[8-K] MBX Biosciences, Inc. Reports Material Event

Rhea-AI Filing Summary

Senti Biosciences (SNTI) filed its Q2-25 Form 10-Q. Cash & equivalents fell to $21.6 M from $48.3 M at FY-24, reflecting $27.1 M operating cash burn in the first six months. Total current assets dropped 45% to $32.5 M while current liabilities were $10.0 M, leaving $22.5 M of working capital.

Operations. Six-month R&D expense rose 8% YoY to $19.3 M and G&A 18% to $13.9 M; total operating costs reached $33.2 M (+12%). Net loss widened to $28.8 M (-$1.59/share) vs. $23.3 M in 1H-24. Sublease income from related-party GeneFab offset ~$3.3 M of loss.

Balance sheet events. In March 2025 the company converted 21,157 Series A preferred shares into 21.16 M common shares and issued 31.7 M warrants (exercise $2.30). An at-the-market program (up to $17.5 M) began in March; 156 k shares sold to date raised gross $0.6 M. Management continues to flag substantial doubt about going concern; cash runway is <1 year without new capital.

Pipeline. SENTI-202 Phase 1 initiated; FDA granted Orphan Drug Designation in June. Investigator-sponsored trial of SENTI-301A/SN301A paused after dose-limiting toxicities.

Share count. Outstanding common shares rose to 26.16 M from 4.83 M at year-end due to preferred conversion and equity grants, implying significant dilution.

Positive

• Orphan Drug Designation for SENTI-202 secures 7-year U.S. market exclusivity upon approval and may enable tax credits & fee waivers.
• Conversion of preferred stock simplifies capital structure and removes $147.6 M liquidation preference.
• Sublease agreements generate recurring $3-4 M annual income, partially offsetting fixed facility costs.

Negative

• Cash balance only $21.6 M versus $27.1 M six-month burn; management cites substantial doubt about going concern.
• Net loss widened to $28.8 M; operating expenses up 12% YoY.
• Preferred conversion and ATM have diluted common shares 5× with another 31.7 M warrants outstanding.
• SENTI-301A trial enrollment stopped after dose-limiting toxicities, indicating possible platform safety issues.

Insights

Biotech Equity Analyst

TL;DR – Cash runway <12 mo; dilution high; clinical catalysts limited near term.

The quarter underscores liquidity strain: pro-forma cash of $21.6 M covers roughly three quarters of 2025 burn (~$3.5-4 M/month). Management has activated a $17.5 M ATM but raised only $0.6 M so far. The preferred-to-common conversion cleans the cap table yet balloons basic share count 5×, pressuring valuation. Warrants and GeneFab option create another 35 M potential shares, signaling further dilution risk.

Operationally, SENTI-202 Orphan Drug status is helpful for exclusivity and incentives but is non-dilutive only if clinical data show efficacy; first safety readouts expected 2H-25. Meanwhile, the halt of SENTI-301A study raises questions on platform safety in solid tumors.

Net, the filing is modestly negative: higher losses, going-concern warning, and dependence on external funding outweigh regulatory wins.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 07, 2025

MBX Biosciences, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-42272	84-1882872
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
11711 N. Meridian Street Suite 300
Carmel, Indiana				46032
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (317) 659-0200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		MBX		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 7, 2025, MBX Biosciences, Inc. (the "Company") announced its financial results for the quarter ended June 30, 2025. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included under Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1 attached hereto), is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release Issued by MBX Biosciences, Inc. on August 7, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MBX Biosciences, Inc.
Date:	August 7, 2025	By:	/s/ P. Kent Hawryluk
			President and Chief Executive Officer (Principal Executive Officer)

FAQ

How much cash does Senti Biosciences (SNTI) have after Q2-25?

The company reported $21.6 million in cash and cash equivalents as of June 30 2025.

What is Senti Biosciences’ current cash runway?

With a first-half 2025 burn of $27.1 M, existing cash covers roughly 9-10 months unless new capital is raised.

How did the Series A preferred conversion affect share count?

On 10 Mar 2025, 21,157 preferred shares converted into 21.16 M common shares, lifting total shares outstanding to 26.16 M.

What are the key upcoming catalysts for SNTI?

Interim safety/efficacy data from the Phase 1 SENTI-202 AML study expected 2H-25 and potential ATM financing activity.

Why was there a going-concern warning?

Management concluded available cash is insufficient to fund operations for 12 months, triggering a substantial doubt statement.

What happened to the SENTI-301A/SN301A trial?

Enrollment was paused after dose-limiting toxicities; the company is reassessing next steps for the program.