MBX Stock: Insider Activity, Filings & Research
MBX Biosciences, Inc. Common Stock (MBX) — Drillr’s hub for MBX insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, MBX insiders filed 1 open-market buy and 4 sales (SEC Form 4).
MBX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 11, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Sell | 15,003 | $38.30 |
| May 11, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Option | 55,000 | $10.46 |
| May 11, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Sell | 55,000 | $38.38 |
| May 11, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Option | 15,003 | $16.00 |
| May 8, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Sell | 231 | $29.54 |
| May 8, 2026 | Hawryluk P. Kentdirector, officer: President & CEO | Sell | 607 | $29.54 |
| May 4, 2026 | Hoerter Steven L.director | Grant | 11,938 | — |
| May 4, 2026 | Hoerter Steven L.director | Grant | 74,249 | $29.78 |
| Apr 22, 2026 | Hoerter Steven L.director | Grant | 0 | $27.08 |
| Apr 22, 2026 | Hoerter Steven L.director | Grant | 33,751 | $24.74 |
| Mar 16, 2026 | Hawryluk P. Kentdirector, officer: President & CEO | Buy | 18,500 | $28.41 |
| Feb 27, 2026 | Hawryluk P. Kentdirector, officer: President & CEO | Option | 28,768 | $16.00 |
| Feb 3, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Grant | 70,000 | $39.07 |
| Feb 3, 2026 | Azoulay Salomonofficer: Chief Medical Officer | Grant | 15,000 | — |
| Feb 3, 2026 | Bartram Richardofficer: Chief Financial Officer | Grant | 70,000 | $39.07 |
Source: MBX SEC Form 4 filings, latest May 11, 2026. For informational purposes only — not investment advice.
MBX Biosciences, Inc. Common Stock company profile
Overview
MBX Biosciences, Inc. (NASDAQ:MBX) is a clinical-stage biopharmaceutical company founded in 2018 and headquartered in Carmel, Indiana. The company specializes in developing precision peptide therapies targeting endocrine and metabolic disorders, with a focus on creating long-acting hormone replacement and metabolic treatments. Since going public in 2000, MBX has built a pipeline of innovative peptide-based drug candidates designed to address unmet medical needs in conditions such as chronic hypoparathyroidism, post-bariatric hypoglycemia, and obesity.
Business
MBX Biosciences operates in the biotechnology sector, specifically focusing on precision peptide therapeutics for endocrine and metabolic disorders. Peptides are short chains of amino acids that can function as hormones or signaling molecules in the body, and the company's approach involves engineering these natural compounds to create more effective, longer-lasting treatments. The company's pipeline consists of three main product candidates. MBX 2109 represents their most advanced program - a parathyroid hormone peptide prodrug currently in Phase 2 clinical trials. This treatment is designed for chronic hypoparathyroidism, a rare condition where the parathyroid glands don't produce enough parathyroid hormone, leading to dangerously low calcium levels in the blood. Traditional treatments require multiple daily injections, while MBX 2109 aims to provide longer-acting hormone replacement therapy. MBX 1416 is a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist in Phase 1 trials, targeting post-bariatric hypoglycemia. This condition affects patients who have undergone weight-loss surgery and experience dangerous drops in blood sugar levels after eating. GLP-1 is a hormone that helps regulate blood sugar, and MBX 1416 works by blocking its action to prevent these hypoglycemic episodes. The third candidate, MBX 4291, is in pre-clinical investigational new drug-enabling studies for obesity treatment. This compound is designed as a dual agonist that activates both GLP-1 and glucose-dependent insulinotropic polypeptide (GIP) receptors, potentially offering superior weight loss effects compared to single-target therapies currently on the market.
