MBX Biosciences, Inc.(MBX) - 2025 Q2 - Quarterly Report

Special Note Regarding Forward-Looking Statements This section highlights forward-looking statements, based on management's beliefs and assumptions, which involve risks that could cause actual results to differ materially - Forward-looking statements are based on management's beliefs and assumptions and relate to future events or operational/financial performance[8] - These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different[8] - The company does not have a current intention to update these forward-looking statements in the future, except as required by applicable law[10] PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed financial statements, including balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, and cash flows, along with detailed notes explaining the company's financial position, performance, and significant accounting policies Condensed Balance Sheets The condensed balance sheets present the company's financial position as of June 30, 2025, and December 31, 2024, showing a decrease in total assets and stockholders' equity, alongside a slight increase in total liabilities Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Total current assets | $229,190 | $267,286 | $(38,096) | | Total assets | $231,522 | $268,535 | $(37,013) | | Total current liabilities | $11,756 | $11,051 | $705 | | Total liabilities | $12,283 | $11,093 | $1,190 | | Total stockholders' equity | $219,239 | $257,442 | $(38,203) | - Cash and cash equivalents decreased from $49.35 million at December 31, 2024, to $39.78 million at June 30, 2025, with marketable securities also decreasing from $212.80 million to $185.13 million[15] - The accumulated deficit increased significantly from $(137.51) million at December 31, 2024, to $(180.80) million at June 30, 2025, reflecting ongoing operating losses[15] Condensed Statements of Operations and Comprehensive Loss The company reported increased operating expenses and net losses for both the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily driven by higher research and development and general and administrative costs Condensed Statements of Operations and Comprehensive Loss Highlights (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (2025 vs 2024) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (2025 vs 2024) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :-------------------------- | :--------------------------- | :--------------------------- | :-------------------------- | | Research and development | $17,724 | $14,396 | $3,328 | $40,130 | $25,445 | $14,685 | | General and administrative | $4,081 | $2,262 | $1,819 | $8,204 | $4,527 | $3,677 | | Total operating expenses | $21,805 | $16,658 | $5,147 | $48,334 | $29,972 | $18,362 | | Loss from operations | $(21,805) | $(16,658) | $(5,147) | $(48,334) | $(29,972) | $(18,362) | | Interest and other income, net | $2,394 | $801 | $1,593 | $5,043 | $1,778 | $3,265 | | Net loss | $(19,411) | $(15,857) | $(3,554) | $(43,291) | $(28,194) | $(15,097) | | Net loss per common share, basic and diluted | $(0.58) | $(12.62) | $12.04 | $(1.30) | $(22.93) | $21.63 | - Net loss per common share significantly improved from $(12.62) to $(0.58) for the three months ended June 30, 2025, and from $(22.93) to $(1.30) for the six months ended June 30, 2025, primarily due to a substantial increase in the weighted average number of common shares outstanding (from ~1.26 million to ~33.45 million for Q2, and ~1.23 million to ~33.43 million for H1)[18] Condensed Statements of Stockholders' Equity (Deficit) and Convertible Preferred Stock The statements show a decrease in total stockholders' equity from $257.4 million at January 1, 2025, to $219.2 million at June 30, 2025, primarily due to net losses, partially offset by increases in additional paid-in capital from stock option exercises and stock-based compensation Stockholders' Equity Changes (in thousands) | Metric | Balance at Jan 1, 2025 | Balance at June 30, 2025 | Change | | :-------------------------- | :--------------------- | :--------------------- | :----- | | Common Stock Amount | $5 | $5 | $0 | | Additional Paid-in Capital | $394,887 | $400,019 | $5,132 | | Accumulated Deficit | $(137,505) | $(180,796) | $(43,291) | | Total Stockholders' Equity | $257,442 | $219,239 | $(38,203) | - The accumulated deficit increased by $43.3 million during the six months ended June 30, 2025, reflecting the net loss incurred[21] - Additional paid-in capital increased by $5.1 million, driven by stock-based compensation expense ($3.8 million) and proceeds from stock option exercises ($1.3 million)[21] Condensed Statements of Cash Flows For the six months ended June 30, 2025, the company experienced a net decrease in cash and cash equivalents of $9.6 million, primarily due to significant cash used in operating activities, partially offset by cash provided by investing and financing activities Condensed Statements of Cash Flows Highlights (Six months ended June 30, in thousands) | Activity | 2025 | 2024 | Change (2025 vs 2024) | | :-------------------------------------- | :--------- | :--------- | :-------------------- | | Net cash used in operating activities | $(40,112) | $(23,980) | $(16,132) | | Net cash provided by investing activities | $29,212 | $7,538 | $21,674 | | Net cash provided by (used in) financing activities | $1,330 | $(1,578) | $2,908 | | Net decrease in cash and cash equivalents | $(9,570) | $(18,020) | $8,450 | | Cash and cash equivalents, end of period | $39,781 | $12,503 | $27,278 | - Net cash used in operating activities increased by $16.1 million, from $(23.98) million in H1 2024 to $(40.11) million in H1 2025, primarily due to higher net loss[24] - Net cash provided by investing activities significantly increased by $21.7 million, from $7.54 million in H1 2024 to $29.21 million in H1 2025, driven by higher maturities and redemptions of marketable securities[24] - Financing activities shifted from using $1.58 million cash in H1 2024 to providing $1.33 million in H1 2025, mainly due to proceeds from stock option exercises in 2025 and payments related to IPO costs in 2024[24] Notes to Unaudited Condensed Financial Statements These notes provide detailed explanations and additional information supporting the unaudited condensed financial statements, covering the company's business, accounting policies, financial instrument valuations, and various commitments and contingencies