your badges 52W Range $13–$73 76% of range Analyst Rating BUY 16 analysts Price Target $88 +51% upside P/E -24.6 ROE -29.6% Net Profit Margin ·

MBX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $58.51
Market Cap (MRQ) $2.81B
P/E -24.6
EPS $-2.38
ROE -29.6%
52W Range $13–$73

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10-Year Performance Revenue, net income, margins and EPS trends

06
EPS$-2.38
2023-12-31 → 2025-12-31
Free Cash Flow$-82M
2024-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend MBX 5Y avg Peer Median Verdict
P/E -24.6 · · ·
P/B (MRQ) 6.9 · 5.3 Pricier
Price / FCF (TTM) -32.9 · · ·
Price / Cash Flow (TTM) -33.9 · · ·
Price / Tangible Book 7.1 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

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Avg Surprise 9.1%
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 6, 2026 $-0.78 $-0.64 -22.2%
March 31, 2026 May 18, 2026 $-0.51 $-0.59 13.3%
Dec. 31, 2025 $-0.49 $-0.62 20.4%
Sept. 30, 2025 $-0.63 $-0.70 10.1%
June 30, 2025 $-0.58 $-0.77 24.4%
March 31, 2025 $-0.71 $-0.78 8.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

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Income Statement 12
Metric Trend 202520242023
R&D Expense $79M$57M$29M
SG&A Expense $19M$11M$7M
Operating Expenses $98M$68M$35M
Operating Income $-98M$-68M$-35M
Pretax Income $-87M$-62M·
Income Tax $0$0$0
Net Income $-87M$-62M$-33M
EPS (Basic) $-2.38$-5.82$-31.96
EPS (Diluted) $-2.38$-5.82$-31.96
Shares (Basic) 36,506,09210,642,9541,018,757
Shares (Diluted) 36,506,09210,642,9541,018,757
EBITDA $-98M$-68M·
Balance Sheet 21
Metric Trend 202520242023
Cash & Equivalents $75M$49M$31M
Short-term Investments $298M$213M$50M
Prepaid Expense $8M$5M$3M
Other Current Assets $861.0K$803.0K$133.0K
Current Assets $382M$267M$83M
PP&E (Net) $3M$1M$439.0K
PP&E (Gross) $3M$2M$617.0K
Accum. Depreciation $670.0K$422.0K$178.0K
Other Non-current Assets $383.0K$50.0K$50.0K
Total Assets $385M$269M$84M
Accounts Payable $3M$5M$1M
Accrued Liabilities $12M$6M$2M
Current Liabilities $15M$11M$4M
Capital Leases $424.0K$0$171.0K
Total Liabilities $16M$11M$4M
Common Stock $6.0K$5.0K$1.0K
Retained Earnings $-224M$-138M$-76M
AOCI $286.0K$55.0K$60.0K
Stockholders' Equity $369M$257M$-72M
Liabilities + Equity $385M$269M$84M
Shares Outstanding 44,927,95333,421,5251,257,080
Cash Flow 9
Metric Trend 202520242023
Stock-based Comp $9M$5M$2M
Operating Cash Flow $-80M$-55M$-32M
CapEx $2M$874.0K$129.0K
Investing Cash Flow $-84M$-161M$-31M
Stock Issued $602M··
Net Stock Activity $602M··
Financing Cash Flow $190M$234M$69M
Net Change in Cash $26M$19M$6M
Free Cash Flow $-82M$-56M·
Profitability 3
Metric Trend 202520242023
ROA -26.6%-35.1%·
ROE -29.6%-23.4%·
ROIC -26.6%··
Liquidity & Solvency 2
Metric Trend 202520242023
Current Ratio 24.624.2·
Quick Ratio 24.123.7·
Per Share 4
Metric Trend 202520242023
Book Value / Share $8.22$7.70·
Cash Flow / Share $-2.19$-5.14·
Cash / Share $1.68$1.48·
EPS (TTM) $-2.38$-5.82·
Valuation (TTM) 8
Metric Trend 202520242023
Net Income TTM $-87M$-62M·
Market Cap $1.42B$616M·
P/E -13.3-3.2·
P/B 3.82.4·
P / Tangible Book 3.82.4·
P / Cash Flow -17.7-11.3·
P / FCF -17.3-11.1·
Earnings Yield -7.5%-31.6%·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

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Metric 2025-12-312024-12-312023-12-31
Net Income $-87M $-62M $-33M
Diluted EPS $-2.38 $-5.82 $-31.96

