Mbx Biosciences, Inc. · NASDAQ:MBX
Mbx Biosciences — Investor Day (May 2026)
38 slides from Mbx Biosciences's investor day presentation, May 11, 2026
Slide 1: Pioneering Precision Peptides for Endocrine and Metabolic Diseases: Obesity Day
Pioneering Precision Peptides for Endocrine and Metabolic Diseases Obesity Day May 11, 2026 EXHIBIT 99.2
Slide 2: Introduction
Introduction Kent Hawryluk President & CEO
Slide 3: MBX Obesity Day 2026 Agenda
MBX Obesity Day 2026 Agenda Welcome/Introductions Kent Hawryluk, MBX President & CEO 1 Market Landscape & Opportunity Katherine H. Saunders, M.D., Co-Founder, FlyteHealth; Faculty, Weill Cornell Medicine 2 MBX PEP™ Platform Overview Richard DiMarchi, Ph.D., Distinguished Professor of Chemistry at In
Slide 4: Disclaimer
Disclaimer This presentation includes forward looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our product candidates, preclinical study and/or clinical trial timelines, including projected data announcements,
Slide 5: MBX: Pioneering Precision Peptides for Endocrine and Metabolic Diseases
MBX: Pioneering Precision Peptides for Endocrine and Metabolic Diseases Multiple clinical-stage programs, each designed for differentiation in multibillion dollar markets Extended duration of action Consistent drug exposures Less frequent dosing Unique PK profile to simplify titration regimens Once-
Slide 6: Obesity Market Landscape
Obesity Market Landscape Katherine H. Saunders, M.D. Co-Founder, FlyteHealth Faculty, Weill Cornell Medicine
Slide 7: Worldwide Obesity Prevalence
Worldwide Obesity Prevalence Obesity rates have doubled since 1990 25% of the World’s Population is projected to have obesity by 2035 390 million children and adolescents overweight 1 in 8 people worldwide are living with obesity 160 million children living with obesity 890 million adults living wit
Slide 8: Obesity Market Projected to Surpass $90B Through 2031
Obesity Market Projected to Surpass $90B Through 2031 Driven by novel GLP-1+ combos and broader access Drivers of Growth Investment in GLP-1+ next-gen treatment with improved efficacy/safety profiles and oral route of administration may drive uptake and improve adherence and persistence Improved acc
Slide 9: Obesity Market Growth Driven by Population with BMI >30
Obesity Market Growth Driven by Population with BMI >30 Estimated overweight and population with obesity over time1 (U.S. adults, non-T2D) Obesity prevalence is expected to continue to grow, with growth rates highest in the population with BMI 35+ Estimates indicate ~40% of the U.S. adult population
Slide 10: Unmet Needs Suggest Potential for Future Differentiation
Unmet Needs Suggest Potential for Future Differentiation Source: Internal MBX market research. AOM: Anti-obesity Medication; ROA: Route of Administration. Source: Abdel-Bary. Obes Med. 2025; Aronne. JAMA. 2023; Wilding. Diabetes Obes Metab. 2022; Clearview Analysis Clinical data show weight loss pla
Slide 11: Gastrointestinal Adverse Events Remain a Key Limitation of Incretin-Based Therapies
Gastrointestinal Adverse Events Remain a Key Limitation of Incretin-Based Therapies GI-related tolerability is a well-known on-target side effect of incretin therapies (e.g., semaglutide, tirzepatide) Nausea, vomiting, diarrhea are most frequent (25-44% in Phase 3 trials) Requires lengthy titration
Slide 12: High Discontinuation Rates Underscore Need for Improved Tolerability
High Discontinuation Rates Underscore Need for Improved Tolerability Source: Market research data conducted by ClearView on behalf of MBX Proportion discontinued, % 100 80 60 40 20 0 0 1 2 Time since initiation, y Real World Discontinuation 65% (1-yr) 84% (2-yr) Patients without type 2 diabetes Pati
Slide 13: MBX Proprietary PEP Platform
MBX Proprietary PEP™ Platform Richard DiMarchi, PhD MBX Scientific Co-Founder Distinguished Professor of Chemistry and Gill Chair in Biomolecular Sciences at Indiana University
