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MBX Biosciences (MBX) Financials

MBX Biosciences logo
$59.97 -1.08 (-1.77%)
Closing price 07/13/2026 04:00 PM Eastern
Extended Trading
$57.54 -2.43 (-4.05%)
As of 05:28 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for MBX Biosciences

Annual Income Statements for MBX Biosciences

This table shows MBX Biosciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -33 -62 -87
Consolidated Net Income / (Loss)		 -33 -62 -87
Net Income / (Loss) Continuing Operations		 -33 -62 -87
Total Pre-Tax Income 		-33 -62 -87
Total Operating Income		 -35 -68 -98
Total Gross Profit		 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00
Total Operating Expenses		 35 68 98
Selling, General & Admin Expense		 6.78 11 19
Research & Development Expense		 29 57 79
Total Other Income / (Expense), net		 2.75 6.27 11
Interest & Investment Income		 2.75 6.27 11
Basic Earnings per Share		 ($31.96) ($5.82) ($2.38)
Weighted Average Basic Shares Outstanding		 1.02M 10.64M 36.51M
Diluted Earnings per Share		 ($31.96) ($5.82) ($2.38)
Weighted Average Diluted Shares Outstanding		 1.02M 10.64M 36.51M
Weighted Average Basic & Diluted Shares Outstanding		 - 33.42M 47.51M

Quarterly Income Statements for MBX Biosciences

This table shows MBX Biosciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -10 -12 -16 -18 -16 -24 -19 -22 -22 -24
Consolidated Net Income / (Loss)		 -10 -12 -16 -18 -16 -24 -19 -22 -22 -24
Net Income / (Loss) Continuing Operations		 -10 -12 -16 -18 -16 -24 -19 -22 -22 -24
Total Pre-Tax Income 		-10 -12 -16 -18 -16 -24 -19 -22 -22 -24
Total Operating Income		 -11 -13 -17 -20 -19 -27 -22 -24 -26 -27
Total Gross Profit		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 11 13 17 20 19 27 22 24 26 27
Selling, General & Admin Expense		 1.87 2.27 2.26 2.87 3.39 4.12 4.08 4.66 6.04 8.79
Research & Development Expense		 9.07 11 14 17 15 22 18 19 20 18
Total Other Income / (Expense), net		 0.78 0.98 0.80 1.47 3.02 2.65 2.39 2.31 3.73 3.75
Interest & Investment Income		 0.78 0.98 0.80 1.47 3.02 2.65 2.39 2.31 3.73 3.75
Basic Earnings per Share		 ($9.40) ($10.26) ($12.62) ($2.78) $19.84 ($0.71) ($0.58) ($0.63) ($0.46) ($0.50)
Weighted Average Basic Shares Outstanding		 1.08M 1.20M 1.26M 6.52M 10.64M 33.41M 33.45M 34.20M 36.51M 46.58M
Diluted Earnings per Share		 ($9.40) ($10.26) ($12.62) ($2.78) $19.84 ($0.71) ($0.58) ($0.63) ($0.46) ($0.50)
Weighted Average Diluted Shares Outstanding		 1.08M 1.20M 1.26M 6.52M 10.64M 33.41M 33.45M 34.20M 36.51M 46.58M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 33.42M 33.42M 33.42M 33.59M 44.90M 47.51M 47.60M

Annual Cash Flow Statements for MBX Biosciences

This table details how cash moves in and out of MBX Biosciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 6.31 19 26
Net Cash From Operating Activities		 -32 -55 -80
Net Cash From Continuing Operating Activities		 -32 -55 -80
Net Income / (Loss) Continuing Operations		 -33 -62 -87
Consolidated Net Income / (Loss)		 -33 -62 -87
Depreciation Expense		 0.16 0.24 0.25
Amortization Expense		 -1.04 -2.93 -3.61
Non-Cash Adjustments To Reconcile Net Income		 2.21 5.18 8.73
Changes in Operating Assets and Liabilities, net		 -0.74 4.75 1.65
Net Cash From Investing Activities		 -31 -161 -84
Net Cash From Continuing Investing Activities		 -31 -161 -84
Purchase of Property, Plant & Equipment		 -0.13 -0.87 -1.93
Purchase of Investments		 -64 -239 -358
Sale and/or Maturity of Investments		 33 80 268
Other Investing Activities, net		 - 0.00 8.50
Net Cash From Financing Activities		 69 234 190
Net Cash From Continuing Financing Activities		 69 234 190
Repurchase of Preferred Equity		 -0.03 -0.28 0.00
Repurchase of Common Equity		 0.00 -4.06 -0.77
Issuance of Debt		 - 0.00 188
Issuance of Preferred Equity		 69 64 0.00
Issuance of Common Equity		 0.00 175 0.00
Other Financing Activities, net		 0.74 0.40 2.42

