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MBX Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in cash and cash equivalents to $132,865,000 from $30,523,000 at the end of 2023, largely due to the proceeds from the initial public offering (IPO) completed on September 16, 2024.
The company reported a net loss of $18,142,000 for the quarter, compared to $10,162,000 in the same quarter of the previous year, primarily due to increased research and development expenses.
Research and development expenses for the quarter were $16,747,000, up from $9,073,000 in the previous year, driven by ongoing clinical trials and preclinical studies.
General and administrative expenses increased to $2,865,000 from $1,872,000, reflecting higher professional fees and personnel costs.
MBX Biosciences completed its IPO, raising approximately $170.5 million in net proceeds, which contributed to the increase in cash reserves.
The company is advancing its lead product candidate, MBX 2109, through a Phase 2 clinical trial for the treatment of chronic hypoparathyroidism, with enrollment expected to complete in the first quarter of 2025.
MBX 1416 is being evaluated in a Phase 1 clinical trial as a potential therapy for post-bariatric hypoglycemia, with top-line data expected in early 2025.
The company continues to develop its pipeline, including MBX 4291 for obesity, which is in preclinical studies with an investigational new drug application planned for 2025.
MBX Biosciences has incurred significant operating losses since inception and expects to continue to incur losses as it advances its product candidates through development.
The company had cash, cash equivalents, and marketable securities totaling $277.1 million as of September 30, 2024, which it believes will be sufficient to fund operations into mid-2027.
MBX Biosciences relies on its proprietary Precision Endocrine Peptide platform to develop therapies for endocrine and metabolic disorders, with a focus on improving clinical outcomes and simplifying disease management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MBX Biosciences Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.