Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data MBX Biosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2024
FY2025
Research and development
28.5
57.4
79.2
General and administrative
6.78
10.8
18.9
Operating expenses
35.3
68.2
98.1
Operating income
-35.3
-68.2
-98.1
Pre-tax income
-61.9
-87
Income tax
0
0
0
Net income
-32.6
-61.9
-87
EBITDA
-35.2
-68
-97.8
EPS, basic
-31.96
-5.82
-2.38
EPS, diluted
-31.96
-5.82
-2.38
Shares, basic (weighted)
1.02
10.6
36.5
Shares, diluted (weighted)
1.02
10.6
36.5
Balance sheet
FY2024
FY2024
FY2025
Cash and equivalents
30.5
49.4
75.3
Short-term investments
50.2
213
298
Other current assets
0.13
0.8
0.86
Total current assets
83.5
267
382
Property, plant and equipment
0.44
1.08
2.74
Lease right-of-use assets
0.23
0.12
0.49
Other non-current assets
0.05
0.05
0.38
Total assets
84.2
269
385
Accounts payable
1.39
5.34
2.98
Accrued liabilities
2.38
5.55
12.3
Total current liabilities
3.93
11.1
15.5
Lease liabilities
0.17
0
0.42
Total liabilities
4.29
11.1
15.9
Paid-in capital
3.05
395
593
Retained earnings
-75.6
-138
-224
Other comprehensive income
0.06
0.06
0.29
Shareholders' equity
-72.5
257
369
Total equity
-72.5
257
369
Total liabilities and equity
84.2
269
385
Shares outstanding
1.26
33.4
44.9
Cash flow statement
FY2024
FY2024
FY2025
Net income
-32.6
-61.9
-87
Depreciation and amortization
0.16
0.24
0.25
Stock-based compensation
2.04
5.22
8.68
Change in payables
0.41
3.93
-2.46
Cash from operations
-32
-54.7
-79.9
Capital expenditures
-0.13
-0.87
-1.93
Purchases of investments
-63.8
-239
-358
Sales and maturities of investments
33
79.8
268
Cash from investing
-30.9
-161
-83.7
Stock issued
0.74
0.4
602
Cash from financing
69.2
234
190
Net change in cash
6.31
18.8
25.9
Free cash flow
-32.1
-55.6
-81.9
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $56.33 on November 10, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-30.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-29.0%
Net income / average total assets.
Return on invested capital (ROIC)
-40.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
43.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
43.4%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
243.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
19.6x
Current assets / current liabilities.
Quick ratio
19.1x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
19.1x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$2.05
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.98
Cash from operations / diluted weighted shares.
Book value per share
$9.53
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
5.74x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.74x
Market cap / tangible book value, when positive.
FCF yield
-3.7%
Free cash flow / market cap.
Earnings yield
-5.3%
Net income / market cap (the inverse of P/E).
Was MBX Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $87.0M.
How much free cash flow did MBX Biosciences, Inc. generate in fiscal 2025?
Cash from operations of $79.9M minus capital expenditures of $1.9M left free cash flow of -$81.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.