Quarterly Cash Flow Statements for MBX Biosciences

This table details how cash moves in and out of MBX Biosciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -40 4.90 -23 120 -84 -19 9.88 183 -148 -30
Net Cash From Operating Activities		 -11 -11 -13 -15 -16 -23 -17 -22 -18 -20
Net Cash From Continuing Operating Activities		 -11 -11 -13 -15 -16 -23 -17 -22 -18 -20
Net Income / (Loss) Continuing Operations		 -8.84 -12 -16 -18 -16 -24 -19 -22 -22 -24
Consolidated Net Income / (Loss)		 -8.84 -12 -16 -18 -16 -24 -19 -22 -22 -24
Depreciation Expense		 0.04 0.05 0.06 0.08 0.06 0.08 0.06 0.05 0.06 0.06
Amortization Expense		 -0.60 -0.50 -0.44 -0.59 -1.40 -1.34 -0.98 -0.73 -0.56 -0.58
Non-Cash Adjustments To Reconcile Net Income		 1.21 1.61 0.98 1.11 1.48 1.83 1.41 2.79 2.66 5.48
Changes in Operating Assets and Liabilities, net		 -2.96 0.47 1.98 2.88 -0.59 0.64 1.48 -2.03 1.60 -1.65
Net Cash From Investing Activities		 -29 15 -7.89 -101 -67 3.23 26 17 -130 -97
Net Cash From Continuing Investing Activities		 -29 15 -7.89 -101 -67 3.23 26 17 -130 -97
Purchase of Property, Plant & Equipment		 -0.06 -0.27 -0.45 -0.06 -0.09 -0.03 -0.71 -0.40 -0.79 -0.44
Purchase of Investments		 -34 -8.55 -16 -128 -88 -59 -47 -46 -205 -154
Sale and/or Maturity of Investments		 5.00 24 8.25 27 20 57 73 61 76 58
Other Investing Activities, net		 - 0.00 - - - 5.00 1.00 2.50 - 0.00
Net Cash From Financing Activities		 0.02 0.18 -1.76 236 -0.13 0.00 1.33 188 0.44 87
Net Cash From Continuing Financing Activities		 0.02 0.18 -1.76 236 -0.13 0.00 1.33 188 0.44 87
Repurchase of Preferred Equity		 - 0.00 - -0.28 - 0.00 - - - 0.00
Repurchase of Common Equity		 - -0.01 -1.81 -1.92 -0.33 0.00 - -0.25 -0.52 -0.38
Issuance of Debt		 - - - - - 0.00 - - - 0.00
Issuance of Preferred Equity		 - 0.00 - 64 - 0.00 - - - 0.00
Issuance of Common Equity		 - 0.00 - 175 - 0.00 - - - 85
Other Financing Activities, net		 0.02 0.19 0.05 -0.03 0.20 0.00 1.33 0.13 0.96 2.44

Annual Balance Sheets for MBX Biosciences

This table presents MBX Biosciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 84 269 385
Total Current Assets		 83 267 382
Cash & Equivalents		 31 49 75
Short-Term Investments		 50 213 298
Prepaid Expenses		 2.79 5.14 7.83
Plant, Property, & Equipment, net		 0.44 1.08 2.74
Total Noncurrent Assets		 0.28 0.17 0.87
Other Noncurrent Operating Assets		 0.28 0.17 0.87
Total Liabilities & Shareholders' Equity		 84 269 385
Total Liabilities		 4.29 11 16
Total Current Liabilities		 3.93 11 15
Accounts Payable		 1.39 5.34 2.98
Accrued Expenses		 2.38 5.55 12
Other Current Liabilities		 0.15 0.17 0.17
Total Noncurrent Liabilities		 0.37 0.04 0.43
Other Noncurrent Operating Liabilities		 0.37 0.04 0.43
Commitments & Contingencies		 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 152 0.00 0.00
Total Equity & Noncontrolling Interests		 -72 257 369
Total Preferred & Common Equity		 -72 257 369
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 -72 257 369
Common Stock		 3.06 395 593
Retained Earnings		 -76 -138 -224
Accumulated Other Comprehensive Income / (Loss)		 0.06 0.06 0.29

