Mustang Bio, Inc.
MBIOHealthcare|Biotechnology|US
$0.39
+0.00 (+0.15%)
DCF Value
$2.93
Tangible Book / Share
$0.98
Cash / Share
$2.12
Financials
Financial Snapshot
Market Cap
$2.7M
Enterprise Value
-$11.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$3.5M
Cash & Investments
$14.3M
Net Cash
$14.3M
Free Cash Flow (TTM)
-$4.6M
Operating CF (TTM)
-$4.6M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$14.3M
Quarterly Burn
$1.1M
Monthly Burn
$380.8K
Est. Runway
~12.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $27.5M | $61.0M | $34.1M | $61.4M | $97.8M | $109.6M | $75.7M | $6.2M | $6.8M | $17.3M | $14.3M | |
| Operating Cash Flow | -$4.1M | -$12.9M | -$19.2M | -$33.6M | -$37.3M | -$53.7M | -$65.1M | -$49.5M | -$11.4M | -$5.3M | -$4.6M | |
| Free Cash Flow | -$4.1M | -$15.7M | -$27.2M | -$37.3M | -$41.7M | -$59.0M | -$68.1M | -$49.6M | -$11.4M | -$5.3M | -$4.6M | |
| Capital Expenditure | $0.00 | -$2.8M | -$7.9M | -$3.7M | -$4.4M | -$5.4M | -$3.1M | -$114.0K | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $31.6M | $50.0M | $181.0K | $65.1M | $78.1M | $70.8M | $34.1M | -$26.1M | $11.3M | $14.5M | -$139.0K |
R&D Spending
R&D (TTM)
$293.0K
R&D Intensity
—
R&D Growth vs Prior
-80.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $8.5M | $20.4M | $24.5M | $36.3M | $45.6M | $53.5M | $63.9M | $39.2M | $8.4M | $1.5M | $293.0K | |
| SG&A | $2.8M | $11.4M | $6.8M | $9.6M | $9.5M | $11.0M | $12.2M | $9.3M | $4.1M | $3.9M | $3.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $2.0K | $630.0K | $1.4M | $1.8M | $2.3M | $3.0M | $2.2M | $0.00 | $41.0K | $0.00 | |
| Gross Profit | $0.00 | -$2.0K | -$630.0K | -$1.4M | -$1.8M | -$2.3M | -$3.0M | -$2.2M | $0.00 | -$41.0K | $0.00 | |
| R&D | $8.5M | $20.4M | $24.5M | $36.3M | $45.6M | $53.5M | $63.9M | $39.2M | $8.4M | $1.5M | $293.0K | |
| SG&A | $2.8M | $11.4M | $6.8M | $9.6M | $9.5M | $11.0M | $12.2M | $9.3M | $4.1M | $3.9M | $3.7M | |
| Operating Income | $11.4M | -$31.8M | -$31.2M | -$45.9M | -$56.8M | -$66.7M | -$76.2M | -$50.7M | -$16.2M | -$2.4M | -$4.0M | |
| Interest Expense | $1.1M | $8.0K | $8.0K | $1.8M | $3.9M | $15.0K | $3.4M | $1.3M | -$5.0K | $0.00 | $0.00 | |
| Pretax Income | -$12.7M | -$31.3M | -$30.7M | -$46.4M | -$60.0M | -$66.4M | -$77.5M | -$51.6M | -$15.8M | -$1.9M | -$3.5M | |
| Net Income | -$12.7M | -$31.3M | -$30.7M | -$48.2M | -$60.0M | -$66.4M | -$77.5M | -$51.6M | -$15.8M | -$1.9M | -$3.5M | |
| EPS (Diluted) | -7.24 | -18.58 | -17.07 | -20.03 | -17.10 | -11.40 | -11.25 | -6.00 | -2.57 | -0.39 | -0.51 | |
| EBITDA | -$11.5M | -$31.3M | -$30.0M | -$43.3M | -$54.3M | -$64.0M | -$71.1M | -$48.1M | -$14.9M | -$1.9M | -$3.6M | |
