Product Development - Canvuparatide, the lead product candidate, is designed as a long-acting hormone replacement therapy for chronic hypoparathyroidism, with a once-weekly administration aimed at providing continuous PTH exposure [23]. - The obesity product candidate MBX 4291 is designed for once-monthly dosing and has shown similar activity to tirzepatide in preclinical studies, with Phase 1 results expected in Q4 2026 [23]. - Imapextide, a long-acting GLP-1 receptor antagonist for post-bariatric hypoglycemia, demonstrated a median half-life of 90 hours in Phase 1 trials, supporting a once-weekly dosing regimen [23]. - The company expects to initiate a Phase 3 clinical trial for canvuparatide in Q3 2026 and present one-year follow-up data from the Phase 2 trial in Q2 2026 [23]. - Canvuparatide has received orphan drug designation from the FDA and the European Commission for the treatment of chronic hypoparathyroidism [37]. - Canvuparatide achieved a primary endpoint of maintaining normal serum calcium levels and independence from conventional therapy in 63% of treated patients compared to 31% in placebo at Week 12 (p=0.042) [50]. - The Phase 3 trial for canvuparatide is planned to enroll approximately 160 patients, with a primary endpoint assessed at week 26 [43]. - Canvuparatide demonstrated a half-life of approximately 7.7 to 8.9 days, supporting a once-weekly dosing regimen [52]. - The Phase 2 trial of canvuparatide involved 64 patients over a 12-week period, focusing on safety, tolerability, and efficacy [44]. - The company plans to present results from the Phase 2 trial and report one-year follow-up data in the second quarter of 2026 [48]. - MBX 4291 is currently in Phase 1 clinical trials to evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics in adults with obesity, with a total of 63 days follow-up for single doses and 71 days for multiple doses [66][67]. - The trial includes a randomized 3:1 ratio of participants receiving MBX 4291 versus placebo, with topline results expected in 2027 [68]. - Preclinical studies show MBX 4291 has a similar activity profile to tirzepatide, demonstrating comparable weight loss effects in rodent models [69][70]. - In non-human primates, MBX 4291 showed a peak exposure to the active drug 4-5 days post-injection, indicating a potential for less frequent dosing compared to tirzepatide, which peaks within 24 hours [72]. - The pharmacokinetic profile of MBX 4291 suggests a flatter decline in active drug concentration, allowing for a potential once-monthly dosing regimen [73]. - Imapextide (MBX 1416) is being developed as a long-acting GLP-1 receptor antagonist for post-bariatric surgery hypoglycemia, with a favorable safety profile observed in Phase 1 trials [76][90]. - The Phase 1 trial for imapextide demonstrated dose-proportional increases in exposure, with a median half-life of approximately 90 hours, supporting a once-weekly dosing regimen [91]. - Imapextide demonstrated dose-proportional increases in mean serum concentration, achieving steady state by the third dose with median Tmax between 36 and 48 hours [92]. - In a mixed meal tolerance test, imapextide showed a significant increase in GLP-1 levels within 60 minutes post-meal, indicating potential therapeutic benefits for patients [94]. Market and Competitive Landscape - Chronic hypoparathyroidism affects approximately 120,000 people in the U.S. and over 250,000 in the U.S. and Europe, with the most common cause being inadvertent removal or damage to parathyroid glands during surgery [34]. - The company has a robust discovery pipeline and expects to nominate two additional candidates in the second and third quarters of 2026 [31]. - The obesity portfolio includes MBX 4291, designed for potential once-monthly dosing, with preclinical studies showing similar weight loss activity to tirzepatide [56]. - The company expects to nominate two additional obesity candidates in the second and third quarters of 2026 [55]. - The biotechnology industry is characterized by intense competition, with major pharmaceutical companies having greater resources and expertise in research and development [113]. - Direct competitors include Ascendis Pharma, AstraZeneca, and Eli Lilly, with various products in development for obesity and hypoparathyroidism [114][115]. Intellectual Property and Regulatory Compliance - The company emphasizes the importance of protecting intellectual property through patents, trademarks, and trade secrets to maintain a competitive edge [117]. - The patent portfolio includes exclusive in-licensed patents