Mustang Bio, Inc. (MBIO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MBIO SEC filings page.
This page shows Mustang Bio, Inc. (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).
Mustang Bio’s reported losses have narrowed, but its balance-sheet recovery still depends on financing rather than operating cash generation.
In FY2025, the $1.9M net loss coexisted with $5.3M of operating cash outflow, so accounting improvement had not yet become cash generation. The gap indicates that lower reported expenses reduced the company’s cash needs without making operations self-funding.
FY2025 financing cash inflow was
Short-term coverage improved: the current ratio rose from 0.7x in FY2024 to 2.2x in FY2025, consistent with the balance-sheet rebuild. The reported liquidity measure stood at 39.4 months of the latest annual operating outflow, a balance comparison that does not demonstrate operating self-sufficiency.
Financial Health Signals
Mustang Bio, Inc. 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, Inc. 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, Inc. 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, Inc.'s EBITDA was -$1.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 32.2% from the same quarter a year earlier. Against the prior quarter it is down 10.6%.
Mustang Bio, Inc. reported -$1.1M in net income in Q2 2026. This represents a decrease of 40.7% from the same quarter a year earlier. Against the prior quarter it is down 12.3%.
Mustang Bio, Inc. earned -$0.16 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 14.3%.
Not reported for Q2 2026.
Cash & Balance Sheet
Mustang Bio, Inc. held $15.2M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Mustang Bio, Inc.'s ROE was -14.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 12.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
MBIO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $57K-99.4% |
| SG&A Expenses | $946K+20.2% | $880K-27.7% | N/A | $957K-31.6% | $787K-48.6% | $1.2M-14.7% | N/A | $1.4M-34.3% |
| Operating Income | -$1.2M-32.2% | -$1.1M-318.2% | N/A | -$624K+57.2% | -$885K+89.6% | -$253K+95.2% | N/A | -$1.5M+85.9% |
| EBITDA | -$1.2M-32.2% | -$1.1M-383.1% | N/A | -$624K+54.0% | -$885K+89.3% | -$219K+95.6% | N/A | -$1.4M+86.4% |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1K-75.0% |
| Net Income | -$1.1M-40.7% | -$955K-524.2% | N/A | -$468K+66.8% | -$762K+90.7% | -$153K+97.1% | N/A | -$1.4M+86.0% |
| EPS (Basic) | -$0.16+15.8% | -$0.14-180.0% | -$0.07+98.9% | -$0.07+96.4% | -$0.19+99.0% | -$0.05+99.8% | -$6.39-800.0% | -$1.96-59.3% |
| EPS (Diluted) | -$0.16 | -$0.14 | -$0.07+98.9% | -$0.07 | -$0.19 | -$0.05 | -$6.39-800.0% | -$1.96 |
| Diluted Shares (Avg) | 7M | 7M | N/A | 6M | 4M | 3M | N/A | 720,911 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
MBIO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.6M+19.7% | $16.6M+11.2% | $17.6M+89.0% | $19.4M+169.2% | $13.0M+53.1% | $14.9M+2.2% | $9.3M-47.5% | $7.2M-65.0% |
| Current Assets | N/A | N/A | $17.6M+104.4% | $19.4M+219.8% | $13.0M+78.2% | $14.9M+61.4% | $8.6M-24.1% | $6.1M-55.4% |
| Cash & Equivalents | $15.2M+19.7% | $16.3M+14.2% | $17.3M+152.5% | $19.0M+438.6% | $12.7M+196.6% | $14.2M+964.4% | $6.8M+9.7% | $3.5M-63.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $8.1M-20.5% | $8.0M-29.3% | $8.1M-38.8% | $9.6M-39.5% | $10.2M-39.7% | $11.3M-42.2% | $13.2M-25.2% | $15.8M-4.3% |
| Current Liabilities | $7.9M-20.9% | $7.8M-29.7% | $7.9M-37.2% | $9.4M-37.2% | $10.0M-37.2% | $11.2M-36.1% | $12.6M-18.0% | $15.0M+6.2% |
| Non-Current Liabilities | $150K0.0% | $150K0.0% | $150K-73.8% | $150K-81.5% | $150K-83.8% | $150K-92.8% | $572K-74.6% | $811K-66.1% |
