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CARMEL, Ind. - MBX Biosciences, Inc. (Nasdaq: MBX), a clinical-stage biopharmaceutical company with a market capitalization of approximately $202 million, announced today the appointment of Steve Hoerter as an independent director to its Board of Directors. According to InvestingPro data, while the company maintains a strong liquidity position with a current ratio of 24.19, its stock has experienced significant pressure, trading near its 52-week low of $5.66. Hoerter, with over 30 years of pharmaceutical industry experience, is recognized for his expertise in commercialization and executive leadership, as well as his successful history in scaling biotech companies to commercial enterprises.
Kent Hawryluk, President and CEO of MBX Biosciences, expressed enthusiasm for Hoerter’s addition to the board, citing his extensive experience in the biopharmaceutical sector and his track record of guiding biotech companies to revenue generation. Hoerter’s appointment comes at a crucial time, as InvestingPro analysis indicates the company is rapidly burning through cash while maintaining virtually no debt, with analysts not anticipating profitability this year. His appointment is expected to be beneficial as MBX Biosciences continues to develop its pipeline of treatments for endocrine and metabolic disorders.
Hoerter’s previous roles include serving as President, CEO, and Director of Deciphera Pharmaceuticals, which was acquired by Ono Pharmaceutical for $2.4 billion in 2024. He has also held senior positions at Agios Pharmaceuticals, Clovis Oncology, Roche, and Genentech. Currently, Hoerter is a board member at ORIC Pharmaceuticals and C4 Therapeutics, and his past board experiences include Constellation Pharmaceuticals and Ignyta, which were acquired for significant sums.
MBX Biosciences is focused on the development of precision peptide therapies for endocrine and metabolic disorders. Its pipeline features several product candidates, including canvuparatide for chronic hypoparathyroidism, and MBX 1416 for post-bariatric hypoglycemia, with an IND filing for an obesity treatment anticipated in Q2 2025.
The company’s progress in advancing its pipeline is subject to the usual risks and uncertainties associated with drug development and regulatory approvals. These include the need for substantial funding, reliance on third-party collaborations, and the competitive landscape within the biopharmaceutical industry. InvestingPro subscribers can access 12 additional key insights about MBX’s financial health, along with comprehensive analysis through the Pro Research Report, which provides detailed insights into the company’s financial position and growth prospects.
This announcement is based on a press release statement from MBX Biosciences.
In other recent news, MBX Biosciences, Inc. reported its fourth-quarter earnings, revealing an adjusted loss of $0.47 per share. The company highlighted significant developments in its clinical pipeline, including the completion of enrollment for the Phase 2 Avail trial of canvuparatide for hypoparathyroidism, with results anticipated in the third quarter of 2025. MBX also plans to start a Phase 2 trial for MBX 1416 in post-bariatric hypoglycemia in the latter half of 2025, following successful Phase 1 outcomes. Additionally, the company is preparing to submit an Investigational New Drug application for its obesity treatment candidate, MBX 4291, in the second quarter of 2025. MBX reported cash and equivalents totaling $262.1 million as of the end of 2024, which is expected to support operations until mid-2027. Research and development expenses for the fourth quarter of 2024 rose to $15.2 million, a significant increase from $7.7 million in the previous year, driven by ongoing clinical trials. The company’s net loss for the fourth quarter widened to $15.6 million, compared to $8.8 million in the same period last year, with a full-year net loss of $61.9 million, up from $32.6 million in 2023.
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