MBX Biosciences : May 2026 Obesity Day Presentation – Final

Published: 2026-05-11 10:35:59 ET MBX

Published on 05/11/2026 at 10:35 am EDT

May 11, 2026

Pioneering Precision Peptides for Endocrine and Metabolic Diseases

Obesity Day

Introduction

President C CEO

Welcome/Introductions

Kent Hawryluk, MBX President & CEO

Amycretin Candidate

Nomination

Richard DiMarchi

Market Landscape &

Opportunity

Katherine H. Saunders, M.D., Co-Founder, FlyteHealth; Faculty, Weill Cornell Medicine

Imapextide Phase 2a

Results

Kent Hawryluk

MBX PEP Platform

Overview

Richard DiMarchi, Ph.D., Distinguished Professor of Chemistry at Indiana University, MBX Co-founder

Priorities/Conclusion

Kent Hawryluk

MBX 4291

Initial Phase 1 Data

Sam Azoulay, M.D., MBX Chief Medical Officer

Q&A/Lunch

All

Disclaimer

This presentation includes forward looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our product candidates, preclinical study and/or clinical trial timelines, including projected data announcements, future results of operations and financial position, strategy and plans, industry environment, potential growth opportunities, and our expectations for future operations, are forward looking statements The words " believe," " may," "will," " estimate," " continue," " anticipate," " design," " " expect," " could," " plan," " potential," " predict," " seek," " should," "would," or the negative version of these words and similar expressions are intended to identify forward looking statements.

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and longterm business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including but not limited to, our ability to develop and advance our programs and product candidates, our regulatory approvals and filings, and other risks, uncertainties and assumptions identified in our filings with the Securities and Exchange Commission.

Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, unless required by law.

This presentation contains estimates and other information concerning our industry, our business and the markets for our product candidates. Information that is based on estimates, market research or similar methodologies, including prevalence studies which are extrapolated to broader populations, is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable.

Although we believe the industry and market data to be reliable as of the date of this presentation, this information could prove to be inaccurate. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. While we are responsible for the accuracy of such information and believe our internal company research as to such matters is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source.

Multiple clinical-stage programs, each designed for differentiation in multibillion dollar markets

Extended duration of action

Consistent drug

exposures

Less frequent dosing

Unique PK profile to simplify titration regimens

Once-weekly canvuparatide data support potential best-in-class profile in chronic hypoparathyroidism

Results from Phase 2 trial accepted for oral presentation at ENDO in June 2026

Phase 3 trial on track to initiate in Q3

Obesity pipeline designed for once-monthly administration, fewer titration steps and improved tolerability

MBX 4291 PK shows potential for true once-monthly dosing

12-week Phase 1 MAD results on track for Q4

MBX 5765 (amycretin)

in IND-enabling studies

Nomination of triple agonist on track for Q3

Clinically validated PEP platform unlocks vast potential of peptide therapeutics

Catalyst-rich 2026 with substantial value inflection opportunities

Well capitalized with $440 million in cash, expected to provide runway into 20291

1 Unaudited cash, cash equivalents and marketable securities as of March 31, 2026

Obesity Market Landscape

According to World Health Organization and World Obesity Federation

1 in 8 people worldwide are living with obesity

2.5 billion adults

worldwide overweight

890 million adults living with obesity

35 million children less than 5yrs are overweight

390 million children and adolescents overweight

160 million children living with obesity

https://www.who.int/news-room/fact-sheets/detail/obesity-and-overweight https://www.worldobesity.org/about/about-obesity/prevalence-of-obesity

7 Ahmed SK, Mohammed RA. Obesity: Prevalence, causes, consequences, management, preventive strategies and future research directions. Metabol Open. 2025 Jun 14;27:100375.

