MBX Biosciences Inc. reported cash, cash equivalents, and marketable securities of $391.7 million as of September 30, 2025, including proceeds from its recent public offering, which raised approximately $200 million in gross proceeds. Research and development expenses for the third quarter of 2025 were $19.3 million, up from $16.7 million in the same period of 2024. The increase was attributed to costs associated with ongoing clinical trials. The company announced positive topline results from the Phase 2 Avail trial of canvuparatide in hypoparathyroidism and completed an upsized public offering. MBX expects its cash position to support operations into 2029 and has outlined milestones for 2026, including Phase 3 trial initiation for canvuparatide and clinical data readouts for other pipeline programs.