MBX Biosciences, Inc. · NASDAQ:MBX
MBX Biosciences — Investor Presentation (November 2026)
26 slides from MBX Biosciences's investor presentation, Nov 9, 2026
Slide 1: Pioneering Precision Peptides for Endocrine and Metabolic Diseases
Pioneering Precision Peptides for Endocrine and Metabolic Diseases November 2026 Corporate Presentation
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: Expanding Pipeline: Significant Rare Disease and Obesity Markets
Candidate MOA Indication Discovery IND Enabling Phase 1 Phase 2 Phase 3 Status Rare Disease Portfolio Canvuparatide (MBX 2109) PTH Prodrug Hypoparathyroidism Phase 3 trial ongoing Obesity Portfolio MBX 4291 GLP-1/GIP Co-agonist Prodrug Obesity & co-morbidities 12-week MAD data anticipated in Q4 2026
Slide 4: Clinically Validated Precision Endocrine Peptide (PEP) Platform
Clinically Validated Precision Endocrine Peptide (PEP™) Platform Created by MBX and Scientific Co-Founder Richard DiMarchi, PhD INNOVATIVE PEPTIDE DESIGN With a goal to optimize: Multiple mechanisms of action within a single peptide Increased potency Enhanced physical properties, including stability
Slide 5: Canvuparatide: Once-Weekly PTH Replacement Therapy for Hypoparathyroidism
Canvuparatide Investigational Once-Weekly PTH Replacement Therapy for Hypoparathyroidism
Slide 6: Chronic Hypoparathyroidism Affects Thousands of Patients Worldwide
Chronic Hypoparathyroidism Affects Thousands of Patients Worldwide 1 Western Europe: GER, AUT, FRA, ESP, POR, ITA, UK, SUI, BEL, NED, LUX, DEN, FIN, ISL, NOR, SWE. 2 Mannstadt, Nat Rev Dis Primers 2017; Powers, JBMR 2013; Vadiveloo, JBMR 2017; Cianferotti, Calcif Tissue Int 2018; Underbjerg, JBMR 20
Slide 7: YORVIPATH Uptake Validates Need for PTH Replacement Therapy
YORVIPATH® Uptake Validates Need and Growing Acceptance of PTH Replacement Therapy With Multi-Billion Dollar Market Potential YORVIPATH® Performance 1Ascendis quarterly earnings calls. 2Komodo claims data. 3Ascendis Q2 2026 earnings call. Consistent patient growth since launch validates need for PTH
Slide 8: Competitive Responder Rates in Phase 2 Avail Trial and OLE
Once-Weekly Canvuparatide Demonstrated Competitive Responder Rates in the Phase 2 Avail Trial and Open Label Extension Tx, treatment; Data sourced from (1)“PaTH Forward: A Randomized, Double-Blind, Placebo-Controlled Phase 2 Trial of TransCon PTH in Adult Hypoparathyroidism”, https://pmc.ncbi.nlm.ni
Slide 9: Pharmacokinetics and Serum Calcium Support Once-Weekly Dosing
Pharmacokinetics and Serum Calcium Profile Continue to Support Once-Weekly Dosing Phase 2 Pharmacodynamics (Serum AdjCa Over Time*) Phase 2 Pharmacokinetics (Drug Exposure) PK in chronic HP patients demonstrated consistent concentration of canvuparatide active drug with a Tmax of 2-3 days, minimal f
Slide 10: Pivotal Phase 3 Trial of Once-Weekly Canvuparatide
Pivotal Phase 3 Trial of Once-Weekly Canvuparatide QW: once weekly Phase 3 Trial Endpoints Treatment Period: 26 weeks 4-Week Fixed Dose Treatment Period 18-Week Dose Adjustment Period 3:1 N=160 600 μg Canvuparatide QW (n=120) QW Placebo (n=40) Titrate Canvuparatide Titrate Placebo Open-Label Extensi
Slide 11: Potential to be the New Standard of Care for Chronic HP
Once-Weekly Canvuparatide has the Potential to be the New Standard of Care for Patients with Chronic HP Source: MBX market research December 2025 (n=27 HCPs) and May 2026 (n=30 HCPs and 16 patients). Respondents shown a blinded canvuparatide Target Product Profile. First once-weekly PTH replacement
Slide 12: Obesity Portfolio
Obesity Portfolio
Slide 13: Obesity Pipeline Designed to Address Broad Range of Patient Needs
Obesity Pipeline Designed to Address Broad Range of Obesity Patient Needs MBX Obesity Portfolio MBX 4291 GLP-1/GIP Dual Agonist MBX 5765 GGG Agonist + DACRA MBX 6180 GGG Triple Agonist 1 2 3 MBX is developing a robust obesity portfolio with potential to drive strong optionality across patient segmen
Slide 14: MBX 4291: Engineered for Gradual Release and Dual GLP-1/GIP Agonism
MBX 4291: Engineered for Gradual Release, Long Exposure and Dual GLP-1/GIP Agonism MBX scientific founder, Richard DiMarchi, PhD 14
Slide 15: 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 16: 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 17: MBX 4291 Preliminary SAD Data Shows 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 18: 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 18 MBX 4291 P
Slide 19: 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 20: MBX 4291 First MAD Cohort: 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 21: 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 Prelimina
Slide 22: MBX 5765: Multi-Receptor Agonist Prodrug for Once-Monthly Dosing
GLP-1 GIP GCG DACRA (amylin + calcitonin) Potential to improve efficacy compared to CagriSema or semaglutide, alone or as mix Improved tolerability due to gradual, controlled release of active drug Potential for a more simplified development path compared to a mix of novel agonists MBX 5765: Multi-R
Slide 23: MBX 5765 Flat PK Profile Supports Long Time Action
23 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 24: MBX 5765: Observations and Body Weight Loss
MBX 5765: Observations and Body Weight Loss Effects on body weight persisted the entire 3-week monitoring interval from a single dose whereas side effects consistent with incretins/DACRAs (dehydration, lethargy) recovered within the first week Expected PD effects seen for a single 50 nmol/kg dose co
Slide 25: MBX: Catalyst-Rich Year
$481.6 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 Phase 3: Initiation MBX 4291 (GLP-1/GIP) Phase 1: 12-week MAD results Q4 2026 MBX 5765 (amycretin) N
Slide 26: Our Mission: Transforming Lives Through Precision Peptides
Transforming the Lives of People Impacted by Endocrine and Metabolic Diseases through Precision Peptides Our Mission
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