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MBX Biosciences (MBX)

Market Price (4/16/2026): $32.92 | Market Cap: $1.5 Bil
Sector: Health Care | Industry: Biotechnology

MBX Biosciences (MBX)

Market Price (4/16/2026): $32.92
Market Cap: $1.5 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
3Y Excs Rtn is -32%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -98 Mil

Stock price has recently run up significantly
6M Rtn6 month market price return is 136%, 12M Rtn12 month market price return is 347%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10.0%

High stock price volatility
Vol 12M is 134%

Key risks
MBX key risks include [1] unconvincing Phase 2 data for its lead candidate, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
3Y Excs Rtn is -32%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -98 Mil
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 136%, 12M Rtn12 month market price return is 347%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10.0%
7 High stock price volatility
Vol 12M is 134%
8 Key risks
MBX key risks include [1] unconvincing Phase 2 data for its lead candidate, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

MBX Biosciences (MBX) stock has gained about 5% since 12/31/2025 because of the following key factors:

1. Successful Advancement of Lead Clinical Asset and Orphan Drug Designation.

MBX Biosciences announced on March 9, 2026, a successful End-of-Phase 2 meeting with the FDA for once-weekly canvuparatide, a treatment for chronic hypoparathyroidism, and outlined plans to initiate a pivotal Phase 3 trial in Q3 2026. This development signifies a major de-risking event for their lead product candidate. Additionally, canvuparatide received orphan drug designation from the European Medicines Agency, further supporting its development.

2. Positive Pipeline Outlook and Expansion in Key Therapeutic Areas.

In January 2026, MBX Biosciences presented a positive 2026 outlook at the J.P. Morgan Healthcare Conference, highlighting a strong pipeline of endocrine and metabolic programs. This included positive Phase 2 results for canvuparatide and plans for further expansion in the obesity pipeline, with candidates like MBX 4291 in Phase 1 (12-week data expected Q4 2026) and plans to nominate two additional obesity candidates in 2026, diversifying their growth prospects.

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Stock Movement Drivers

Fundamental Drivers

The 4.5% change in MBX stock from 12/31/2025 to 4/15/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120254152026Change
Stock Price ($)31.5432.964.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)3445-23.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/15/2026
ReturnCorrelation
MBX4.5% 
Market (SPY)-5.4%-4.1%
Sector (XLV)-4.5%27.5%

Fundamental Drivers

The 88.3% change in MBX stock from 9/30/2025 to 4/15/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)93020254152026Change
Stock Price ($)17.5032.9688.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)3345-25.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/15/2026
ReturnCorrelation
MBX88.3% 
Market (SPY)-2.9%8.5%
Sector (XLV)6.6%23.3%

Fundamental Drivers

The 346.6% change in MBX stock from 3/31/2025 to 4/15/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120254152026Change
Stock Price ($)7.3832.96346.6%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)3345-25.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/15/2026
ReturnCorrelation
MBX346.6% 
Market (SPY)16.3%17.9%
Sector (XLV)2.6%22.1%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/15/2026
ReturnCorrelation
MBX  
Market (SPY)63.3%19.0%
Sector (XLV)19.5%20.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MBX Return----22%71%4%39%
Peers Return13%75%56%36%12%-11%316%
S&P 500 Return27%-19%24%23%16%2%85%

Monthly Win Rates [3]
MBX Win Rate---25%58%50% 
Peers Win Rate48%57%52%50%45%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
MBX Max Drawdown----33%-69%-15% 
Peers Max Drawdown-25%-48%-36%-17%-38%-24% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRNX, LLY, VKTX, RYTM, ALT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/15/2026 (YTD)

How Low Can It Go

MBX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

Unique KeyEventXLVS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-16.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven19.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven599 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven40.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven116 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-15.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven18.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven326 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-40.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven68.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,100 days1,480 days

Compare to CRNX, LLY, VKTX, RYTM, ALT

In The Past

SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MBX Biosciences (MBX)

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.

AI Analysis | Feedback

They are like a specialized Eli Lilly or Novo Nordisk, focused on creating next-generation peptide drugs that offer ultra-long-acting, smoother-acting profiles for less frequent dosing.

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  • MBX 2109: A parathyroid hormone peptide prodrug designed as a potential once-weekly hormone replacement therapy for chronic hypoparathyroidism.
  • MBX 1416: A long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist designed as a once-weekly therapy for post-bariatric hypoglycemia.
  • MBX 4291: A long-acting and highly potent GLP-1 and glucose-dependent insulinotropic polypeptide (GIP) receptor co-agonist prodrug with the goal of once-monthly administration for obesity.

