MBX Biosciences Inc
MBXHealthcare|Biotechnology|USA
$61.05
-4.69 (-7.13%)
Tangible Book
$9.20
Financials
Financial Snapshot
Market Cap
$2.91B
Enterprise Value
$439.4M
Revenue (TTM)
$0.00
Net Income (TTM)
$-86.6M
Cash & Equivalents
—
Net Cash/Share
$8.93
Free Cash Flow (TTM)
$-79.8M
Operating CF (TTM)
$-77.5M
Debt/Equity
0
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$19.4M
Monthly Burn
$6.5M
Est. Runway
—
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $42.5M | $80.7M | $262.1M | $373.7M | $440.0M | |
| Operating Cash Flow | $-23.1M | $-32.0M | $-54.7M | $-79.9M | $-77.5M | |
| Free Cash Flow | $-23.6M | $-32.1M | $-55.6M | $-81.9M | $-79.8M | |
| Capital Expenditure | $-441.0K | $-129.0K | $-874.0K | $-1.9M | $-2.3M | |
| Financing Cash Flow | $46.1M | $69.2M | $234.1M | $189.6M | $277.0M |
R&D Spending
R&D (TTM)
$75.2M
R&D Intensity
—
R&D Growth YoY
-5.0%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $21.4M | $28.5M | $57.4M | $79.2M | $75.2M | |
| R&D % of Revenue | — | — | — | — | — | |
| SG&A | $3.8M | $6.8M | $10.8M | $18.9M | $23.6M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $21.4M | $28.5M | $57.4M | $79.2M | $75.2M | |
| SG&A | $3.8M | $6.8M | $10.8M | $18.9M | $23.6M | |
| Operating Income | $-25.2M | $-35.3M | $-68.2M | $-98.1M | $-98.8M | |
| Interest Expense | $-374.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-26.1M | $-32.6M | $-61.9M | $-87.0M | $-86.6M | |
| Net Income | $-26.1M | $-32.6M | $-61.9M | $-87.0M | $-86.6M | |
| EPS (Diluted) | -0.82 | -1.02 | -5.82 | -2.38 | -2.20 | |
| EBITDA | $-25.7M | $-35.2M | $-68.0M | $-97.8M | $-98.6M | |
| Shares Out. (M) | 31.85 | 31.85 | 10.64 | 36.51 | 46.58 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.2M | $30.5M | $49.4M | $75.3M | $45.2M | |
| Marketable Securities | $18.3M | $50.2M | $212.8M | $298.4M | $394.8M | |
| Total Current Assets | $44.2M | $83.5M | $267.3M | $381.5M | $448.5M | |
| Total Assets | $45.1M | $84.2M | $268.5M | $385.1M | $452.7M | |
| Total Current Liabilities | $3.4M | $3.9M | $11.1M | $15.5M | $14.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $87.7M | $156.6M | $11.1M | $15.9M | $14.9M | |
| Stockholders' Equity | $-42.6M | $-72.5M | $257.4M | $369.2M | $437.8M | |
| Retained Earnings | $-43.0M | $-75.6M | $-137.5M | $-224.5M | $-248.0M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $-23.1M | $-32.0M | $-54.7M | $-79.9M | $-77.5M | |
| Capital Expenditure | $-441.0K | $-129.0K | $-874.0K | $-1.9M | $-2.3M | |
| Free Cash Flow | $-23.6M | $-32.1M | $-55.6M | $-81.9M | $-79.8M | |
| Investing Cash Flow | $-11.4M | $-30.9M | $-160.6M | $-83.7M | $-184.0M | |
| Financing Cash Flow | $46.1M | $69.2M | $234.1M | $189.6M | $277.0M | |
| Issuance of Stock | $0.00 | $0.00 | $174.5M | $187.9M | $85.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $10.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $306.0K | $2.0M | $5.2M | $8.7M | $12.3M | |
| Net Change in Cash | $11.5M | $6.3M | $18.8M | $25.9M | $15.5M |
Dilution Tracker
Shares outstanding grew 46.2% over 5 years — significant dilution
Shares Outstanding
47M
5-Year Share Growth
+46.2%
Stock Issuance (TTM)
$85.4M
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 31.85 | 31.85 | 10.64 | 36.51 | 46.58 | |
| YoY Change % | — | 0.0% | -66.6% | 243.0% | 27.6% | |
| Stock Issuance | $0.00 | $0.00 | $174.5M | $187.9M | $85.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $306.0K | $2.0M | $5.2M | $8.7M | $12.3M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | 0.0% | -67.0% | -27.8% | -26.3% | |
| ROA % | -58.0% | -50.4% | -35.1% | -26.6% | -25.2% | |
| R&D / Revenue | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B6.63
Historical— / — / 6.63
Industry Med.2.93
EV/EBITDA-25.03
Historical-25.03 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$9.20
Net Current Assets
$9.110
Net-Net Working Capital
$8.93
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 2.39 | 3.84 | 6.63 | |
| EV/EBITDA | 0.00 | 0.00 | -5.21 | -10.67 | -25.03 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
N/A
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $0.00M | $21.21M |
| Net Income | $-132.56M | $-201.93M | $-232.56M |
| EPS | -2.78 | -3.61 | -3.92 |
| Book Value per Share | 18.53 | 13.42 | 10.56 |
| Operating Cash Flow per Share | -2.42 | -3.19 | -3.89 |
| Operating CF | $-112.71M | $-148.58M | $-181.18M |