02New CEO base salary $665,000.00; New CEO target annual bonus percentage 60; New CEO stock option grant 331,000open
Figures in the filing · each found in the filing text
| New CEO base salary · 2026-07-13 | $665000.00 | |
| New CEO target annual bonus percentage · 2026-07-13 | 60.0% | |
| New CEO stock option grant · 2026-08-03 | 331,000 | |
| New CEO RSU grant · 2026-08-03 | 71,000 |
Risks flagged
Leadership transition risk: Departure of CEO may disrupt strategic direction, though insider appointment mitigates some uncertainty.
“Kent P. Hawryluk will be stepping away from his role as the Company’s Chief Executive Officer” · word for word
12 Jun 20268-K · 7.01, 8.01Issued a Regulation FD disclosure (forward guidance or material update); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Forward-looking statements highlight risks related to regulatory approvals and clinical development uncertainties.
“risks relating to the Company's research and development activities; MBX Biosciences' ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all”
11 May 20268-K · 7.01, 8.01Issued a Regulation FD disclosure (forward guidance or material update); disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Company will not invest further in imapextide for PBH, focusing resources on obesity and hypoparathyroidism.
“the Company will not be committing further investment toward a Phase 2b clinical trial of imapextide in PBH.”
7 May 20268-K · 2.02Cash and Cash Equivalents and Marketable Securities $440M; R&D Expenses $18M (-17% y/y); G&A Expenses $9M (+115% y/y)earningsopen
Figures in the filing · each found in the filing text
| Cash and Cash Equivalents and Marketable Securities · Q1-2026 | $440M | |
| R&D Expenses · Q1-2026 | $19M | -17% y/y |
| G&A Expenses · Q1-2026 | $9M | +115% y/y |
| Net Loss · Q1-2026 | $-24M | -2% y/y |
Risks flagged
Clinical-stage company with no approved products; net loss and negative cash flow from operations.
“Net loss of $23.5 million; no revenue reported.”
7 May 202610-QNet loss $-24M (+2% y/y); Cash, cash equivalents and marketable securities $440M; Accumulated deficit $248M; Guidance: cash runway into 2029open
Figures in the filing · each found in the filing text
| Net loss · Q1-2026 | $-24M | +2% y/y |
| Cash, cash equivalents and marketable securities · 2026-03-31 | $440M | |
| Accumulated deficit · 2026-03-31 | $248M | |
| Research and development expenses · Q1-2026 | $18M | -18% y/y |
| General and administrative expenses · Q1-2026 | $9M | +113% y/y |
| Net cash used in operating activities · Q1-2026 | $-20M | +11% y/y |
| Stock-based compensation expense · Q1-2026 | $6M | +206% y/y |
Guidance
cash runway into 2029
Cash runway extended into 2029; Phase 3 for canvuparatide on track for Q3 2026; imapextide topline expected Q2 2026.
Risks flagged
No approved products or revenue
“We do not have any products approved for sale and have not generated any revenue from product sales.” · word for word
Clinical trial risk
“The results observed from our preclinical studies may not necessarily be predictive of the results of later-stage clinical trials that we may conduct.” · word for word
Dilution risk from ATM
“In February 2026, we sold 2,250,986 shares of our common stock under our Open Market Sale Agreement with Jefferies, LLC (the "February 2026 ATM Offering"), which generated approximately $87.1 million in aggregate gross proceeds.” · word for word
22 Apr 2026DEF 14AProxy filing discloses CFO resignation and appointment of interim CFO, and appointment of Executive Chair.open
Figures in the filing · each found in the filing text
| Cash, cash equivalents and marketable securities · 2025-09 | $187M |
Risks flagged
Pre-revenue clinical-stage biotechnology company with no approved products
“The company is an emerging growth company with no disclosed revenue from product sales.”
Key executive turnover (CFO resignation)
“Richard Bartram, our former Chief Financial Officer, resigned from the Company effective March 15, 2026.” · word for word
12 Mar 202610-KNet Loss $-87M (+40% y/y); Accumulated Deficit $-224M; Cash, Cash Equivalents and Marketable Securities $374Mopen
Figures in the filing · each found in the filing text
| Net Loss · FY2025 | $-87M | +41% y/y |
| Accumulated Deficit · 2025-12-31 | $-225M | |
| Cash, Cash Equivalents and Marketable Securities · 2025-12-31 | $374M | |
| U.S. Federal Net Operating Loss Carryforwards · 2025-12-31 | $128M |
Risks flagged
Clinical Trial Failure Risk
“Our business is highly dependent on the success of our product candidates. If we are unable to successfully complete clinical development, obtain regulatory approval for or commercialize one or more of our product candidates, or if we experience delays in doing so, our business will be materially harmed.” · word for word
No Revenue History
“We have never generated revenue from product sales and may never become profitable.” · word for word
Need for Additional Capital
“We will need substantial additional funding. If we are unable to raise additional capital when needed on acceptable terms, or at all, we may be forced to delay, reduce, or terminate certain of our research and product development programs.” · word for word
Side Effect Profile
“Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following regulatory approval, if obtained.” · word for word
12 Mar 20268-K · 2.02Cash, cash equivalents and marketable securities $374M; Pro forma cash and investments $459M; R&D expenses $79M (+38% y/y)earningsopen
Figures in the filing · each found in the filing text
| Cash, cash equivalents and marketable securities · FY2025 | $374M | |
| Pro forma cash and investments · FY2025 | $459M | |
| R&D expenses · FY2025 | $79M | +38% y/y |
| G&A expenses · FY2025 | $19M | +75% y/y |
| Net loss · FY2025 | $-87M | +41% y/y |
Risks flagged
Pre-revenue biotech with increasing R&D and G&A expenses; net loss widening; dependent on pipeline success and funding.
