MBX Biosciences reported fourth quarter and full year 2025 financial results along with corporate updates highlighting progress across its endocrine and metabolic disease pipeline, according to the company. The clinical-stage biopharmaceutical firm said development of its lead therapy candidate canvuparatide for chronic hypoparathyroidism continues to advance following a successful End-of-Phase 2 meeting with the U.S. Food and Drug Administration. The company expects to initiate a Phase 3 clinical trial of the once-weekly therapy in the third quarter of 2026.
MBX Biosciences reported a net loss of about $87.0 million for the full year ended December 31, 2025, compared with a net loss of $61.9 million in 2024, reflecting increased investment in research and development activities and operational expansion, the company claims. Research and development expenses rose to approximately $79.2 million during the year, driven by ongoing clinical trials for MBX 4291 and canvuparatide and preparations for a Phase 3 program. General and administrative expenses also increased to about $18.9 million as the company expanded personnel and infrastructure following its public listing.
The company ended 2025 with about $373.7 million in cash, cash equivalents and marketable securities and subsequently raised additional capital through its at-the-market program, bringing pro forma cash and investments to roughly $459.1 million. According to the company, this funding is expected to support operations into 2029.
MBX Biosciences is also advancing several additional clinical programs. The company expects Phase 2a data in the second quarter of 2026 for imapextide, a candidate being evaluated for post-bariatric hypoglycemia. In its obesity pipeline, MBX 4291, a GLP-1 and GIP co-agonist prodrug designed for potential once-monthly dosing, is progressing through Phase 1, with multiple ascending dose data anticipated in the fourth quarter of 2026, according to the company.
The company develops precision peptide therapies using its proprietary platform aimed at treating endocrine and metabolic disorders with significant unmet medical needs.