Slide 14: Obesity: How We Got Here
Obesity: How We Got Here Obesity-centric Nature: gene and peptide sequence for GLP-1 (1983, 1986/7) 1980s First Reports of GLP-1 lowering of appetite in rodents and body weight lowering in obese Type 2 diabetes patients (1996) 1990s First approved GLP-1 agonist for Type 2 diabetes (Exenatide, 2005)
Slide 15: Obesity: Next Generation Performance
Meaningful Weight Loss 1 Tolerability Improved Compliance 2 3 Patient-centric Drug-centric Obesity: Next Generation Performance
Slide 16: MBX 4291: Engineered for Gradual Release, Long Exposure and Dual GLP-1/GIP Agonism
MBX 4291: Engineered for Gradual Release, Long Exposure and Dual GLP-1/GIP Agonism
Slide 17: MBX 4291 GLP-1/GIP Agonist
Sam Azoulay, MD MBX Chief Medical Officer MBX 4291 GLP-1/GIP Agonist
Slide 18: Obesity Opportunity: Once-Monthly Dosing with Improved Tolerability
Obesity Opportunity: Once-Monthly Dosing with Improved Tolerability MBX obesity candidates are designed using proprietary PEP platform for once-monthly dosing with the goal of more gradual, flattened and sustained exposure and improved tolerability Source for tirzepatide concentrations: CPT Pharmaco
Slide 19: MBX 4291 Ongoing Phase 1 Clinical Trial
SAD (Part A) MAD (Part B) MAD (Part C) Participants BMI > 30 Design N=40 N=24 N=60 5 Cohorts 3 Cohorts 2 Cohorts1 X X X Single dose (15 mg to 180 mg) 4 weekly doses followed by a single monthly dose 4 weekly doses followed by once monthly dosing for a total of 12 weeks MBX 4291 Ongoing Phase 1 Clini
Slide 20: MBX 4291 Preliminary SAD Data Demonstrates Dose-Proportional PK
MBX 4291 Phase 1 Preliminary SAD Data Demonstrates Dose-Proportional PK with Gradually Increasing and Sustained Concentrations of Active Peptide after a Single Dose Source: MBX 4291 Phase 1 trial, ongoing and blinded 120 mg cohort ongoing
Slide 21: Tirzepatide and MET-097i Reached Maximum Concentration within Two Days of Dosing
Tirzepatide and MET-097i Reached Maximum Concentration within Two Days of Dosing Tmax Source for tirzepatide concentrations: CPT Pharmacometrics Syst Pharmacol. 2024 Mar;13(3):494-503. Tirzepatide is the active ingredient in Zepbound. Source for MET-0971i concentrations: estimated from graphics pres
Slide 22: MBX 4291: Delayed Time to Maximum Concentration Anticipated to Improve Tolerability
MBX 4291: Delayed Time to Maximum Concentration Anticipated to Improve Tolerability; Concentrations Sustained throughout Month Single Ascending Dose (Part A) Source: MBX 4291 Phase 1 trial, ongoing and blinded This figure represents different studies conducted at different points in time in differen
Slide 23: MBX 4291: Dose-Dependent GI-Related Adverse Events Were Predominantly Mild
MBX 4291: Dose-Dependent GI-Related Adverse Events Were Predominantly Mild SAD All SAD 15 mg (N=8, incl pbo) 60 mg (N=8, incl pbo) 90 mg (N=8, incl pbo) 180 mg (N=8, incl pbo) N=32, incl pbo Number of Subjects with Treatment-Emergent Events of Nausea, Vomiting or Diarrhea 1 (12.5%) 0 3 (37.5%) 7 (87
Slide 24: MBX 4291 Preliminary PK from First MAD Cohort
MBX 4291 Preliminary PK from First MAD Cohort Indicates Gradual Accumulation and Sustained Concentrations of Active Peptide Source: MBX 4291 Phase 1 trial is ongoing and blinded *n = 6 through 28 days; n = 3 28 through 56 days (additional analysis pending) 180 mg SAD vs. 1st MAD Cohort 24 MBX 4291 h
Slide 25: MBX 4291 PK Supports Potential for True Once-Monthly Dosing
MBX 4291 PK Supports Potential for True Once-Monthly Dosing 1st Multiple Ascending Dose (Part B) Source for MET-0971i concentrations: estimated from graphics presented in Metsera, Inc. Form S-1, filed January 10, 2025. Source for MBX 4291: MBX 4291 Phase 1 trial, ongoing and blinded T1/2Cmax calcula
Slide 26: MBX 4291 First MAD Cohort: Competitive Weight Loss and Tolerability
