Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Mbx Biosciences, Inc. (MBX)

A forensic read on Mbx Biosciences, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Grey Zone

Financial health

15.2

Distress distance

Clean

Earnings quality

Forensic signals

-28.1

P / E (ttm)

-23.6%

ROE

$3.2B

Market cap

0.00%

Dividend yield

0.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Mbx Biosciences, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 15.2, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+34.2%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +34.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +153% on the year and payables paid down 44% on the year. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.

n/m (stock split)

FY2024–FY2025

Share count (stock split). Diluted share count changed +243% over the last 1 year to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +243.0%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Free Cash Flow-$81.9M

Return on Equity-23.6%

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mbx Biosciences, Inc.'s actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.