related to PEP™ technology, with expected expiration dates ranging from 2029 to 2047 [120][121][122][123][124]. - The company plans to apply for patent term extensions for FDA-approved product candidates, which may extend patent terms by up to five years [126]. - Regulatory compliance is crucial, as failure to meet FDA requirements can lead to sanctions, including withdrawal of approvals and product recalls [130]. - The FDA conducts a preliminary review of a New Drug Application (NDA) within 60 days to determine completeness before substantive review [144]. - Applications for drugs containing new molecular entities are meant to be reviewed within 10 months, while priority review products are reviewed within 6 months [152]. - The FDA may grant accelerated approval for products that provide meaningful therapeutic advantages based on surrogate endpoints [153]. - The FDA requires post-approval studies to verify clinical benefits for products granted accelerated approval, with updates required every 180 days [156]. - The FDA may issue an approval letter authorizing commercial marketing or a complete response letter outlining deficiencies in the NDA submission [157]. - Drug manufacturers must comply with cGMP requirements and are subject to periodic inspections by the FDA [160]. - The FDA may withdraw approval if regulatory compliance is not maintained or if new safety issues arise post-market [161]. - The FDA strictly regulates marketing and promotion of drugs, allowing promotion only for approved indications [162]. - The Prescription Drug Marketing Act regulates the distribution of prescription drugs and samples at the federal level [163]. - Legislative changes may significantly affect the approval, manufacturing, and marketing of FDA-regulated products [164]. Healthcare System and Pricing - The U.S. healthcare system has seen significant changes due to the Affordable Care Act (ACA), affecting financing and reimbursement processes for pharmaceutical products [205]. - Coverage and reimbursement for drug products in the U.S. can vary significantly among third-party payors, impacting sales and financial performance [196]. - Pricing negotiations for pharmaceuticals in the EU can be complex, often requiring additional studies to demonstrate cost-effectiveness before reimbursement approval [204]. - The downward pressure on healthcare costs in the EU has intensified, leading to increased barriers for new product entry and potential pricing controls [204]. - Companies may need to conduct expensive pharmacoeconomic studies to secure coverage and reimbursement for approved products [197]. - The U.S. Centers for Medicare & Medicaid Services (CMS) may develop new payment models, impacting reimbursement methodologies for pharmaceutical products [202]. - Compliance with various healthcare laws, including the Anti-Kickback Statute and the False Claims Act, is critical to avoid penalties and ensure operational integrity [192]. - The U.S. Congressional inquiries and proposed legislation aim to increase Medicaid rebates from 15.1% to 23.1% of the average manufacturer price for brand name drugs [206]. - The Inflation Reduction Act (IRA) will reduce the out-of-pocket spending cap for Medicare Part D beneficiaries to $2,000 starting in 2025, eliminating the prescription drug coverage gap [210]. - The U.S. Budget Control Act of 2011 includes a 2% annual reduction in Medicare payments to providers, effective until 2031 [211]. - The American Rescue Plan Act of 2021 eliminated the statutory Medicaid drug rebate cap for single source and innovator multiple source drugs starting January 1, 2024 [211]. - The proposed Global Benchmark for Efficient Drug Pricing Model (GLOBE) for Medicare Part B will require manufacturers to pay incremental rebates based on international benchmark prices starting October 1, 2026 [215]. - The Guarding U.S. Medicare Against Rising Drug Costs (GUARD) model for Medicare Part D will mandate manufacturer rebates for qualifying drugs exceeding an MFN benchmark starting in 2027 [215]. - Individual states are implementing regulations to control pharmaceutical pricing, including Upper Payment Limits (UPLs) on high-price drugs, which may impact future revenues [216]. Workforce and Company Operations - As of December 31, 2025, the company had 63 full-time employees, with 45 engaged in research and development [217]. - The company has never experienced a work stoppage and maintains good employee relations [218]. - The company's equity incentive plans aim to attract and retain personnel to increase shareholder value [219].

