MUSTANG BIO, INC.

Listed Company

MBIOCIK 0001680048NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

—

Total Assets

$17.59M

Equity

$9.53M

Shares Out

106.43M

Op. Cash Flow

$-5.26M

Business

MUSTANG BIO, INC. is a clinical-stage biopharmaceutical company developing cell- and virus-based immunotherapies to treat difficult-to-treat cancers and autoimmune diseases. The company’s main products include CAR T therapies (MB-101 targeting IL13Rα2 and MB-106 targeting CD20) and an HSV-1 oncolytic virus (MB-108), including a combination candidate MB-109. Mustang operates via research and license collaborations with institutions such as City of Hope, Fred Hutch and Nationwide and maintains investigator-sponsored and company-sponsored clinical trial programs. Its activities are conducted primarily in the U.S. through academic partners and contract manufacturing relationships to support clinical development and potential commercialization.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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