MBX Biosciences: ENDO 2026 Preview: What are we looking for?

研报英文原文证据摘录

MBX Biosciences: ENDO 2026 Preview: What are we looking for?

points and designs).

For MBX shares, we think detailed 12-week Ph2 data on 6/13 and OLE one-year follow up on 6/12

will be interesting, particularly the one-year follow-up, but Yorvipath sets a high bar for efficacy.

However, we think the hypoparathyroidism market is large enough to support multiple players

and some patients will prefer a weekly injection. We think obesity data is early but shows

promising signs of activity on a blinded basis, and particularly we think PK looks compelling for

monthly dosing, and tolerability from the first MAD cohort data looks encouraging. We think

obesity is a competitive space but the market is extremely large, and a well-tolerated monthly

could be competitive with more established players.

For ASND shares, we expect continued Yorvipath growth throughout the rest of the year with

reversal of one-time 1Q factors and continued steady patient demand. With >6,300 patient

enrollments as of 1Q and ~70-90k hypoparathyroidism patients in the US, we think Yorvipath still

has meaningful room to grow. As a profitable company with now 3 approved rare endocrinology

products we think ASND is entering an important new chapter, and we think the transition to direct

listing of ordinary shares on the Nasdaq completed in April could open up more inflows. We think

recent weakness around ITC case with BMRN is not justified (especially considering the majority of

CNP/Voxzogo sales are ex-US).

We highlight some of the moving pieces for the canvuparatide data in our view below:

1. From Ph2 6-month OLE data, 96% of patients who were responsive remain

responsive. We note at 6 months, 23 out of 24 patients who were responsive at 12 weeks

remained responsive.