Baldwin Revenue Jumps 31% to $480.3 Million; MBX Posts $62.4 Million Loss
Key Facts
MBX Biosciences reported on November 9 results for the third quarter ended September 30, 2026, posting a net loss of $62.4 million compared with a loss of $21.6 million in the year-earlier period. In a separate filing issued on October 27, Baldwin Group said total revenue rose 31% year over year to $480.3 million, from $365.4 million. Baldwin described its figures as preliminary and unaudited, and said actual results would be released later with its quarterly 10-Q. The two companies’ figures therefore were not announced simultaneously on November 9; each result relates to a different disclosure date. The figures show divergent paths: revenue growth at Baldwin, against a wider loss at MBX amid increased spending on clinical and preclinical development.
Baldwin’s total growth was far faster than its organic revenue growth, which was 6% year over year in the third quarter. Adjusted EBITDA rose 47% to $106.9 million, while its margin widened to 22.2% from 19.8% a year earlier. The company said, "Total revenue was $480.3 million, an increase of 31% from $365.4 million in the prior-year period," and also reported that "organic revenue growth was 6% year over year." The company meanwhile recorded a net loss of $81.6 million, with a loss margin of 17%. Cash generated from operating activities was $54.2 million, while adjusted free cash flow rose 33% to $55.6 million. Taken together, the figures reflect revenue expansion and an improved adjusted EBITDA margin, alongside a net loss for the period.
At MBX, research and development expenses rose to $32.0 million from $19.3 million in the year-earlier quarter, an increase of $12.7 million. The company attributed the increase to costs of starting the Phase 3 trial, as well as clinical and preclinical development activities. General and administrative expenses also climbed to $34.3 million from $4.7 million, including $20.8 million in stock-based compensation related to the former CEO’s award modification. The company said research and development expenses "were $32.0 million, compared with $19.3 million," and that general and administrative expenses included "$20.8 million of stock-based compensation expense." These items help explain the wider loss recorded during the quarter, as spending was directed toward company programs and compensation costs.
MBX’s clinical program includes the pivotal Phase 3 oPTimize trial of weekly canvuparatide for adults with chronic hypoparathyroidism. The company said the trial’s start was an important milestone and that the program builds on positive results from the Phase 2 Avail study and clinical benefit sustained through one year in an open-label extension study. MBX announced in August that the first patient had been dosed; the trial is randomized, double-blind and placebo-controlled, and is expected to enroll about 160 adults. Dosing marks the trial’s entry into enrollment, while the company’s statement outlines the clinical basis for continuing the program. The results remain part of a clinical development process as the company advances the pivotal trial.
In its obesity program, MBX says the candidate MBX 4291 is designed to allow monthly dosing, and that 12-week unblinded Phase 1 data from Part C, Cohort 1 remain expected in the fourth quarter of 2026. The company also expects to present preclinical pharmacology data for candidate MBX 6180 at ObesityWeek in Washington between November 14 and 17, 2026, while IND-enabling studies continue. These programs remain candidates under development, and the announced data timeline applies to MBX 4291, not an approved or available treatment. The company said data for MBX 4291 "remain on track for the fourth quarter of 2026," and reported that IND-enabling studies for MBX 6180 are ongoing. These timelines make the expected data and preclinical presentation among the company’s near-term program milestones.
MBX had about $481.6 million in cash, cash equivalents and marketable securities on September 30, and said the balance would fund operations through 2029 under its current plan. The balance reflects net proceeds of $97.6 million from the sale of shares under an at-the-market offering agreement. MBX said the available amount "is expected to fund operations through 2029" under its current plan. Baldwin, meanwhile, is subject to an acquisition agreement announced in September that provides for $32.50 in cash per share, with the deal expected to close in the first quarter of 2027, subject to customary approvals and conditions. Baldwin said the cash consideration represents a premium of 88% to the unaffected closing price on June 17, 2026. The agreement sets an expected closing date in early 2027, while MBX’s stated funding runway remains tied to its current operating plan.