MBX Biosciences Inc 2025年度报告

MBX Biosciences, Inc. Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☒ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of theshares of common stock on The Nasdaq Global Select Market on June 30, 2025 was $237,327,692. Portions of the Registrant's definitive proxy statement relating to the Annual Meeting of Stockholders, to be filed with the Securities and ExchangeCommission within 120 days after the end of the Registrant's fiscal year ended December 31, 2025, are incorporated herein by reference into Part III of thisAnnual Report. Table of Contents PART I Item 1.Business1Item 1A.Risk Factors35Item 1B.Unresolved Staff Comments97Item 1C.Cybersecurity97Item 2.Properties97Item 3.Legal Proceedings98Item 4.Mine Safety Disclosures98 PART II Item 5.Market forRegistrant’sCommon Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities99Item 6.[Reserved]99Item 7.Management’sDiscussion and Analysis of Financial Condition and Results of Operations.99Item 7A.Quantitative and Qualitative Disclosures About Market Risk110Item 8.Financial Statements and Supplementary Data110Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure110Item 9A.Controls and Procedures110Item 9B.Other Information111Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections111 PART III Item 10.Directors, Executive Officers and Corporate Governance112Item 11.Executive Compensation112Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters112Item 13.Certain Relationships and Related Transactions, and Director Independence112Item 14.Principal Accounting Fees and Services112 PART IVItem 15.Exhibits, Financial Statement SchedulesItem 16.Form 10-K SummarySIGNATURES 113114115 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") contains forward looking statements, including the sectionsentitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors". Thesesections contain express or implied forward-looking statements that are based on our management's belief and assumptions andon information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance,and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance orachievements to be materially differen