AI Analysis | Feedback

MBX Biosciences (MBX) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel precision peptide therapies. As the company is currently in the research and development phase with product candidates undergoing clinical trials (e.g., Phase 1, Phase 2) and preclinical studies, it does not yet have any approved products generating commercial sales. Therefore, MBX Biosciences does not currently have major customers.

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Kent Hawryluk, President & CEO

Mr. Hawryluk is a Co-Founder, President, and Chief Executive Officer of MBX Biosciences, roles he has held since January 2020. He has over 20 years of experience as a life sciences entrepreneur, leader, and investor. Prior to MBX, he co-founded and served as Chief Business Officer of Avidity Biosciences, Inc., from January 2013 to December 2019, where he oversaw $130 million in equity financings and a strategic partnership with Eli Lilly. Mr. Hawryluk was also a co-founder and CEO of MB2, a clinical-stage company that was acquired by Novo Nordisk in October 2015. Additionally, he co-founded Marcadia Biotech, which was acquired by Roche in December 2010. Since January 2003, he has served as a partner of Twilight Venture Partners, a private life science venture capital fund.

John Smither, Interim Chief Financial Officer

Mr. Smither was appointed Interim Chief Financial Officer, effective March 16, 2026. He brings over 40 years of finance and accounting experience in the biotechnology sector. Mr. Smither has previously served as CFO or interim CFO for several public life sciences companies, including Arcutis Biotherapeutics, Inc., Sienna Biopharmaceuticals, Inc., and as interim Chief Financial Officer at Kite Pharma (a Gilead Sciences, Inc. company). He also has 15 years of experience as a practicing CPA (inactive), including time as an audit partner with Ernst & Young LLP.

Sam Azoulay, MD, Chief Medical Officer

Dr. Azoulay has served as MBX's Chief Medical Officer since June 2024 and brings over 35 years of experience in global drug development and operations. Prior to joining MBX, he was Consulting Chief Executive Officer of Nervosave Therapeutics from September 2023 to June 2024. He also served as Chief Medical Officer at Sumitovant Biopharma Ltd. and Chief Medical Officer of Roivant.

Karen Basbaum, Chief Business Officer

Ms. Basbaum serves as MBX's Chief Business Officer and has more than 20 years of experience in corporate strategy, business development, and value-creating transactions across the biotechnology and pharmaceutical industries. Before MBX Biosciences, she was Senior Vice President of Business Development at Poseida Therapeutics, where she led strategic partnerships and played a key role in the company's sale to Roche.

Chatan Charan, Ph.D., Senior Vice President, Pharmaceutical Development and CMC

Dr. Charan was appointed Senior Vice President, Pharmaceutical Development and CMC in March 2025. He has over 30 years of experience in drug development, pharmaceutical manufacturing, and technical operations. Before joining MBX, Dr. Charan served as Senior Vice President, Pharmaceutical Development, Technical and Manufacturing Operations at Harpoon Therapeutics, where he led CMC activities and contributed to the company's successful acquisition by Merck Pharmaceuticals.

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Key Risks

  1. Dependence on Successful Clinical Development and Regulatory Approval: As a clinical-stage biopharmaceutical company, MBX Biosciences’ future success hinges entirely on the successful outcome of its ongoing and future clinical trials for product candidates like MBX 2109 (currently in Phase 2), MBX 1416 (in Phase 1), and MBX 4291 (in IND-enabling studies), and subsequently, obtaining regulatory approvals. Failure to demonstrate efficacy, safety, or tolerability in clinical trials, or challenges in securing regulatory marketing authorization, would severely impede the company’s ability to generate revenue and sustain its operations.

  2. Reliance on Proprietary PEP Platform and Limited Early-Stage Pipeline: The company's business model and pipeline heavily depend on its proprietary Precision Endocrine Peptide™ (PEP) platform to design novel peptide therapies. If the PEP platform does not consistently deliver the expected optimized pharmaceutical properties, or if the current lead product candidates fail to advance or meet their development goals, the company would face significant challenges in developing viable products. The pipeline, while advancing, consists of early-stage candidates, meaning there are no approved products to generate revenue.

  3. Intense Competition and Market Acceptance: MBX Biosciences operates in a highly competitive biopharmaceutical market focused on endocrine and metabolic disorders. Despite aiming to address significant unmet medical needs and improve upon existing modified peptide therapies (e.g., through extended time-action profiles and low peak-to-trough ratios), the company’s product candidates will face competition from existing treatments and other new therapies under development by competitors. Even if approved, there is a risk that MBX Biosciences' products may not achieve significant market acceptance due to various factors, including efficacy relative to competitors, pricing, reimbursement challenges, or physician and patient adoption.

