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.

• 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.

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.

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.

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.

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.

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.

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.