| Shares Out. (M) | 1.75 | 1.68 | 1.80 | 2.40 | 3.51 | 5.86 | 6.90 | 8.60 | 6.13 | 4.91 | 6.74 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.5M | $35.0M | $16.5M | $61.4M | $97.8M | $109.6M | $75.7M | $6.2M | $6.8M | $17.3M | $14.3M | |
| Short-Term Investments | $0.00 | $26.0M | $17.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $27.5M | $61.4M | $35.1M | $63.1M | $99.5M | $111.7M | $78.9M | $11.3M | $8.6M | $17.6M | $14.5M | |
| Total Assets | $27.5M | $63.5M | $42.8M | $73.4M | $109.9M | $125.2M | $92.4M | $17.7M | $9.3M | $17.6M | $14.7M | |
| Total Current Liabilities | $3.2M | $3.6M | $5.6M | $7.8M | $9.5M | $10.8M | $15.1M | $15.4M | $12.6M | $7.9M | $7.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $12.2M | $0.00 | $0.00 | $27.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.2M | $3.7M | $6.4M | $21.8M | $11.5M | $12.8M | $46.1M | $17.6M | $13.2M | $8.1M | $8.1M | |
| Stockholders' Equity | $24.3M | $59.8M | $36.4M | $51.7M | $98.4M | $112.4M | $46.3M | $123.0K | -$3.9M | $9.5M | $6.6M | |
| Retained Earnings | -$17.1M | -$48.4M | -$79.1M | -$125.5M | -$185.5M | -$251.8M | -$329.4M | -$381.0M | -$396.7M | -$398.6M | -$401.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M | -$12.9M | -$19.2M | -$33.6M | -$37.3M | -$53.7M | -$65.1M | -$49.5M | -$11.4M | -$5.3M | -$4.6M | |
| Capital Expenditure | $0.00 | -$2.8M | -$7.9M | -$3.7M | -$4.4M | -$5.4M | -$3.1M | -$114.0K | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$4.1M | -$15.7M | -$27.2M | -$37.3M | -$41.7M | -$59.0M | -$68.1M | -$49.6M | -$11.4M | -$5.3M | -$4.6M | |
| Investing Cash Flow | $0.00 | -$29.1M | $557.0K | $13.9M | -$4.4M | -$5.4M | -$3.0M | $5.9M | $0.00 | $1.2M | $0.00 | |
| Financing Cash Flow | $31.6M | $50.0M | $181.0K | $65.1M | $78.1M | $70.8M | $34.1M | -$26.1M | $11.3M | $14.5M | -$139.0K | |
| Issuance of Stock | $35.0M | $50.3M | $181.0K | $54.1M | $97.0M | $71.9M | $6.6M | $4.6M | $9.1M | $14.5M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$3.4M | -$320.0K | $0.00 | $15.0M | -$15.8M | $0.00 | $30.0M | -$30.4M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $2.0M | $5.0M | $2.7M | $3.0M | $3.3M | $2.3M | $568.0K | -$450.0K | $129.0K | $68.0K | |
| Net Change in Cash | $27.5M | $8.0M | -$18.5M | $45.4M | $36.4M | $11.8M | -$34.0M | -$69.7M | -$145.0K | $10.4M | -$4.7M |
Dilution Tracker
Shares outstanding grew 40.0% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+40.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.75 | 1.68 | 1.80 | 2.40 | 3.51 | 5.86 | 6.90 | 8.60 | 6.13 | 4.91 | 6.74 | |
| Change vs Prior % | — | -3.7% | 6.7% | 33.8% | 45.8% | 67.1% | 17.7% | 24.8% | -28.8% | -19.9% | 37.2% | |
