MBX Biosciences (MBX)
Market Price (10/19/2026): $49.74 | Market Cap: $2.4 BilSector: Health Care | Industry: Biotechnology
MBX Biosciences (MBX)
Market Price (10/19/2026): $49.74Market Cap: $2.4 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -118 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 275% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.4% Key risksMBX key risks include [1] unconvincing Phase 2 data for its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -118 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 275% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.4% |
| Key risksMBX key risks include [1] unconvincing Phase 2 data for its lead candidate, Show more. |
Qualitative Assessment
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MBX Biosciences (MBX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Increased Operating Expenses.
MBX Biosciences (Nasdaq: MBX), which operates on a fiscal year ending September 30, reported its fiscal Q3 2026 financial results (for the period ending June 30, 2026) on August 6, 2026. The company posted a loss of $0.78 per share, missing the consensus estimate of a $0.68 loss by $0.10 per share. Additionally, research and development expenses for fiscal Q3 2026 significantly increased to $31.0 million, marking a $13.3 million rise from $17.7 million in the same period of 2025. This increase was primarily attributed to the escalating costs associated with the canvuparatide Phase 3 clinical trial.
2. Analyst Downgrades Following Financial Results.
The fiscal Q3 2026 earnings miss was followed by a shift in sentiment from some analyst firms. For example, Wall Street Zen downgraded MBX Biosciences from a "hold" rating to a "sell" rating on August 8, 2026. Earlier in the period, on July 17, 2026, Weiss Ratings also reaffirmed a "sell (d-)" rating on the stock. These negative revisions contributed to downward pressure on MBX's stock performance.
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MBX Biosciences (MBX) stock has lost about 10% since 6/30/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings Miss and Increased Operating Expenses.
MBX Biosciences (Nasdaq: MBX), which operates on a fiscal year ending September 30, reported its fiscal Q3 2026 financial results (for the period ending June 30, 2026) on August 6, 2026. The company posted a loss of $0.78 per share, missing the consensus estimate of a $0.68 loss by $0.10 per share. Additionally, research and development expenses for fiscal Q3 2026 significantly increased to $31.0 million, marking a $13.3 million rise from $17.7 million in the same period of 2025. This increase was primarily attributed to the escalating costs associated with the canvuparatide Phase 3 clinical trial.
2. Analyst Downgrades Following Financial Results.
The fiscal Q3 2026 earnings miss was followed by a shift in sentiment from some analyst firms. For example, Wall Street Zen downgraded MBX Biosciences from a "hold" rating to a "sell" rating on August 8, 2026. Earlier in the period, on July 17, 2026, Weiss Ratings also reaffirmed a "sell (d-)" rating on the stock. These negative revisions contributed to downward pressure on MBX's stock performance.
3. Progression of Clinical Trials and Associated Investment Risks.
During fiscal Q4 2026, MBX Biosciences initiated its pivotal Phase 3 oPTimize trial for once-weekly canvuparatide in adults with hypoparathyroidism, with the first patient dosed on August 27, 2026. While advancing a drug into late-stage clinical trials is a critical positive milestone for a biopharmaceutical company, it also inherently increases research and development costs and introduces heightened clinical and regulatory risks, which can influence short-term investor sentiment and stock valuations, particularly for a company without commercialized products.
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Stock Movement Drivers
Fundamental Drivers
The -10.1% change in MBX stock from 6/30/2026 to 10/18/2026 was primarily driven by a -2.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.20 | 49.61 | -10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 47 | 48 | -2.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| MBX | -10.1% | |
| Market (SPY) | 2.2% | 2.7% |
| Sector (XLV) | 11.4% | 15.9% |
Fundamental Drivers
The 66.2% change in MBX stock from 3/31/2026 to 10/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.85 | 49.61 | 66.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 45 | 48 | -5.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 10/18/2026| Return | Correlation | |
|---|---|---|
| MBX | 66.2% | |
| Market (SPY) | 17.7% | 23.3% |
| Sector (XLV) | 21.1% | 15.3% |
Fundamental Drivers
The 183.5% change in MBX stock from 9/30/2025 to 10/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10182026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.50 | 49.61 | 183.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 33 | 48 | -29.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/18/2026| Return | Correlation | |
|---|---|---|
| MBX | 183.5% | |
| Market (SPY) | 15.5% | 17.7% |
| Sector (XLV) | 28.6% | 17.3% |
Fundamental Drivers
nullnull
Market Drivers
9/30/2023 to 10/18/2026| Return | Correlation | |
|---|---|---|
| MBX | ||
| Market (SPY) | 84.7% | 20.2% |
| Sector (XLV) | 43.7% | 18.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MBX Return | - | - | - | -22% | 71% | 61% | 114% |
| Peers Return | -7% | 86% | 40% | 26% | 20% | -4% | 247% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| MBX Win Rate | - | - | - | 25% | 58% | 50% | |
| Peers Win Rate | 40% | 58% | 50% | 47% | 47% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MBX Max Drawdown | - | - | - | - | -69% | -38% | |
| Peers Max Drawdown | -47% | -44% | -48% | -40% | -37% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LLY, VKTX, RYTM, ALT, AMGN.
