MBX Biosciences (NASDAQ: MBX) details cash runway and obesity plans

Rhea-AI Filing Summary

MBX Biosciences reported preliminary unaudited cash, cash equivalents and marketable securities of $373.7 million as of December 31, 2025, which it currently expects will fund operations into 2029. This estimate is based on assumptions and may change once the ongoing audit of its 2025 financial statements is completed. The company also plans to expand its obesity portfolio in 2026 with two additional obesity drug candidates, with nominations anticipated in the second and third quarters of 2026. Related outlook and business updates were also discussed in a press release furnished as an exhibit.

Insights

Biotech equity analyst

MBX cites a strong cash position and outlines new obesity pipeline plans.

MBX Biosciences disclosed preliminary unaudited cash, cash equivalents and marketable securities of $373.7 million as of December 31, 2025. Management currently expects this balance to fund operations into 2029, indicating a multi‑year cash runway to support research, development and corporate activities, subject to final audit adjustments.

The company also outlined future development plans in obesity, stating it expects to add two new obesity candidates in 2026, with nominations anticipated in Q2 and Q3 2026. This points to a broader obesity portfolio, but the disclosure does not include clinical stages, costs or timelines beyond the nomination windows.

The statements are explicitly forward‑looking and subject to risks including research and development progress, regulatory approvals, reliance on third parties, capital needs and potential changes arising from the year‑end audit. Future SEC filings and audited 2025 financial statements will provide more detail on the final cash position and the evolution of development plans.

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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): January 11, 2026

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 January 11, 2026, MBX Biosciences, Inc. (the "Company" or "MBX Biosciences") disclosed that its unaudited cash, cash equivalents and marketable securities as of December 31, 2025 was $373.7 million, which is expected to fund operations into 2029. The information contained in Item 2.02 of this Form 8-K is unaudited and preliminary and does not present all information necessary for an understanding of the Company’s financial condition as of December 31, 2025. The audit of the Company’s consolidated financial statements for the year ended December 31, 2025 is ongoing and could result in changes to the information set forth above.

Item 7.01 Regulation FD Disclosure.

On January 11, 2026, the Company issued a press release (the "Press Release") titled "MBX Biosciences to Provide 2026 Outlook and Business Update at 44th Annual J.P. Morgan Healthcare Conference". 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 Items 2.02 and 7.01 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 8.01 Other Events.

Future Development Plans

On January 11, 2026, the Company announced that it expects to expand its obesity portfolio in 2026 with two additional obesity candidates, with nominations anticipated in the second quarter and third quarter of 2026.

Based on the Company’s current operating plan, the Company estimates that its cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund its operations into 2029. The Company has based this estimate on assumptions that may prove to be wrong, and the Company could exhaust its available capital resources sooner than it expects.

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding: MBX Biosciences’ expectations regarding the expected timing of the announcement of additional obesity candidates in Q2 and Q3 2026; MBX Biosciences’ preliminary unaudited cash, cash equivalents and marketable securities as of December 31, 2025; and expectations regarding MBX Biosciences’ uses of capital, expenses and financial results, including the anticipated cash runway timing.

Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect MBX Biosciences’ business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to the Company’s research and development activities; MBX Biosciences’ ability to execute on its strategy including obtaining the requisite regulatory approvals on the expected timeline, if at all; uncertainties relating to preclinical and clinical development activities; the Company’s dependence on third parties to conduct clinical trials, manufacture its product candidates and develop and commercialize its product candidates, if approved; MBX Biosciences’ ability to attract, integrate and retain key personnel; risks related to the Company’s financial condition and need for substantial additional funds in order to complete development activities and commercialize a product candidate, if approved; risks related to regulatory developments and approval processes of the U.S. Food and Drug Administration and comparable foreign regulatory authorities; risks related to establishing and maintaining MBX Biosciences’ intellectual property protections; risks related to the competitive landscape for MBX Biosciences’ product candidates; and final audit adjustments and other developments that may arise that would cause MBX Biosciences’ expectations with respect to the estimate of cash, cash equivalents and marketable securities as of December 31, 2025 to differ, perhaps materially, from the financial results that will be reflected in MBX Biosciences’ audited consolidated financial statements for the fiscal year ended December 31, 2025; as well as other risks described in “Risk Factors,” in MBX Biosciences’ Quarterly Report on Form 10-Q for the three months ended September 30, 2025, Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (SEC), as well as subsequent filings with the SEC. MBX Biosciences expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release Issued by MBX Biosciences, Inc. on January 11, 2026
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:	January 12, 2026	By:	/s/ P. Kent Hawryluk
			President and Chief Executive Officer (Principal Executive Officer)

FAQ

What cash balance did MBX Biosciences (MBX) report as of December 31, 2025?

MBX Biosciences reported preliminary unaudited cash, cash equivalents and marketable securities of $373.7 million as of December 31, 2025.

How long does MBX Biosciences expect its cash to fund operations?

Based on its current operating plan, MBX Biosciences estimates its cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund operations into 2029.

What new obesity development plans did MBX Biosciences announce?

MBX Biosciences announced that it expects to expand its obesity portfolio in 2026 with two additional obesity candidates, with nominations anticipated in Q2 and Q3 2026.

Are the financial figures MBX Biosciences disclosed audited?

No. The cash, cash equivalents and marketable securities balance is described as unaudited and preliminary, and the audit of the 2025 consolidated financial statements is ongoing and may change this information.

What type of information did MBX Biosciences furnish rather than file in this 8-K?

Information under Items 2.02 and 7.01, including the press release attached as Exhibit 99.1, is being furnished and is not deemed filed for purposes of Section 18 of the Exchange Act.

What key risks does MBX Biosciences highlight around its outlook and cash estimate?

MBX Biosciences notes risks related to research and development, regulatory approvals, dependence on third parties, need for substantial additional funds, intellectual property, competition, and possible final audit adjustments that could change the cash estimate.