MUSTANG BIO, INC. SEC Filings

Mustang Bio reports a Q1 2026 net loss of $0.96 million, compared with $0.15 million a year earlier, as it continues developing cell therapies for difficult-to-treat cancers.

At March 31 2026, Mustang held $16.3 million in cash and cash equivalents, total assets of $16.6 million, total liabilities of $8.0 million and stockholders’ equity of $8.6 million. The accumulated deficit reached $399.6 million, but management believes existing cash will fund operations for at least 12 months from the financial statement issuance date.

Operating expenses were modest, with research and development of $0.18 million and general and administrative costs of $0.88 million. The company remains pre‑revenue and relies on equity financing, including a 2024 shelf registration with about $34.2 million capacity remaining under Form S‑3 but constrained by “baby shelf” limits. After quarter‑end, Nasdaq notified Mustang that its share price fell below the $1.00 minimum bid requirement, starting a grace period to regain compliance.

Mustang Bio, Inc.’s President, CEO and Interim CFO Manuel Litchman reported a small, routine tax-withholding transaction. On April 24, 2026, 19 shares of common stock were relinquished at $0.75 per share to cover tax liability tied to the vesting of restricted stock units.

This was not an open-market sale but a payment of taxes using shares. After this transaction, Litchman directly owned 1,615 shares of Mustang Bio common stock.

Mustang Bio, Inc. has been notified by Nasdaq that its common stock no longer meets the minimum $1.00 bid price requirement because the shares traded below that level for 30 consecutive business days. The company now has a 180-day grace period, until October 12, 2026, to regain compliance by maintaining a closing bid of at least $1.00 for at least ten consecutive business days.

If Mustang Bio does not regain compliance by that date, it may qualify for an additional 180-day period if it meets other Nasdaq listing criteria and formally indicates it may use actions such as a reverse stock split. Failing that, its stock could be subject to delisting, though the company could request a hearing before a Nasdaq panel. Mustang Bio states it will monitor its share price and evaluate options but has not yet decided on any specific action.

Mustang Bio, Inc. files its annual report describing a focused, clinical-stage pipeline in cell and gene therapies for malignant brain tumors and its financial position. The company is developing MB-109, a combination of CAR T therapy MB-101 and oncolytic virus MB-108, for IL13Rα2+ recurrent glioblastoma and high-grade astrocytoma, and is exploring an investigator-sponsored Phase 1 trial that could begin in the second quarter of 2026.

MB-101 and MB-108 each received FDA Orphan Drug Designation, potentially supporting tax credits and seven years of market exclusivity if approved. Mustang reports no approved products and no product revenue, a net loss of $1.9 million for 2025 versus $15.8 million in 2024, an accumulated deficit of $398.6 million, and cash and cash equivalents of $17.3 million as of December 31, 2025.

The company states it previously had substantial doubt about its ability to continue as a going concern, but after raising approximately $14.5 million in 2025, negotiating about $2.1 million in payable reductions, and cutting operating costs, it now believes it has sufficient liquidity to fund operations for at least twelve months from this report, while still expecting ongoing operating losses and potential future capital needs.

Mustang Bio (MBIO) reported Q3 2025 results with a net loss of $0.468 million, improved from a $1.410 million loss a year ago, as lower operating costs and one-time credits reduced expenses. Cash and cash equivalents were $18.984 million at September 30, 2025, up from $6.839 million at year-end, and total stockholders’ equity was $9.771 million.

The company completed a 1-for-50 reverse split in January and raised capital through a February 2025 equity offering with net proceeds of approximately $6.8 million, followed by July warrant exercises adding about $7.1 million; an at-the-market program contributed $0.6 million year-to-date. Management disclosed “substantial doubt” about the ability to continue as a going concern without additional financing.

Pipeline updates include FDA Orphan Drug Designations for MB-108 and MB-101 and exploration of an investigator-sponsored MB-109 study at City of Hope as early as the second quarter of 2026. In September 2025, Fred Hutch provided notice of intent to terminate the CD20 license, subject to a 90‑day cure period, and the parties plan to negotiate terms.

Fortress Biotech amended its Schedule 13D for Mustang Bio (MBIO) to report it now beneficially owns 258,858 shares of Mustang Bio common stock, representing 4.0% of the outstanding common stock. The holding includes 250,000 shares of Mustang Bio Class A preferred stock (convertible into 333 common shares) and 1,333 common shares underlying long‑dated warrants reserved for Fortress officers. Fortress received 59,334 shares as Offering Equity Grants under a Founders Agreement that grants a 2.5% equity fee on financings. The filing notes Fortress ceased to beneficially own more than 5% of Mustang Bio on September 29, 2025.

Mustang Bio, Inc. amended its at-the-market common stock offering to allow sales of up to $4,750,000 in aggregate through H.C. Wainwright & Co. under its existing shelf registration. The company is updating the capacity it may use under General Instruction I.B.6 of Form S-3 based on its current public float. As of September 5, 2025, the public float was $20,677,132, calculated from 6,190,758 shares held by non-affiliates at a reference price of $3.34 per share. Over the prior 12-month period, Mustang Bio has offered and sold $2,102,821 of securities under this I.B.6 limitation, and future ATM sales remain subject to the one-third public float cap and the amount registered on the Form S-3.

The Reporting Persons—Intracoastal Capital LLC together with Mitchell P. Kopin and Daniel B. Asher—report beneficial ownership of 185,527 Mustang Bio common shares, representing 4.99% of the company’s common stock. That amount reflects shares issuable upon exercise of a warrant held by Intracoastal and is reported as shared voting and dispositive power with no sole voting or dispositive power.

The filing discloses that two warrants contain blocker provisions preventing exercise to the extent ownership would exceed 4.99%, and states that without those blockers the Reporting Persons may be deemed to beneficially own 1,328,904 shares. The Reporting Persons certify the securities were not acquired to change or influence control of the issuer.

Mustang Bio, Inc. is a clinical-stage biopharmaceutical company focused on CAR T and oncolytic virus therapies. For the quarter ended June 30, 2025, the company reported cash and cash equivalents of $12.7 million and total assets of $13.0 million, funded largely by equity financings. Total liabilities were $10.2 million and stockholders' equity improved to $2.9 million from a deficit of $3.9 million at year-end 2024.

Operating results show a substantially reduced loss compared with prior-year periods: net loss was $762,000 for the quarter and $915,000 for the six months ended June 30, 2025, versus significantly larger losses in 2024. The company generated approximately $6.8 million net proceeds from a February 2025 equity offering and ~$0.6 million from ATM sales during the period; subsequent July 2025 warrant exercises raised ~$7.1 million.

Management discloses substantial doubt about the company's ability to continue as a going concern and states additional financing will be required to advance clinical programs.