MBX Biosciences, Inc. (MBX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MBX SEC filings page.
This page shows MBX Biosciences, Inc. (MBX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
MBX's reported figures show a development-stage cost structure, where rising R&D is financed by financing inflows rather than operating cash generation.
The key earnings-quality signal is that FY2025 R&D spending reached$79.2M while operating cash burn reached$79.9M . That close alignment, alongside a net loss of$87.0M , indicates reported losses are translating into cash needs rather than being dominated by non-cash charges.
The capital structure is unusually equity-heavy: FY2025 liabilities were
Free cash flow burn of
Financial Health Signals
MBX Biosciences, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
MBX Biosciences, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
MBX Biosciences, Inc. reported a net loss of $87.0M while operations used $79.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
MBX Biosciences, Inc.'s EBITDA was -$40.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.1% from the same quarter a year earlier. Against the prior quarter it is down 50.1%.
MBX Biosciences, Inc. reported -$37.1M in net income in Q2 2026. This represents a decrease of 91.1% from the same quarter a year earlier. Against the prior quarter it is down 57.7%.
MBX Biosciences, Inc. earned -$0.78 per diluted share (EPS) in Q2 2026. This represents a decrease of 34.5% from the same quarter a year earlier. Against the prior quarter it is down 56.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
MBX Biosciences, Inc. recorded an outflow of $23.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 29.7% from the same quarter a year earlier. Against the prior quarter it is down 13.9%.
MBX Biosciences, Inc. held $54.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
MBX Biosciences, Inc.'s ROE was -9.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.7 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
MBX Biosciences, Inc. invested $31.0M in research and development in Q2 2026. This represents an increase of 74.8% from the same quarter a year earlier. Against the prior quarter it is up 67.7%.
MBX Biosciences, Inc. invested $901K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 27.4% from the same quarter a year earlier. Against the prior quarter it is up 106.2%.
Not reported for Q2 2026.
MBX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $31.0M+74.8% | $18.5M-17.5% | N/A | $19.3M+15.1% | $17.7M+23.1% | $22.4M+102.8% | N/A | $16.7M+84.6% |
| SG&A Expenses | $9.9M+143.7% | $8.8M+113.2% | N/A | $4.7M+62.5% | $4.1M+80.4% | $4.1M+82.1% | N/A | $2.9M+53.0% |
| Operating Income | -$40.9M-87.7% | -$27.3M-2.8% | N/A | -$23.9M-22.0% | -$21.8M-30.9% | -$26.5M-99.3% | N/A | -$19.6M-79.2% |
| EBITDA | -$40.8M-88.1% | -$27.2M-2.8% | N/A | -$23.8M-22.1% | -$21.7M-31.1% | -$26.5M-99.4% | N/A | -$19.5M-79.9% |
| Net Income | -$37.1M-91.1% | -$23.5M+1.5% | N/A | -$21.6M-19.2% | -$19.4M-22.4% | -$23.9M-93.6% | N/A | -$18.1M-78.5% |
| EPS (Basic) | -$0.78-34.5% | -$0.50+29.6% | -$0.45-104.7% | -$0.63+77.3% | -$0.58+95.4% | -$0.71+93.1% | $9.60+225.0% | -$2.78+70.4% |
| EPS (Diluted) | -$0.78-34.5% | -$0.50+29.6% | -$0.45-104.7% | -$0.63 | -$0.58 | -$0.71 | $9.60 | -$2.78 |
| Diluted Shares (Avg) | 48M+42.6% | 47M+39.4% | N/A | 34M | 33M | 33M | N/A | 7M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
MBX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $435.9M+88.3% | $452.7M+84.1% | $385.1M+43.4% | $400.1M+41.7% | $231.5M | $245.9M | $268.5M+219.0% | $282.4M |
| Current Assets | $427.9M+86.7% | $448.5M+83.6% | $381.5M+42.7% | $397.5M+41.4% | $229.2M | $244.3M | $267.3M+220.2% | $281.2M |
| Cash & Equivalents | $54.1M+36.1% | $45.2M+51.2% | $75.3M+52.6% | $223.1M+67.9% | $39.8M | $29.9M | $49.4M+61.7% | $132.9M |
| Short-Term Investments | $364.5M+96.9% | $394.8M+87.2% | $298.4M+40.2% | $168.5M+16.9% | $185.1M | $210.9M | $212.8M+324.3% | $144.2M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $26.4M+114.7% | $14.9M+42.3% | $15.9M+43.5% | $12.5M+13.7% | $12.3M | $10.5M | $11.1M-92.9% | $11.0M |
| Current Liabilities | $23.7M+101.3% | $14.6M+39.0% | $15.5M+40.2% | $12.1M+10.5% | $11.8M | $10.5M | $11.1M+181.5% | $10.9M |
| Non-Current Liabilities | $2.7M+414.2% | $378K+1543.5% | $426K+914.3% | $476K+325.0% | $527K | $23K | $42K-100.0% | $112K |
| Total Equity | $409.5M+86.8% | $437.8M+85.9% | $369.2M+43.4% | $387.5M+42.8% | $219.2M+324.0% | $235.4M+383.5% | $257.4M+455.2% | $271.4M+518.7% |
| Retained Earnings | -$285.1M-57.7% | -$248.0M-53.7% | -$224.5M-63.2% | -$202.4M-66.0% | -$180.8M | -$161.4M | -$137.5M-81.9% | -$121.9M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