Core Insights - MBX Biosciences is advancing its clinical pipeline, particularly with the once-weekly canvuparatide for chronic hypoparathyroidism, which is on track to enter Phase 3 trials in Q3 2026 following a successful End-of-Phase 2 meeting with the FDA [1][5] - The company is also developing an obesity pipeline, including MBX 4291, with Phase 1 data expected in Q4 2026 and plans to nominate additional candidates in Q2 and Q3 2026 [1][2][5] - As of December 31, 2025, MBX had pro forma cash and investments of $459.1 million, expected to support operations into 2029 [1][10] Clinical Development - The Phase 3 trial for canvuparatide is set to initiate in Q3 2026, with FDA feedback confirming the trial design elements [5] - The ongoing Phase 2a trial of imapextide (MBX 1416) for post-bariatric hypoglycemia is expected to yield results in Q2 2026 [3][10] - MBX 4291, a GLP-1/GIP co-agonist prodrug, is progressing through Phase 1, with 12-week data anticipated in Q4 2026 [1][5] Financial Performance - For Q4 2025, MBX reported a net loss of $22.1 million, compared to a net loss of $15.6 million in Q4 2024, with total operating expenses of $25.8 million [10][16] - Research and development expenses for the full year 2025 were $79.2 million, up from $57.4 million in 2024, driven by clinical trial costs [10][16] - As of December 31, 2025, cash, cash equivalents, and marketable securities totaled $373.7 million, with an additional $85.4 million raised in February 2026 [10][16] Corporate Developments - In January 2026, Laurie Stelzer was appointed to the Board of Directors, enhancing the company's strategic and financial leadership [4] - Karen Basbaum was appointed as Chief Business Officer in March 2026, bringing extensive experience in corporate strategy and business development [10]

Summary of MBX Biosciences FY Conference Call Company Overview - **Company**: MBX Biosciences (NasdaqGS:MBX) - **Industry**: Biotechnology, focusing on precision endocrine peptides (PEPs) for endocrine and metabolic diseases [4][5] Key Points and Arguments Platform Technology and Pipeline - MBX is pioneering PEPs aimed at improving the efficacy and duration of peptide therapeutics for endocrine and metabolic diseases [4] - The company has achieved a significant regulatory milestone with a successful end-of-phase 2 meeting with the FDA, allowing them to proceed to phase 3 trials for hypoparathyroidism (HP) [5] - The phase 3 trial is set to start in Q3 2026, focusing on a once-weekly PTH replacement therapy [5] Hypoparathyroidism Program - The phase 3 study will be placebo-controlled for 6 months, with a primary endpoint based on a responder rate and a key secondary endpoint of normalizing urine calcium [7][8] - The differentiation from competitors, such as Yorvipath, lies in the inclusion of urine calcium as a pre-specified endpoint [9][11] - Current standard of care for HP is considered outdated, with patients often managing their condition with multiple pills, leading to a high burden of treatment [11][12] - A once-weekly therapy is expected to significantly improve patient quality of life, as indicated by positive feedback from endocrinologists and patients [12][15] Market Opportunity - There is a strong unmet need in the HP market, with patients expressing a desire for a more manageable treatment regimen [11][12] - 80% of endocrinologists indicated they would switch patients from a daily to a weekly treatment if available, highlighting the potential for market expansion [15] Phase 2 Data and Comparisons - In the phase 2 Avail study, MBX reported a 63% response rate compared to placebo, with a significant increase to 79% in the open-label extension [16] - The placebo response rates were comparable to those seen in competitors, suggesting a robust treatment effect [16][19] Obesity Portfolio - MBX is expanding its portfolio into obesity treatments, starting with MBX 4291, a GLP-1/GIP co-agonist prodrug expected to offer once-monthly dosing with improved tolerability [5][27] - The obesity market is recognized as a major health issue with significant unmet needs, and MBX aims to lead in this field [27][28] - The company is focusing on reducing gastrointestinal side effects commonly associated with current obesity treatments [28][29] Upcoming Data and Expectations - The company plans to release one-year follow-up data from the phase 2 study at a major medical meeting in Q2 2026, which will include various biomarkers and safety data [22][25] - Expectations for the obesity program include demonstrating competitive weight loss and tolerability compared to existing treatments [33][34] Competitive Landscape - MBX's approach to treating post-bariatric hypoglycemia (PBH) with a long-acting GLP-1 antagonist is positioned to address a significant need in the market, differentiating itself from shorter-acting competitors [36][39] - The company emphasizes the importance of once-weekly administration for patient convenience and improved quality of life [39] Additional Important Insights - The PEP platform is designed to enhance the pharmacokinetics of peptide drugs, aiming for a slow rise to maximum concentration and reduced fluctuations, which is expected to improve tolerability [30][31] - The company has sufficient cash reserves to support operations and development through 2029, providing a strong foundation for advancing its programs [6]

