MBX Biosciences reports FY2025 net loss of $87M; Phase 3 canvuparatide on track for Q3 2026

MBX Biosciences, Inc.

Net loss FY2025 $87.0M vs $61.9M in 2024; R&D expenses $79.2M, up from $57.4M.
Pro forma cash & investments $459.1M including $85.4M ATM net proceeds; runway into 2029.
Phase 3 trial of once-weekly canvuparatide for hypoparathyroidism to initiate Q3 2026 after successful End-of-Phase 2 FDA meeting.
MBX 4291 (obesity) 12-week MAD data expected Q4 2026; two additional obesity candidates to be nominated in Q2 and Q3 2026.
Appointed Laurie Stelzer to Board and Karen Basbaum as CBO in early 2026.

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