MBX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.6M-29.8% | -$20.2M+10.9% | -$18.3M-14.1% | -$21.5M-46.9% | -$17.4M-31.4% | -$22.7M-111.7% | -$16.0M-43.9% | -$14.7M |
| Depreciation & Amortization | $100K0.0% | $64K-16.9% | $60K+3.4% | $100K0.0% | $100K0.0% | $77K+60.4% | $58K+41.5% | $100K0.0% |
| Stock-Based Compensation | N/A | $5.5M+198.2% | N/A | N/A | N/A | $1.8M+13.3% | N/A | N/A |
| Capital Expenditures | $901K+27.4% | $437K+1356.7% | $793K+762.0% | $399K+600.0% | $707K+56.4% | $30K-89.0% | $92K+67.3% | $57K |
| Free Cash Flow | -$23.5M-29.7% | -$20.6M+9.1% | -$19.1M-18.4% | -$21.9M-49.0% | -$18.1M-32.2% | -$22.7M-106.8% | -$16.1M-44.0% | -$14.7M |
| Investing Cash Flow | $29.2M+12.4% | -$97.1M-3109.8% | -$130.0M-93.0% | $17.1M+116.9% | $26.0M+429.3% | $3.2M-79.1% | -$67.3M-132.6% | -$100.8M |
| Financing Cash Flow | $2.3M+75.0% | $87.4M+2185775.0% | $438K+431.8% | $187.8M-20.4% | $1.3M+175.3% | $4K-97.8% | -$132K-794.7% | $235.8M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MBX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -9.1%-0.2pp | -5.4%+4.8pp | N/A | -5.6%+1.1pp | -8.8% | -10.1% | N/A | -6.7% |
| Return on Assets | -8.5%-0.1pp | -5.2%+4.5pp | N/A | -5.4%+1.0pp | -8.4% | -9.7% | N/A | -6.4% |
| Current Ratio | 18.08-1.4x | 30.79+7.5x | 24.62+0.4x | 32.95+7.2x | 19.50 | 23.31 | 24.19+2.9x | 25.75 |
| Debt-to-Equity | 0.060.0x | 0.030.0x | 0.040.0x | 0.030.0x | 0.06 | 0.04 | 0.04 | 0.04 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MBX Biosciences, Inc. MBX | FY2025 | N/A | -$87.0M | N/A | $2.6B | — |
| 4D Molecular Therapeutics, Inc. FDMT | FY2025 | $85.2M | -$140.1M | N/A | $693.9M | 71/100 |
| Tectonic Therapeutic, Inc. TECX | FY2025 | N/A | N/A | N/A | $438.1M | — |
| Rocket Pharmaceuticals, Inc. RCKT | FY2025 | $0 | -$223.1M | N/A | $272.2M | — |
| Immuneering Corporation IMRX | FY2025 | N/A | -$56.0M | N/A | $247.8M | — |
Where MBX Biosciences, Inc. Ranks
Frequently Asked Questions
Is MBX Biosciences, Inc. profitable?
No, MBX Biosciences, Inc. (MBX) reported a net income of -$87.0M in fiscal year 2025.
What is MBX Biosciences, Inc.'s EBITDA?
MBX Biosciences, Inc. (MBX) had EBITDA of -$97.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is MBX Biosciences, Inc.'s return on equity (ROE)?
MBX Biosciences, Inc. (MBX) has a return on equity of -23.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MBX Biosciences, Inc.'s free cash flow?
MBX Biosciences, Inc. (MBX) recorded an outflow of $81.9M in free cash flow during fiscal year 2025. This represents a -47.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is MBX Biosciences, Inc.'s operating cash flow?
MBX Biosciences, Inc. (MBX) recorded an outflow of $79.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are MBX Biosciences, Inc.'s total assets?
MBX Biosciences, Inc. (MBX) had $385.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are MBX Biosciences, Inc.'s capital expenditures?
MBX Biosciences, Inc. (MBX) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does MBX Biosciences, Inc. spend on research and development?
MBX Biosciences, Inc. (MBX) invested $79.2M in research and development during fiscal year 2025.
What is MBX Biosciences, Inc.'s current ratio?
MBX Biosciences, Inc. (MBX) had a current ratio of 24.62 as of fiscal year 2025, which is generally considered healthy.
What is MBX Biosciences, Inc.'s debt-to-equity ratio?
MBX Biosciences, Inc. (MBX) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MBX Biosciences, Inc.'s return on assets (ROA)?
MBX Biosciences, Inc. (MBX) had a return on assets of -22.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is MBX Biosciences, Inc.'s P/E ratio?
MBX Biosciences, Inc. (MBX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $2.6B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MBX Biosciences, Inc.'s price-to-sales ratio?
MBX Biosciences, Inc. (MBX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $2.6B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does MBX Biosciences, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, MBX Biosciences, Inc. (MBX) held $373.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $79.9M over that year. Dividing the one by the other, the reported balance equals about 56 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is MBX Biosciences, Inc.'s Piotroski F-Score?
MBX Biosciences, Inc. (MBX) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MBX Biosciences, Inc.'s earnings high quality?
MBX Biosciences, Inc. (MBX) reported a net loss of $87.0M while operations used $79.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.