Summary of MBX Biosciences Conference Call Company Overview - **Company**: MBX Biosciences - **Focus**: Pioneering Precision Endocrine Peptides (PEPs) for endocrine and metabolic diseases, particularly hypoparathyroidism and obesity [4][5] Key Points and Arguments Hypoparathyroidism Developments - **Phase 3 Study**: Successful end-of-phase 2 meeting with FDA, aligning on phase 3 pivotal study design [5][18] - **Primary Endpoint**: Similar to phase 2, focusing on normalization of serum calcium without vitamin D or calcium supplements [19] - **Responder Rate**: Phase 2 showed a 63% responder rate at 12 weeks, increasing to 79% at 6 months [6] - **Patient Feedback**: Patients express a strong preference for weekly administration over daily pills, addressing the burden of standard care [14][16] Obesity Portfolio - **Product Pipeline**: - **MBX 4291**: A GLP-1/GIP co-agonist with a 12-week study reading out in Q4, aiming for improved tolerability through unique PK profile [7][8] - **Upcoming Candidates**: Plans to declare an amycretin in Q2 and a triple G candidate in Q3 [8] - **Funding**: Cash reserves of $373 million at year-end 2025, supporting operations into 2029, with an additional $87 million raised through an ATM sale [9] Technology and Differentiation - **PEP Platform**: Utilizes programmable prodrugs and fatty acylation to extend the half-life of peptides, aiming for steady exposure and improved tolerability [12][13][45] - **Market Positioning**: Positioned as both a platform and pipeline company, leveraging clinically validated technology to address unmet needs in obesity and endocrine disorders [11] Regulatory and Market Insights - **FDA Engagement**: Positive feedback from FDA on the regulatory path for hypoparathyroidism treatment [18] - **Market Dynamics**: Recognition of obesity as a significant health issue, with a shift towards effective peptide-based treatments [30] Clinical Expectations - **Phase 2 Avail Study**: Anticipated one-year follow-up data in Q2, with high retention rates and positive feedback from physicians regarding the once-weekly kenvuparatide [25][26] - **Urinary Calcium Normalization**: Key secondary endpoint in phase 3, with previous phase 2 showing a decrease of nearly 200 mg in urine calcium [22][19] Additional Important Content - **Patient-Centric Approach**: Emphasis on addressing the full spectrum of obesity and endocrine disorders, with a focus on patient convenience and long-term health outcomes [46] - **Bariatric Surgery Complications**: Addressing post-bariatric hypoglycemia with a long-acting GLP-1 antagonist, with a proof of concept study reading out in Q2 [47][48] This summary encapsulates the critical insights and developments discussed during the MBX Biosciences conference call, highlighting the company's strategic direction and clinical advancements.

Core Viewpoint - MBX Biosciences, Inc. has appointed Karen Basbaum as Chief Business Officer, bringing over 20 years of experience in corporate strategy and business development within the biotechnology and pharmaceutical sectors [1][3]. Company Overview - MBX Biosciences is a clinical-stage biopharmaceutical company focused on developing precision peptide therapies for endocrine and metabolic disorders [1][5]. - The company utilizes its proprietary PEP™ platform to advance a pipeline of candidates targeting significant unmet medical needs [5]. Leadership Appointment - Karen Basbaum's extensive background includes leading strategic partnerships and corporate transactions valued at over $10 billion during her tenure at Poseida Therapeutics [3][4]. - Her previous roles include senior positions at DNAtrix, Dauntless Pharmaceuticals, and Elcelyx Therapeutics, contributing to major corporate transactions, including a $7 billion acquisition by Bristol Myers Squibb [4]. Pipeline Development - MBX's pipeline includes canvuparatide (MBX 2109) for chronic hypoparathyroidism, which is preparing for Phase 3 development, and an obesity portfolio with candidates in various stages of development [5]. - The company is also advancing imapextide (MBX 1416) for post-bariatric hypoglycemia, currently in Phase 2 development [5].

