MBX Biosciences, Inc. announced a leadership transition involving both its chief executive and finance functions, with the board taking action on July 9, 2026 and the changes becoming effective July 13, 2026. Kent P. Hawryluk will step down as Chief Executive Officer and resign from the company’s board of directors effective July 13, 2026. MBX said his departure is not the result of any dispute or disagreement with the company or its auditors. After his employment ends, Dr. Hawryluk will assist the board and the incoming CEO with transition matters and provide strategic advisory services through August 16, 2026 under a consulting agreement that becomes effective upon his separation. In connection with the departure, MBX and Dr. Hawryluk entered into a separation agreement on July 13, 2026. Subject to his continued compliance with customary post-employment obligations—including confidentiality, intellectual property assignment, non-competition, non-solicitation and cooperation covenants—he will receive severance equal to 12 months of base salary, company-paid COBRA continuation coverage for up to 12 months, a cash bonus equal to his target annual bonus, and accelerated vesting of the portion of his outstanding time-based equity awards that would have vested through August 16, 2027. The company also agreed, subject to applicable law and award terms, to extend the post-termination exercise period for his vested stock options from the standard 90 days to July 13, 2027. During the consulting period, his outstanding equity awards will continue to vest under their terms; if MBX terminates the consultancy without cause during that period, equity that would have vested through August 16, 2026 will immediately vest. The board appointed Steven Hoerter, MBX’s current executive chairman, as President and Chief Executive Officer and principal executive officer, effective July 13, 2026. Hoerter entered into an executive employment agreement on July 10, 2026 providing for at-will employment, a $665,000 annual base salary and a target annual bonus equal to 60% of base salary. As part of Hoerter’s appointment, MBX said it will grant him equity awards on August 3, 2026 under the company’s 2024 Stock Option and Incentive Plan. The awards will include nonqualified stock options to purchase 331,000 shares of MBX common stock and restricted stock units covering 71,000 shares. The options will vest 25% on the one-year anniversary of the July 13, 2026 effective date, with the remaining shares vesting in 36 equal monthly installments thereafter, subject to continued service. The RSUs will vest 25% annually on each of the first four anniversaries of the effective date and will settle in common stock upon vesting. MBX also made its interim finance chief permanent. The board appointed John Smither, then interim Chief Financial Officer, as Chief Financial Officer and principal financial officer, also effective July 13, 2026. Smither entered into an executive employment agreement on July 11, 2026 providing for a $530,000 annual base salary and a target annual bonus equal to 40% of base salary. He will also receive a one-time $150,000 relocation bonus, with half payable within 30 days of the effective date and the remaining half payable on or by January 15, 2027. Smither will also receive equity awards on August 3, 2026 under the 2024 plan, consisting of options to purchase 130,000 shares of MBX common stock and RSUs covering 28,000 shares. The option exercise price will equal the closing price of MBX common stock on the grant date. The options will vest 25% on the first anniversary of July 13, 2026, with the balance vesting in 36 equal monthly installments, subject to continued service. The RSUs will vest 25% annually over four years, also subject to continued service and settlement in shares upon vesting. MBX stated that neither Hoerter nor Smither was appointed pursuant to any arrangement or understanding with other persons, that neither has family relationships with company directors or executive officers, and that neither is involved in related-party transactions requiring disclosure. The company said the full separation, consulting and employment agreements are expected to be filed with its quarterly report for the quarter ending September 30, 2026, to the extent required.