Slide 1: Phase 2 Trial and Open-Label Extension Top-Line Results: Once-Weekly Canvuparatide
Phase 2 Trial and Open-Label Extension Top-Line Results: Once-Weekly Canvuparatide in Adults with Hypoparathyroidism September 22, 2025 Exhibit 99.2
Slide 2: 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 3: Agenda
Agenda Once-Weekly Canvuparatide for the Potential Treatment of Hypoparathyroidism Kent Hawryluk President & CEO Sam Azoulay, MD Chief Medical Officer Rick Bartram, CPA Chief Financial Officer Top-Line Results Summary Disease Overview and Current Landscape Avail™ and Open-Label Extension Overview Cl
Slide 4: Once-Weekly Canvuparatide Achieved Primary Endpoint at Week 12; 79% Responder Rate at 6 Months
Once-Weekly Canvuparatide Achieved Primary Endpoint at Week 12; 79% Responder Rate at 6 Months in Open-Label Extension 63% of patients receiving once-weekly canvuparatide achieved the primary endpoint at Week 12 vs 31% on placebo (p<0.05) All patients completed Avail™ and 94% entered the Open-Label
Slide 5: Hypoparathyroidism: A Chronic, Serious Endocrine Disease
Hypoparathyroidism: A Chronic, Serious Endocrine Disease Affects >250,000 patients in the U.S. and E.U., representing a significant unmet need and market opportunity1,2 PTH, parathyroid hormone. 1. Clarke B et al JCEM 2016, 2. Powers J et al JBMR 2013, 3. Khan A et al JBMR 2022, 4. Yao L et al Compl
Slide 6: Managing Hypoparathyroidism: A Significant Treatment Opportunity
Managing Hypoparathyroidism: A Significant Treatment Opportunity PTH, parathyroid hormone; QoL=quality of life. 1. Khan A et al. JBMR 2022. Once-weekly canvuparatide designed to overcome key limitations of current therapies Calcium and active vitamin D1 supplementation Daily PTH replacement therapy
Slide 7: Avail Phase 2 Trial and OLE Overview
Avail™ Phase 2 Trial and OLE Overview
Slide 8: Once-Weekly Canvuparatide Trial Design and Endpoints
Once-Weekly Canvuparatide Trial Design and Endpoints QW, once weekly. ClinicalTrials.gov Identifier: NCT06465108, NCT06531941 Key Endpoints from Phase 2 Avail™ and OLE Screening & Optimization Period Treatment Period: 12 weeks 4- Week Fixed Dose Treatment Period 8-Week Dose Adjustment Period 800 μg
Slide 9: Baseline Demographic and Clinical Characteristics
BMI, body mass index. Baseline Demographic and Clinical Characteristics Canvuparatide Characteristic 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16) Pooled (n = 48) Placebo (n = 16) All Patients (N = 64) Age, years, median (range) 50.0 (35–68) 45.0 (28–58) 55.5 (23–72) 49.0 (23–72) 44.5 (19–63) 48.5
Slide 10: Hypoparathyroidism Baseline Clinical Characteristics
Hypoparathyroidism Baseline Clinical Characteristics AdjCa, albumin-adjusted calcium. Canvuparatide Characteristic 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16) Pooled (n = 48) Placebo (n = 16) All Patients (N = 64) Duration of hypoparathyroidism, years, mean (SD) 10.5 (7.5) 9.4 (9.9) 11.7 (9.9) 1
Slide 11: Avail Phase 2: Clinical Results
Avail™ Phase 2: Clinical Results
Slide 12: 63% of Patients Met the Primary Composite Endpoint with Zero PRN use at Week 12
63% of Patients Treated with Once-Weekly Canvuparatide met the Primary Composite Endpoint with Zero PRN use at Week 12 AdjCa, albumin-adjusted calcium. Parameter, n (%) Canvuparatide (Pooled) (n = 48) Placebo (n = 16) P Value vs Placebo* Proportion of Patients Meeting Primary Endpoint Criteria at We
Slide 13: Evidence of Dose Response and Wide Therapeutic Range
Evidence of Dose Response and Wide Therapeutic Range Canvuparatide Placebo (n = 16) Parameter, n (%) 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16) Pooled (n = 48) Proportion of Patients Achieving Responder Status at Week 12 8 (50%) 11 (69%) 11 (69%) 30 (63%) 5 (31%) Median Dose for Responders at W
Slide 14: Mean Serum AdjCa Levels Within Normal Range Over 12 Weeks
Once-Weekly Canvuparatide Treated Patients Maintained Mean Serum AdjCa Levels Within Normal Range Over 12 Weeks AdjCa, albumin-adjusted calcium. Canvuparatide (Pooled; n = 48) Placebo (n = 16) Mean (SE) Serum AdjCa Levels, mg/dL
Slide 15: Meaningful Reduction in 24h Urine Calcium
