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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 9. Commitments and contingencies Leases In April 2022, the Company entered into an operating lease agreement for a principal executive office in Carmel, Indiana (the “Carmel Lease”). The Carmel Lease commenced in October 2022 and had an initial term of 39 months, a termination date of December 31, 2025, and an option to extend for 36 additional months at the Company’s discretion. The option to extend was not considered reasonably certain as of the lease inception. On May 9, 2025, the Company entered into the first amendment of the Carmel Lease (the "First Amendment"). Pursuant to the terms of the First Amendment, the leased premises were expanded, and the lease term was extended through December 31, 2028 with an option to extend for 36 additional months at the Company’s discretion. The option to extend is not considered reasonably certain as of the date of the First Amendment. In December 2023, the Company entered into an operating lease agreement for laboratory space in Indianapolis, Indiana (the “Laboratory Lease”). The Laboratory Lease commenced in December 2023 and had a term of 12 months, terminating in December 2024. The Company entered into a new lease for laboratory space in August 2024, commencing in December 2024, and terminating in December 2025. Both laboratory leases are short-term leases with no corresponding lease liability or right-of-use asset recorded, and lease payments are recognized as expense on a straight-line basis over the lease terms. The Company has no other operating or finance leases as of September 30, 2025 or December 31, 2024. Pursuant to ASC 842, the Company evaluated the new terms of the First Amendment of the Carmel Lease and determined the First Amendment should be treated as a lease modification of the existing Carmel Lease. In accordance with the accounting guidance, the Company remeasured the lease liability as of May 9, 2025, the First Amendment commencement date, to reflect the changes in the lease payments and the change in the lease term. This resulted in an increase of $0.6 million to the Company's lease liability and a corresponding increase to its right-of-use asset as shown on its condensed balance sheets as of September 30, 2025. The future minimum rent payments relating to the Carmel Lease under the terms and conditions existing as of September 30, 2025, are summarized as follows (in thousands):
(in thousands) |  | Amount |
2025 |  | $ | 44 |
2026 |  |  | 229 |
2027 |  |  | 234 |
2028 |  |  | 240 |
Total lease payments |  |  | 747 |
Less: imputed interest |  |  | (124 | )
Present value of lease liabilities |  | $ | 623 |
The Company incurred $0.1 million of rent expense for each of the three months ended September 30, 2025 and 2024. The Company incurred $0.2 million of rent expense for each of the nine months ended September 30, 2025 and 2024. The following table summarizes the operating lease term and discount rate for the Carmel Lease as of September 30, 2025 and December 31, 2024:
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Weighted-average remaining lease term (years) |  |  | 3.3 |  |  |  | 1.0 |
Weighted-average discount rate |  |  | 11.0 | % |  |  | 8.0 | %
Cash paid for amounts included in the measurement of the Company’s operating lease liability was less than $0.1 million for each of the three months ended September 30, 2025 and 2024. Cash paid for amounts included in the measurement of the Company’s operating lease liability was $0.1 million for each of the nine months ended September 30, 2025 and 2024. The following table sets forth the amount of right-of-use assets and lease liabilities included on the Company’s balance sheet as of September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Right-of use assets |  | $ | 520 |  |  | $ | 119 |
Operating lease liability, current |  |  | 154 |  |  |  | 171 |
Operating lease liability, net of current |  |  | 469 |  |  |  | — |
License agreement In January 2024, the Company entered into an amendment (the "Amendment") for the Exclusive License Agreement with Indiana University Research and Technology Corporation (“IURTC”) (the “License Agreement”), to license certain intellectual property arising under the Master Research Agreement with The Trustees of Indiana University (the "Research Agreement"). The Amendment specifies IURTC is entitled to the receipt of additional clinical and regulatory milestones, as defined in the Amendment, up to an aggregate of $9.0 million. Following the execution of the Amendment, future remaining clinical and regulatory milestone payments in the License Agreement and all amendments totaled up to $9.3 million. In the three and nine months ended September 30, 2025, the Company triggered a $1.0 million milestone payable to IURTC related to the initiation of the Phase 1 clinical trial of MBX 4291. The $1.0 million milestone payment was included in accounts payable in the condensed balance sheet as of September 30, 2025 and was paid in the fourth quarter of 2025. In consideration for the license, the Company paid no license fees to IURTC during the three and nine months ended September 30, 2024. Legal proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to its legal proceedings.

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