Detailed financial statements for Mustang Bio, Inc. (MBIO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Mustang Bio, Inc., a clinical-stage biopharmaceutical company, focuses on translating cell therapies into cures for difficult-to-treat cancers and autoimmune diseases in the United States. The company develops MB-106, a CD20-targeted chimeric antigen receptor (CAR) T cell therapy which is in Phase I clinical trail for non-hodgkin lymphoma, chronic lymphocytic leukemia, and autoimmune diseases; MB-109, a combination MB-101 and MB-108 as a potential treatment for IL13Ra2+ relap...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.50, MBIO has negative trailing earnings (P/E not meaningful) and an ROE of -34.23%. Market capitalisation stands at $4M.
Balance sheet quality for MBIO: current ratio of 2.2. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $2000 | $630000 | $1.4M | $1.8M | $2.3M | $3.0M | $2.2M | 0 | $41000 |
| Gross Profit | 0 | -$2000 | -$630000 | -$1.4M | -$1.8M | -$2.3M | -$3.0M | -$2.2M | 0 | -$41000 |
| Research & Development | $8.5M | $20.4M | $24.5M | $36.3M | $45.6M | $53.5M | $63.9M | $39.2M | $8.4M | $1.5M |
| Selling, General & Admin | $2.8M | $11.4M | $6.8M | $9.6M | $9.5M | $11.0M | $12.2M | $9.3M | $4.1M | $3.9M |
| Operating Expenses | $11.4M | $31.8M | $31.2M | $45.9M | $55.0M | $64.4M | $73.1M | $48.5M | $16.2M | $2.4M |
| Operating Income | $11.4M | -$31.8M | -$31.2M | -$45.9M | -$56.8M | -$66.7M | -$76.2M | -$50.7M | -$16.2M | -$2.4M |
| EBITDA | -$11.5M | -$31.3M | -$30.0M | -$43.3M | -$54.3M | -$64.0M | -$71.1M | -$48.1M | -$14.9M | -$1.9M |
| Interest Expense | $1.1M | $8000 | $8000 | $1.8M | $3.9M | $15000 | $3.4M | $1.3M | -$5000 | 0 |
| Pre-tax Income | -$12.7M | -$31.3M | -$30.7M | -$46.4M | -$60.0M | -$66.4M | -$77.5M | -$51.6M | -$15.8M | -$1.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$12.7M | -$31.3M | -$30.7M | -$48.2M | -$60.0M | -$66.4M | -$77.5M | -$51.6M | -$15.8M | -$1.9M |
| EPS | $-7.24 | $-18.58 | $-17.07 | $-20.03 | $-17.10 | $-11.40 | $-11.25 | $-6.00 | $-2.57 | $-0.39 |
| EPS (Diluted) | $-7.24 | $-18.58 | $-17.07 | $-20.03 | $-17.10 | $-11.40 | $-11.25 | $-6.00 | $-2.57 | $-0.39 |
| Shares Outstanding (Diluted) | $1.7M | $1.7M | $1.8M | $2.4M | $3.5M | $5.9M | $6.9M | $8.6M | $6.1M | $4.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$624000 | -$670000 | -$1.1M | -$1.2M |
| EBITDA | -$468000 | -$538000 | -$955000 | -$1.1M |
| Net Income | -$468000 | -$538000 | -$955000 | -$1.1M |
| EPS | $-0.07 | $-0.07 | $-0.14 | $-0.16 |
| EPS (Diluted) | $-0.07 | $-0.07 | $-0.14 | $-0.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $27.5M | $35.0M | $16.5M | $61.4M | $97.8M | $109.6M | $75.7M | $6.2M | $6.8M | $17.3M |
| Short-term Investments | 0 | $26.0M | $17.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $106000 | $37000 | $19000 | $15000 | $50000 | 0 | $3.9M | $402000 | $217000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $27.5M | $61.4M | $35.1M | $63.1M | $99.5M | $111.7M | $78.9M | $11.3M | $8.6M | $17.6M |
| Property, Plant & Equipment | 0 | $1.4M | $6.9M | $9.1M | $9.1M | $12.1M | $12.3M | $4.8M | $452000 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $27.5M | $63.5M | $42.8M | $73.4M | $109.9M | $125.2M | $92.4M | $17.7M | $9.3M | $17.6M |
| Accounts Payable | $683000 | $3.5M | $1.4M | $1.9M | $3.5M | $3.5M | $6.8M | $6.3M | $7.5M | $3.5M |
| Short-term Debt | $320000 | 0 | 0 | $1.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $3.2M | $3.6M | $5.6M | $7.8M | $9.5M | $10.8M | $15.1M | $15.4M | $12.6M | $7.9M |
