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MBX Biosciences, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is Canvuparatide (MBX 2109), a parathyroid hormone peptide prodrug, which is in Phase 3 clinical trial for the treatment of chronic hypoparathyroidism. The company is also developing Imapextide (MBX 1416), a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist that is in Phase 2 clinical trial a potential therapy for post-bariatric hypoglycemia, a chronic complication of bariatric surgery. In addition, it is developing MBX 4291, a lead obesity product candidate, which is in investigational new drug-enabling studies for the treatment of obesity and co-morbidities. The company was founded in 2018 and is based in Carmel, Indiana.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-98M | $-87M | $-82M | -23.6% | - | - |
| 2024 | $0M | $-68M | $-62M | $-56M | -24.1% | - | - |
| 2023 | $0M | $-35M | $-33M | $-32M | 44.9% | - | - |
| 2022 | $0M | $-26M | $-26M | $-24M | 61.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0 | 0 | 0 | 0 |
| Operating Expense | 25.16 | 35.31 | 68.19 | 98.06 |
| Operating Income | -25.16 | -35.31 | -68.19 | -98.06 |
| EBITDA | -25.70 | -35.15 | -67.95 | -97.81 |
| EBIT | -25.76 | -35.31 | -68.19 | -98.06 |
| Pretax Income | -26.14 | -32.56 | -61.92 | -86.97 |
| Net Income | -26.14 | -32.56 | -61.92 | -86.97 |
| Net Income Common Stockholders | -26.14 | -32.56 | -61.92 | -86.97 |
| Total Expenses | 25.16 | 35.31 | 68.19 | 98.06 |
| Interest Expense | 0.37 | 0 | 0 | 0 |
| Interest Income | 0.37 | 2.75 | 6.27 | 11.08 |
| Research And Development | 21.40 | 28.53 | 57.41 | 79.16 |
| Selling General And Administration | 3.76 | 6.78 | 10.78 | 18.90 |
| Normalized EBITDA | -24.73 | -35.15 | -67.95 | -97.81 |
| Normalized Income | -25.16 | -32.56 | -61.92 | -86.97 |
| Basic EPS | -0.82 | -1.02 | -5.82 | 0 |
| Diluted EPS | -0.82 | -1.02 | -5.82 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | -0.97 | 0 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | -0.97 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -26.14 | -32.56 | -61.92 | -86.97 |
| Reconciled Depreciation | 0.06 | 0.16 | 0.24 | 0.25 |
| Net Interest Income | 0 | 2.75 | 6.27 | 11.08 |
| Net Income From Continuing And Discontinued Operation | -26.14 | -32.56 | -61.92 | -86.97 |
| Total Operating Income As Reported | -25.16 | -35.31 | -68.19 | -98.06 |
| Diluted Average Shares | 31.85 | 31.85 | 10.64 | 0 |
| Basic Average Shares | 31.85 | 31.85 | 10.64 | 0 |
| Diluted NI Availto Com Stockholders | -26.14 | -32.56 | -61.92 | -86.97 |
| Net Income Including Noncontrolling Interests | -26.14 | -32.56 | -61.92 | -86.97 |
| Net Income Continuous Operations | -26.14 | -32.56 | -61.92 | -86.97 |
| Other Income Expense | -0.97 | 0 | 0 | 0 |
| Special Income Charges | -0.90 | 0 | 0 | 0 |
| Other Special Charges | 0.90 | 0 | 0 | 0 |
| Gain On Sale Of Security | -0.07 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | 0 | 2.75 | 6.27 | 11.08 |
| Interest Expense Non Operating | 0.37 | 0 | 0 | 0 |
| Interest Income Non Operating | 0.37 | 2.75 | 6.27 | 11.08 |
| General And Administrative Expense | 3.76 | 6.78 | 10.78 | 18.90 |
| Other Gand A | 3.76 | 6.78 | 10.78 | 18.90 |
| Operating Revenue | 0 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MBX Biosciences, Inc.this co. | MBX | $1.4B | - | 3.48 | -23.6% | -10.08 |
| AtriCure, Inc. | ATRC | $1.4B | - | 2.77 | 0.0% | 114.65 |
| Biohaven Ltd. | BHVN | $1.4B | - | 23.47 | -1418.8% | -1.93 |
| NovoCure Limited | NVCR | $1.4B | - | 3.94 | -40.0% | -8.57 |
| Ardent Health, Inc. | ARDT | $1.4B | 10.03 | 1.07 |
| 8.1% |
| 7.02 |
| Pulse Biosciences, Inc. | PLSE | $1.4B | - | 17.00 | -90.2% | -17.15 |
| Viridian Therapeutics, Inc. | VRDN | $1.4B | - | 2.30 | -47.4% | -1.84 |
| Clover Health Investments, Corp. | CLOV | $1.4B | - | 4.34 | -27.7% | -14.49 |
| Wave Life Sciences Ltd. | WVE | $1.4B | - | 2.55 | -39.4% | -4.28 |
| Peer Median | - | 10.03 | 3.35 | -39.7% | -3.10 | |