[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 10/16/2026 (YTD)
How Low Can It Go
| Event | MBX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.4% | -18.8% |
| % Gain to Breakeven | 93.8% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
In The Past
MBX Biosciences's stock fell -48.4% during the 2025 US Tariff Shock. Such a loss loss requires a 93.8% gain to breakeven.
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Asset Allocation
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| Event | MBX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.4% | -18.8% |
| % Gain to Breakeven | 93.8% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
In The Past
MBX Biosciences's stock fell -48.4% during the 2025 US Tariff Shock. Such a loss loss requires a 93.8% 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)
MBX Biosciences (MBX) is a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel precision peptide therapies for a range of endocrine and metabolic disorders. The company differentiates itself through its proprietary Precision Endocrine Peptide (PEP) platform. This innovative platform is designed to overcome the key limitations of existing peptide therapies, aiming to produce drugs with optimized pharmaceutical properties such as extended time-action profiles, consistent drug concentrations with low peak-to-trough ratios, and significantly less frequent dosing (weekly or less). The ultimate goal is to improve clinical outcomes, enhance tolerability, and simplify disease management for patients.
MBX is advancing a pipeline of product candidates targeting conditions with significant unmet medical needs. Its lead candidate, MBX 2109, is a parathyroid hormone peptide prodrug being developed as a potential once-weekly hormone replacement therapy for chronic hypoparathyroidism, currently in Phase 2 clinical trials with topline data anticipated in the third quarter of 2025. Another key program is MBX 1416, a long-acting GLP-1 receptor antagonist designed for once-weekly treatment of post-bariatric hypoglycemia, which is currently in Phase 1. Furthermore, the company has a robust obesity portfolio, with its lead candidate MBX 4291, a GLP-1 and GIP receptor co-agonist prodrug with potential for once-monthly administration, slated for an IND submission in the second quarter of 2025. These therapies target patients with conditions like hormonal deficiencies and complex metabolic diseases, aiming to offer improved efficacy, tolerability, and convenience.
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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.
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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
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.
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.
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.
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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:
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 17.1% | 54.9% | 108.3% | CAH 490% · MCK 413% · COR 204% |
| Health Care Services | 20 | 17.0% | 37.2% | 11.9% | HIMS 253% · RDNT 137% · DGX 80% |
| Managed Health Care | 8 | 38.6% | -3.3% | 5.8% | OSCR 115% · HQY 45% · ELV 19% |
| Health Care Facilities | 24 | 3.4% | 12.3% | 3.8% | THC 324% · NHC 294% · EHC 147% |
| Health Care Equipment | 50 | -4.4% | 3.3% | -11.4% | UFPT 353% · GKOS 263% · TMDX 169% |
| Pharmaceuticals | 61 | -10.5% | 0.5% | -32.8% | LQDA 876% · KNSA 635% · CORT 481% |
| Health Care Supplies | 11 | 14.7% | -7.3% | -40.4% | LNTH 338% · HAE 76% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -12.7% | -14.3% | -67.6% | NTRA 253% · MEDP 233% · GH 59% |
| Biotechnology ← | 363 | -26.7% | -27.3% | -82.0% | DNTH 1009% · ELVN 893% · ADMA 871% |
| Health Care Technology | 22 | -33.5% | -62.9% | -83.9% | VEEV 0% · DOCS -56% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Day 7 of Gains Streak for MBX Biosciences Stock with 49% Return (vs. 19% YTD) [10/31/2025] | 11/01/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 67.98 |