AI Analysis | Feedback

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AI Analysis | Feedback

MBX Biosciences focuses on precision peptide therapies for endocrine and metabolic disorders, with several product candidates targeting significant markets.

  • MBX 2109 for Chronic Hypoparathyroidism (HP): The global market for hypoparathyroidism treatment is projected to grow from USD 785.7 million in 2025 to USD 1,152.9 million by 2035. The global market was valued at approximately USD 1.3 billion in 2023 and is projected to reach around USD 2.5 billion by 2031. The U.S. market for hypoparathyroidism treatment accounted for approximately USD 200 million in 2023.
  • MBX 1416 for Post-Bariatric Hypoglycemia (PBH): The global post-bariatric hypoglycemia market reached US$ 206.55 million in 2023 and is expected to reach US$ 341.83 million by 2031. The global post-bariatric hypoglycemia treatment market size was valued at USD 415.63 million in 2024 and is expected to reach USD 752.37 million by 2032. In 2023, the market size for post-bariatric hypoglycemia in the seven major markets (7MM) was nearly USD 200 million. The United States accounted for approximately 90% of the total Post-Bariatric hypoglycemia market size within the seven major markets in 2023.
  • Obesity Portfolio (including MBX 4291): The global anti-obesity drugs market was valued at USD 5.75 billion in 2024 and is expected to reach USD 35.52 billion by 2032. Another estimate places the global market size at USD 7.14 billion in 2025, predicted to increase to approximately USD 55.25 billion by 2034. The U.S. anti-obesity drugs market size was valued at USD 1.83 billion in 2024 and is expected to reach USD 10.28 billion by 2032. The U.S. obesity treatment market generated a revenue of USD 11,194.0 million in 2024 and is expected to reach USD 48,498.2 million by 2030.

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The key drivers of future revenue growth for MBX Biosciences (MBX) over the next 2-3 years are expected to stem from the advancement of its clinical pipeline and the validation of its proprietary platform, leading to potential partnerships and milestone payments:

  1. Advancement of MBX 2109 for chronic hypoparathyroidism (HP): The anticipated reporting of topline data from the Phase 2 clinical trial in the third quarter of 2025, if positive, is a significant milestone. This could attract strategic partners, leading to potential upfront or milestone payments, which would be a source of revenue for the clinical-stage company.
  2. Continued clinical development and data generation for MBX 1416: Further positive data from the ongoing Phase 1 clinical trial for MBX 1416, particularly the additional single and multiple ascending dose data expected in the fourth quarter of 2024, would validate its potential as a therapy for post-bariatric hypoglycemia. Such progress could enhance the program's value for future collaboration and licensing opportunities.
  3. Progression of the obesity portfolio with MBX 4291: The anticipated Investigational New Drug (IND) submission for MBX 4291 in the second quarter of 2025, followed by its entry into clinical trials, marks a critical step into a large therapeutic market. Successful early clinical development could significantly increase the company's valuation and attract substantial partnership interest, leading to potential collaboration revenues.
  4. Validation and expansion of the Precision Endocrine Peptide (PEP) platform: The successful advancement of lead product candidates like MBX 2109, MBX 1416, and MBX 4291 will further validate the company's proprietary PEP platform. This validation, coupled with a robust discovery pipeline in lead optimization, could lead to new research collaborations or out-licensing agreements for the platform technology itself, generating additional revenue streams.

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Share Issuance

  • In September 2024, MBX Biosciences completed an initial public offering (IPO) of 11,730,000 shares of common stock at $16.00 per share, raising approximately $187.7 million in gross proceeds.
  • In September 2025, the company announced a public offering of 11,108,055 shares of common stock at $18.00 per share, with expected gross proceeds of $199.9 million.
  • Through an at-the-market (ATM) offering completed in February 2026, MBX Biosciences raised approximately $87.1 million in gross proceeds from the sale of 2,250,986 shares at an average price of $38.76 per share.

Inbound Investments

  • MBX Biosciences has raised a total of $216 million across three funding rounds (Series A, B, and C) prior to its public listing.
  • A Series C funding round in August 2024 secured $63.5 million from lead investors including Deep Track Capital and Driehaus, aimed at advancing late-stage endocrine drug candidates.
  • A Series B round raised $115 million, with Wellington and RA Capital Management among the lead investors.