Core Insights - MBX Biosciences has successfully completed an End-of-Phase 2 meeting with the FDA, confirming the design for a Phase 3 trial of canvuparatide for chronic hypoparathyroidism, set to begin in Q3 2026 [2][3] Company Overview - MBX Biosciences is a clinical-stage biopharmaceutical company focused on developing precision peptide therapies for endocrine and metabolic disorders [2][8] - The company utilizes its proprietary Precision Endocrine Peptide™ (PEP™) platform technology to create novel therapies [6][8] Product Development - Canvuparatide is a parathyroid hormone peptide prodrug designed for once-weekly administration, aiming to restore physiologic PTH activity and maintain normocalcemia [6][7] - The Phase 3 trial will enroll approximately 160 patients, with a 3:1 randomization to receive canvuparatide or placebo, including a fixed dose period, dose-titration, and maintenance period [4][3] Market Potential - Chronic hypoparathyroidism affects over 250,000 individuals in the U.S. and Europe, with current treatments not addressing the underlying PTH deficiency [7] - Canvuparatide has received orphan drug designation from both the FDA and the European Medicines Agency, supporting its clinical development [5][6]

Core Insights - MBX Biosciences is on track to initiate Phase 3 trials for canvuparatide in Q3 2026 after a successful End-of-Phase 2 meeting with the FDA [1][2] - Canvuparatide aims to establish a new standard of care for chronic hypoparathyroidism by providing a once-weekly dosing regimen that restores physiologic PTH activity [2] - The Phase 3 trial will enroll approximately 160 patients and will include a double-blind placebo-controlled design [3] Company Overview - MBX Biosciences is a clinical-stage biopharmaceutical company focused on precision peptide therapies for endocrine and metabolic disorders [1][7] - The company utilizes its proprietary Precision Endocrine Peptide™ (PEP™) platform technology to develop novel therapies [5][7] - The pipeline includes canvuparatide for chronic hypoparathyroidism, an obesity portfolio, and imapextide for post-bariatric hypoglycemia [8] Product Details - Canvuparatide is a parathyroid hormone peptide prodrug designed for long-acting hormone replacement therapy [5] - It has received orphan drug designation from both the FDA and the European Medicines Agency for the treatment of chronic hypoparathyroidism [4][5] - The treatment aims to provide continuous PTH exposure with lower daily peak-to-trough ratios compared to daily PTH dosing regimens [5] Disease Context - Chronic hypoparathyroidism is a rare endocrine disease affecting over 250,000 individuals in the U.S. and Europe, characterized by low calcium levels due to PTH deficiency [6] - Current treatments primarily involve high doses of oral calcium and active vitamin D supplements, which do not address the underlying PTH deficiency [6]

Summary of MBX Biosciences FY Conference Call Company Overview - **Company**: MBX Biosciences (NasdaqGS:MBX) - **Focus**: Pioneering Precision Endocrine Peptides (PEPs) for treating endocrine and metabolic diseases [2][3] Key Highlights 2025 Achievements - **Phase 2 Data**: Spectacular results in hypoparathyroidism (HP) program [3] - **Obesity Candidate**: Advanced MBX 4291, a once-monthly GLP-1 GIP coagonist prodrug, into clinical trials [3] 2026 Catalysts - **Phase 3 Study**: Initiation of global registrational phase 3 study in HP with once-weekly canvuparatide expected in Q3 [4] - **Obesity Portfolio Expansion**: Anticipation of 12-week multiple ascending dose data for MBX 4291 in Q4 [4] - **Financial Position**: Strong financial runway into 2029, providing flexibility for program advancement [4] PEP Technology - **Clinical Validation**: PEP technology is proprietary and differentiated, designed for slow release and improved tolerability [5][6] - **Innovative Peptides**: Focus on optimizing potency and reducing dosing frequency through programmable prodrugs and fatty acylation [5][6] Canvuparatide Data - **Phase 2 Study Design**: 12-week placebo-controlled study with significant response rates observed [9][10] - **Response Rate**: 94% of patients opted for open-label extension, with a 79% responder rate at six months [11] - **Upcoming Data**: One-year follow-up data expected to show similar retention rates and additional safety metrics [12][13] Market Insights - **YORVIPATH Launch**: Once-daily YORVIPATH is on a $500 million run rate; market demand favors once-weekly dosing [26][27] - **Market Research**: Strong preference for once-weekly dosing among doctors and patients, indicating potential for rapid uptake [27] Obesity Program - **Metsera Acquisition**: Enhances the obesity portfolio with a unique PK/PD profile aimed at reducing GI toxicity [28] - **Phase 1 Studies**: Ongoing studies to evaluate tolerability and pharmacokinetics (PK) of MBX 4291 [29][30] - **Weight Loss Expectations**: Focus on confirming good tolerability and competitive weight loss results in upcoming trials [34][36] Imapextide and PBH - **Phase 2A Study**: Assessing glucose nadir in patients with post-bariatric hypoglycemia (PBH) [45] - **Half-Life Advantage**: Imapextide has a 90-hour half-life compared to competitors' 3 hours, allowing for better coverage [48] Financial Position - **Cash Reserves**: Ended 2025 with $373 million, projected to reach $460 million post-ATM stock sale, fully funding upcoming catalysts [61][62] Underappreciated Aspects - **Best-in-Class Candidates**: Unique position with three potential best-in-class candidates in the clinic and a validated platform technology [64][65] Conclusion - MBX Biosciences is positioned for significant growth with a strong pipeline in endocrine and metabolic disease treatments, backed by innovative technology and a solid financial foundation. The upcoming data releases and market dynamics present promising opportunities for the company.