| Mkt Cap | 4.4 |
| Rev LTM | 120 |
| Op Inc LTM | -109 |
| FCF LTM | -81 |
| FCF 3Y Avg | -72 |
| CFO LTM | -80 |
| CFO 3Y Avg | -71 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 51.5% |
| Rev Chg 3Y Avg | 59.7% |
| Rev Chg Q | 28.2% |
| QoQ Delta Rev Chg LTM | 6.3% |
| Op Inc Chg LTM | -9.6% |
| Op Inc Chg 3Y Avg | -4.7% |
| Op Mgn LTM | -26.8% |
| Op Mgn 3Y Avg | -64.1% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | -5.6% |
| CFO/Rev 3Y Avg | -28.6% |
| FCF/Rev LTM | -13.4% |
| FCF/Rev 3Y Avg | -45.1% |
Segment Financials
Revenue by Segment| $ Mil | 2023 | 2022 |
|---|---|---|
| Discovery and development of novel precision peptide therapies for the treatment of endocrine and | 0 | 0 |
| Total | 0 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Discovery and development of novel precision peptide therapies for the treatment of endocrine and | -87 | -62 | -33 |
| Total | -87 | -62 | -33 |
| $ Mil | 2023 | 2022 |
|---|---|---|
| Discovery and development of novel precision peptide therapies for the treatment of endocrine and | 84 | 45 |
| Total | 84 | 45 |
Price Behavior
| Market Price | $49.61 | |
| Market Cap ($ Bil) | 2.4 | |
| First Trading Date | 09/13/2024 | |
| Distance from 52W High | -29.8% | |
| 50 Days | 200 Days | |
| DMA Price | $60.73 | $44.60 |
| DMA Trend | down | up |
| Distance from DMA | -18.3% | 11.2% |
| 3M | 1YR | |
| Volatility | 52.3% | 79.3% |
| Downside Capture | 165.04 | 29.05 |
| Upside Capture | 36.92 | 174.48 |
| Correlation (S&P 500) | 7.4% | 17.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.51 | 1.05 | -0.07 | 1.31 | 1.06 | 0.67 |
| Up Beta | 0.51 | 1.62 | 2.61 | 4.26 | 3.45 | -0.35 |
| Down Beta | -1.22 | -0.67 | -5.07 | -1.99 | -1.23 | 0.02 |
| Up Capture | -87% | 60% | 24% | 195% | 236% | 252% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 19 | 29 | 67 | 130 | 262 |
| Down Capture | 33% | 185% | -9% | 34% | 44% | 106% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 23 | 35 | 58 | 120 | 247 |
[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 | |
|---|---|---|---|---|
| MBX | 257.4% | 79.3% | 1.93 | - |
| Sector ETF (XLV) | 25.7% | 16.1% | 1.22 | 16.5% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 16.9% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 14.2% |
| Commodities (DBC) | 52.4% | 20.7% | 1.92 | -17.0% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 9.1% |
| Bitcoin (BTCUSD) | -26.5% | 43.6% | -0.59 | 8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MBX | |
|---|---|---|---|---|
| MBX | 15.0% | 111.8% | 0.73 | - |
| Sector ETF (XLV) | 8.5% | 15.2% | 0.36 | 18.5% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 20.3% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 9.0% |
| Commodities (DBC) | 9.9% | 19.5% | 0.39 | -5.2% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 13.0% |
| Bitcoin (BTCUSD) | 8.6% | 51.8% | 0.34 | 9.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MBX | |
|---|---|---|---|---|
| MBX | 7.2% | 111.8% | 0.73 | - |
| Sector ETF (XLV) | 11.3% | 16.7% | 0.55 | 18.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 20.3% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 9.0% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | -5.2% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 13.0% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 9.4% |
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Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.5% | -0.8% | -9.0% |
| 5/7/2026 | 8.1% | 16.7% | -5.7% |
| 3/12/2026 | -3.4% | -0.8% | 7.1% |
| 1/12/2026 | 15.2% | 28.0% | 19.0% |
| 8/7/2025 | -4.6% | 11.0% | -1.0% |
| 5/12/2025 | 0.3% | 0.5% | 3.1% |
| 3/17/2025 | 1.7% | -9.3% | -14.6% |
| 1/7/2025 | -10.3% | -26.0% | -24.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 3 |
| # Negative | 4 | 5 | 6 |
| Median Positive | 2.1% | 13.9% | 7.1% |