Quarterly Balance Sheets for MBX Biosciences

This table presents MBX Biosciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 282 246 232 400 453
Total Current Assets		 281 244 229 398 449
Cash & Equivalents		 133 30 40 223 45
Short-Term Investments		 144 211 185 169 395
Prepaid Expenses		 4.11 3.49 4.28 5.83 8.56
Plant, Property, & Equipment, net		 1.03 1.51 1.73 2.00 3.13
Total Noncurrent Assets		 0.20 0.14 0.60 0.57 1.03
Other Noncurrent Operating Assets		 0.20 0.14 0.60 0.57 1.03
Total Liabilities & Shareholders' Equity		 282 246 232 400 453
Total Liabilities		 11 11 12 13 15
Total Current Liabilities		 11 10 12 12 15
Accounts Payable		 5.00 4.25 5.76 3.77 6.97
Accrued Expenses		 5.75 6.11 5.85 8.14 7.42
Other Current Liabilities		 0.17 0.13 0.14 0.15 0.18
Total Noncurrent Liabilities		 0.11 0.02 0.53 0.48 0.38
Other Noncurrent Operating Liabilities		 0.11 0.02 0.53 0.48 0.38
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 271 235 219 388 438
Total Preferred & Common Equity		 271 235 219 388 438
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 271 235 219 388 438
Common Stock		 393 397 400 590 686
Retained Earnings		 -122 -161 -181 -202 -248
Accumulated Other Comprehensive Income / (Loss)		 0.11 0.05 0.01 0.15 -0.61

Annual Metrics And Ratios for MBX Biosciences

This table displays calculated financial ratios and metrics derived from MBX Biosciences' official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 - 44,902,302.00
DEI Adjusted Shares Outstanding		 0.00 - 44,902,302.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 - -1.94
Growth Metrics		 - - -
Profitability Metrics		 - - -
Net Operating Profit after Tax (NOPAT)		 -25 -48 -69
Return On Investment Capital (ROIC_SIMPLE)		 34.11% -18.54% -18.59%
Earnings before Interest and Taxes (EBIT)		 -35 -68 -98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -36 -71 -101
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -44 -69
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Invested Capital		 -0.79 -4.71 -4.48
Increase / (Decrease) in Invested Capital		 0.00 -3.92 0.23
Book Value per Share		 ($71.13) $7.70 $8.22
Tangible Book Value per Share		 ($71.13) $7.70 $8.22
Total Capital		 80 257 369
Total Debt		 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00
Net Debt		 -81 -262 -374
Capital Expenditures (CapEx)		 0.13 0.87 1.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.14 -5.91 -7.66
Debt-free Net Working Capital (DFNWC)		 80 256 366
Net Working Capital (NWC)		 80 256 366
Net Nonoperating Expense (NNE)		 7.85 14 18
Net Nonoperating Obligations (NNO)		 -81 -262 -374
Total Depreciation and Amortization (D&A)		 -0.89 -2.68 -3.36
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 ($5.82) ($2.38)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 10.64M 36.51M
Adjusted Diluted Earnings per Share		 $0.00 ($5.82) ($2.38)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 10.64M 36.51M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 33.42M 47.51M
Normalized Net Operating Profit after Tax (NOPAT)		 -25 -48 -69
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for MBX Biosciences

