Clinical Trial Failure or Delay: The success of MBX's product candidates depends heavily on the outcomes of preclinical studies and clinical trials, which are inherently uncertain, expensive, and may not yield positive results, leading to significant delays or complete cessation of development.

Regulatory Approval Uncertainty: MBX must obtain and maintain regulatory approvals from agencies like the FDA, a process that is lengthy, unpredictable, and resource-intensive, and there is no guarantee that its product candidates will receive such approvals.

Insufficient Capital: MBX requires substantial additional financing to fund its operations, research and development, and potential commercialization activities, and failure to secure such funding on acceptable terms could significantly impede its progress or force it to curtail operations.