MBX Biosciences is a clinical-stage biopharmaceutical company developing peptide therapies for endocrine and metabolic disorders. MBX's core technology is its Precision Endocrine Peptide (PEP) platform, which engineers peptides to convert slowly from an inactive prodrug into an active drug after injection, combined with fatty acylation to further extend duration. The goal is a flatter, more continuous blood concentration profile that enables weekly or monthly dosing with fewer side effects than existing peptide drugs. MBX has three clinical-stage programs. The lead asset, canvuparatide, is a once-weekly parathyroid hormone (PTH) replacement therapy for hypoparathyroidism, a rare disease in which low PTH causes abnormally low calcium levels. Canvuparatide completed Phase 2 with positive results and is expected to enter Phase 3 in Q3 2026. Imapextide is a once-weekly GLP-1 receptor antagonist for post-bariatric hypoglycemia, a rare complication of bariatric surgery with no approved treatments; Phase 2a topline data are expected Q2 2026. MBX 4291 is a once-monthly GLP-1/GIP co-agonist for obesity, currently in Phase 1, with data expected Q4 2026. MBX is pre-revenue and funds operations through equity raises. For its rare disease programs, MBX plans to commercialize independently in the U.S. using a focused sales force; for obesity, MBX is likely to seek partnership deals. MBX licenses its platform from Indiana University and relies on contract manufacturers for all drug production.