This table displays calculated financial ratios and metrics derived from MBX Biosciences' official financial filings.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 0.00 0.00 0.00 0.00 33,417,418.00 33,424,371.00 33,424,371.00 33,593,866.00 44,902,302.00 47,510,243.00
DEI Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 33,417,418.00 33,424,371.00 33,424,371.00 33,593,866.00 44,902,302.00 47,510,243.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 -0.47 -0.71 -0.58 -0.64 -0.49 -0.50
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
EBITDA Growth		 0.00% 0.00% 0.00% -83.86% - -101.87% -33.38% -22.29% - 0.05%
EBIT Growth		 0.00% 0.00% 0.00% -79.19% - -99.26% -30.90% -22.00% - -2.77%
NOPAT Growth		 0.00% 0.00% 0.00% -79.19% - -99.26% -30.90% -22.00% - -2.77%
Net Income Growth		 0.00% 0.00% 0.00% -78.53% - -93.56% -22.41% -19.16% - 1.52%
EPS Growth		 0.00% 0.00% 0.00% 70.43% - 93.08% 95.40% 77.34% - 29.58%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% - -111.75% -31.38% -46.86% - 10.89%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% -127.90% - -68.32%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 27.39% - 58.59%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -23.73% -18.13% - 0.00% 18.25% -8.30% - -5.67%
EBIT Q/Q Growth		 0.00% 0.00% -25.12% -17.73% - 0.00% 17.81% -9.73% - -5.70%
NOPAT Q/Q Growth		 0.00% 0.00% -25.12% -17.73% - 0.00% 17.81% -9.73% - -5.70%
Net Income Q/Q Growth		 0.00% 0.00% -28.53% -14.41% - 0.00% 18.71% -11.37% - -6.60%
EPS Q/Q Growth		 0.00% 0.00% -23.00% 77.97% - 0.00% 18.31% -8.62% - -8.70%
Operating Cash Flow Q/Q Growth		 0.00% 3.91% -23.90% -10.50% - -41.41% 23.12% -23.53% - -10.42%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% 27.34% -90.80% - -21.59%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% - 0.00% -5.67% 27.05% - 50.45%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 92.85% 92.66% 95.19% 92.50% - 90.01% 89.02% 90.35% - 86.25%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% - -31.21% -35.13% -24.43% - -25.73%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% - -31.21% -35.13% -24.43% - -25.73%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% - -31.21% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 -7.66 -9.32 -12 -14 -13 -19 -15 -17 -18 -19
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -3.19% - -4.41% -3.69% -1.46% - -1.30%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -5.06% -5.06% -7.89% -6.96% -4.32% -4.89% -4.36%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings before Interest and Taxes (EBIT)		 -11 -13 -17 -20 -19 -27 -22 -24 -26 -27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 -14 -17 -20 -20 -28 -23 -25 -26 -28
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.62 - 1.05 1.74 1.54 - 3.18
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.62 - 1.05 1.74 1.54 - 3.18
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.00 0.00 0.00 -1.02 - -1.02 -1.03 -1.01 - -1.01
Leverage Ratio		 0.00 0.00 0.00 1.04 - 1.04 1.06 1.04 - 1.04
Compound Leverage Factor		 0.00 0.00 0.00 0.96 - 0.94 0.94 0.94 - 0.90
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 100.00% - 100.00% 100.00% 100.00% - 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Altman Z-Score		 0.00 0.00 0.00 0.00 - 13.95 18.36 28.89 - 56.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 25.75 - 23.31 19.50 32.95 - 30.79
Quick Ratio		 0.00 0.00 0.00 25.37 - 22.97 19.13 32.47 - 30.20
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -8.03 0.00 -13 -9.60 -18 -18 -22
Operating Cash Flow to CapEx		 0.00% -3,923.08% -2,935.84% -25,726.32% - -75,593.33% -2,465.91% -5,397.49% - -4,624.26%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 -5.70 -4.71 -5.36 -5.67 -4.14 -4.48 -2.22
Invested Capital Turnover		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 -5.70 0.00 -5.36 -5.67 1.56 0.23 3.14
Enterprise Value (EV)		 0.00 0.00 0.00 -108 - 5.80 157 207 - 950
Market Capitalization		 163 163 163 169 - 247 382 598 - 1,390
Book Value per Share		 $0.00 $0.00 $0.00 $41.65 $7.70 $7.04 $6.56 $11.54 $8.22 $9.21
Tangible Book Value per Share		 $0.00 $0.00 $0.00 $41.65 $7.70 $7.04 $6.56 $11.54 $8.22 $9.21
Total Capital		 0.00 0.00 0.00 271 257 235 219 388 369 438
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 0.00 0.00 0.00 -277 -262 -241 -225 -392 -374 -440
Capital Expenditures (CapEx)		 0.00 0.27 0.45 0.06 0.09 0.03 0.71 0.40 0.79 0.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -6.81 -5.91 -6.99 -7.47 -6.23 -7.66 -6.01
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 270 256 234 217 385 366 434
Net Working Capital (NWC)		 0.00 0.00 0.00 270 256 234 217 385 366 434
Net Nonoperating Expense (NNE)		 2.50 3.02 4.20 4.41 2.56 5.31 4.15 4.87 4.01 4.43
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 -277 -262 -241 -225 -392 -374 -440
Total Depreciation and Amortization (D&A)		 0.00 -0.46 -0.38 -0.51 -1.34 -1.27 -0.92 -0.68 -0.50 -0.52
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($2.78) $19.84 ($0.71) ($0.58) ($0.63) ($0.46) ($0.50)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 6.52M 10.64M 33.41M 33.45M 34.20M 36.51M 46.58M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($2.78) $19.84 ($0.71) ($0.58) ($0.63) ($0.46) ($0.50)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 6.52M 10.64M 33.41M 33.45M 34.20M 36.51M 46.58M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 33.42M 33.42M 33.42M 33.59M 44.90M 47.51M 47.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.66 -9.32 -12 -14 -13 -19 -15 -17 -18 -19
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% - -5.52% -2.91% -0.72% - -1.33%