Institutional owners (13F) 179 filers · $3.1B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 179
Value held $3.1B
New positions 39
Exited positions 20
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
39 (0 vs prior Q) 20 (+1 vs prior Q) 65 (+20 vs prior Q) 48 (+1 vs prior Q) +3.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Frazier Life Sciences Management, L.P. $367,191,118 6,652,013 11.84% Shares
FMR LLC $293,823,234 5,322,885 9.47% Shares
WELLINGTON MANAGEMENT GROUP LLP $274,759,269 4,977,523 8.86% Shares
NEA Management Company, LLC $199,519,627 3,614,486 6.43% Shares
ORBIMED ADVISORS LLC $189,266,227 3,428,736 6.10% Shares
BlackRock, Inc. $183,466,695 3,323,672 5.91% Shares
Paradigm Biocapital Advisors LP $138,442,428 2,508,015 4.46% Shares
NVP ASSOCIATES, LLC $117,925,692 2,136,335 3.80% Shares
Deep Track Capital, LP $95,637,809 1,732,569 3.08% Shares
Polar Capital Holdings Plc $88,789,973 1,608,514 2.86% Shares
VANGUARD CAPITAL MANAGEMENT LLC $81,551,818 1,477,388 2.63% Shares
Aaron Wealth Advisors LLC $64,462,505 1,167,799 2.08% Shares
Driehaus Capital Management LLC $58,323,161 1,056,579 1.88% Shares
VANGUARD GROUP INC $57,333,759 1,817,811 1.85% Shares
Kynam Capital Management, LP $51,600,905 934,799 1.66% Shares
Woodline Partners LP $49,685,078 900,092 1.60% Shares
EVENTIDE ASSET MANAGEMENT, LLC $48,216,758 873,492 1.55% Shares
STATE STREET CORP $47,718,523 864,466 1.54% Shares
Parkman Healthcare Partners LLC $44,169,550 800,173 1.42% Shares
GEODE CAPITAL MANAGEMENT, LLC $42,683,039 773,072 1.38% Shares
BRAIDWELL LP $39,240,576 710,880 1.26% Shares
TCG Crossover Management, LLC $35,880,000 650,000 1.16% Shares
Cormorant Asset Management, LP $30,360,000 550,000 0.98% Shares
Soleus Capital Management, L.P. $28,443,401 515,279 0.92% Shares
GOLDMAN SACHS GROUP INC $25,337,076 459,005 0.82% Shares
MARSHALL WACE, LLP $22,184,052 401,885 0.72% Shares
EcoR1 Capital, LLC $21,445,200 388,500 0.69% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $19,138,778 346,717 0.62% Shares
BANK OF AMERICA CORP /DE/ $16,500,771 298,927 0.53% Shares
Rock Springs Capital Management LP $16,461,634 298,218 0.53% Shares
Candriam S.C.A. $15,986,698 289,893 0.52% Shares
UBS Group AG $15,055,635 272,747 0.49% Shares
Opaleye Management Inc. $14,352,000 260,000 0.46% Shares
FRANKLIN RESOURCES INC $13,947,108 252,665 0.45% Shares
Schonfeld Strategic Advisors LLC $13,726,583 248,670 0.44% Shares
MORGAN STANLEY $13,720,403 248,558 0.44% Shares
NORTHERN TRUST CORP $13,616,626 246,678 0.44% Shares
DIMENSIONAL FUND ADVISORS LP $12,900,240 233,700 0.42% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $12,866,844 233,095 0.41% Shares
MILLENNIUM MANAGEMENT LLC $12,483,535 226,151 0.40% Shares
Tetragon Partners GP Ltd $11,235,574 203,543 0.36% Shares
VANGUARD FIDUCIARY TRUST CO $11,118,881 201,429 0.36% Shares
Caption Management, LLC $11,040,000 200,000 0.36% Call option
Caption Management, LLC $11,040,000 200,000 0.36% Put option
Caligan Partners LP $11,040,000 200,000 0.36% Shares
D. E. Shaw & Co., Inc. $10,088,738 182,767 0.33% Shares
JPMORGAN CHASE & CO $7,518,053 139,611 0.24% Shares
KVP Capital Advisors, LP $6,708,125 121,524 0.22% Shares
TWO SIGMA INVESTMENTS, LP $6,263,820 113,475 0.20% Shares
Burkehill Global Management, LP $5,520,000 100,000 0.18% Shares