Mean weight loss of 7% (range 0-16%) at 8 weeks (n=8, including 2 placebo) MBX 4291 First MAD Cohort: Competitive Weight Loss and Tolerability with Potential for True Once-Monthly Dosing 30 mg qw x4 + 120 mg single dose Safety and Tolerability Only 1/8 subjects experienced an event of diarrhea, naus
Slide 27: MBX 4291 Initial Phase 1 Data Summary
MBX 4291 Initial Phase 1 Data Summary MBX 4291 designed for once-monthly dosing with controlled, sustained concentrations and improved tolerability Data from the Phase 1 SAD show a PK profile supporting a self-titrating weekly induction regimen and potential for a true once-monthly regimen, includin
Slide 28: MBX 5765 Amycretin
MBX 5765 Amycretin Richard DiMarchi, PhD MBX Scientific Co-Founder Distinguished Professor of Chemistry and Gill Chair in Biomolecular Sciences at Indiana University
Slide 29: MBX 5765: Multi-Agonist Amycretin Prodrug Designed for Once-Monthly Dosing
GLP-1 GIP GCG DACRA (amylin + calcitonin) Improved efficacy compared to CagriSema or Semaglutide, alone or as mix Improved tolerability; it’s a prodrug Potential for a more simplified approval path compared to a mix of novel agonists MBX 5765: Multi-Agonist Amycretin Prodrug Designed for Once-Monthl
Slide 30: MBX 5765's Flat PK Profile Supports Potential Long Time Action
30 we MBX 5765’s Flat PK Profile Supports Potential Long Time Action and Minimized Concentration Variability MBX 5765 single dose in non-human primates Semaglutide data linearly scaled from a 10 nmol/kg dose; Novo amycretin data linearly scaled from a 30 nmol/kg dose. Data shown in this figure repre
Slide 31: MBX 5765: Observations and Body Weight Loss
MBX 5765: Observations and Body Weight Loss Expected PD effects seen for a single 50 nmol/kg dose consistent with other incretins and DACRAs but without vomiting Effects on body weight persisted the entire 3-week monitoring interval from a single dose whereas side effects consistent with incretins/D
Slide 32: Pipeline Designed to Address Broad Range of Obesity Patient Needs
Pipeline Designed to Address Broad Range of Obesity Patient Needs MBX Obesity Portfolio MBX 4291 GLP-1/GIP Q4W superior tolerability MBX 5765 Amycretin Q4W superior efficacy and improved tolerability MBX 6XXX GGG Agonist Q4W with superior tolerability 1 2 3 MBX is developing a robust obesity portfol
Slide 33: Conclusion
Conclusion Kent Hawryluk President & CEO
Slide 34: Imapextide Phase 2a Study Design Overview
Imapextide Phase 2a Study Design Overview 14 Adult Participants w/ PBH Baseline Day 1 MMTT Treatment period 1 Day 7 Imapextide low dose Day 9 MMTT Washout Day 16 Safety follow-up Day 23 Imapextide high dose Day 25 MMTT Follow-up Day 32 Safety follow-up Day 39 End of study Treatment period 2 ≤28-Day
Slide 35: Imapextide: Proof of Concept Achieved in Post-Bariatric Hypoglycemia
Imapextide: Proof of Concept Achieved in Post-Bariatric Hypoglycemia (PBH) Source: Imapextide Phase 2a study. Data calculated from a total of 20 baseline MMTTs, and 11, 10 and 6 MMTTs conducted at Tmax after 45 mg, 100 mg, or 200 mg imapextide single dose, respectively.
Slide 36: Expanding Pipeline of Novel Peptide-Based Drug Candidates
Expanding Pipeline of Novel Peptide-Based Drug Candidates Preliminary, blinded MBX 4291 data further demonstrate potential of PEP™ platform: PK supports potential for true once-monthly dosing Mean weight loss of 7% (range 0-16%) at 8 weeks in first MAD Part B cohort (n=8, including 2 placebo) MBX 42
Slide 37: MBX: Catalyst-Rich Year
$440 million in cash expected to provide runway into 20291 Program Milestone Anticipated Timing Canvuparatide (MBX 2109) End-of-Phase 2 FDA Meeting Avail™ Phase 2 presentation and one-year OLE data ENDO 2026 Phase 3: Initiation Q3 2026 MBX 4291 (GLP-1/GIP) Phase 1: 12-week MAD results Q4 2026 MBX 57
Slide 38: Q&A Thank You
Q&A Thank You