Mustang Bio (MBIO) AI Stock Analysis

• Market Cap: $7.37M
• Dividend Yield: N/A
• Average Volume (3M): 94.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: N/A
• EPS Growth: 98.58%
• Country: US
• Employees: 6
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 6,453,701
• 10 Day Avg. Volume: 88,215
• 30 Day Avg. Volume: 94,141
• PEG Ratio: 0.06
• Price to Book (P/B): -14.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.75
• Enterprise Value/Market Cap: -1.58
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 283.22
• Enterprise Value/Ebitda: 4.96
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $0.76 ▼(-30.28% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily constrained by the company’s pre-revenue profile and ongoing negative cash flow despite improved losses and a cleaner balance sheet. Technicals are also weak with a pronounced downtrend and negative momentum. Valuation offers limited support due to losses and no dividend, while recent corporate actions add flexibility but introduce dilution and reflect program repositioning.

Positive Factors

Improved balance sheet (no debt)

The company reports zero reported debt in the trailing twelve months and a recovery of equity to roughly $9.8M from negative levels. This recapitalization materially improves solvency and financial flexibility, reducing near-term default risk and supporting continued clinical investment.

Sharply reduced net losses

A multi-year decline in annual net losses shows successful cost reduction and program prioritization. Narrowing losses lengthen runway per financing round and indicate management can slow burn while advancing key programs, lowering dilutive financing needs over the medium term.

Equity plans expand talent retention

Approval to expand employee equity and incentive plans strengthens the company’s ability to attract and retain specialized scientific and clinical staff. For a clinical-stage biotech, sustained access to talent is a durable operational advantage that supports trial execution and program continuity.

Negative Factors

Pre-revenue business model

Mustang remains essentially pre-revenue, meaning it lacks product-derived cash flows to fund operations. This structural reliance on capital markets or partners increases execution risk over the next several months and constrains self-funded expansion of clinical programs.

Negative operating and free cash flow

Persistent negative operating and free cash flow requires ongoing external financing to sustain R&D and trials. Although burn has improved, continued outflows create funding dependency that can force dilution, program delays, or reprioritization if capital markets tighten.

Balance-sheet volatility and financing risk

Historical swings from high leverage to recent recapitalization indicate volatility in funding access. Such variability signals refinancing and dilution risk during adverse markets, which is a structural constraint on long-term program funding and strategic optionality.

Mustang Bio Business Overview & Revenue Model

Company Description

Mustang Bio, Inc., a clinical-stage biopharmaceutical company, focuses on translating medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors, and rare genetic diseases. Its pipeline focuses on gene therapy programs for rare genetic disorders, chimeric antigen receptor (CAR) engineered T cell (CAR T) therapies for hematologic malignancies, and CAR T therapies for solid tumors. The company develops MB-107 and MB-207, a gene therapy program for X-linked severe combined immunodeficiency, a rare genetic immune system condition in which affected patients do not live beyond infancy without treatment. The company also develops MB-102 CAR T therapies for blastic plasmacytoid dendritic cell neoplasm, acute myeloid leukemia, and myelodysplastic syndrome; MB-106 CAR T cell program for B cell non-hodgkin lymphoma and chronic lymphocytic leukemia; MB-104 CAR T for multiple myeloma and light chain amyloidosis; MB-101 CAR T cell program for glioblastoma; MB-103 CAR T for glioblastoma multiforme (GBM) and metastatic breast cancer to brain; MB-105 CAR T for prostate and pancreatic cancers; and MB-108, a next-generation oncolytic herpes simplex virus. It has license agreements with Nationwide Children's Hospital, CSL Behring; Mayo Clin Mayo Clinic; Leiden University Medical Centre; SIRION Biotech GmbH, and Minaris Regenerative Medicine GmbH. The company was incorporated in 2015 and is headquartered in Worcester, Massachusetts.

