MBX on Nasdaq

MBX Biosciences, Inc.

We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel precision peptide therapies for the treatment of endocrine and metabolic.1

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Last updated Oct 19, 2026.

Overview

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  • TickerMBX on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersCarmel, Indiana1
  • Incorporated inDE2
  • Business address11711 N. Meridian Street, Suite 300, Carmel, In 460322
  • Filer category, Emerging growth company2
  • Legal formCorporation

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We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide ™ ("PEP ™ ") platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients. Our PEPs are selectively engineered to have optimized pharmaceutical properties, including extended time-action profiles and consistent drug concentrations with low peak-to-trough concentration ratios, consistent exposure to target tissues, and less frequent dosing. We are advancing a pipeline of novel candidates for endo…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45-$98.1M in 2025+178% since 2023
-$100.0M-$75.0M-$50.0M-$25.0M02023: -$35.3M-$35.3M20232024: -$68.2M-$68.2M2024+93%2025: -$98.1M-$98.1M2025+44%
Net income456-$87.0M in 2025+167% since 2023
-$100.0M-$75.0M-$50.0M-$25.0M02023: -$32.6M-$32.6M20232024: -$61.9M-$61.9M2024+90%2025: -$87.0M-$87.0M2025+40%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Research and development$79.2M$57.4M
General and administrative$18.9M$10.8M
Total operating expenses$98.1M$68.2M
Loss from operations-$98.1M-$68.2M
Interest and other income, net$11.1M$6.3M
Net loss-$87.0M-$61.9M
Unrealized gain on marketable securities$285.0K$54.0K
Reclassification of net gains included in net loss-$54.0K-$59.0K
Total other comprehensive gain (loss)$231.0K-$5.0K
Total comprehensive loss-$86.7M-$61.9M
Net loss attributable to common stockholders-$87.0M-$61.9M
Net loss per common share, basic-$2.38-$5.82
Net loss per common share, diluted-$2.38-$5.82
Weighted average number of common shares outstanding used in computation of net loss per common share, basic36.5M shares10.6M shares
Weighted average number of common shares outstanding used in computation of net loss per common share, diluted36.5M shares10.6M shares

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Leadership

Who has led MBX Biosciences, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. P. Kent Hawryluk2024–2026
  2. Steven L. Hoerter2026–now

President

  1. P. Kent Hawryluk2024–2026
  2. Steven L. Hoerter2026–now

Chief financial officer

  1. Richard Bartram2024–2026
  2. John W. Smither2026–now
2025
Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorPeter Kent Hawryluk named Nov 18, 202222
  • Executive Officer, DirectorRichard Kent DiMarchi named Nov 18, 202222

Timeline

  1. Aug 4, 2026New chief executive Steven L. Hoerter becomes CEO8
  2. Sep 12, 2024New chief executive P. Kent Hawryluk becomes CEO9

Filings

223 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 27 major events, 95 insider forms, 31 large holders, 1 private raises, 61 other. The latest 20:

  1. Aug 27, 20268-K EDGAR
  2. Aug 17, 2026144 EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 10, 2026SCHEDULE 13D/A EDGAR
  5. Aug 10, 2026SCHEDULE 13D/A EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 6, 20268-K EDGAR
  8. Aug 5, 20264 EDGAR
  9. Aug 4, 2026144 EDGAR
  10. Aug 4, 2026144 EDGAR
  11. Aug 4, 20264 EDGAR
  12. Aug 4, 20264 EDGAR
  13. Jul 29, 2026SCHEDULE 13G EDGAR
  14. Jul 13, 20268-K EDGAR
  15. Jul 8, 2026SCHEDULE 13G/A EDGAR
  16. Jul 8, 2026SCHEDULE 13G/A EDGAR
  17. Jun 24, 2026SCHEDULE 13G EDGAR
  18. Jun 12, 20268-K EDGAR
  19. Jun 10, 2026144 EDGAR
  20. Jun 9, 2026144 EDGAR

The 223 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

29 open-market trades by officers, directors and large owners since October 2021: 25 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 4, 2026Azoulay SalomonChief Medical OfficerSale370$65.77$24.3KForm 4
May 8, 2026Azoulay SalomonChief Medical OfficerSale70,003$38.36$2.7MForm 4
May 6, 2026Azoulay SalomonChief Medical OfficerSale231$29.54$6.8KForm 4
May 6, 2026Hawryluk P. KentPresident & CEOSale607$29.54$17.9KForm 4
Mar 13, 2026Hawryluk P. KentPresident & CEOBuy18,500$28.41$525.6KForm 4
Oct 20, 2025Hawryluk P. KentPresident & CEOBuy20,000$13.64$272.8KForm 4
Oct 17, 2025Hoerter Steven L.President and CEOBuy20,000$13.25$265.0KForm 4
Sep 26, 2025FHMLS X, L.P.10% ownerBuy666,666$18.00$12.0MForm 4
Apr 8, 2025Pescovitz Ora H.DirectorBuy7,693$5.89$45.3KForm 4
Feb 18, 2025GORDON CARL LDirectorBuy143,170$10.84$1.6MForm 4
Feb 18, 2025OrbiMed Genesis GP LLCDirectorBuy143,170$10.84$1.6MForm 4
Feb 14, 2025GORDON CARL LDirectorBuy47,502$9.87$468.8KForm 4
Feb 14, 2025OrbiMed Genesis GP LLCDirectorBuy47,502$9.87$468.8KForm 4
Feb 4, 2025Hawryluk P. KentPresident & CEOBuy50,000$10.69$534.5KForm 4
Sep 16, 2024Mathers Edward TDirectorBuy500,000$16.00$8.0MForm 4
Sep 16, 2024BASKETT FOREST10% ownerBuy500,000$16.00$8.0MForm 4
Sep 16, 2024Behbahani Ali10% ownerBuy500,000$16.00$8.0MForm 4
Sep 16, 2024Chang Carmen10% ownerBuy500,000$16.00$8.0MForm 4
Sep 16, 2024Florence Anthony A. Jr.10% ownerBuy500,000$16.00$8.0MForm 4
Sep 16, 2024Makhzoumi Mohamad10% ownerBuy500,000$16.00$8.0MForm 4

All 29 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Nov 7, 2022Raised $46.7 million in a private offering of equity Form D: $115.2 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Frazier Life Sciences Management, L.P.6,652,013$367.2M8.0%No change
Fmr LLC5,322,885$293.8M0.0%+2,386,201
Wellington Management Group Llp4,977,523$274.8M0.0%+1,785,699
NEA Management Company, LLC3,614,486$199.5M12.6%No change
Orbimed Advisors LLC3,428,736$189.3M3.6%−209,151
BlackRock, Inc.3,323,672$183.5M0.0%+382,266
Paradigm Biocapital Advisors LP2,508,015$138.4M2.6%New
Nvp Associates, LLC2,136,335$117.9M35.9%No change
Deep Track Capital, LP1,732,569$95.6M1.4%−1,025,000
Polar Capital Holdings Plc1,608,514$88.8M0.3%−13,672
Vanguard Capital Management LLC1,477,388$81.6M0.0%−204
Aaron Wealth Advisors LLC1,167,799$64.5M3.3%−377
Driehaus Capital Management LLC1,056,579$58.3M0.3%+38,367
Kynam Capital Management, LP934,799$51.6M2.9%No change
Woodline Partners LP900,092$49.7M0.2%+29
Eventide Asset Management, LLC873,492$48.2M0.6%−16,508
State Street Corp864,466$47.7M0.0%+77,258
Parkman Healthcare Partners LLC800,173$44.2M4.5%+136
Geode Capital Management, LLC773,072$42.7M0.0%+102,687
Braidwell LP710,880$39.2M1.5%−781,587
TCG Crossover Management, LLC650,000$35.9M0.9%No change
Cormorant Asset Management, LP550,000$30.4M1.6%−570,000
Soleus Capital Management, L.P.515,279$28.4M1.0%+336,382
Goldman Sachs Group Inc459,005$25.3M0.0%+1,060
Marshall Wace, Llp401,885$22.2M0.0%+339,182

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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