MUSTANG BIO, INC. MBIO
Mustang Bio, Inc. ("Mustang," "we," "us," "our" or the "Company") is a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs into potential cures for difficult-to-treat cancers. We aim to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest in the technologies, funding their research and development and eventually either out-licensing or bringing the technologies to market.
Our pipeline is currently focused on novel therapies for solid tumors. For these therapies we have partnered with world class research institutions, including the City of Hope National Medical Center ("COH" or "City of Hope"), and Nationwide Children's Hospital ("Nationwide").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | — | — | — | — | — | — | — | $2.1M | $100.0K | $2.0M |
| SG&A | $3.9M | $4.1M | $9.7M | $12.2M | $11.0M | $9.5M | $9.6M | $6.8M | $11.4M | $2.8M |
| Total operating expenses | $2.4M | $16.2M | $49.3M | $76.2M | $66.7M | $56.8M | $45.9M | $31.2M | $31.8M | $11.4M |
| Operating income | -$2.4M | -$16.2M | -$49.3M | -$76.2M | -$66.7M | -$56.8M | -$45.9M | -$31.2M | -$31.8M | -$11.4M |
| Pre-tax income | -$1.9M | -$15.8M | — | — | — | — | — | — | — | — |
| Income tax | $27.0K | — | — | — | — | — | — | — | — | — |
| Net income | -$1.9M | -$15.8M | -$51.6M | -$77.5M | -$66.4M | -$60.0M | -$46.4M | -$30.7M | -$31.3M | -$12.7M |
| EPS, basic | -0.39 | -38.57 | -299.95 | -10.09 | -0.76 | — | — | — | — | — |
| EPS, diluted | -0.39 | -38.57 | -299.95 | -10.09 | -0.76 | -1.14 | -1.29 | -1.14 | -1.24 | -1.15 |
| Shares, diluted (wtd. avg.) | $4.9M | $609.7K | $172.0K | $7.7M | $87.9M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.3M | $6.8M | $7.0M | $76.7M | $110.6M | $98.8M | $62.4M | $17.0M | $35.5M | $27.5M |
| Short-term investments | — | — | — | — | — | — | $0 | $17.6M | — | — |
| Total current assets | $17.6M | $8.6M | $11.3M | $78.9M | $111.7M | $99.5M | $63.1M | $35.1M | $61.4M | $27.5M |
| Property, plant and equipment | $0 | $371.0K | $3.2M | $8.4M | $11.1M | $8.0M | $7.9M | $6.9M | $1.4M | — |
| Total assets | $17.6M | $9.3M | $17.7M | $92.4M | $125.2M | $109.9M | $73.4M | $42.8M | $63.5M | $27.5M |
| Accounts payable | $3.5M | $7.5M | $6.3M | $6.8M | $3.5M | $3.5M | $1.9M | $1.4M | $3.5M | $683.0K |
| Short-term debt | — | — | — | — | — | $0 | $1.2M | $0 | — | — |
| Total current liabilities | $7.9M | $12.6M | $15.4M | $15.1M | $10.8M | $9.5M | $7.8M | $5.6M | $3.6M | $3.2M |
| Total liabilities | $8.1M | $13.2M | $17.6M | $46.1M | $12.8M | $11.5M | $21.8M | $6.4M | $3.7M | $3.2M |
| Retained earnings | -$398.6M | -$396.7M | -$381.0M | -$329.4M | -$251.8M | -$185.5M | -$125.5M | -$79.1M | -$48.4M | -$17.1M |
| Total equity | $9.5M | -$3.9M | $123.0K | $46.3M | $112.4M | $98.4M | $51.7M | $36.4M | $59.8M | $24.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.3M | -$11.4M | -$49.5M | -$65.1M | -$53.7M | -$37.3M | -$33.6M | -$19.2M | -$12.9M | -$4.1M |
| Depreciation and amortisation | $34.0K | $671.0K | $1.9M | $2.7M | $2.2M | $1.7M | $1.3M | $630.0K | $2.0K | $0 |
| Stock-based compensation | $129.0K | -$450.0K | $568.0K | $2.3M | $3.3M | $3.0M | $2.7M | $5.0M | $2.0M | $0 |
| Capital expenditure | — | $0 | $64.0K | $2.7M | $4.0M | $1.9M | $2.3M | $6.9M | $424.0K | — |
| Investing cash flow | $1.2M | $0 | $5.9M | -$3.0M | -$5.4M | -$4.4M | $13.9M | $557.0K | -$29.1M | $0 |
| Financing cash flow | $14.5M | $11.3M | -$26.1M | $34.1M | $70.8M | $78.1M | $65.1M | $181.0K | $50.0M | $31.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-032063.
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