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MBIO

Mustang Bio, Inc.

MBIO

Mustang Bio, Inc. • NASDAQ
$1.41 ▲ 13.71% (+0.17)
Market Cap $10.29 M
52w High $21.95
52w Low $0.89
Dividend Yield 0%
P/E -0.21
Volume 247.96K
Outstanding Shares 7.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $624K ▼ $-468K ▲ 0% $-0.07 ▲ $-468K ▲
Q2-2025 $0 $885K ▲ $-762K ▼ 0% $-0.13 ▼ $-885K ▼
Q1-2025 $0 $212K ▼ $-153K ▲ 0% $-0.05 ▲ $-112K ▲
Q4-2024 $0 $1.017M ▼ $-952K ▲ 0% $-0.95 ▼ $-876K ▲
Q3-2024 $0 $1.457M $-1.41M 0% $-0.16 $-1.358M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.984M ▲ $19.361M ▲ $9.59M ▼ $9.771M ▲
Q2-2025 $12.657M ▼ $13.046M ▼ $10.154M ▼ $2.892M ▼
Q1-2025 $14.231M ▲ $14.909M ▲ $11.3M ▼ $3.609M ▲
Q4-2024 $6.839M ▲ $9.308M ▲ $13.181M ▼ $-3.873M ▲
Q3-2024 $3.525M $7.193M $15.849M $-8.656M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-468K ▲ $-818K ▲ $0 $7.145M ▲ $6.327M ▲ $-818K ▲
Q2-2025 $-762K ▼ $-1.339M ▲ $0 ▼ $-235K ▼ $-1.574M ▼ $-1.339M ▲
Q1-2025 $-153K ▲ $-1.389M ▲ $1.165M ▲ $7.616M ▲ $7.392M ▲ $-1.389M ▲
Q4-2024 $-952K ▲ $-1.997M ▼ $0 $4.936M ▲ $2.939M ▲ $-1.997M ▼
Q3-2024 $-1.41M $-1.757M $0 $1.014M $-743K $-1.757M

Five-Year Company Overview

Income Statement

Income Statement Mustang Bio is still a pure development‑stage biotech: it has not generated any product revenue over the last several years. All activity shows up as research and operating costs, which lead to steady losses each year. The size of those losses has been gradually shrinking, indicating cost cuts and a narrowing focus on core programs. Earnings per share are deeply negative, reflecting both the ongoing cash burn and the impact of repeated share restructurings, but the direction suggests the company is trying to become leaner while it advances its key trials.

Balance Sheet

Balance Sheet The balance sheet is very light and has been shrinking over time. Cash and total assets have fallen sharply from earlier years, and shareholder equity has almost been used up, signaling a thin financial cushion. On the positive side, Mustang carries essentially no financial debt, so it is not weighed down by interest obligations. Overall, the company looks financially fragile and highly dependent on raising fresh capital or forming partnerships to stay funded.

Cash Flow

Cash Flow Cash flow is consistently negative, as expected for a clinical‑stage biotech without revenue. The company spends cash mainly on research and operations, with very little going into new facilities or equipment, reflecting a more asset‑light, outsourced model after prior restructuring. While the yearly cash burn has moderated somewhat, Mustang still consumes cash rather than generating it, which means its future depends on external financing, milestone payments, or other strategic transactions.

Competitive Edge

Competitive Edge Mustang operates in one of the most competitive areas of biotech—cell and gene therapy—but it has carved out some distinctive angles. Its lead CAR‑T program aims to be safer and suitable for outpatient use, which could be a meaningful advantage versus traditional hospital‑based CAR‑T therapies. The company also pursues difficult solid tumors and rare diseases where treatments are limited, potentially benefiting from faster regulatory pathways and strong medical need. Partnerships with high‑profile academic centers add scientific credibility. At the same time, Mustang is a very small player facing much larger, better‑funded rivals, and its lack of commercial products and constrained balance sheet weaken its bargaining power and resilience.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Mustang’s story. It is developing multiple CAR‑T and gene therapy programs, including a CD20‑directed CAR‑T with encouraging early safety and efficacy, a combination of CAR‑T with an oncolytic virus to tackle “cold” solid tumors, and gene therapies for severe immune deficiencies. The company’s model relies on in‑licensing promising science from top research institutions, which gives access to cutting‑edge ideas without building everything in‑house. However, this portfolio is still early and concentrated in a few key assets, so clinical setbacks in any major program would materially affect its prospects. The long‑term “in vivo” CAR‑T work with Mayo Clinic is especially high potential but also high uncertainty and far from commercialization.

Summary

Mustang Bio is a highly speculative, early‑stage biotech built around innovative cell and gene therapies, not around current revenue. Financially, it runs lean but remains loss‑making, with a small and shrinking asset base and no debt cushion, making continued access to capital a central risk. Operationally, the company has sharpened its focus on a handful of differentiated programs in blood cancers, brain tumors, and rare genetic diseases, supported by strong academic collaborations. The potential upside rests on positive trial outcomes and successful execution in a crowded, fast‑moving field, while the main vulnerabilities are scientific risk, regulatory uncertainty, and a limited financial runway. Overall, Mustang’s story is one of high innovation paired with high dependency on future clinical and financing milestones.

NEWS

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