Driven by novel GLP-1+ combos and broader access

100

U.S. Market Size ($B)

Analyst Reported U.S. Obesity Medication Market Size

~$93B

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Drivers of Growth

Investment in GLP-1+ next-gen treatment with improved efficacy/safety profiles and oral route of administration may drive uptake and improve adherence and persistence

Improved access and affordability are expected to allow more patients to consider and utilize obesity medications

Expansion into Medicare population unlocks further upside

Rising obesity prevalence and increased awareness of obesity drugs may increase the addressable population

Source Internal MBX market research; Goldman Sachs Report; Berenberg Report; Wolfe Research Report; Morgan Stanley Report;

Obesity prevalence is expected to continue to grow, with growth rates highest in the population with BMI 35+

Estimated overweight and population with obesity over time1 (U.S. adults, non-T2D)

2025

2030

2035

2040

BMI 27-30

(≥1 comorbid.)

Prevalence

24 M

25 M

CAGR

+0.3%

BMI 30-35

Prevalence

49 M

54 M

57 M

60 M

CAGR

+2.0%

+1.0%

BMI

35+

Prevalence

40 M

46 M

51 M

56 M

CAGR

+3.0%

+2.0%

Estimates indicate ~40% of the U.S. adult population will have obesity (BMI>30) without type 2 diabetes by 2030, with nearly half of the population with obesity expected to have class II obesity (BMI>35)

Source. Internal MBX market research. 1. Based on U.S. adult population, prevalence rates of BMI segments, prevalence of diabetes, and prevalence of weight-related comorbidities. 2. NCHS tracks population-level data and demographics CBO: Congressional Budget Office; NCHS: National Center for Health Statistics. Source CBO; Emmerich. NCHS Data Brief. 2024; Finkelstein. AJPM. 2012; Koliaki. Curr Obes Rep. 2023; Ogden. MMWR Morb Mortal Wkly Rep. 2017; Okunrintemi. J Gen Intern Med. 2019; Medhi. Cure. 2021; Mylona. Medicine (Baltimore). 2020; Pressman. Am J Manag Care. 2023; Sturm. Int J Obese (Lond). 2013; Ward. N Engl J Med. 2019; Cens.gov

Response

Prevention of Weight Regain

Tolerability

Clinical data show weight loss plateau at

~20% at ~1 year, which may be insufficient for patients with class III obesity (BMI>40)

Real-world studies indicate that patients discontinuing GLP-1 therapies are prone to rapid weight regain, highlighting a need for weight strategies

Improved tolerability may enhance adherence, expand long-term use, and decrease discontinuations in real world settings

Convenience

Weight Loss Quality

Outcomes

Less frequent and flexible dosing, simplified regimens and oral formulations can support long-term management and improve patient persistence

Preserving muscle while reducing fat is still a key unmet need for improving health outcomes

Developing treatments with proven benefits and safety in subpopulations (e.g., pediatric, comorbid, elderly) can improve health beyond weight loss and facilitate in enabling access to AOMs

Source: Internal MBX market research.

AOM: Anti-obesity Medication; ROA: Route of Administration. Source: Abdel-Bary. Obes Med. 2025; Aronne. JAMA. 2023; Wilding. Diabetes Obes Metab. 2022; Clearview Analysis

What we see clinically Why it matters

GI-related tolerability is a well-known on-target side effect of incretin therapies (e.g., semaglutide, tirzepatide)

Nausea, vomiting, diarrhea are most frequent (25-44% in Phase 3 trials)

Requires lengthy titration regimen to allow adaptation before getting to optimal efficacious dose

Events often emerge during initiation and dose escalation

Mechanism linked to gastric emptying/GI motility

Symptoms are often mild, but can be

persistent

Repeated GI events may impact adherence

Key driver of treatment discontinuation

Requires lengthy and gradual titration to

improve tolerability

May impact reaching optimal therapeutic dose

Optimizing exposure may improve tolerability and decrease amount of required titration steps

Source: Ismaiel, A., et al. Int J Obes 2025 Oct;49(10):1946-1957; Jastreboff AM, et al. N Engl J Med. 2022;387:205-216; Wilding JPH, et al. N Engl J Med. 2021;384:989-1002.