| Median Negative | -4.0% | -8.4% | -7.4% |
| Max Positive | 15.2% | 28.0% | 19.0% |
| Max Negative | -10.3% | -26.0% | -24.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -0.5% | -0.8% | -9.0% |
| 5/7/2026 | 8.1% | 16.7% | -5.7% |
| 3/12/2026 | -3.4% | -0.8% | 7.1% |
| 1/12/2026 | 15.2% | 28.0% | 19.0% |
| 8/7/2025 | -4.6% | 11.0% | -1.0% |
| 5/12/2025 | 0.3% | 0.5% | 3.1% |
| 3/17/2025 | 1.7% | -9.3% | -14.6% |
| 1/7/2025 | -10.3% | -26.0% | -24.7% |
| 11/7/2024 | 2.1% | -8.4% | -2.5% |
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 3 |
| # Negative | 4 | 5 | 6 |
| Median Positive | 2.1% | 13.9% | 7.1% |
| Median Negative | -4.0% | -8.4% | -7.4% |
| Max Positive | 15.2% | 28.0% | 19.0% |
| Max Negative | -10.3% | -26.0% | -24.7% |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash Runway | Reported | Affirmed | Guidance: 2029 for 2029 | |||||
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash Runway | Reported | 2029 | Affirmed | Guidance: 2029 for 2029 | ||||
Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash Runway | Reported | 2029 | ||||||
Q4 2025 Earnings Reported 1/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash, Cash Equivalents and Marketable Securities | Reported | 373.70 Mil | ||||||
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Azoulay, Salomon | Chief Medical Officer | Direct | Sell | 5112026 | 38.36 | 70,003 | 2,685,515 | 566,581 | Form |
| 2 | Azoulay, Salomon | Chief Medical Officer | Direct | Sell | 5082026 | 29.54 | 231 | 6,824 | 436,276 | Form |
| 3 | Hawryluk, P. Kent | President & CEO | Direct | Sell | 5082026 | 29.54 | 607 | 17,931 | 21,495,283 | Form |
| 4 | Hawryluk, P. Kent | President & CEO | Trust | Buy | 3162026 | 28.41 | 18,500 | 525,663 | 13,831,379 | Form |
| 5 | Hawryluk, P. Kent | President & CEO | Trust | Buy | 10212025 | 13.64 | 20,000 | 272,790 | 6,387,064 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Azoulay, Salomon | Chief Medical Officer | Direct | Sell | 5112026 | 38.36 | 70,003 | 2,685,515 | 566,581 | Form |
| 2 | Azoulay, Salomon | Chief Medical Officer | Direct | Sell | 5082026 | 29.54 | 231 | 6,824 | 436,276 | Form |
| 3 | Hawryluk, P. Kent | President & CEO | Direct | Sell | 5082026 | 29.54 | 607 | 17,931 | 21,495,283 | Form |
| 4 | Hawryluk, P. Kent | President & CEO | Trust | Buy | 3162026 | 28.41 | 18,500 | 525,663 | 13,831,379 | Form |
| 5 | Hawryluk, P. Kent | President & CEO | Trust | Buy | 10212025 | 13.64 | 20,000 | 272,790 | 6,387,064 | Form |
| 6 | Hoerter, Steven L | Trust | Buy | 10202025 | 13.25 | 20,000 | 264,984 | 264,984 | Form | |
| 7 | Heron, Patrick J | Frazier Life Sciences X, L.P. | Buy | 9302025 | 18.00 | 666,666 | 11,999,988 | 93,949,920 | Form |
Investor Activity (13F)
Updated Oct 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| NEA Management Company, LLC | $107.9 Mil | 6.1% | 26 | Hold | 13F |
| Frazier Life Sciences Management, L.P. | $198.6 Mil | 5.1% | 38 | Hold | 13F |
| Caligan Partners LP | $25.3 Mil | 1.8% | 24 | New | 13F |
| Elmind Capital, LP | $6.3 Mil | 1.8% | 34 | Hold | 13F |
| Kynam Capital Management, LP | $27.9 Mil | 1.8% | 36 | Hold | 13F |
| Cormorant Asset Management, LP | $33.4 Mil | 1.7% | 46 | Hold | 13F |
| EcoR1 Capital, LLC | $23.2 Mil | 1.0% | 29 | TRIM -63.4% | 13F |
| TCG Crossover Management, LLC | $19.4 Mil | 0.6% | 49 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | $198.6 Mil | 5.1% | 38 | Hold | 13F |
| NEA Management Company, LLC | $107.9 Mil | 6.1% | 26 | Hold | 13F |
| Cormorant Asset Management, LP | $33.4 Mil | 1.7% | 46 | Hold | 13F |
| Kynam Capital Management, LP | $27.9 Mil | 1.8% | 36 | Hold | 13F |
| Caligan Partners LP | $25.3 Mil | 1.8% | 24 | New | 13F |
| EcoR1 Capital, LLC | $23.2 Mil | 1.0% | 29 | TRIM -63.4% | 13F |
| TCG Crossover Management, LLC | $19.4 Mil | 0.6% | 49 | Hold | 13F |
| Elmind Capital, LP | $6.3 Mil | 1.8% | 34 | Hold | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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