MBX Biosciences (MBX) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic priorities and leadership

• New CEO with commercial-stage experience aims to be judged on clinical and commercial milestones over the next 12–18 months.

• Focus on advancing canvuparatide to full phase III enrollment and preparing for commercialization in a validated multi-billion dollar market.

• MBX 4291, a once-monthly GLP-1/GIP co-agonist for obesity, will have key unblinded data disclosed in Q4, targeting competitive weight loss and improved tolerability.

• Expansion of the obesity pipeline with two additional candidates in IND-enabling studies, aiming for two new INDs in 2027.

Clinical development and data highlights

• Canvuparatide phase II extension data showed sustained clinical benefit in serum calcium, urine calcium excretion, and bone biomarkers over one year.

• Phase III oPTimize study for canvuparatide is underway, with full enrollment expected in the second half of next year.

• MBX 4291 phase I data demonstrated a slow, sustained PK profile with minimal GI side effects, supporting the target product profile.

• Upcoming C1 cohort data for MBX 4291 will assess higher monthly dosing and is expected to inform next clinical steps.

Platform technology and market positioning

• The PEP platform enables precision peptide engineering, including prodrug technology for controlled release and improved pharmacodynamics.

• Market research indicates strong physician and patient preference for less frequent dosing, with canvuparatide's weekly administration seen as a major advantage.

• The company is leveraging its platform to develop multi- and triple-agonist obesity therapies, aiming to differentiate through dosing convenience and tolerability.