“Net loss $87M vs $61.9M; R&D expenses up 38%; G&A up 75%.”
9 Mar 20268-K · 7.01, 8.01Phase 3 trial enrollment 160open
Figures in the filing · each found in the filing text
| Phase 3 trial enrollment · Canvuparatide · Q3-2026 | 160 |
Risks flagged
Clinical and regulatory risks remain; Phase 3 trial may fail to meet endpoints; competition from other therapies.
“Forward-looking statements highlight risks related to research and development activities, regulatory approvals, and need for additional funds.”
27 Feb 20268-K · 1.01, 5.02MBX Biosciences entered a lease agreement for 13,642 sq ft of office/lab space in Burlington, MA, with 4-year term and ~$3.4M aggregate base rent. This is a routine operational lease, not a major strategic event.open
Figures in the filing · each found in the filing text
| Leased square footage · FY2026 | $13642.00 | |
| Aggregate base rent · FY2026 | $3M |
Risks flagged
Lease commitment adds fixed cost; manageable given cash position.
“Base rent $68,200/month with 3% annual increases; total $3.4M over 4 years.”
5 Feb 20268-K · 8.01Gross proceeds from ATM sale $87M; Shares issued in ATM sale 2,250,986; Volume weighted average price per share $38.76open
Figures in the filing · each found in the filing text
| Gross proceeds from ATM sale · Q1-2026 | $87M | |
| Shares issued in ATM sale · Q1-2026 | 2,250,986 | |
| Volume weighted average price per share · Q1-2026 | $38.76 | |
| Remaining ATM offering capacity · Q1-2026 | $63M |
Risks flagged
Dilution risk from equity issuance; potential further dilution from remaining ATM capacity.
“2,250,986 shares issued; up to $62.9M additional shares may be sold”
Execution risk: proceeds used for clinical development and R&D; no guarantee of pipeline success.
“proceeds for costs associated with the development of its clinical-stage programs, its discovery research and development activities”
12 Jan 20268-K · 2.02, 7.01, 8.01Cash, cash equivalents and marketable securities $374Mearningsopen
Figures in the filing · each found in the filing text
| Cash, cash equivalents and marketable securities · Q4-2025 | $374M |
Risks flagged
Preliminary unaudited data subject to change; no completed financial close.
“The information contained in Item 2.02 of this Form 8-K is unaudited and preliminary and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2025.” · word for word
Clinical-stage biotech with no approved products; pipeline execution risk.
“Forward-looking statements regarding clinical trials, regulatory approvals, and commercialization.”
6 Nov 20258-K · 2.02, 5.02Cash, cash equivalents and marketable securities $392M; Gross proceeds from public offering $200M; Responder rate at 12 weeks 63earningsopen
Figures in the filing · each found in the filing text
| Cash, cash equivalents and marketable securities · Q3-2025 | $392M | |
| Gross proceeds from public offering · Q3-2025 | $200M | |
| Responder rate at 12 weeks · Hypoparathyroidism · Q3-2025 | 63.0% | |
| Responder rate at 6 months (open-label extension) · Hypoparathyroidism · Q3-2025 | 79.0% |
Risks flagged
Clinical-stage company with no approved products; depends on trial success and regulatory approvals.
“Clinical-stage biopharmaceutical company; no revenue reported; cash runway into 2029 but no product revenue.”
6 Nov 202510-QMBX Biosciences reported Q3 2025 net loss of $21.6M, wider than prior year, with increased R&D spend and strong cash position after September 2025 offering.earningsopen
Figures in the filing · each found in the filing text
| Net loss · Q3-2025 | $-22M | |
| Cash, cash equivalents and marketable securities · 2025-09-30 | $392M | |
| Accumulated deficit · 2025-09-30 | $202M | |
| Research and development expenses · Q3-2025 | $19M | +15% y/y |
| Interest and other income, net · Q3-2025 | $2M | +57% y/y |
| Net cash used in operating activities · 9M-2025 | $-62M | |
| Stock-based compensation expense · 9M-2025 | $6M |
Risks flagged
No approved products or revenue
“We do not have any products approved for sale and have not generated any revenue from product sales.” · word for word
Significant operating losses and accumulated deficit
“We have incurred significant operating losses since inception and we expect to continue to incur substantial losses for the foreseeable future.” · word for word
Dependence on future funding
“We will need substantial additional funding to support our continuing operations and pursue our growth strategy.” · word for word
Clinical trial risk
“The results observed from our preclinical studies may not necessarily be predictive of the results of later-stage clinical trials that we may conduct.” · word for word
MBX Biosciences, Inc. — questions
- What did MBX Biosciences, Inc. file recently?
- 26 SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Appointment of Peter Radovich as an independent Class I director, with standard compensation including a stock option for 18,200 shares and cash compensation per policy. No unusual arrangements or transactions disclosed.
Every figure on this page comes from MBX Biosciences, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.