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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

16. SEGMENT INFORMATION

The Company operates as a single reportable segment engaged in the discovery and development of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. The Company's determination that it operates as a single segment is consistent with the nature of its operations and the financial information regularly reviewed by the chief executive officer, in his capacity as the chief operating decision maker ("CODM"), for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. The Company's purpose is to help people with endocrine and metabolic disorders live fuller and healthier lives. The Company's long-term success is significantly dependent on its

ability to research and develop innovative medicines. The CODM uses net loss to assess performance of the Company, ensuring that it is investing in the research and development of product candidates. The CODM allocates research and development resources based upon several factors, including the likelihood of technical success, unmet medical needs, and the viability of commercial success. A significant component of the CODM’s decision-making process is to ensure a balanced investment in the research and development portfolio to drive near-term success and long-term sustainability. During the three months ended June 30, 2025, the Company submitted and IND application for MBX 4291 and thus began tracking and internally reporting the related direct program expenses. As this information is provided to the CODM on a regular basis, it has been separately disclosed within our significant segment expenses below for all periods presented.

The following table summarizes our significant segment expenses and segment net loss for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Canvuparatide direct program expense

 

$

10,130

 

 

$

5,957

 

 

$

27,390

 

 

$

14,920

 

MBX 4291 direct program expense

 

 

2,669

 

 

 

5,514

 

 

 

10,991

 

 

 

7,659

 

Imapextide direct program expense

 

 

618

 

 

 

2,066

 

 

 

3,411

 

 

 

9,810

 

Preclinical and other research and development direct expense

 

 

1,466

 

 

 

194

 

 

 

4,316

 

 

 

769

 

Research and development overhead expense

 

 

4,387

 

 

 

3,016

 

 

 

13,292

 

 

 

9,034

 

Other segment items (1)

 

 

2,348

 

 

 

1,395

 

 

 

5,509

 

 

 

4,144

 

Net loss

 

$

21,618

 

 

$

18,142

 

 

$

64,909

 

 

$

46,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other segment items are primarily comprised of general and administrative expenses and interest and other income.