| Long-term Debt | 0 | 0 | 0 | $12.2M | 0 | 0 | $27.4M | 0 | 0 | 0 |
| Total Liabilities | $3.2M | $3.7M | $6.4M | $21.8M | $11.5M | $12.8M | $46.1M | $17.6M | $13.2M | $8.1M |
| Retained Earnings | -$17.1M | -$48.4M | -$79.1M | -$125.5M | -$185.5M | -$251.8M | -$329.4M | -$381.0M | -$396.7M | -$398.6M |
| Total Equity | $24.3M | $59.8M | $36.4M | $51.7M | $98.4M | $112.4M | $46.3M | $123000 | -$3.9M | $9.5M |
| Total Debt | $320000 | 0 | 0 | $15.5M | $2.2M | $2.0M | $31.4M | $2.5M | $878000 | 0 |
| Net Debt | -$27.2M | -$61.0M | -$34.1M | -$45.9M | -$95.6M | -$107.6M | -$44.3M | -$3.7M | -$6.0M | -$17.3M |
| Working Capital | $24.3M | $57.8M | $29.5M | $55.3M | $90.0M | $100.9M | $63.7M | -$4.0M | -$4.0M | $9.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $19.0M | $17.3M | $16.3M | $15.2M |
| Total Assets | $19.4M | $17.6M | $16.6M | $15.6M |
| Total Liabilities | $9.6M | $8.1M | $8.0M | $8.1M |
| Total Equity | $9.8M | $9.5M | $8.6M | $7.5M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$12.7M | -$31.3M | -$30.7M | -$46.4M | -$60.0M | -$66.4M | -$77.5M | -$51.6M | -$15.8M | -$1.9M |
| Depreciation & Amortization | 0 | $2000 | $630000 | $1.4M | $1.8M | $2.3M | $3.0M | $2.2M | $823000 | $41000 |
| Stock-based Compensation | 0 | $2.0M | $5.0M | $2.7M | $3.0M | $3.3M | $2.3M | $568000 | -$450000 | $129000 |
| Change in Working Capital | $663000 | $597000 | $2.5M | $132000 | $3.1M | -$637000 | $4.0M | -$3.0M | -$628000 | -$1.7M |
| Operating Cash Flow | -$4.1M | -$12.9M | -$19.2M | -$33.6M | -$37.3M | -$53.7M | -$65.1M | -$49.5M | -$11.4M | -$5.3M |
| Capital Expenditure | 0 | -$2.8M | -$7.9M | -$3.7M | -$4.4M | -$5.4M | -$3.1M | -$114000 | 0 | 0 |
| Acquisitions | 0 | -$2.4M | $1.1M | 0 | 0 | 0 | $127000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$611000 | 0 |
| Free Cash Flow | -$4.1M | -$15.7M | -$27.2M | -$37.3M | -$41.7M | -$59.0M | -$68.1M | -$49.6M | -$11.4M | -$5.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$818000 | -$1.7M | -$1.0M | -$967000 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$818000 | -$1.7M | -$1.0M | -$967000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $23000 | $23000 | 0 | $21000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -147.3% | +2.0% | -57.1% | -24.6% | -10.6% | -16.8% | +33.4% | +69.5% | +87.8% |
| EPS Growth (YoY) | | -156.6% | +8.1% | -17.3% | +14.6% | +33.3% | +1.3% | +46.7% | +57.2% | +84.8% |
| Shares Change (YoY) | | -3.7% | +6.7% | +33.8% | +45.8% | +67.1% | +17.7% | +24.8% | -28.8% | -19.9% |
| FCF Growth (YoY) | | -281.4% | -72.7% | -37.1% | -12.0% | -41.5% | -15.4% | +27.2% | +77.0% | +53.9% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2.36 | $-9.35 | $-15.13 | $-15.51 | $-11.90 | $-10.08 | $-9.88 | $-5.76 | $-1.86 | $-1.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.00 |
| Shares Outstanding (Basic) | $1.7M | $1.7M | $1.8M | $2.4M | $3.5M | $5.9M | $6.9M | $8.6M | $6.1M | $4.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -34.23% |
| Return on Invested Capital | -45.77% |
| Return on Assets | -19.43% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.97 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -31.16 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -1015.19 | -483.99 | -129.17 | -152.77 | -166.01 | -109.21 | -26.33 | -11.25 | -3.44 | -2.52 |
| P/B | 529.48 | 253.03 | 108.85 | 142.43 | 101.11 | 64.90 | 44.14 | 4721.76 | -14.00 | 0.51 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |