MBX Biosciences, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 |
|---|---|---|---|---|
| Income Statement | ||||
| Research and development | $79.2M | $57.4M | $28.5M | — |
| Operating expenses | $98.1M | $68.2M | $35.3M | — |
| Operating income | -$98.1M | -$68.2M | -$35.3M | — |
| Pretax income | -$87.0M | -$61.9M | — | — |
| Income tax expense | $0 | $0 | $0 | — |
| Net income | -$87.0M | -$61.9M | -$32.6M | — |
| Balance Sheet | ||||
| Cash and equivalents | $75.3M | $49.4M | $30.5M | — |
| Current assets | $381.5M | $267.3M | $83.5M | — |
| Total assets | $385.1M | $268.5M | $84.2M | — |
| Current liabilities | $15.5M | $11.1M | $3.9M | — |
| Total liabilities | $15.9M | $11.1M | $4.3M | — |
| Stockholders' equity | $369.2M | $257.4M | -$72.5M | -$42.6M |
| Cash Flow Statement | ||||
| Cash from operations | -$79.9M | -$54.7M | -$32.0M | — |
| Depreciation and amortization | $248,000 | $244,000 | $157,000 | — |
| Stock-based compensation | $8.7M | $5.2M | $2.0M | — |
| Capital expenditure | $1.9M | $874,000 | $129,000 | — |
| Free cash flow | -$81.9M | -$55.6M | -$32.1M | — |
| Share repurchases | $19,000 | — | — | — |
Shares outstanding 47.6M · Free float 60.3%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.