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MBX Biosciences

MBX on Nasdaq. Pharmaceutical preparations. Market value $2.8bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-3.0%low

For every $100 of what the whole company costs, it produced $-3.02 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$58.54 a share, 352% above its 1-year low

Over the past year the price has ranged from $12.94 to $72.64.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.1
-0.1
-0.1
2024202512 monthsto Jun '26
Revenue
n/an/a
Operating margin
n/an/a
Debt to equity
0.000.00
Shares outstanding
0.04bn0.05bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 7% more shares since 2024

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $37 million, compared with a loss of $19 million a year ago.
  • Over the past 12 months it spent $85 million more cash than it brought in, compared with $72 million a year earlier.
  • 43% more shares than a year ago. Each share owns a bit less of the company.
  • It has $54 million more cash than debt, up from $40 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$18m
December 2024-$16m
March 2025-$24m
June 2025-$19m
September 2025-$22m
December 2025-$22m
March 2026-$24m
June 2026-$37m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 173 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • James N. Topper
    Passive investor
    at least 11.7%0.0 pts
    (filed with 10 related holders)
    Since 6 August 2026
    What they said

    Item 4 is hereby amended to remove references to "FLSPOF" and the "FLSPOF Shares" from the first paragraph.

    Read the filing
  • FMR LLC
    Passive investor
    at least 11.2%+5.0 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 10.5%+3.0 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • New Enterprise Associates 17, L.P.
    Passive investor
    at least 8.1%
    (filed with 11 related holders)
    Since 6 November 2025
    What they said

    NEA 17 acquired the NEA 17 Shares for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, NEA 17 and the other Reporting Persons may dispose of or acquire additional shares of the Issuer.…

    Read the filing
  • ORBIMED ADVISORS LLC
    Passive investor
    at least 6.4%−1.3 pts
    (filed with 2 related holders)
    Since 6 August 2026
    What they said

    The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.5%+0.7 pts
    Since 30 June 2026
  • at least 5.2%
    (filed with 3 related holders)
    Since 16 June 2026
  • NVP Associates, LLC
    Passive investor
    at least 4.8%
    (filed with 5 related holders)
    Since 26 September 2025
  • Deep Track Capital, LP
    Passive investor
    at least 3.6%−2.9 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Wellington Biomedical Innovation Master Investors (Cayman) II, L.P.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • P. Kent Hawryluk
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Frazier Life Sciences Public Overage Fund, L.P.
    Passive investor
    Sold down below 5%
    Since 26 September 2025
  • Albert Cha
    Passive investor
    Sold down below 5%
    Since 18 August 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $1m of shares on the open market. 2 sold $3m, $3m of it under preset trading plans.

  • Azoulay Salomon
    Chief Medical Officer
    Sold
    Date
    4 August 2026
    Shares
    370
    Price
    $65.77
    Value
    $24,335
  • Azoulay Salomon
    Chief Medical Officer
    Sold
    under a preset trading plan
    Date
    8 May 2026
    Shares
    70,003
    Price
    $38.36
    Value
    $3m
  • Azoulay Salomon
    Chief Medical Officer
    Sold
    Date
    6 May 2026
    Shares
    231
    Price
    $29.54
    Value
    $6,824
  • Hawryluk P. Kent
    President & CEO, Director
    Sold
    Date
    6 May 2026
    Shares
    607
    Price
    $29.54
    Value
    $17,931
  • Hawryluk P. Kent
    President & CEO, Director
    Bought
    Date
    13 March 2026
    Shares
    18,500
    Price
    $28.41
    Value
    $525,585
  • Hawryluk P. Kent
    President & CEO, Director
    Bought
    Date
    20 October 2025
    Shares
    20,000
    Price
    $13.64
    Value
    $272,800
  • Hoerter Steven L.
    Director
    Bought
    Date
    17 October 2025
    Shares
    20,000
    Price
    $13.25
    Value
    $265,000

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.