MBX
MBX Biosciences, Inc. Common StockHealthcare·Biotechnology
$31.47
$1.1B market cap
Revenue
$0.0M
Free Cash Flow
$-39.7M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
MBX Biosciences, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery and development of precision peptide therapies for the treatment of endocrine and metabolic disorders. Its lead product candidate is MBX 2109, a parathyroid hormone peptide prodrug, which is in Phase 2 clinical trial designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism. The company is also developing MBX 1416, a long-acting glucagon-like peptide-1
2-Year Price History
$31.85+34.7%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -27.3 | -27.3 | -23.5 | -20.2 | -20.6 | -0.4 | 440.0 | 0.6 | 46.6 | -58.3% | -- | -- |
| Act | 2025-Q4 | 0.0 | -25.7 | -25.8 | -22.1 | -18.3 | -19.1 | -0.8 | 373.7 | 0.6 | 36.5 | -85.6% | -- | -- |
Valuation & Metrics
Market Stats
Price$31.47
Market Cap$1.1B
Enterprise Value$618M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-3.8%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-45.6M
Free Cash Flow$-39.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-71.9%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares4.0M
Days to Cover9.6
Change (vs Prior)+6.5%
Need at least 2 settlement dates for chart
Employees
Headcount43
Revenue / Employee$0
Gross Profit / Employee$-2,884
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
128.1%(+104.8% YoY)
141 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
18.5%(+17.1% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.1%(+0.0% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | $199M | $25.13 | +$0 | +$19.9M | +2.4% | $3.89B |
| ORBIMED ADVISORS LLC | $109M | $25.09 | −$8.9M | −$10.9M | -8.1% | $4.38B |
| NEA Management Company, LLC | $108M | $25.98 | +$0 | +$0 | -3.4% | $1.76B |
| WELLINGTON MANAGEMENT GROUP LLP | $95.3M | $22.03 | −$4.7M | +$16.5M | -0.3% | $533.98B |
| BlackRock, Inc.Passive | $87.8M | $21.75 | +$646K | +$64.4M | -0.2% | $5.69T |
| FMR LLC | $87.7M | $29.47 | +$87.2M | +$86.3M | -0.0% | $1.89T |
| Deep Track Capital, LP | $82.3M | $24.12 | −$14.7M | −$7.8M | -1.1% | $4.85B |
| NVP Associates, LLC | $63.8M | $25.98 | +$0 | +$0 | -2.3% | $176M |
| Polar Capital Holdings Plc | $48.4M | $29.85 | +$48.4M | +$48.4M | +1.5% | $22.76B |
| BRAIDWELL LP | $44.6M | $31.00 | +$14.1M | +$44.6M | -1.8% | $2.63B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $44.1M | $29.85 | +$44.1M | +$44.1M | — | $4.04T |
| Aaron Wealth Advisors LLC | $34.9M | $28.92 | +$32.8M | +$33.4M | +0.5% | $1.73B |
| Cormorant Asset Management, LLC | $33.4M | $22.35 | +$0 | +$12.5M | -2.4% | $1.95B |
| PRICE T ROWE ASSOCIATES INC /MD/ | $30.7M | $24.23 | +$5.6M | −$2.1M | -0.2% | $864.93B |
| DRIEHAUS CAPITAL MANAGEMENT LLC | $30.4M | $23.11 | −$11.6M | −$16.7M | +0.3% | $13.60B |
| Kynam Capital Management, LP | $27.9M | $17.50 | +$0 | +$27.9M | +0.4% | $1.58B |
| CITADEL ADVISORS LLC | $27.8M | $19.96 | +$3.7M | +$27.8M | -0.4% | $138.22B |
| Woodline Partners LP | $26.9M | $18.85 | −$3.0M | +$675K | -0.1% | $26.43B |
| EVENTIDE ASSET MANAGEMENT, LLC | $26.6M | $31.54 | +$0 | +$26.6M | -1.6% | $5.96B |
| Caligan Partners LP | $25.3M | $29.85 | +$25.3M | +$25.3M | +6.8% | $1.41B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.74%
avg per quarter
Holders (ex-self)
-0.71%
excl. this stock
Buyers (this Q)
+0.93%
71 buyers · $0.33B in
Sellers (this Q)
-2.49%
49 sellers · $0.15B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+14.5%
