Mustang Bio Financials
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).
External financing rather than internal cash generation is driving Mustang Bio's balance-sheet repair and smaller reported losses.
From FY2024 to FY2025, net loss narrowed from-$15.8M to-$1.9M , but operating cash flow was still-$5.3M . That gap says the business looked closer to breakeven in accounting terms than in cash terms, so the improvement was real but not yet self-funding.
FY2025's liquidity rebound came from external funding, not from operations: cash climbed to
The cost structure has been reset sharply over two years: operating loss fell from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Mustang Bio's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mustang Bio carries a low D/E ratio of 0.85, meaning only $0.85 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
Mustang Bio's current ratio of 2.22 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.
Mustang Bio generates a -20.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Mustang Bio passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.
For every $1 of reported earnings, Mustang Bio generates $2.74 in operating cash flow (-$5.3M OCF vs -$1.9M 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
Earnings & Revenue
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.
Mustang Bio reported -$1.9M in net income in fiscal year 2025. This represents an increase of 87.8% from the prior year.
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
Mustang Bio held $17.3M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Mustang Bio's ROE was -20.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
MBIO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | N/A | $57K-98.7% | $4.4M |
| SG&A Expenses | $880K | N/A | $957K+21.6% | $787K-35.3% | $1.2M | N/A | $1.4M-8.6% | $1.5M |
| Operating Income | -$1.1M | N/A | -$624K+29.5% | -$885K-249.8% | -$253K | N/A | -$1.5M+82.9% | -$8.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $1K-50.0% | $2K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$955K | N/A | -$468K+38.6% | -$762K-398.0% | -$153K | N/A | -$1.4M+82.8% | -$8.2M |
| EPS (Diluted) | $-0.14 | N/A | $-0.07+63.2% | $-0.19-280.0% | $-0.05 | N/A | $-1.96+89.3% | $-18.36 |
MBIO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.6M-5.7% | $17.6M-9.1% | $19.4M+48.4% | $13.0M-12.5% | $14.9M+60.2% | $9.3M+29.4% | $7.2M-15.6% | $8.5M |
| Current Assets | N/A | $17.6M-9.1% | $19.4M+48.4% | $13.0M-12.5% | $14.9M+73.2% | $8.6M+42.1% | $6.1M-17.3% | $7.3M |
| Cash & Equivalents | $16.3M-5.8% | $17.3M-9.0% | $19.0M+50.0% | $12.7M-11.1% | $14.2M+108.1% | $6.8M+94.0% | $3.5M-17.4% | $4.3M |
| 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 | $8.0M-1.0% | $8.1M-15.9% | $9.6M-5.6% | $10.2M-10.1% | $11.3M-14.3% | $13.2M-16.8% | $15.8M-5.9% | $16.8M |
| Current Liabilities | $7.8M-1.0% | $7.9M-16.2% | $9.4M-5.6% | $10.0M-10.3% | $11.2M-11.6% | $12.6M-16.2% | $15.0M-5.6% | $15.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $8.6M-9.8% | $9.5M-2.5% | $9.8M+237.9% | $2.9M-19.9% | $3.6M+193.2% | -$3.9M+55.3% | -$8.7M-3.9% | -$8.3M |
| Retained Earnings | -$399.6M-0.2% | -$398.6M-0.1% | -$398.1M-0.1% | -$397.6M-0.2% | -$396.9M0.0% | -$396.7M-0.2% | -$395.8M-0.4% | -$394.4M |
MBIO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.0M+41.3% | -$1.7M-110.0% | -$818K+38.9% | -$1.3M+3.6% | -$1.4M+30.4% | -$2.0M-13.7% | -$1.8M+24.8% | -$2.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$2.0M-13.7% | -$1.8M | N/A |
| Investing Cash Flow | $0 | $0 | $0 | $0-100.0% | $1.2M | $0 | $0 | $0 |
| Financing Cash Flow | $0 | $0-100.0% | $7.1M+3140.4% | -$235K-103.1% | $7.6M+54.3% | $4.9M+386.8% | $1.0M-80.7% | $5.3M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -11.1% | N/A | -4.8%+21.6pp | -26.4%-22.1pp | -4.2% | N/A | N/A | N/A |
| Return on Assets | -5.8% | N/A | -2.4%+3.4pp | -5.8%-4.8pp | -1.0% | N/A | -19.6%+76.6pp | -96.2% |
| Current Ratio | N/A | 2.22+0.2 | 2.05+0.7 | 1.30-0.0 | 1.34+0.7 | 0.68+0.3 | 0.40-0.1 | 0.46 |
| Debt-to-Equity | 0.93+0.1 | 0.85-0.1 | 0.98-2.5 | 3.51+0.4 | 3.13+6.5 | -3.40-1.6 | -1.83+0.2 | -2.02 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Mustang Bio profitable?
No, Mustang Bio (MBIO) reported a net income of -$1.9M 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 -20.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
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 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 -10.9% 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 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 to 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 2.74x, 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.
How financially healthy is Mustang Bio?
Mustang Bio (MBIO) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.