| Total Equity | $7.5M+160.9% | $8.6M+138.2% | $9.5M+346.0% | $9.8M+212.9% | $2.9M+134.7% | $3.6M+173.0% | -$3.9M-3248.8% | -$8.7M-315.9% |
| Retained Earnings | -$400.7M-0.8% | -$399.6M-0.7% | -$398.6M-0.5% | -$398.1M-0.6% | -$397.6M-0.8% | -$396.9M-2.8% | -$396.7M-4.1% | -$395.8M-6.3% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$967K+27.8% | -$1.0M+27.4% | -$1.7M+14.0% | -$818K+53.4% | -$1.3M+42.7% | -$1.4M+73.9% | -$2.0M+72.5% | -$1.8M+85.4% |
| Depreciation & Amortization | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $34K-88.1% | $51K-82.0% | $100K-66.7% |
| Stock-Based Compensation | $21K-53.3% | $22K-42.1% | N/A | $23K-45.2% | $45K+107.3% | $38K-50.0% | N/A | $42K-58.0% |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $0 |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | -$2.0M+72.6% | -$1.8M+85.4% |
| Investing Cash Flow | $0 | $0-100.0% | $0 | $0 | $0 | $1.2M | $0+100.0% | $0-100.0% |
| Financing Cash Flow | -$141K+40.0% | $0-100.0% | $0-100.0% | $7.1M+604.6% | -$235K-104.5% | $7.6M+15442.9% | $4.9M+24.8% | $1.0M+305.6% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MBIO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -14.2%+12.1pp | -11.1%-6.9pp | N/A | -4.8% | -26.4% | -4.2% | N/A | N/A |
| Return on Assets | -6.9%-1.0pp | -5.8%-4.7pp | N/A | -2.4%+17.2pp | -5.8%+90.4pp | -1.0%+34.5pp | N/A | -19.6%+29.3pp |
| Current Ratio | N/A | N/A | 2.22+1.5x | 2.05+1.6x | 1.30+0.8x | 1.34+0.8x | 0.68-0.1x | 0.40-0.6x |
| Debt-to-Equity | 1.07-2.4x | 0.93-2.2x | 0.85 | 0.98 | 3.51 | 3.13 | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Mustang Bio, Inc. MBIO | FY2025 | N/A | -$1.9M | N/A | $3.1M | — |
| Leap Therapeutics, Inc. LPTX | FY2025 | N/A | $5.0M | N/A | $116.1M | — |
| Moleculin Biotech, Inc. MBRX | FY2025 | $0 | $33.6M | N/A | $8.4M | — |
| Ernexa Therapeutics Inc. ERNA | FY2025 | N/A | -$14.1M | N/A | $2.6M | — |
| Marker Therapeutics, Inc. MRKR | FY2025 | $3.5M | -$12.2M | N/A | $16.8M | 59/100 |
| Soligenix, Inc. SNGX | FY2025 | N/A | -$11.1M | N/A | $7.7M | — |
Where Mustang Bio, Inc. Ranks
Frequently Asked Questions
Is Mustang Bio, Inc. profitable?
No, Mustang Bio, Inc. (MBIO) reported a net income of -$1.9M in fiscal year 2025.
What is Mustang Bio, Inc.'s EBITDA?
Mustang Bio, Inc. (MBIO) had EBITDA of -$2.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Mustang Bio, Inc.'s return on equity (ROE)?
Mustang Bio, Inc. (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, Inc.'s operating cash flow?
Mustang Bio, Inc. (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, Inc.'s total assets?
Mustang Bio, Inc. (MBIO) had $17.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Mustang Bio, Inc.'s current ratio?
Mustang Bio, Inc. (MBIO) had a current ratio of 2.22 as of fiscal year 2025, which is generally considered healthy.
What is Mustang Bio, Inc.'s debt-to-equity ratio?
Mustang Bio, Inc. (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, Inc.'s return on assets (ROA)?
Mustang Bio, Inc. (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, Inc.'s P/E ratio?
Mustang Bio, Inc. (MBIO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.1M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Mustang Bio, Inc.'s price-to-sales ratio?
Mustang Bio, Inc. (MBIO) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $3.1M as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Mustang Bio, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Mustang Bio, Inc. (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, Inc.'s Piotroski F-Score?
Mustang Bio, Inc. (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, Inc.'s earnings high quality?
Mustang Bio, Inc. (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.