Mustang Bio Financials

MBIO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

Mustang Bio passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.72x

For every $1 of reported earnings, Mustang Bio generates $0.72 in operating cash flow (-$11.4M OCF vs -$15.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-3249.0x

Mustang Bio earns $-3249.0 in operating income for every $1 of interest expense (-$16.2M vs $5K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Mustang Bio (MBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

N/A

EBITDA

-$15.6M

YoY+67.1%

Mustang Bio's EBITDA was -$15.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 67.1% from the prior year.

Free Cash Flow

-$11.4M

YoY+77.0%

Mustang Bio generated -$11.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 77.0% from the prior year.

Net Income

-$15.8M

YoY+69.5%

Mustang Bio reported -$15.8M in net income in fiscal year 2024. This represents an increase of 69.5% from the prior year.

EPS (Diluted)

$-38.57

YoY+87.1%

Mustang Bio earned $-38.57 per diluted share (EPS) in fiscal year 2024. This represents an increase of 87.1% from the prior year.

Cash & Debt

$6.8M

YoY+9.7%

5Y CAGR-35.5%

Mustang Bio held $6.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$7.6M

YoY-81.3%

5Y CAGR-24.1%

Mustang Bio invested $7.6M in research and development in fiscal year 2024. This represents a decrease of 81.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Mustang Bio invested $0 in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

MBIO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$7.6M-81.3%	$40.5M-35.2%	$62.5M+25.3%	$49.9M+33.9%	$37.2M+23.9%	$30.0M
SG&A Expenses	$4.1M-57.3%	$9.7M-20.7%	$12.2M+10.8%	$11.0M+15.9%	$9.5M-0.7%	$9.6M
Operating Income	-$16.2M+67.0%	-$49.3M+35.3%	-$76.2M-14.1%	-$66.7M-17.5%	-$56.8M-23.8%	-$45.9M
Interest Expense	$5K-99.9%	$4.1M+22.3%	$3.4M+22293.3%	$15K-99.6%	$3.9M+121.7%	$1.8M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$15.8M+69.5%	-$51.6M+33.4%	-$77.5M-16.8%	-$66.4M-10.6%	-$60.0M-29.4%	-$46.4M
EPS (Diluted)	$-38.57+87.1%	$-299.95-2872.7%	$-10.09-1227.6%	$-0.76	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	$57K-98.7%	$4.4M+14.6%	$3.8M	N/A	$9.5M
SG&A Expenses	$957K+21.6%	$787K-35.3%	$1.2M-13.1%	$1.4M-8.6%	$1.5M+7.3%	$1.4M	N/A	$2.1M
Operating Income	-$624K+29.5%	-$885K-249.8%	-$253K+82.6%	-$1.5M+82.9%	-$8.5M-63.3%	-$5.2M	N/A	-$10.3M
Interest Expense	N/A	N/A	N/A	$1K-50.0%	$2K+100.0%	$1K	N/A	$4K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$468K+38.6%	-$762K-398.0%	-$153K+89.1%	-$1.4M+82.8%	-$8.2M-57.9%	-$5.2M	N/A	-$10.1M
EPS (Diluted)	$-0.07+63.2%	$-0.19-280.0%	$-0.05+97.4%	$-1.96+89.3%	$-18.36+26.0%	$-24.81	N/A	$-1.23

MBIO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$9.3M-47.5%	$17.7M-80.8%	$92.4M-26.2%	$125.2M+13.9%	$109.9M+49.6%	$73.4M
Current Assets	$8.6M-24.1%	$11.3M-85.6%	$78.9M-29.4%	$111.7M+12.2%	$99.5M+57.8%	$63.1M
Cash & Equivalents	$6.8M+9.7%	$6.2M-91.8%	$75.7M-31.0%	$109.6M+12.1%	$97.8M+59.3%	$61.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$13.2M-25.2%	$17.6M-61.8%	$46.1M+261.4%	$12.8M+11.4%	$11.5M-47.4%	$21.8M
Current Liabilities	$12.6M-18.0%	$15.4M+1.7%	$15.1M+39.7%	$10.8M+13.7%	$9.5M+22.4%	$7.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$3.9M-3248.8%	$123K-99.7%	$46.3M-58.8%	$112.4M+14.2%	$98.4M+90.6%	$51.7M
Retained Earnings	-$396.7M-4.1%	-$381.0M-15.7%	-$329.4M-30.8%	-$251.8M-35.8%	-$185.5M-47.8%	-$125.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$19.4M+48.4%	$13.0M-12.5%	$14.9M+60.2%	$9.3M+9.3%	$8.5M-41.6%	$14.6M-17.8%	$17.7M-13.7%	$20.6M
Current Assets	$19.4M+48.4%	$13.0M-12.5%	$14.9M+73.2%	$8.6M+17.6%	$7.3M-20.8%	$9.2M-18.6%	$11.3M-16.5%	$13.6M
Cash & Equivalents	$19.0M+50.0%	$12.7M-11.1%	$14.2M+108.1%	$6.8M+60.2%	$4.3M+219.2%	$1.3M-78.6%	$6.2M-34.8%	$9.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.6M-5.6%	$10.2M-10.1%	$11.3M-14.3%	$13.2M-21.8%	$16.8M-13.7%	$19.5M+10.9%	$17.6M+6.4%	$16.6M
Current Liabilities	$9.4M-5.6%	$10.0M-10.3%	$11.2M-11.6%	$12.6M-20.8%	$15.9M-8.7%	$17.4M+13.4%	$15.4M+8.5%	$14.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.8M+237.9%	$2.9M-19.9%	$3.6M+193.2%	-$3.9M+53.5%	-$8.3M-68.5%	-$4.9M-4118.7%	$123K-96.9%	$4.0M
Retained Earnings	-$398.1M-0.1%	-$397.6M-0.2%	-$396.9M0.0%	-$396.7M-0.6%	-$394.4M-2.1%	-$386.2M-1.4%	-$381.0M-2.3%	-$372.4M

