| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -23,517 | -22,062 | -21,618 | -43,291 |
| Stock-based compensation expense | 5,484 | 2,656 | 2,245 | 3,776 |
| Non cash operating lease expense | 34 | 32 | 32 | 69 |
| Depreciation expense | - | - | - | 138 |
| Accretion and amortization of marketable securities, net | 579 | 555 | 734 | 2,322 |
| Depreciation expense | 64 | 60 | 88 | 100 |
| Prepaid expenses and other current assets | 725 | 2,005 | 1,545 | -853 |
| Accounts payable | 3,972 | -861 | -2,042 | 447 |
| Accrued expenses | -4,857 | 4,453 | 2,038 | 305 |
| Other assets | 43 | -8 | - | - |
| Operating lease right-of-use asset | - | 0 | -65 | 566 |
| Operating lease liability | -41 | -27 | -27 | 479 |
| Net cash used in operating activities | -20,208 | -18,301 | -21,536 | -40,112 |
| Purchases of property and equipment | 437 | 793 | 399 | 737 |
| Purchases of marketable securities | 154,160 | 205,430 | 46,395 | 106,323 |
| Maturities of marketable securities | 57,500 | 76,250 | 61,350 | 130,272 |
| Call redemptions of marketable securities | 0 | 0 | 2,500 | 6,000 |
| Net cash (used in) provided by investing activities | -97,097 | -129,973 | 17,056 | 29,212 |
| Proceeds from public offering, net of underwriting discounts and commissions | - | 0 | 187,948 | - |
| Proceeds from initial public offering, net of underwriting discounts and commissions | - | 0 | 0 | - |
| Proceeds from at-the-market offering, net of underwriting discounts and commissions | 85,371 | - | - | - |
| Proceeds from exercise of common stock options | 2,442 | 955 | 130 | 1,330 |
| Payments related to offering costs | 378 | 517 | 254 | 0 |
| Proceeds from the issuance of series c convertible preferred stock | - | 0 | 0 | - |
| Preferred stock issuance costs | - | 0 | 0 | - |
| Net cash provided by financing activities | 87,435 | 438 | 187,824 | 1,330 |
| Net decrease in cash and cash equivalents | -29,870 | -147,836 | 183,344 | -9,570 |
| Cash, cash equivalents and restricted cash, beginning of period | 75,289 | 223,125 | 49,351 | - |
| Cash, cash equivalents and restricted cash, end of period | 45,419 | 75,289 | 223,125 | - |
MBX Biosciences, Inc. (MBX)
MBX Biosciences, Inc. (MBX)