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
Mustang Bio does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Mustang Bio passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Mustang Bio reported a net loss of $1.9M while operations used $5.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Mustang Bio held $17.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Mustang Bio's ROE was -20.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MBIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | N/A | $7.6M-81.3% | $40.5M-35.2% | $62.5M+25.3% | $49.9M+33.9% | $37.2M+23.9% | $30.0M+1330.6% | $2.1M+2000.0% | $100K-95.0% | $2.0M |
| SG&A Expenses | N/A | $3.9M-4.5% | $4.1M-57.3% | $9.7M-20.7% | $12.2M+10.8% | $11.0M+15.9% | $9.5M-0.7% | $9.6M+41.6% | $6.8M-40.8% | $11.4M+305.1% | $2.8M |
| Operating Income | N/A | -$2.4M+85.0% | -$16.2M+67.0% | -$49.3M+35.3% | -$76.2M-14.1% | -$66.7M-17.5% | -$56.8M-23.8% | -$45.9M-47.0% | -$31.2M+1.8% | -$31.8M-179.7% | -$11.4M |
| Interest Expense | N/A | N/A | $5K-99.9% | $4.1M+22.3% | $3.4M+22293.3% | $15K-99.6% | $3.9M+121.7% | $1.8M+21987.5% | $8K0.0% | $8K-99.1% | $895K |
| Income Tax | N/A | $27K | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | -$1.9M+87.8% | -$15.8M+69.5% | -$51.6M+33.4% | -$77.5M-16.8% | -$66.4M-10.6% | -$60.0M-29.4% | -$46.4M-51.3% | -$30.7M+2.0% | -$31.3M-147.3% | -$12.7M |
| EPS (Diluted) | — | -$0.39 | -$38.57 | -$299.95 | -$10.09 | -$0.76 | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MBIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.6M+89.0% | $9.3M-47.5% | $17.7M-80.8% | $92.4M-26.2% | $125.2M+13.9% | $109.9M+49.6% | $73.4M+71.8% | $42.8M-32.7% | $63.5M+130.9% | $27.5M |
| Current Assets | $17.6M+104.4% | $8.6M-24.1% | $11.3M-85.6% | $78.9M-29.4% | $111.7M+12.2% | $99.5M+57.8% | $63.1M+79.5% | $35.1M-42.8% | $61.4M+123.1% | $27.5M |
| Cash & Equivalents | $17.3M+152.5% | $6.8M+9.7% | $6.2M-91.8% | $75.7M-31.0% | $109.6M+12.1% | $97.8M+59.3% | $61.4M+272.9% | $16.5M-53.6% | $35.5M+29.0% | $27.5M |
| Total Liabilities | $8.1M-38.8% | $13.2M-25.2% | $17.6M-61.8% | $46.1M+261.4% | $12.8M+11.4% | $11.5M-47.4% | $21.8M+242.8% | $6.4M+73.7% | $3.7M+13.6% | $3.2M |
| Current Liabilities | $7.9M-37.2% | $12.6M-18.0% | $15.4M+1.7% | $15.1M+39.7% | $10.8M+13.7% | $9.5M+22.4% | $7.8M+38.3% | $5.6M+55.6% | $3.6M+12.0% | $3.2M |
| Total Equity | $9.5M+346.0% | -$3.9M-3248.8% | $123K-99.7% | $46.3M-58.8% | $112.4M+14.2% | $98.4M+90.6% | $51.7M+41.9% | $36.4M-39.2% | $59.8M+146.5% | $24.3M |
| Retained Earnings | -$398.6M-0.5% | -$396.7M-4.1% | -$381.0M-15.7% | -$329.4M-30.8% | -$251.8M-35.8% | -$185.5M-47.8% | -$125.5M-58.7% | -$79.1M-63.3% | -$48.4M-182.8% | -$17.1M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
MBIO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.5M | -$5.3M+53.9% | -$11.4M+76.9% | -$49.5M+24.0% | -$65.1M-21.2% | -$53.7M-43.8% | -$37.3M-11.1% | -$33.6M-74.5% | -$19.2M-48.6% | -$12.9M-213.6% | -$4.1M |
| Capital Expenditures | N/A | N/A | $0-100.0% | $64K-97.6% | $2.7M-31.9% | $4.0M+107.1% | $1.9M-17.9% | $2.3M-65.9% | $6.9M+1520.3% | $424K | N/A |
| Free Cash Flow | N/A | N/A | -$11.4M+77.0% | -$49.5M+26.9% | -$67.8M-17.6% | -$57.7M-46.9% | -$39.2M-9.2% | -$35.9M-37.6% | -$26.1M-95.3% | -$13.4M | N/A |
| Investing Cash Flow | $0 | $1.2M | $0-100.0% | $5.9M+299.4% | -$3.0M+45.0% | -$5.4M-21.6% | -$4.4M-131.7% | $13.9M+2397.1% | $557K+101.9% | -$29.1M | $0 |
| Financing Cash Flow | $7.0M | $14.5M+28.9% | $11.3M+143.2% | -$26.1M-176.6% | $34.1M-51.9% | $70.8M-9.3% | $78.1M+20.0% | $65.1M+35875.7% | $181K-99.6% | $50.0M+58.0% | $31.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MBIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity | -20.2% | N/A | -41952.8%-41785.3pp | -167.5%-108.5pp | -59.1%+1.9pp | -61.0%+28.8pp | -89.8%-5.6pp | -84.3%-32.0pp | -52.3%-0.2pp | -52.1% |
| Return on Assets | -10.9%+158.3pp | -169.2%+121.6pp | -290.9%-207.0pp | -83.9%-30.9pp | -53.0%+1.6pp | -54.6%+8.6pp | -63.2%+8.6pp | -71.7%-22.4pp | -49.3%-3.3pp | -46.0% |
| Current Ratio | 2.22+1.5x | 0.68-0.1x | 0.74-4.5x | 5.22-5.1x | 10.33-0.1x | 10.46+2.3x | 8.12+1.9x | 6.25-10.7x | 16.99+8.5x | 8.53 |
| Debt-to-Equity | 0.85 | N/A | 143.24+142.2x | 1.00+0.9x | 0.110.0x | 0.12-0.3x | 0.42+0.2x | 0.17+0.1x | 0.06-0.1x | 0.13 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Mustang Bio Ranks
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) recorded an outflow of $5.3M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does Mustang Bio's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Mustang Bio (MBIO) held $17.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.3M over that year. Dividing the one by the other, the reported balance equals about 39 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Mustang Bio's Piotroski F-Score?
Mustang Bio (MBIO) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $1.9M while operations used $5.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.