MBX Biosciences FY Conference Summary Company Overview - **Company**: MBX Biosciences (NasdaqGS:MBX) - **Focus**: Pioneering Precision Endocrine Peptides (PEPs) for treating endocrine and metabolic disorders [1][4] Key Updates and Expectations for 2026 - **Pivotal Year**: 2026 is expected to be crucial with significant milestones across three clinical stage programs and advancements in obesity discovery and preclinical development [1] - **Cash Runway**: The company has a cash runway extending into 2029, providing flexibility in advancing its pipeline [3] Clinical Programs Canvuparatide - **Phase II Meeting**: An end-of-phase II meeting with the FDA is scheduled, with updates on study design for phase III expected [2] - **Phase II Update**: One-year data will be released in Q2, with a global registrational phase III study initiation planned for Q3 [2] - **Response Rate**: A 63% response rate was observed in a 12-week placebo-controlled study, with 79% of patients responding during the open-label extension [9][10] Obesity Portfolio - **MBX-4291**: A once-monthly GLP-1/GIP co-agonist with anticipated 12-week data from a multiple ascending dose study [2] - **New Candidates**: Two additional candidate selections targeting amylin and glucagon are expected in Q2 and Q3 [2] Imapextide - **Phase IIa Study**: A pharmacodynamic study is underway for post-bariatric hypoglycemia, with results expected in Q2 2024 [24][25] Technology and Differentiation - **PEP Technology**: The proprietary PEP technology allows for slow release and steady exposure, improving tolerability and reducing side effects associated with traditional therapies [4][19] - **Best-in-Class Potential**: The company aims to develop best-in-class drugs, with positive feedback from the physician community regarding their clinical data [12][15] Market Opportunity - **Hypoparathyroidism**: The disease has a prevalence of over 250,000 in the US and EU, with current treatments being inadequate [7] - **Obesity Treatment**: The company recognizes obesity as a heterogeneous disease requiring diverse therapeutic options, with a focus on improving tolerability and adherence [18] Financial Position - **Cash Balance**: Year-end cash balance of $373 million, projected to increase to $460 million post recent stock sale, supporting operations through 2029 [34][35] - **Commercialization Plans**: Preparations for the commercialization of canagliflozin are underway, with a focus on recruiting a Chief Commercial Officer [36] Conclusion - **Growth Potential**: MBX Biosciences is positioned for a catalyst-rich year with multiple data releases and a strong pipeline aimed at addressing significant health issues in endocrine and metabolic disorders [33][36]

Core Insights - MBX Biosciences, Inc. is a clinical-stage biopharmaceutical company focused on precision peptide therapies for endocrine and metabolic disorders [1][3] - The company has an upcoming schedule of investor conferences in March 2026, where key executives will participate [2] Company Overview - MBX Biosciences specializes in the discovery, development, and commercialization of novel precision peptide therapies using its proprietary PEP™ platform [3] - The company is advancing a pipeline that includes canvuparatide (MBX 2109) for chronic hypoparathyroidism, which is preparing for Phase 3 development [3] - The obesity portfolio includes MBX 4291 in Phase 1 development and multiple discovery and pre-clinical candidates [3] - Imapextide (MBX 1416) is in Phase 2 development for post-bariatric hypoglycemia [3] - The company is based in Carmel, Indiana [3]