Outbound Investments

  • MBX Biosciences' "Purchases of Investments" was USD -358.1 million in 2025.

Capital Expenditures

  • For the last 12 months prior to March 2026, capital expenditures were reported as -$1.93 million.
  • Research and development (R&D) expenses for the full year 2025 were $79.2 million, reflecting an increase of $21.8 million compared to 2024.
  • These R&D increases were primarily driven by costs associated with the MBX 4291 Phase 1 clinical trial, the canvuparatide Phase 2 Avail™ clinical trial, and preparations for a Phase 3 trial in canvuparatide.

Latest Trefis Analyses

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Trade Ideas

Select ideas related to MBX.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03312026PGNYProgynyDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		0.0%0.0%0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026CNCCenteneDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.3%2.3%-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026OSCROscar HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		3.0%3.0%-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper03202026WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.4%-0.4%-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%03202026GILDGilead SciencesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		1.6%1.6%-2.2%

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Peer Comparisons

Peers to compare with:

Financials

MBXCRNXLLYVKTXRYTMALTMedian
NameMBX Bios.Crinetic.Eli LillyViking T.Rhythm P.Altimmune 
Mkt Price32.9639.77905.0335.4587.813.4037.61
Mkt Cap1.53.8810.74.05.90.43.9
Rev LTM0865,179019004
Op Inc LTM-98-51729,696-393-192-94-145
FCF LTM-82-3845,964-279-116-68-99
FCF 3Y Avg--2641,075-147-137-74-137
CFO LTM-80-37816,813-279-116-68-98
CFO 3Y Avg--2599,957-147-122-74-122

Growth & Margins

MBXCRNXLLYVKTXRYTMALTMedian
NameMBX Bios.Crinetic.Eli LillyViking T.Rhythm P.Altimmune 
Rev Chg LTM-640.7%44.7%-45.8%105.0%75.4%
Rev Chg 3Y Avg-183.8%32.1%-113.8%245.4%148.8%
Rev Chg Q--42.6%-36.9%420.0%42.6%
QoQ Delta Rev Chg LTM-401.4%9.7%-8.8%105.0%57.3%
Op Mgn LTM--6,714.8%45.6%--101.2%-230,461.0%-3,408.0%
Op Mgn 3Y Avg--14,958.5%37.9%--181.1%-255,308.1%-7,569.8%
QoQ Delta Op Mgn LTM-24,415.4%1.1%-5.6%221,849.0%12,210.5%
CFO/Rev LTM--4,910.6%25.8%--61.0%-164,719.5%-2,485.8%
CFO/Rev 3Y Avg--10,422.4%19.3%--108.1%-193,918.4%-5,265.3%
FCF/Rev LTM--4,985.5%9.2%--61.0%-164,722.0%-2,523.2%
FCF/Rev 3Y Avg--10,609.6%0.3%--120.7%-193,923.2%-5,365.2%

Valuation

MBXCRNXLLYVKTXRYTMALTMedian
NameMBX Bios.Crinetic.Eli LillyViking T.Rhythm P.Altimmune 
Mkt Cap1.53.8810.74.05.90.43.9
P/S-491.512.4-31.08,775.4261.2
P/EBIT-15.1-7.327.3-10.3-33.5-4.1-8.8
P/E-17.0-8.139.3-11.2-29.9-4.1-9.7
P/CFO-18.5-10.048.2-14.5-50.8-5.3-12.3
Total Yield-5.9%-12.3%3.2%-8.9%-3.3%-24.5%-7.4%
Dividend Yield0.0%0.0%0.7%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--7.0%0.0%-4.3%-3.8%-14.9%-4.3%
D/E0.00.00.10.00.00.10.0
Net D/E-0.3-0.30.0-0.2-0.1-0.7-0.2

Returns

MBXCRNXLLYVKTXRYTMALTMedian
NameMBX Bios.Crinetic.Eli LillyViking T.Rhythm P.Altimmune 
1M Rtn10.6%6.7%-8.5%-1.6%-3.0%-6.1%-2.3%
3M Rtn-23.3%-28.2%-15.5%3.2%-22.5%-18.7%-20.6%
6M Rtn136.3%-9.9%9.8%0.9%-19.7%-15.0%-4.5%
12M Rtn346.6%34.1%20.4%53.4%41.4%-24.9%37.8%
3Y Rtn39.4%149.7%146.9%89.1%352.6%-28.9%118.0%
1M Excs Rtn5.8%1.8%-13.3%-6.4%-7.8%-10.9%-7.1%
3M Excs Rtn-10.1%-27.6%-16.7%14.7%-19.4%-16.1%-16.4%
6M Excs Rtn121.8%-16.0%5.3%-1.0%-18.4%-20.5%-8.5%
12M Excs Rtn313.9%5.7%-6.5%28.6%16.5%-53.8%11.1%
3Y Excs Rtn-31.5%77.3%81.2%38.4%314.5%-86.8%57.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Discovery and development of novel precision peptide therapies for the treatment of endocrine and  0
Total  0