Once-Weekly Canvuparatide Demonstrated Meaningful Reduction in 24h Urine Calcium ULN, upper limit of normal. All Patients ULN (Men) ULN (Women) 15 n = 48 15 47 −92 (22)* −76 (50)* Participants With Elevated Urine Calcium at Baseline ULN (Men) ULN (Women) 7 n = 21 7 21 −203 (31)* −117 (95)* *Mean (SE
Slide 16: OLE: Clinical Results
OLE: Clinical Results
Slide 17: Responder Rates Increased to 79% at 6 Months in OLE
Responder Rates Increased to 79% at 6 Months in OLE AdjCa, albumin-adjusted calcium. *Based on patients with available data (23 out of 24) aAnalysis based on patients with available data for each component of the composite criteria at 6 months. Canvuparatide (pooled) cohort at month 6 includes patie
Slide 18: Mean Serum AdjCa Levels Within Normal Range Over 6 Months
Once-Weekly Canvuparatide Treated Patients Maintained Mean Serum AdjCa Levels Within Normal Range Over 6 Months AdjCa, albumin-adjusted calcium; OLE, open-label extension. Canvuparatide (Pooled; n = 45) Placebo (n = 15) Placebo switched in OLE (n = 15) Mean (SE) Serum AdjCa Levels, mg/dL
Slide 19: Lowered Daily Supplement Requirements Over 6 Months
Once-Weekly Canvuparatide Lowered Daily Supplement Requirements Over 6 Months Dashed line indicates target calcium dose (600 mg/day). OLE, open-label extension. Canvuparatide (Pooled; n = 45) Placebo (n = 15) Placebo switched in OLE (n = 15) Mean (SE) Calcium Dose, mg/day Total Daily Calcium Dose To
Slide 20: Bone Turnover Markers Increased Over Weeks and Continued Over 6 Months
Bone Turnover Markers Increased Over 12 Weeks and Continued Over 6 Months aThe canvuparatide (pooled) cohort at M6 includes patients initially randomized to canvuparatide or placebo for W12 in the Avail study. BSAP, bone-specific alkaline phosphatase; CTx, C-terminal telopeptide of type I collagen;
Slide 21: Avail Phase 2: Safety Results
Avail™ Phase 2: Safety Results
Slide 22: Phase 2 TEAE Summary
Canvuparatide Placebo (n = 16) TEAE, n (%) 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16) Pooled (n = 48) TEAE 12 (75.0) 10 (62.5) 13 (81.3) 35 (72.9) 10 (62.5) Mild 10 (62.5) 5 (31.3) 7 (43.8) 22 (45.8) 9 (56.3) Moderate 2 (12.5) 3 (18.8) 6 (37.5) 11 (22.9) 1 (6.3) Severe 0 2a,b (12.5) 0 2 (4.2) 0
Slide 23: Phase 2 Most Common TEAEs
Phase 2 Most Common TEAEs (≥ 5% of Any Treatment Groupa) aMost common TEAEs defined as ≥ 5% of any treatment group and occurring at a ≥2 % incidence higher than placebo. TEAE, treatment-emergent adverse event. Canvuparatide Placebo (n = 16) TEAE, n (%) 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16)
Slide 24: Phase 2 Treatment-Emergent AESIs
AESI, treatment-emergent of special interest; TEAE, treatment-emergent adverse event. Phase 2 Treatment-Emergent AESIs Canvuparatide Placebo (n = 16) TEAE, n (%) 400 μg (n = 16) 600 μg (n = 16) 800 μg (n = 16) Pooled (n = 48) Metabolism and nutrition disorders Hypercalcemia 2 (12.5) 2 (12.5) 5 (31.3
Slide 25: Summary & Next Steps
Summary & Next Steps
Slide 26: Competitive Responder Rate in the Phase 2 Avail and OLE Studies
Once-Weekly Canvuparatide Demonstrated a Competitive Responder Rate in the Phase 2 Avail and OLE Studies Note: These data are derived from different clinical trials at different points in time, with differences in trial design, including endpoints, and patient populations. As a result, cross-trial c
Slide 27: Potential to Become Preferred Treatment for Hypoparathyroidism
Once-Weekly Canvuparatide Daily Injectable 7/week Once-Weekly Canvuparatide: Potential to Become Preferred Treatment for Hypoparathyroidism 52/year 365/year 1/week
Slide 28: Plans for Advancing Potential Best-in-Class Canvuparatide Program
Plans for Advancing Potential Best-in-Class Canvuparatide Program Present Phase 2 topline results at the International HypoPARAthyroidism Conference (Oct 2025) Request End-of-Phase 2 meeting with FDA Share full Phase 2 results at major medical meeting and in publication Report 52-week OLE follow-up
Slide 29: Thank You
We thank the patients and their caregivers, investigators, partners, and the passionate team at MBX who helped to make Avail™ a success www.mbxbio.com investors@mbxbio.com