how holders react when this stock falls
On quiet Qs
+35.7%
−10% to +10% baseline
On rallies (+10%+)
+1.4%
how they react when this stock rises
Holders' portfolio flow this Q
-0.7%
outflows — trims may be forced
Sellers' portfolio flow this Q
+1.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.9%
Holder mid (any stock)
-3.3%
Holder rally (any stock)
-5.5%
Biggest decreases this quarter
EcoR1 Capital, LLC−$40.2Mα-4.9Point72 Asset Management, L.P.exited−$21.5MDeep Track Capital, LP−$14.7Mα-1.1DRIEHAUS CAPITAL MANAGEMENT LLC−$11.6Mα+0.3Trails Edge Capital Partners, LPexited−$9.9MORBIMED ADVISORS LLC−$8.9Mα-8.1WELLINGTON MANAGEMENT GROUP LLP−$4.7Mα-0.3BALYASNY ASSET MANAGEMENT LLCexited−$3.8MWoodline Partners LP−$3.0Mα-0.1JANE STREET GROUP, LLCexited−$2.7M
New buyers this quarter
Top-5 holders · 38.1%
Frazier Life Sciences Management, L.P.--
ORBIMED ADVISORS LLC--
NEA Management Company, LLC--
WELLINGTON MANAGEMENT GROUP LLP--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Frazier Life Sciences Management, L.P.6.7MORBIMED ADVISORS LLC3.6MNEA Management Company, LLC3.6MWELLINGTON MANAGEMENT GROUP LLP3.2MDeep Track Capital, LP2.8MFMR LLC2.9MNVP Associates, LLC2.1MEcoR1 Capital, LLC777KPolar Capital Holdings Plc1.6MBRAIDWELL LP1.5M
Related Stocks
Investors who own this also own
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| Ticker | Name | Co-holders | Score |
|---|---|---|---|
| KALV | KalVista Pharmaceuticals, Inc. | 4 | 150.82× |
| SVRA | Savara Inc. | 3 | 147.05× |
| ZBIO | Zenas BioPharma, Inc. | 3 | 133.68× |
| TRVI | Trevi Therapeutics, Inc. | 3 | 133.68× |
| EYPT | EyePoint Pharmaceuticals, Inc. | 3 | 122.54× |
| BCRX | BioCryst Pharmaceuticals, Inc. | 3 | 122.54× |
| SNDX | Syndax Pharmaceuticals, Inc. | 4 | 115.33× |
| CGON | CG Oncology, Inc. Common stock | 4 | 115.33× |
| ERAS | Erasca, Inc. | 4 | 108.92× |
| TNGX | Tango Therapeutics, Inc. | 3 | 98.03× |
| EWTX | Edgewise Therapeutics, Inc. | 4 | 98.03× |
| DYN | Dyne Therapeutics, Inc. | 3 | 98.03× |
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (4 analysts)$61.509540.0%
Last Year (10 analysts)$56.607990.0%
Current Price$31.47
Analyst Ratings
7
Buy: 7Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$1.06M
3 txns · 2 insiders · 58,500 sh
Sells ($, 12mo)
$2.71M
3 txns · 2 insiders · 70,841 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$12.00M
1 txn · 1 insider · 666,666 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | SELL | Azoulay Salomon | officer: Chief Medical Officer | 70,003 | $38.36 | $2.69M | $567K |
| 2026-05-06 | SELL | Azoulay Salomon | officer: Chief Medical Officer | 231 | $29.54 | $7K | $436K |
| 2026-05-06 | SELL | Hawryluk P. Kent | director, officer: President & CEO | 607 | $29.54 | $18K | $21.50M |
| 2026-03-13 | BUY | Hawryluk P. Kent | director, officer: President & CEO | 18,500 | $28.41 | $526K | $13.83M |
| 2025-10-20 | BUY | Hawryluk P. Kent | director, officer: President & CEO | 20,000 | $13.64 | $273K | $6.39M |
| 2025-10-17 | BUY | Hoerter Steven L. | director | 20,000 | $13.25 | $265K | $265K |
| 2025-09-26 | BUY | Heron Patrick J | director, 10 percent owner: | 666,666 | $18.00 | $12.00M | $93.95M |
Order Flow (FINRA, ~3w lag)
16.2%retail+9.8pp
29.4%dark-3.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
MBX Biosciences: High-Burn Biotech Sustained by Aggressive Dilution Cycles
Overall Risk
4/10
Fraud
3/10
Dilution
8/10
Insolvency
2/10
Earnings Overstated
1/10
Hidden Liabilities
3/10
Legal
1/10
Audit Warnings
2/10
Hidden Upside
6/10
Contextually Acceptable
9/10