MUSTANG BIO, INC.
Business
Mustang Bio, Inc. is a clinical-stage biopharmaceutical company developing novel cell and gene therapies for solid tumors, primarily glioblastoma and high-grade astrocytoma. The company's pipeline includes MB-101, an IL13Rα2-targeted CAR T-cell therapy, and MB-108, an oncolytic herpes simplex virus type 1, with a combination program MB-109 in Phase 1 development. Mustang licenses intellectual property from City of Hope National Medical Center and Nationwide Children's Hospital and conducts development through investigator-sponsored clinical trials at academic research institutions. The company has not received FDA approval for any product candidate and has not generated product sales.
Summary from 10-K filed 2026-03-19
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | −2 | 8 | — | — | — | |
| Asset impairment | 0 | 4 | 0 | — | — | |
| General and administrative | 4 | 4 | 10 | 12 | 11 | |
| Total operating expenses | 2 | 16 | 49 | 76 | 67 | |
| Loss from operations | −2 | −16 | −49 | −76 | −67 | |
| Other income | 0 | 314,000 | 917,000 | 1 | — | |
| Interest income, net | 511,000 | 179,000 | 850,000 | 689,000 | 368,000 | |
| Total other income | 511,000 | 493,000 | −2 | −1 | 353,000 | |
| Net Loss | −2 | −16 | — | — | — | |
| Net loss per Class A common and common shares outstanding, basic | −0.39 | −38.57 | −299.95 | −10.09 | −0.76 | |
| Net loss per Class A common and common shares outstanding, diluted | −0.39 | −38.57 | −299.95 | −10.09 | −0.76 | |
| Weighted average number of Class A common and common shares outstanding, basic | 5 | 609,696 | 172,031 | 8 | 88 | |
| Weighted average number of Class A common and common shares outstanding, diluted | 5 | 609,696 | 172,031 | 8 | 88 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-05-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 17 | 7 | 6 | 76 | — | |
| Other receivables | 217,000 | 402,000 | — | — | — | |
| Prepaid expenses and other current assets | 110,000 | 200,000 | 1 | 3 | — | |
| Property, plant and equipment, held for sale | 0 | 1 | 0 | — | — | |
| Total current assets | 18 | 9 | 11 | 79 | — | |
| Property, plant and equipment, net | 0 | 371,000 | 3 | — | — | |
| Other assets | 0 | 250,000 | 833,000 | 261,000 | — | |
| Operating lease right-of-use asset, net | 0 | 100,000 | 2 | 3 | 2 | |
| Total Assets | 18 | 9 | 18 | 92 | — | |
| Accounts payable and accrued expenses | 5 | 9 | 14 | 14 | — | |
| Payables and accrued expenses - related party | 3 | 3 | 834,000 | — | — | |
| Operating lease liabilities - short-term | 0 | 456,000 | 520,000 | 612,000 | — | |
| Total current liabilities | 8 | 13 | 15 | 15 | — | |
| Deferred income | 150,000 | 150,000 | 270,000 | 270,000 | — | |
| Operating lease liabilities - long-term | 0 | 422,000 | 2 | 3 | — | |
| Total Liabilities | 8 | 13 | 18 | 46 | — | |
| Commitments and Contingencies (Note 7) | — | — | — | — | — | |
| Preferred stock ($0.0001 par value), 2,000,000 shares authorized, 250,000 shares of Class A preferred stock issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 0 | 0 | 0 | 0 | — | |
| Common stock issuable, 278,385 and 69,046 shares as of December 31, 2025 and December 31, 2024, respectively | 273,000 | 611,000 | 591,000 | 1 | — | |
| Additional paid-in capital | 408 | 392 | 381 | 375 | — | |
| Accumulated deficit | −399 | −397 | −381 | −329 | — | |
| Total Stockholders' Equity (Deficit) | 10 | −4 | 123,000 | 46 | — | |
| Total Liabilities and Stockholders' Equity (Deficit) | 18 | 9 | 18 | 92 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Issuance of common shares - equity fee on equity offerings to Fortress Biotech | 395,000 | 329,000 | 0 | — | — | |
| Common shares issuable - Annual Stock Dividend to Fortress Biotech | 273,000 | 611,000 | 477,000 | — | — | |
| Research and development - licenses acquired | 0 | 250,000 | 50,000 | 365,000 | 2 | |
| Stock-based compensation expenses | 129,000 | −450,000 | 568,000 | 2 | 3 | |
| Depreciation expense | 34,000 | 671,000 | 2 | 3 | 2 | |
| Amortization of operating lease right-of-use assets | 7,000 | 152,000 | 365,000 | 308,000 | 139,000 | |
| Settlement of payables | −2 | −2 | — | — | — | |
| Loss on disposal of property and equipment | 0 | 29,000 | 0 | 255,000 | — | |
| Gain on lease termination | −394,000 | −314,000 | 220,000 | 0 | — | |
| Prepaid expenses and other assets | 90,000 | 586,000 | 1 | −1 | −401,000 | |
| Other receivables | 435,000 | 494,000 | — | 14,000 | −35,000 | |
| Accounts payable and accrued expenses | −2 | −591,000 | 125,000 | 5 | −408,000 | |
| Payable and accrued expenses - related party | −164,000 | 2 | 67,000 | 43,000 | 233,000 | |
| Deferred income | 0 | −120,000 | 0 | 0 | 270,000 | |
| Lease liabilities | −73,000 | −447,000 | −680,000 | −263,000 | −296,000 | |
| Net cash used in operating activities | −5 | −11 | −49 | −65 | −54 | |
| Proceeds from the sale of property and equipment | 1 | 0 | 6 | 127,000 | 0 | |
| Net cash from investing activities | 1 | 0 | 6 | −3 | −5 | |
| Proceeds from issuance of common shares, net of offering costs - equity offering | 7 | 5 | — | — | — | |
| Proceeds from issuance of common shares, net of offering costs - At-the-Market offering | 599,000 | 3 | 163,000 | 7 | 72 | |
| Proceeds from warrant exercises | 7 | 4 | 0 | — | — | |
| Proceeds from issuance of common shares under ESPP | 0 | 48,000 | 178,000 | 206,000 | 309,000 | |
| Net cash provided by financing activities | 15 | 11 | −26 | 34 | 71 | |
| Net change in cash and cash equivalents | 10 | −145,000 | −70 | −34 | 12 | |
| Issuance of common shares - Founders Agreement and equity fee to Fortress | 611,000 | 591,000 | 1 | 4 | 8 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is MUSTANG BIO, INC.'s CIK number?
MUSTANG BIO, INC.'s SEC CIK number is 0001680048 (1680048). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find MUSTANG BIO, INC.'s SEC filings?
All of MUSTANG BIO, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did MUSTANG BIO, INC. last report earnings?
MUSTANG BIO, INC. (MBIO) most recently filed an earnings 8-K with the SEC on Apr 29, 2024, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-24-053706). This is MUSTANG BIO, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is MUSTANG BIO, INC.'s most recent earnings 8-K?
MUSTANG BIO, INC.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2024 under accession 0001104659-24-053706. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View MUSTANG BIO, INC.'s latest earnings 8-K →
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