Revenue model
As a clinical-stage biopharmaceutical company, MBX Biosciences currently generates no revenue from product sales, as none of their drug candidates have reached market approval. The company operates on a typical biotech development model, funding operations through equity raises, partnerships, and potential milestone payments from licensing agreements. The company's future revenue model will likely center on product sales once their therapies receive regulatory approval. Given their focus on rare endocrine disorders and specialized metabolic conditions, MBX would likely employ a specialty pharmaceutical sales approach, targeting endocrinologists, bariatric surgeons, and specialized treatment centers rather than primary care physicians. Several factors could significantly impact the company's future profitability margins. Positive factors include the rare disease focus which typically commands premium pricing due to limited treatment alternatives, the potential for orphan drug designations that provide market exclusivity and tax incentives, and the long-acting nature of their formulations which could improve patient compliance and physician adoption. The growing obesity market, particularly for GLP-1-based therapies, represents a substantial commercial opportunity given the billions in sales achieved by competitors like Ozempic and Wegovy. Negative margin pressures include the high cost of specialized peptide manufacturing, increasing competition in the GLP-1 space from established pharmaceutical giants, the complexity of clinical trials for rare diseases which increases development costs, and potential pricing pressure from payers given the high cost of specialty medications. The company also faces the inherent risk that clinical trials may fail, resulting in complete loss of invested capital with no revenue generation.
Competitive moat
MBX Biosciences operates in a highly competitive biotechnology landscape with limited sustainable competitive advantages at this stage of development. The company's primary potential moat lies in its proprietary peptide prodrug technology, which aims to create longer-acting versions of naturally occurring hormones. This approach could provide differentiation through improved dosing convenience and potentially better patient outcomes. However, this moat is relatively weak and faces significant challenges. The peptide therapeutics space is crowded with well-funded competitors, including major pharmaceutical companies with substantially greater resources for research, development, and commercialization. In the GLP-1 space specifically, MBX faces competition from established blockbuster drugs like semaglutide (Ozempic/Wegovy) and tirzepatide (Mounjaro/Zepbound), which have already captured significant market share and physician mindshare. The company's focus on rare diseases like chronic hypoparathyroidism provides some natural protection through smaller addressable markets that may be less attractive to large pharmaceutical companies. However, this also limits the ultimate commercial potential. Potential disruption could come from larger biotechnology companies developing competing long-acting formulations, breakthrough therapies that address the underlying causes rather than symptoms, or alternative treatment modalities such as gene therapy or cell-based treatments. The regulatory pathway for rare diseases, while potentially faster due to orphan drug designations, still requires successful clinical trials and FDA approval - outcomes that remain uncertain. Without approved products generating revenue, MBX lacks the financial resources and market position that would constitute a strong competitive moat.
Risks & safety
MBX Biosciences presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but high execution risk. • Liquidity position: Strong cash position of $29.9 million as of Q1 2025, down from $49.4 million in Q4 2024, indicating quarterly burn rate of approximately $20 million • Debt levels: Minimal debt with debt-to-equity ratio of 0.0006, indicating virtually no leverage risk • Current ratio: Exceptional at 23.3x, demonstrating strong ability to meet short-term obligations • Cash runway: Based on current burn rate of ~$23 million per quarter, approximately 1.3 quarters of cash remaining, creating near-term funding pressure • Valuation metrics: Trading at 1.0x price-to-book ratio, suggesting shares are reasonably valued relative to net assets • Graham net-net: Positive at 6.9, indicating the company trades below its liquidation value • Revenue generation: Zero current revenue with negative $62 million net income in 2024, making traditional valuation metrics irrelevant • Clinical risk: High execution risk as all value depends on successful clinical trial outcomes and regulatory approvals
Recent development
Based on the available financial data, MBX Biosciences has undergone significant changes in its capital structure and operational scale over recent years. The company appears to have completed a major financing event between Q2 and Q3 2024, as evidenced by the dramatic increase in total current assets from $58.8 million to $281.2 million, and cash position jumping from $12.5 million to $132.9 million. This substantial capital raise likely enabled the company to advance its clinical programs and extend its operational runway. The company's operational burn rate has increased significantly, with quarterly cash flow from operations deteriorating from approximately -$13 million in Q2 2024 to -$22.7 million in Q1 2025. This increased spending likely reflects expanded clinical trial activities and advancement of multiple programs through their respective development phases. The progression of MBX 2109 into Phase 2 trials and MBX 1416 into Phase 1 represents key clinical milestones achieved during this period. The company's focus on rare endocrine disorders and metabolic conditions positions it within high-growth therapeutic areas, particularly given the commercial success of GLP-1-based therapies in the broader market. However, without access to recent earnings call transcripts, specific strategic initiatives, partnership developments, or detailed clinical trial progress updates are not available from the financial data alone.
MBX company profile · for informational purposes only — not investment advice.
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