Net Income by Segment
$ Mil202520242023
Discovery and development of novel precision peptide therapies for the treatment of endocrine and-62  
Total-62  


Assets by Segment
$ Mil202520242023
Discovery and development of novel precision peptide therapies for the treatment of endocrine and 8445
Total 8445


Price Behavior

Price Behavior
Market Price$32.96 
Market Cap ($ Bil)1.5 
First Trading Date09/13/2024 
Distance from 52W High-23.6% 
   50 Days200 Days
DMA Price$32.58$19.51
DMA Trendupdown
Distance from DMA1.2%69.0%
 3M1YR
Volatility72.8%134.9%
Downside Capture0.280.74
Upside Capture-114.91296.23
Correlation (SPY)-2.6%13.3%
MBX Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.390.73-0.300.561.270.06
Up Beta-1.440.180.191.811.080.96
Down Beta1.86-0.93-0.74-0.740.370.37
Up Capture66%71%-44%173%685%115%
Bmk +ve Days7162765139424
Stock +ve Days10202863129195
Down Capture155%177%9%32%127%105%
Bmk -ve Days12233358110323
Stock -ve Days12223562121189

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MBX
MBX328.3%134.6%1.58-
Sector ETF (XLV)9.5%16.0%0.3818.9%
Equity (SPY)22.0%12.9%1.3613.4%
Gold (GLD)49.0%27.5%1.443.5%
Commodities (DBC)25.0%16.1%1.38-9.3%
Real Estate (VNQ)17.3%13.7%0.925.1%
Bitcoin (BTCUSD)-10.4%42.6%-0.145.0%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MBX
MBX5.9%122.2%0.62-
Sector ETF (XLV)6.5%14.6%0.2620.5%
Equity (SPY)10.9%17.0%0.5019.2%
Gold (GLD)21.9%17.8%1.016.6%
Commodities (DBC)11.5%18.8%0.50-1.4%
Real Estate (VNQ)4.0%18.8%0.1213.0%
Bitcoin (BTCUSD)5.1%56.5%0.319.9%

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Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with MBX
MBX2.9%122.2%0.62-
Sector ETF (XLV)9.5%16.5%0.4720.5%
Equity (SPY)13.8%17.9%0.6719.2%
Gold (GLD)14.3%15.9%0.756.6%
Commodities (DBC)8.7%17.6%0.41-1.4%
Real Estate (VNQ)5.4%20.7%0.2213.0%
Bitcoin (BTCUSD)67.8%66.9%1.079.9%

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Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity3.6 Mil
Short Interest: % Change Since 315202620.4%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest8.0 days
Basic Shares Quantity45.0 Mil
Short % of Basic Shares8.0%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/12/202615.2%28.0%19.0%
8/7/2025-4.6%11.0%-1.0%
3/17/20251.7%-9.3%-14.6%
11/7/20242.1%-8.4%-2.5%
SUMMARY STATS   
# Positive321
# Negative123
Median Positive2.1%19.5%19.0%
Median Negative-4.6%-8.8%-2.5%
Max Positive15.2%28.0%19.0%
Max Negative-4.6%-9.3%-14.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202503/12/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/07/202410-Q
06/30/202409/13/2024424B5

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2029 Cash Runway 2,029 0 AffirmedGuidance: 2,029 for 2029

Prior: Q4 2025 Earnings Reported 1/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2029 Cash, Cash Equivalents and Marketable Securities 373.70 Mil    

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Hawryluk, P. KentPresident & CEOTrustBuy1021202513.6420,000272,7906,387,064Form
2Hoerter, Steven L TrustBuy1020202513.2520,000264,984264,984Form
3Heron, Patrick JFrazier Life Sciences X, L.P.Buy930202518.00666,66611,999,98893,949,920Form
4Pescovitz, Ora H DirectBuy41020255.897,69345,312143,298Form
5Gordon, Carl LSee footnotesBuy21920259.8747,502468,79331,639,024Form

Industry Resources

External Quote Links


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