MBXMBX Biosciences, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$98M
- 44% YoY
- Market cap
- $2.7B
- Employees
- 120,000
- Net debt / EBITDA
- —
- AI in 10-K
- 3.5
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.5 per 10K words · 74th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Operating income | −$35M | −$68M | −$98M | 44% |
| Net income | −$33M | −$62M | −$87M | 40% |
| Operating cash flow | −$32M | −$55M | −$80M | 46% |
| Capex | $129K | $874K | $2M | 121% |
| Stock-based comp | $2M | $5M | $9M | 66% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 10, 2026 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 6.4% | Passive |
| Aug 10, 2026 | Frazier Life Sciences Public Fund, L.P. | SCHEDULE 13D/A | 3.0% | Passive |
| Feb 11, 2026 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 7.7% | Passive |
| Nov 10, 2025 | New Enterprise Associates 17, L.P. | SCHEDULE 13D/A | 8.1% | Passive |
| Sep 30, 2025 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 9.0% | Passive |
| Sep 30, 2025 | Frazier Life Sciences Public Fund, L.P. | SCHEDULE 13D/A | 2.5% | Passive |
| Sep 30, 2025 | Norwest Venture Partners XVI, LP | SCHEDULE 13D/A | 4.8% | Passive |
| Aug 20, 2025 | Frazier Life Sciences Public Fund, L.P. | SCHEDULE 13D/A | 13.6% | Passive |
| Sep 23, 2024 | Norwest Venture Partners XVI, LP | SC 13D | 6.4% | Passive |
| Sep 23, 2024 | ORBIMED ADVISORS LLC | SC 13D | 12.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $526K · 1
- Open-market sells, 12 mo
- $3M · 5
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.