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

Mustang Bio (MBIO) reported diluted earnings per share of $-0.39 for fiscal year 2025. This represents a 99.0% 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.

Mustang Bio Financials

MBIO

Source SEC Filings (10-K/10-Q) Updated Mar 19, 2026 Currency USD FYE March

This page shows Mustang Bio (MBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Financial Health Signals

Piotroski F-Score Weak

3/9

Mustang Bio passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.33x

For every $1 of reported earnings, Mustang Bio generates $0.33 in operating cash flow (-$5.3M 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.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

-$2.4M

YoY+84.6%

Mustang Bio's EBITDA was -$2.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 84.6% from the prior year.

Net Income

-$15.8M

YoY+0.0%

Mustang Bio reported -$15.8M in net income in fiscal year 2025. This represents an increase of 0.0% from the prior year.

EPS (Diluted)

$-0.39

YoY+99.0%

Mustang Bio earned $-0.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 99.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$6.7M

YoY+41.6%

Mustang Bio generated -$6.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 41.6% from the prior year.

Cash & Debt

$17.3M

YoY+152.5%

5Y CAGR-29.3%

Mustang Bio held $17.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

845,385

5Y CAGR-58.8%

Mustang Bio had 845,385 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-165.3%

5Y CAGR-104.3pp

Mustang Bio's ROE was -165.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$1.4M

5Y CAGR-6.2%

Mustang Bio invested $1.4M in capex in fiscal year 2025, funding long-term assets and infrastructure.

MBIO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	N/A	$7.6M-81.3%	$40.5M-35.2%	$62.5M+25.3%	$49.9M+33.9%	$37.2M
SG&A Expenses	$3.9M-4.5%	$4.1M-57.3%	$9.7M-20.7%	$12.2M+10.8%	$11.0M+15.9%	$9.5M
Operating Income	-$2.4M+85.0%	-$16.2M+67.0%	-$49.3M+35.3%	-$76.2M-14.1%	-$66.7M-17.5%	-$56.8M
Interest Expense	N/A	$5K-99.9%	$4.1M+22.3%	$3.4M+22293.3%	$15K-99.6%	$3.9M
Income Tax	$27K	N/A	N/A	N/A	N/A	N/A
Net Income	-$15.8M0.0%	-$15.8M+69.5%	-$51.6M+33.4%	-$77.5M-16.8%	-$66.4M-10.6%	-$60.0M
EPS (Diluted)	$-0.39+99.0%	$-38.57+87.1%	$-299.95-2872.7%	$-10.09-1227.6%	$-0.76	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	N/A	$57K-98.7%	$4.4M+14.6%	$3.8M	N/A
SG&A Expenses	$957K+21.6%	$787K-35.3%	$1.2M	N/A	$1.4M-8.6%	$1.5M+7.3%	$1.4M	N/A
Operating Income	-$624K+29.5%	-$885K-249.8%	-$253K	N/A	-$1.5M+82.9%	-$8.5M-63.3%	-$5.2M	N/A
Interest Expense	N/A	N/A	N/A	N/A	$1K-50.0%	$2K+100.0%	$1K	N/A
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	N/A	-$1.4M+82.8%	-$8.2M-57.9%	-$5.2M	N/A
EPS (Diluted)	$-0.07+63.2%	$-0.19-280.0%	$-0.05	N/A	$-1.96+89.3%	$-18.36+26.0%	$-24.81	N/A

MBIO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$17.6M+89.0%	$9.3M-47.5%	$17.7M-80.8%	$92.4M-26.2%	$125.2M+13.9%	$109.9M
Current Assets	$17.6M+104.4%	$8.6M-24.1%	$11.3M-85.6%	$78.9M-29.4%	$111.7M+12.2%	$99.5M
Cash & Equivalents	$17.3M+152.5%	$6.8M+9.7%	$6.2M-91.8%	$75.7M-31.0%	$109.6M+12.1%	$97.8M
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	$8.1M-38.8%	$13.2M-25.2%	$17.6M-61.8%	$46.1M+261.4%	$12.8M+11.4%	$11.5M
Current Liabilities	$7.9M-37.2%	$12.6M-18.0%	$15.4M+1.7%	$15.1M+39.7%	$10.8M+13.7%	$9.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.5M+346.0%	-$3.9M-3248.8%	$123K-99.7%	$46.3M-58.8%	$112.4M+14.2%	$98.4M
Retained Earnings	-$398.6M-0.5%	-$396.7M-4.1%	-$381.0M-15.7%	-$329.4M-30.8%	-$251.8M-35.8%	-$185.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$19.4M+48.4%	$13.0M-12.5%	$14.9M+60.2%	$9.3M+29.4%	$7.2M-15.6%	$8.5M-41.6%	$14.6M-17.8%	$17.7M
Current Assets	$19.4M+48.4%	$13.0M-12.5%	$14.9M+73.2%	$8.6M+42.1%	$6.1M-17.3%	$7.3M-20.8%	$9.2M-18.6%	$11.3M
Cash & Equivalents	$19.0M+50.0%	$12.7M-11.1%	$14.2M+108.1%	$6.8M+94.0%	$3.5M-17.4%	$4.3M+219.2%	$1.3M-78.6%	$6.2M
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-16.8%	$15.8M-5.9%	$16.8M-13.7%	$19.5M+10.9%	$17.6M
Current Liabilities	$9.4M-5.6%	$10.0M-10.3%	$11.2M-11.6%	$12.6M-16.2%	$15.0M-5.6%	$15.9M-8.7%	$17.4M+13.4%	$15.4M
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+55.3%	-$8.7M-3.9%	-$8.3M-68.5%	-$4.9M-4118.7%	$123K
Retained Earnings	-$398.1M-0.1%	-$397.6M-0.2%	-$396.9M0.0%	-$396.7M-0.2%	-$395.8M-0.4%	-$394.4M-2.1%	-$386.2M-1.4%	-$381.0M