| Stock Issuance | $35.0M | $50.3M | $181.0K | $54.1M | $97.0M | $71.9M | $6.6M | $4.6M | $9.1M | $14.5M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $2.0M | $5.0M | $2.7M | $3.0M | $3.3M | $2.3M | $568.0K | -$450.0K | $129.0K | $68.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -52.1% | -52.3% | -84.2% | -93.2% | -61.0% | -59.0% | -167.5% | -41952.8% | 406.7% | -20.2% | -43.8% | |
| ROA % | -46.0% | -49.3% | -71.7% | -65.6% | -54.6% | -53.0% | -83.9% | -290.8% | -169.2% | -10.9% | -24.0% | |
| ROIC % | 46.2% | -53.1% | -84.1% | -68.3% | -56.4% | -58.2% | -97.7% | -1754.6% | 571.0% | -25.1% | -60.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | -31400.0% | -117.1% | -30.5% | -29.2% | -31.4% | 26.6% | 100.0% | 0.0% | |
| Operating Income | 364.4% | -379.7% | 1.8% | -47.0% | -23.8% | -17.5% | -14.1% | 33.4% | 68.0% | 85.0% | |
| Net Income | -183.3% | -147.3% | 2.0% | -57.1% | -24.6% | -10.6% | -16.8% | 33.4% | 69.5% | 87.8% | |
| EPS (Diluted) | -8.1% | -156.6% | 8.1% | -17.3% | 14.6% | 33.3% | 1.3% | 46.7% | 57.2% | 84.8% | |
| Operating Cash Flow | -162.8% | -213.6% | -48.6% | -74.5% | -11.1% | -43.8% | -21.2% | 24.0% | 76.9% | 53.9% | |
| Free Cash Flow | -162.8% | -281.4% | -72.7% | -37.1% | -12.0% | -41.5% | -15.4% | 27.2% | 77.0% | 53.9% | |
| R&D Expense | 111.4% | 138.4% | 20.1% | 48.4% | 25.6% | 17.3% | 19.4% | -38.7% | -78.5% | -82.0% | |
| SG&A Expense | 1008.7% | 305.1% | -40.8% | 41.6% | -0.7% | 15.9% | 10.8% | -23.7% | -55.6% | -4.5% | |
| Total Assets | 0.0% | 130.9% | -32.7% | 71.8% | 49.6% | 13.9% | -26.2% | -80.8% | -47.5% | 89.0% | |
| Book Value / Share | 324.0% | 156.0% | -43.0% | 6.1% | 30.7% | -31.7% | -65.0% | -99.8% | -4520.9% | 407.2% | |
| Debt | -91.0% | -100.0% | 0.0% | 0.0% | -85.7% | -8.8% | 1443.6% | -92.0% | -64.9% | -100.0% | |
| Diluted Shares | 162.5% | -3.7% | 6.7% | 33.8% | 45.8% | 67.1% | 17.7% | 24.8% | -28.8% | -19.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.40
10Y Low / Med / High0.51 / 108.85 / 4721.76
EV/EBITDA3.21
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.93
Tangible Book / Share
$0.98
Net Current Assets / Share
$0.95
Graham Net-Net
$0.94
Cash / Share
$2.12
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1015.19 | -483.99 | -129.17 | -152.77 | -166.01 | -109.21 | -26.33 | -11.25 | -3.44 | -2.52 | -0.77 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 529.48 | 253.03 | 108.85 | 142.43 | 101.11 | 64.90 | 44.14 | 4721.76 | -14.00 | 0.51 | 0.40 | |
| EV/EBITDA | -1114.77 | -482.90 | -131.40 | -169.02 | -181.48 | -112.21 | -28.09 | -12.01 | -3.23 | 6.62 | 3.21 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-38.38
Distress
Piotroski F-Score
0
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $11.0M | $55.6M |
| Net Income | -$485.9M | -$252.8M |
| EPS | $-99.00 | $-51.50 |
| # Analysts (EPS) | 1 | 1 |