Financials Breakdown Chart

Key Financial Trends

MBX Biosciences is still operating as a development-stage biotech with no revenue, ongoing losses, and significant cash reserves. Over the last several years, the company has funded research and development largely through equity raises and investment income rather than sales. That gives MBX a strong balance sheet today, but the business remains dependent on future clinical and financing milestones.

  • Cash position remains very large: At March 31, 2026, MBX held $45.2 million in cash and equivalents plus $394.8 million in short-term investments, for total current assets of $448.5 million.
  • Balance sheet is strong relative to liabilities: Total liabilities were only $14.9 million versus $437.8 million in total equity, suggesting a low leverage profile.
  • Net cash used in operations improved sequentially: Operating cash burn was $20.2 million in Q1 2026, better than $18.3 million in Q4 2025? Actually slightly worse than Q4 2025, but still in the same range as prior quarters and far below the company’s cash/investment base.
  • Investment income helps offset losses: Interest and investment income was $3.7 million in Q1 2026, helping reduce the size of the pre-tax loss.
  • Equity financing has strengthened liquidity: MBX raised $85.4 million through common equity issuance in Q1 2026, supporting its funding runway.
  • No debt on the books: The company reported no debt issuances and appears to be operating without financial leverage.
  • Revenue remains zero: MBX reported no revenue in Q1 2026 and in each comparable quarter shown, so the company is still pre-commercial.
  • R&D remains the biggest expense: Research and development expense was $18.5 million in Q1 2026, reflecting continued pipeline investment.
  • Shares outstanding have increased over time: Weighted average basic shares were 46.6 million in Q1 2026, up from 33.5 million in Q1 2025, indicating meaningful dilution.
  • Losses continue at a high rate: Net loss was $23.5 million in Q1 2026, only slightly wider than $22.1 million in Q4 2025 and above the $19.4 million loss in Q2 2025.
  • Operating cash flow is consistently negative: MBX used $20.2 million in operating cash in Q1 2026, following $18.3 million in Q4 2025 and $21.5 million in Q3 2025.
  • Long-term profitability is not yet visible: Since revenue is still absent and operating expenses remain elevated, the company’s path to earnings depends on successful clinical or commercial progress.

Trend summary: Compared with 2024 and early 2025, MBX has grown its balance sheet substantially, largely through financing and investment activity. The upside is that liquidity now looks very strong. The downside is that the underlying business still has no revenue and continues to burn cash, so investors should view the stock as a high-risk biotech name where clinical execution will likely matter more than near-term financial performance.

07/14/26 05:44 AM ETAI Generated. May Contain Errors.

MBX Biosciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MBX Biosciences' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MBX Biosciences' net income appears to be on an upward trend, with a most recent value of -$86.97 million in 2025, rising from -$32.56 million in 2023. The previous period was -$61.92 million in 2024. See where experts think MBX Biosciences is headed by visiting MBX Biosciences' forecast page.

MBX Biosciences' total operating income in 2025 was -$98.06 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $98.06 million

Over the last 2 years, MBX Biosciences' total revenue changed from $0.00 in 2023 to $0.00 in 2025, a change of 0.0%.

MBX Biosciences' total liabilities were at $15.92 million at the end of 2025, a 43.5% increase from 2024, and a 271.0% increase since 2023.

In the past 2 years, MBX Biosciences' cash and equivalents has ranged from $30.52 million in 2023 to $75.29 million in 2025, and is currently $75.29 million as of their latest financial filing in 2025.

Over the last 2 years, MBX Biosciences' book value per share changed from -71.13 in 2023 to 8.22 in 2025, a change of -111.6%.


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Financial statements for NASDAQ:MBX last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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