MBX Biosciences reported fourth-quarter and full-year 2025 financial results as well as corporate updates highlighting progress in its endocrine and metabolic disease pipeline, according to the company. The clinical-stage biopharmaceutical company said development of its lead therapy candidate kanvuparatide for chronic hypoparathyroidism is continuing after a successful Phase 2 meeting with the US Food and Drug Administration. The company expects to begin a phase 3 clinical trial of the weekly therapy in the third quarter of 2026.
MBX Biosciences reported a net loss of approximately $87.0 million for the year ended December 31, 2025, compared to a net loss of $61.9 million for the year ended December 31, 2025, reflecting increased investment in research and development activities and expansion of operations. Research and development expenses increased to approximately $79.2 million during the year, driven by clinical trials of MBX 4291 and kanvuparatide and preparation for a Phase 3 program. General and administrative expenses also increased to about $18.9 million as the company expanded staff and infrastructure following its public listing.
The company ended 2025 with approximately $373.7 million in cash, cash equivalents and securities, and subsequently raised additional capital through its on-market program, bringing cash and investments to approximately $459.1 million. According to the company, this funding is expected to support operations until 2029.
MBX Biosciences is also pursuing several additional clinical programs. The company expects to evaluate Phase 2a data in the second quarter of 2026 for imapextide, a candidate for post-bariatric hypoglycemia. According to the company, in its obesity pipeline, MBX 4291, a combined GLP-1 and GIP prodrug designed for single-dose potentiation, is in Phase 1 with high dose escalation data expected in the fourth quarter of 2026.
The company develops precision peptide therapies using its proprietary platform focused on the treatment of endocrine and metabolic disorders with significant unmet medical needs.