Real World Discontinuation

100

Proportion discontinued, %

65% (1-yr)

84% (2-yr)

Patients without type 2 diabetes

Patients with type 2 diabetes

45% (1-yr)

64% (2-yr)

*N = 48950 Ob without T2D, Jan 2018 - Dec 2023, on liraglutide / semaglutide / tirzepatide

Significant proportion of patients discontinue within 1-2 years of treatment, implying greater need for tolerable treatments given rapid rebound of weight gain following discontinuation

0 1 2

Time since initiation, y

Source: Market research data conducted by ClearView on behalf of MBX

MBX Proprietary PEP Platform

MBX Scientific Co-Founder

Distinguished Professor of Chemistry and Gill Chair in Biomolecular Sciences at Indiana University

1980s

Nature: gene and peptide sequence for GLP-1 (1983, 1986/7)

1990s

First Reports of GLP-1 lowering of appetite in rodents and body weight lowering in obese Type 2 diabetes

patients (1996)

2000s

First approved GLP-1 agonist for Type 2 diabetes

(Exenatide, 2005)

First GLP-1 co-agonist with glucagon prevents obesity in mice (2009)

Victoza® injections approved for Type 2 diabetes (2010)

2010s

First preclinical reports of GIP co-agonism (2013) and

tri-agonism (2015)

Saxenda® injections for obesity and Trulicity for Type 2 diabetes (2014)

Ozempic ® breakthrough report of weight lowering in obese subjects (2018)

2020s

Wegovy® for

weight loss (2021)

Mounjaro® for Type 2 diabetes

(2022)

Zepbound® for

weight loss (2023)

Diabetes-centric Obesity-centric

Meaningful Weight Loss

2 3

Tolerability Improved Compliance

Drug-centric Patient-centric

MBX 4291: Engineered for Gradual Release, Long Exposure and

Dual GLP-1/GIP Agonism

MBX 4291

GLP-1/GIP Agonist

MBX Chief Medical Officer

MBX obesity candidates are designed using proprietary PEP platform for once-monthly dosing

with the goal of more gradual, flattened and sustained exposure and improved tolerability

Source for tirzepatide concentrations: CPT Pharmacometrics Syst Pharmacol. 2024 Mar;13(3):494-503. Tirzepatide is the active ingredient in Zepbound.

Source for MET-0971i concentrations: Metsera, Inc. estimated from graphics presented in Form S-1, filed January 10, 2025.

18 T1/2Cmax calculated as time to 50% of Cmax. This figure represents different studies conducted at different points in time in different patients, and it is not intended to provide a head-to-head comparison. Tirzepatide simulated for a mean BW of 88 kg; MBX 4291 active simulated for a range of 70 to 100 kg.

SAD (Part A)

MAD (Part B)

MAD (Part C)

Participants

BMI > 30

Design

N=40

N=24

N=60

5 Cohorts

3 Cohorts

2 Cohorts1

X X X

MBX 4291

N=6

N=20

Placebo

N=2

N=10

Single dose (15 mg to 180 mg) 4 weekly doses followed

by a single monthly dose

4 weekly doses followed by once monthly dosing

for a total of 12 weeks

Study Objectives

Primary:

Assess safety and tolerability focusing on competitive gastrointestinal tolerability and streamlined dose titration

Secondary:

Determine pharmacokinetics suitable for monthly injection schedule

Evaluate pharmacodynamics (i.e., through assessment of weight loss)

Identify doses and titration regimen for Phase 2

1 Planned second cohort added to evaluate additional doses/dosing regimens

Concentration of active peptide (ng/mL)

600

500

400

300

200

100

0 7 14 21 28 35 42 49 56

Time (days)

Source: MBX 4291 Phase 1 trial, ongoing and blinded

20 120 mg cohort ongoing

Disclaimer

MBX Biosciences Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 14:34 UTC.