The company maintains a clean balance sheet with a debt-to-equity ratio of 0.00, though total assets have experienced high volatility, contracting from $400.1 million in 2025Q3 to $452.7 million in 2026Q1.
| Total Current Assets | 448.54M | 381.54M | 267.29M | 83.47M | 44.21M |
| Cash & Short-Term Investments | 439.98M | 373.7M | 262.15M | 80.68M | 42.46M |
| Cash Only | 45.21M | 75.29M | 49.35M | 30.52M | 24.21M |
| Short-Term Investments | 394.76M | 298.42M | 212.8M | 50.15M | 18.25M |
| Accounts Receivable | 3.16M | 2.12M | 682K | 208K | 142K |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 5.4M | 5.71M | 803K | 133K | 84K |
| Total Non-Current Assets | 4.17M | 3.6M | 1.25M | 715K | 884K |
| Property, Plant & Equipment | 3.59M | 3.22M | 1.2M | 665K | 842K |
| Fixed Asset Turnover | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 579K | 383K | 50K | 50K | 42K |
| Total Assets | 452.7M | 385.14M | 268.54M | 84.18M | 45.09M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 437.36% | 43.42% | 219% | 86.67% | - |
| Total Current Liabilities | 14.57M | 15.49M | 11.05M | 3.93M | 3.43M |
| Accounts Payable | 6.97M | 2.98M | 5.33M | 1.39M | 976K |
| Days Payables Outstanding | 7.94K | 4.38K | - | - | - |
| Short-Term Debt | 178K | 172K | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.42M | 12.35M | 2.32M | 1.36M | 1.13M |
| Current Ratio | 30.79x | 24.62x | 24.19x | 21.26x | 12.89x |
| Quick Ratio | 30.79x | 24.62x | 24.19x | 21.26x | 12.89x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 378K | 426K | 42K | 152.72M | 84.27M |
| Long-Term Debt | 377K | 424K | 0 | 0 | 0 |
| Capital Lease Obligations | 981K | 0 | 0 | 171K | 324K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1K | 2K | 42K | 152.55M | 83.94M |
| Total Liabilities | 14.95M | 15.92M | 11.09M | 156.65M | 87.7M |
| Total Debt | 555K | 596K | 171K | 324K | 461K |
| Net Debt | -44.66M | -74.69M | -49.18M | -30.2M | -23.75M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - |
| Net Debt / EBITDA | 0.45x | - | - | - | - |
| Interest Coverage | - | - | - | - | -68.88x |
| Total Equity | 437.76M | 369.22M | 257.44M | -72.47M | -42.6M |
| Equity Growth % | 496.15% | 43.42% | 455.25% | -70.09% | - |
| Book Value per Share | 9.40 | 10.11 | 7.71 | -2.28 | -1.34 |
| Total Shareholders' Equity | 437.76M | 369.22M | 257.44M | -72.47M | -42.6M |
| Common Stock | 6K | 6K | 5K | 1K | 1K |
| Retained Earnings | -247.99M | -224.48M | -137.5M | -75.58M | -43.02M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -606K | 286K | 55K | 60K | 3K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Capital runway and dilution
According to recent financial disclosures, MBX's cash and equivalents have declined from a peak of $223.1 million in 2025Q3 to $45.2 million by 2026Q1, signaling a significant contraction in the company's liquidity buffer as clinical trial expenditures continue to accelerate across the firm's development pipeline.
The rapid depletion of cash reserves suggests that the company's current liquidity position may be insufficient to support long-term Phase 2 and Phase 3 development without additional capital raises. Investors should monitor the current ratio, which remains high at 30.79, but this metric is largely a function of short-term cash holdings rather than operational efficiency.
Based on the reported balance sheet, MBX's equity has fluctuated significantly, dropping from $387.5 million in 2025Q3 to $437.8 million in 2026Q1, a trend that appears heavily influenced by periodic equity financing rounds intended to offset the persistent accumulation of negative retained earnings.
The negative retained earnings balance of $248.0 million underscores the company's pre-revenue status and the ongoing reliance on external capital to fund R&D. This structure implies that shareholders face a high probability of further dilution as the company seeks to bridge the gap between current clinical milestones and potential commercialization.
As reported in quarterly filings, the company's total asset base has experienced high volatility, contracting from $400.1 million in 2025Q3 to $452.7 million in 2026Q1, which reflects the cyclical nature of capital raises followed by aggressive cash deployment into clinical research and development activities.
The trajectory of the balance sheet suggests a business model that is entirely dependent on the successful conversion of cash into clinical data. The lack of stable asset growth indicates that the firm's value is currently tied to intangible R&D progress rather than tangible capital accumulation or operational scale.
Financial statements indicate that while total debt remains negligible at $555.0 thousand, the company's reliance on equity-based funding creates a structural vulnerability where the balance sheet is highly sensitive to market sentiment and the cost of capital for speculative biotechnology firms.
The absence of significant debt is a positive for solvency, yet the lack of revenue-generating assets means the company has no internal mechanism to service future obligations if capital markets tighten. Investors should be wary that the headline strength of a debt-free balance sheet masks the underlying reality of a firm that is fundamentally dependent on external financing.
Quick answers to the most common questions about buying MBX stock.
As of 2025, MBX Biosciences, Inc. Common Stock (MBX) had total assets of $385.1M including $381.5M in current assets.
MBX Biosciences, Inc. Common Stock (MBX) carries total debt of $0.6M, offset by $373.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MBX Biosciences, Inc. Common Stock (MBX) has total shareholders' equity (book value) of $369.2M ($10.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MBX Biosciences, Inc. Common Stock (MBX) reported a current ratio of 24.62x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.