MBX financial statements
The full income statement, balance sheet, and cash-flow statement for MBX Biosciences Inc. (MBX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 98.1M+43.8% | 68.2M+93.1% | 35.3M | ||
| Research & development | 79.2M+37.9% | 57.4M+101.2% | 28.5M | |
| Selling, general & administrative | 18.9M+75.3% | 10.8M+59.1% | 6.78M | |
| General & administrative | 18.9M+75.3% | 10.8M+59.1% | 6.78M | |
| Operating income | -98.1M-43.8% | -68.2M-93.1% | -35.3M | |
| Pre-tax income | -87.0M-40.5% | -61.9M | — | |
| Income tax | 0.00 | 0.00 | 0.00 | |
| -87.0M-40.5% | -61.9M-90.2% | -32.6M | ||
| Net income to common | -87.0M-40.5% | -61.9M-90.2% | -32.6M | |
| -$2.38+59.1% | -$5.82+81.8% | -$31.96 | ||
| EPS (basic) | -$2.38+59.1% | -$5.82+81.8% | -$31.96 | |
| Weighted-avg shares (basic) | 36.5M+243.0% | 10.6M+944.7% | 1.02M | |
| Weighted-avg shares (diluted) | 36.5M+243.0% | 10.6M+944.7% | 1.02M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 382M+42.7% | 267M+220.2% | 83.5M | ||
| Cash & equivalents | 75.3M+52.6% | 49.4M+61.7% | 30.5M | |
| Short-term investments | 298M+40.2% | 213M+324.3% | 50.2M | |
| Cash & short-term investments | 374M+42.6% | 262M | — | |
| Prepaid expenses | 7.83M+52.5% | 5.14M+84.2% | 2.79M | |
| Other current assets | 861K+7.2% | 803K+503.8% | 133K | |
| 385M+43.4% | 269M+219.0% | 84.2M | ||
| Property, plant & equipment | 2.73M+153.2% | 1.08M+146.0% | 439K | |
| Operating lease right-of-use | 487K+309.2% | 119K-47.3% | 226K | |
| Other non-current assets | 383K+666.0% | 50.0K+0.0% | 50.0K | |
| 15.5M+40.2% | 11.1M+181.5% | 3.93M | ||
| Accounts payable | 2.98M-44.2% | 5.33M+283.5% | 1.39M | |
| Accrued liabilities | 12.3M+122.7% | 5.54M+132.8% | 2.38M | |
| Current lease liability | 172K+0.6% | 171K+11.8% | 153K | |
| 15.9M+43.5% | 11.1M+158.5% | 4.29M | ||
| Non-current lease liability | 424K | 0.00-100.0% | 171K | |
| 369M+43.4% | 257M+455.2% | -72.5M | ||
| Preferred stock | 0.00 | 0.00 | 0.00 | |
| Common stock | 6.00K+20.0% | 5.00K+400.0% | 1.00K | |
| Additional paid-in capital | 593M+50.3% | 395M+12830.2% | 3.05M | |
| Retained earnings | -224M-63.2% | -138M-81.9% | -75.6M | |
| Accumulated other comprehensive income | 286K+420.0% | 55.0K-8.3% | 60.0K | |
| Total liabilities & equity | 385M+43.4% | 269M+219.0% | 84.2M | |
| Common shares issued | 44.9M+34.4% | 33.4M+2558.7% | 1.26M | |
| Common shares outstanding | 44.9M+34.4% | 33.4M+2558.7% | 1.26M | |
| Shares outstanding (cover) | 47.5M+42.1% | 33.4M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| -79.9M-46.2% | -54.7M-71.0% | -32.0M | ||
| Depreciation & amortization | 248K+1.6% | 244K+55.4% | 157K | |
| Share-based compensation | 8.68M+66.2% | 5.22M+155.6% | 2.04M | |
| Change in payables | -2.46M-162.5% | 3.93M+853.2% | 412K | |
| -83.7M+47.9% | -161M-419.3% | -30.9M | ||
| Capital expenditure | 1.93M+120.7% | 874K+577.5% | 129K | |
| Free cash flow | -81.9M-47.4% | -55.6M-73.0% | -32.1M | |
| Acquisitions | 0.00 | 0.00 | 0.00 | |
| 190M-19.0% | 234M+238.2% | 69.2M | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 602M | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 25.9M+37.8% | 18.8M+198.2% | 6.31M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 1.50B+143.3% | 616M | — | |
| P/B | 4.1×+69.6% | 2.4× | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: MBX’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MBX filings on SEC EDGAR → Not investment advice.