Show all 179 institutional owners →

Activists & 5%+ owners 4 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., James N. Topper, Patrick J. Heron ×4 filings Aug. 10, 2026 11.70% Amendment · SEC
ORBIMED ADVISORS LLC, ORBIMED CAPITAL GP VII LLC, ORBIMED GENESIS GP LLC ×4 filings Aug. 10, 2026 6.40% Amendment · SEC
New Enterprise Associates 17, L.P., NEA Partners 17, L.P., NEA 17 GP, LLC, Forest Baskett, Ali Behbahani, Carmen Chang, Anthony A. Florence, Jr., Mohamad H. Makhzoumi, Edward T. Mathers, Scott D. Sandell, Paul Walker, Rick Yang ×2 filings Nov. 10, 2025 8.10% Amendment Passive investment SEC
Norwest Venture Partners XVI, LP, Genesis VC Partners XVI, LLC, NVP Associates, LLC, Jeffrey Crowe, Jon Erik Kossow, Tiba Aynechi ×2 filings Sept. 30, 2025 4.80% Amendment · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 22 insiders · 4 officers · 10 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Steven L. Hoerter President and CEO Aug. 3, 2026 A 82,938 1 0 $265,000
Kent P. Hawryluk President & CEO May 6, 2026 S 727,667 2 1 $780,454
John W Smither Chief Financial Officer Aug. 3, 2026 A 28,000 0 0 $0
Richard Bartram Chief Financial Officer Feb. 2, 2026 A 15,000 0 0 $0
Steven Ryder Director June 4, 2026 A · 0 0 $0
Tiba Aynechi Director June 4, 2026 A 2,136,335 0 0 $0
Laurie Stelzer Director June 4, 2026 A · 0 0 $0
Ora H. Pescovitz Director June 4, 2026 A 24,329 0 0 $0
Patrick J. Heron Director June 4, 2026 A 4,552,774 0 0 $0
Edward T. Mathers Director June 4, 2026 A 3,614,486 0 0 $0
James M Cornelius Director June 5, 2025 A 102,082 0 0 $0
GORDON CARL L Director Feb. 18, 2025 P 747,887 0 0 $0
Wellington Biomedical Innovation Master Investors (Cayman) II L.P. 10% owner Sept. 16, 2024 C 1,790,122 0 0 $0
Rick Yang 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Carmen Chang 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Mohamad Makhzoumi 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Ali Behbahani 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Anthony A. Florence, Jr. 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Paul Walker 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Forest Baskett 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Scott D. Sandell 10% owner Sept. 16, 2024 C 3,614,486 0 0 $0
Salomon Azoulay · Aug. 4, 2026 S 14,399 0 4 $-2,716,674

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 34 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PILL · Direxion Shares ETF Trust 2.42% 7,580 NS July 31, 2026 N-PORT
PTH · Invesco Exchange-Traded Fund Trust 1.94% 99,086 SH Oct. 2, 2026 Daily
BBC · ETFis Series Trust I 1.24% 8,754 NS July 31, 2026 N-PORT
IWC · iShares Trust 0.45% 105,373 SH Sept. 11, 2026 Daily
IHE · iShares Trust 0.37% 98,661 SH Sept. 11, 2026 Daily
DWAS · Invesco Exchange-Traded Fund Trust … 0.34% 24,557 SH Oct. 2, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.19% 67,904 SH Aug. 19, 2026 Daily
FFSM · FIDELITY COVINGTON TRUST 0.19% 42,630 NS July 31, 2026 N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust … 0.18% 3,392 SH Oct. 2, 2026 Daily
IBB · iShares Trust 0.13% 225,121 SH Sept. 11, 2026 Daily
IWO · iShares Trust 0.12% 291,403 SH Sept. 11, 2026 Daily
NUSC · Nushares ETF Trust 0.11% 20,847 NS July 31, 2026 N-PORT
VTWG · VANGUARD SCOTTSDALE FUNDS 0.10% 33,276 SH Aug. 19, 2026 Daily
RSSL · Global X Funds 0.07% 14,858 NS July 31, 2026 N-PORT
IWM · iShares Trust 0.06% 793,901 SH Sept. 11, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.05% 178,613 SH Aug. 19, 2026 Daily
DFAS · Dimensional ETF Trust 0.03% 75,910 NS July 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 0.02% 10,380 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.02% 305,918 SH Aug. 19, 2026 Daily
VHT · VANGUARD WORLD FUND 0.02% 64,357 SH Aug. 19, 2026 Daily
ISCG · iShares Trust 0.02% 2,980 SH Sept. 11, 2026 Daily
WSML · iShares Trust 0.01% 1,390 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 1,264 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.00% 1,774 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 41,129 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 7,766 SH Sept. 9, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 16,676 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.00% 4,080 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.00% 5,882 NS July 31, 2026 N-PORT
DFSU · Dimensional ETF Trust 0.00% 29 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.00% 1,135,725 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 2,567 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 1,144 SH Sept. 11, 2026 Daily
ISCV · iShares Trust · 3,453 SH Sept. 11, 2026 Daily

MBX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 16 analysts BUY
Median target $88.00 +50.4%
5 31.2% Strong Buy
10 62.5% Buy
1 6.2% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

10 analysts · 2026-09-29

Mean target $88.10 +50.6%

← Below all targets Current price $58.51
Low$70.00 Mean$88.10 High$121.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
MBX $1.42B -13.3 · · -29.6% ·
OGN $1.87B 10.0 -2.9% 3.0% 25.2% 53.3%
AMLX $1.33B -7.9 -77.1% · -61.2% ·
TARS $3.48B -51.5 146.7% -14.7% -19.7% ·
ELVN $915M -8.4 · · -21.9% ·
LQDA $3.01B -43.1 1031.2% -43.5% -230.0% ·
SUPN $2.86B -73.1 8.6% -5.4% -3.6% ·
AMRX · 57.3 8.1% 2.4% -80.0% 36.9%
HRMY $2.16B 13.8 21.5% 18.3% 19.3% 77.2%
LLY · 46.8 44.7% 31.7% 101.2% ·

Latest News Recent headlines mentioning this company

23
The Kestra Director Who Built and Sold a Device Company Keeps Buying Stock Nasdaq · 5 months, 4 weeks ago MBX CEO Buys 18,500 Shares as Stock Jumps 270% This Past Year. Here's What You Should Know Nasdaq · 6 months, 1 week ago

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 6, 2026