MBIO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$11.4M+76.9%	-$49.5M+24.0%	-$65.1M-21.2%	-$53.7M-43.8%	-$37.3M-11.1%	-$33.6M
Capital Expenditures	$0-100.0%	$64K-97.6%	$2.7M-31.9%	$4.0M+107.1%	$1.9M-17.9%	$2.3M
Free Cash Flow	-$11.4M+77.0%	-$49.5M+26.9%	-$67.8M-17.6%	-$57.7M-46.9%	-$39.2M-9.2%	-$35.9M
Investing Cash Flow	$0-100.0%	$5.9M+299.4%	-$3.0M+45.0%	-$5.4M-21.6%	-$4.4M-131.7%	$13.9M
Financing Cash Flow	$11.3M+143.2%	-$26.1M-176.6%	$34.1M-51.9%	$70.8M-9.3%	$78.1M+20.0%	$65.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$818K+38.9%	-$1.3M+3.6%	-$1.4M+30.4%	-$2.0M+14.5%	-$2.3M+56.1%	-$5.3M+26.6%	-$7.3M+39.7%	-$12.0M
Capital Expenditures	N/A	N/A	N/A	$0	N/A	N/A	$30K	$0
Free Cash Flow	N/A	N/A	N/A	-$2.0M	N/A	N/A	-$7.3M+39.4%	-$12.0M
Investing Cash Flow	$0	$0-100.0%	$1.2M	$0	$0	$0+100.0%	-$30K-100.5%	$6.0M
Financing Cash Flow	$7.1M+3140.4%	-$235K-103.1%	$7.6M+54.3%	$4.9M-6.3%	$5.3M+10646.9%	$49K-98.8%	$4.0M+1482.4%	$250K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MBIO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-169.2%+121.6pp	-290.9%-207.0pp	-83.9%-30.9pp	-53.0%+1.6pp	-54.6%+8.6pp	-63.2%
Current Ratio	0.68-0.1	0.74-4.5	5.22-5.1	10.33-0.1	10.46+2.3	8.12
Debt-to-Equity	-3.40-146.6	143.24+142.2	1.00+0.9	0.110.0	0.12-0.3	0.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.4%+3.4pp	-5.8%-4.8pp	-1.0%+18.6pp	-19.6%+76.6pp	-96.2%-60.7pp	-35.6%	N/A	-48.9%
Current Ratio	2.05+0.7	1.30-0.0	1.34+0.7	0.68+0.2	0.46-0.1	0.53-0.2	0.74-0.2	0.96
Debt-to-Equity	0.98-2.5	3.51+0.4	3.13+6.5	-3.40-1.4	-2.02+1.9	-3.95-147.2	143.24+139.1	4.13
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$3.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.68), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Mustang Bio profitable?

No, Mustang Bio (MBIO) reported a net income of -$15.8M in fiscal year 2024.

What is Mustang Bio's earnings per share (EPS)?

Mustang Bio (MBIO) reported diluted earnings per share of $-38.57 for fiscal year 2024. This represents a 87.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Mustang Bio's EBITDA?

Mustang Bio (MBIO) had EBITDA of -$15.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Mustang Bio's free cash flow?

Mustang Bio (MBIO) generated -$11.4M in free cash flow during fiscal year 2024. This represents a 77.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mustang Bio's operating cash flow?

Mustang Bio (MBIO) generated -$11.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Mustang Bio's total assets?

Mustang Bio (MBIO) had $9.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Mustang Bio's capital expenditures?

Mustang Bio (MBIO) invested $0 in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Mustang Bio spend on research and development?

Mustang Bio (MBIO) invested $7.6M in research and development during fiscal year 2024.

What is Mustang Bio's current ratio?

Mustang Bio (MBIO) had a current ratio of 0.68 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Mustang Bio's debt-to-equity ratio?

Mustang Bio (MBIO) had a debt-to-equity ratio of -3.40 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mustang Bio's return on assets (ROA)?

Mustang Bio (MBIO) had a return on assets of -169.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Mustang Bio's cash runway?

Based on fiscal year 2024 data, Mustang Bio (MBIO) had $6.8M in cash against an annual operating cash burn of $11.4M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Mustang Bio's debt-to-equity ratio negative or unusual?

Mustang Bio (MBIO) has negative shareholder equity of -$3.9M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Mustang Bio's Piotroski F-Score?

Mustang Bio (MBIO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mustang Bio's earnings high quality?

Mustang Bio (MBIO) has an earnings quality ratio of 0.72x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mustang Bio cover its interest payments?

Mustang Bio (MBIO) has an interest coverage ratio of -3249.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.