MBX Biosciences, Inc.
MBX · Pharmaceutical Preparations · 47.6M shares · +945%/yr ↑ dilution · EDGAR filings ↗
Reference price $38.38 · est. market cap ~$1.8B — last insider sale, 2026-05-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — endocrine clinical, very cash-rich.
Strengths
- Liquidity — current ratio 24.6 (97th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Cash burnNegative free cash flow (-81.9M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +945%/yr over 1y (dilution, book value/share -86%)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$525,663, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $374M cash & investments, ~18 quarters of runway
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +1 more (as of 2026-03-31)
Key metrics
Return on equity
-23.6%
Return on assets
-22.6%
Current ratio
24.6×
Free cash flow
-$82M
Tangible book value
$369M
Cash & investments
$374M
Cash runway
18q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-08 | Azoulay Salomon | Option exercise | 55K | $10.46 |
| 2026-05-08 | Azoulay Salomon | Sell | 55K | $38.38 |
| 2026-05-08 | Azoulay Salomon | Option exercise | 15K | $16.00 |
| 2026-05-08 | Azoulay Salomon | Sell | 15K | $38.30 |
| 2026-05-06 | Azoulay Salomon | Sell | 231 | $29.54 |
| 2026-05-06 | Hawryluk P. Kent | Sell | 607 | $29.54 |
| 2026-05-01 | Hoerter Steven L. | Grant | 12K | — |
| 2026-03-13 | Hawryluk P. Kent | Buy | 18K | $28.41 |
| 2026-02-26 | Hawryluk P. Kent | Option exercise | 29K | $16.00 |
| 2026-02-02 | Azoulay Salomon | Grant | 15K | — |
| 2026-02-02 | Bartram Richard | Grant | 15K | — |
| 2026-02-02 | Hawryluk P. Kent | Grant | 35K | — |
| 2025-10-24 | Hawryluk P. Kent | Option exercise | 183K | $3.25 |
| 2025-10-20 | Hawryluk P. Kent | Buy | 20K | $13.64 |
| 2025-10-17 | Hoerter Steven L. | Buy | 20K | $13.25 |
| 2025-09-26 | Heron Patrick J | Buy | 667K | $18.00 |
| 2025-04-08 | Pescovitz Ora H. | Buy | 7.7K | $5.89 |
| 2025-02-18 | GORDON CARL L | Buy | 94K | $10.84 |
| 2025-02-18 | GORDON CARL L | Buy | 49K | $10.84 |
| 2025-02-18 | ORBIMED ADVISORS LLC | Buy | 49K | $10.84 |
| 2025-02-18 | ORBIMED ADVISORS LLC | Buy | 94K | $10.84 |
| 2025-02-14 | ORBIMED ADVISORS LLC | Buy | 18K | $9.90 |
| 2025-02-14 | ORBIMED ADVISORS LLC | Buy | 30K | $9.85 |
| 2025-02-14 | GORDON CARL L | Buy | 30K | $9.85 |
| 2025-02-14 | GORDON CARL L | Buy | 18K | $9.90 |
| 2025-02-04 | Hawryluk P. Kent | Buy | 50K | $10.69 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06036784 ↗ | Safety, Tolerability, Pharmacokinetic and Pharmacodynamic Study of MBX 1416 in Healthy Subjects Postbariatric Hypoglycemia | PHASE1 | Completed | 2024-11-14 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-05 | Exec/director changeShareholder vote | filing ↗ |
| 2026-05-11 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-03-09 | Reg FDOtherExhibits | filing ↗ |
| 2026-02-27 | Material agreementExec/director changeExhibits | filing ↗ |
| 2026-02-05 | Other | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-12 | 0001193125-26-268477 ↗ |
| 8-K | 2026-06-05 | 2026-06-04 | 0001193125-26-258417 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-215676 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210825 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-210593 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001193125-26-103118 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001193125-26-103121 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-097611 ↗ |
| 8-K | 2026-02-27 | 2026-02-24 | 0001193125-26-079286 ↗ |
| 8-K | 2026-02-05 | 2026-02-04 | 0001193125-26-039475 ↗ |
| 8-K | 2026-01-22 | 2026-01-20 | 0001193125-26-018700 ↗ |
| 8-K | 2026-01-12 | 2026-01-11 | 0001193125-26-009642 ↗ |