MBIO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$5.3M+53.9%	-$11.4M+76.9%	-$49.5M+24.0%	-$65.1M-21.2%	-$53.7M-43.8%	-$37.3M
Capital Expenditures	$1.4M	$0-100.0%	$64K-97.6%	$2.7M-31.9%	$4.0M+107.1%	$1.9M
Free Cash Flow	-$6.7M+41.6%	-$11.4M+77.0%	-$49.5M+26.9%	-$67.8M-17.6%	-$57.7M-46.9%	-$39.2M
Investing Cash Flow	$1.2M	$0-100.0%	$5.9M+299.4%	-$3.0M+45.0%	-$5.4M-21.6%	-$4.4M
Financing Cash Flow	$14.5M+28.9%	$11.3M+143.2%	-$26.1M-176.6%	$34.1M-51.9%	$70.8M-9.3%	$78.1M
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	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$818K+38.9%	-$1.3M+3.6%	-$1.4M+30.4%	-$2.0M-13.7%	-$1.8M+24.8%	-$2.3M+56.1%	-$5.3M+26.6%	-$7.3M
Capital Expenditures	N/A	N/A	N/A	$0	$0	N/A	N/A	$30K
Free Cash Flow	N/A	N/A	N/A	-$2.0M-13.7%	-$1.8M	N/A	N/A	-$7.3M
Investing Cash Flow	$0	$0-100.0%	$1.2M	$0	$0	$0	$0+100.0%	-$30K
Financing Cash Flow	$7.1M+3140.4%	-$235K-103.1%	$7.6M+54.3%	$4.9M+386.8%	$1.0M-80.7%	$5.3M+10646.9%	$49K-98.8%	$4.0M
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	FY25	FY24	FY23	FY22	FY21	FY20
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	-165.3%	N/A	-41952.8%-41785.3pp	-167.5%-108.5pp	-59.1%+1.9pp	-61.0%
Return on Assets	-89.5%+79.7pp	-169.2%+121.6pp	-290.9%-207.0pp	-83.9%-30.9pp	-53.0%+1.6pp	-54.6%
Current Ratio	2.22+1.5	0.68-0.1	0.74-4.5	5.22-5.1	10.33-0.1	10.46
Debt-to-Equity	0.85+4.2	-3.40-146.6	143.24+142.2	1.00+0.9	0.110.0	0.12
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	-4.8%+21.6pp	-26.4%-22.1pp	-4.2%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.4%+3.4pp	-5.8%-4.8pp	-1.0%	N/A	-19.6%+76.6pp	-96.2%-60.7pp	-35.6%	N/A
Current Ratio	2.05+0.7	1.30-0.0	1.34+0.7	0.68+0.3	0.40-0.1	0.46-0.1	0.53-0.2	0.74
Debt-to-Equity	0.98-2.5	3.51+0.4	3.13+6.5	-3.40-1.6	-1.83+0.2	-2.02+1.9	-3.95-147.2	143.24
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Leap Therapeutic LPTX

$116.1M

Moleculin Biotec MBRX

$11.9M

Ernexa ERNA

$6.1M

Marker Therapeut MRKR

$21.8M

Soligenix Inc SNGX

$11.6M

Frequently Asked Questions

Is Mustang Bio profitable?

No, Mustang Bio (MBIO) reported a net income of -$15.8M in fiscal year 2025.

What is Mustang Bio's EBITDA?

Mustang Bio (MBIO) had EBITDA of -$2.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Mustang Bio's return on equity (ROE)?

Mustang Bio (MBIO) has a return on equity of -165.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Mustang Bio's free cash flow?

Mustang Bio (MBIO) generated -$6.7M in free cash flow during fiscal year 2025. This represents a 41.6% 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 -$5.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Mustang Bio's total assets?

Mustang Bio (MBIO) had $17.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Mustang Bio's capital expenditures?

Mustang Bio (MBIO) invested $1.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Mustang Bio have outstanding?

Mustang Bio (MBIO) had 845,385 shares outstanding as of fiscal year 2025.

What is Mustang Bio's current ratio?

Mustang Bio (MBIO) had a current ratio of 2.22 as of fiscal year 2025, which is generally considered healthy.

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

Mustang Bio (MBIO) had a debt-to-equity ratio of 0.85 as of fiscal year 2025, 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 -89.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Mustang Bio's cash runway?

Based on fiscal year 2025 data, Mustang Bio (MBIO) had $17.3M in cash against an annual operating cash burn of $5.3M. This gives an estimated cash runway of approximately 39 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.

What is Mustang Bio's Piotroski F-Score?

Mustang Bio (MBIO) has a Piotroski F-Score of 3 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 0.33x, 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.