How the Company Makes Money

Mustang Bio generates revenue primarily through strategic partnerships, licensing agreements, and collaborations with other biopharmaceutical companies and research institutions. These partnerships may involve upfront payments, milestone payments, and royalties based on the successful development and commercialization of their therapies. Additionally, Mustang Bio may also receive funding from grants or government contracts aimed at supporting innovative research and development in the field of gene and cell therapies. The company is focused on advancing its clinical trials to bring its products to market, which will eventually result in direct sales revenue from approved therapies.

Mustang Bio Financial Statement Overview

Summary

Losses and cash burn have improved materially versus 2022–2023, and the balance sheet is cleaner with no reported debt and positive equity in TTM. However, the company remains essentially pre-revenue with ongoing losses and persistently negative operating/free cash flow, keeping funding dependence and financial volatility risk elevated.

Income Statement

Across the available periods, the company reports essentially no revenue, consistent with a development-stage biotech profile. Losses have narrowed meaningfully versus prior years (annual net loss improved from about $77.5M in 2022 and $51.6M in 2023 to $15.8M in 2024, and to about $2.3M in TTM (Trailing-Twelve-Months)), which is a clear positive trajectory. However, profitability remains deeply negative overall, and margins are not yet economically meaningful given minimal revenue, leaving the business highly dependent on funding rather than operations.

Balance Sheet

Leverage has improved substantially: total debt is now reported at $0 in TTM (Trailing-Twelve-Months), versus $0.9M in 2024 and much higher levels in 2022. Equity has also recovered from negative in 2024 (-$3.9M) to positive in TTM (Trailing-Twelve-Months) (~$9.8M), indicating recapitalization and improved solvency. The key weakness is balance-sheet volatility over time (including very high leverage in 2023 when equity was near-zero), which underscores financing risk and limited cushion if cash burn accelerates.

Cash Flow

Cash generation remains a major pressure point: operating cash flow and free cash flow are consistently negative, including about -$5.5M in TTM (Trailing-Twelve-Months) and -$11.4M in 2024. The burn rate has improved dramatically versus 2022–2023 (when operating cash outflows were roughly -$65.1M and -$49.5M, respectively), but free cash flow growth in TTM (Trailing-Twelve-Months) is negative (down ~14.5%), signaling potential re-acceleration of cash usage. Overall, the company still relies on external capital to fund operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-41.00K	0.00	-2.23M	-3.03M	-2.31M	-1.78M
EBITDA	-2.34M	-14.92M	-48.06M	-71.14M	-64.05M	-54.31M
Net Income	-2.33M	-15.75M	-51.60M	-77.53M	-66.37M	-60.02M
Balance Sheet
Total Assets	19.36M	9.31M	17.74M	92.42M	125.17M	109.90M
Cash, Cash Equivalents and Short-Term Investments	18.98M	6.84M	6.23M	75.66M	109.62M	97.80M
Total Debt	0.00	878.00K	2.50M	31.38M	2.03M	2.23M
Total Liabilities	9.59M	13.18M	17.62M	46.15M	12.77M	11.46M
Stockholders Equity	9.77M	-3.87M	123.00K	46.27M	112.40M	98.44M
Cash Flow
Free Cash Flow	-5.54M	-11.41M	-49.59M	-68.14M	-59.03M	-41.73M
Operating Cash Flow	-5.54M	-11.41M	-49.48M	-65.07M	-53.67M	-37.32M
Investing Cash Flow	1.17M	0.00	5.89M	-2.95M	-5.37M	-4.41M
Financing Cash Flow	19.46M	11.27M	-26.08M	34.06M	70.85M	78.12M

Mustang Bio Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.09
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MBIO, the sentiment is Neutral. The current price of 1.09 is above the 20-day moving average (MA) of 0.90, above the 50-day MA of 0.99, and below the 200-day MA of 1.38, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.99 is Neutral, neither overbought nor oversold. The STOCH value of 92.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MBIO.

Mustang Bio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BOLT	48 Neutral	$8.68M	-0.20	-81.97%	―	-46.88%	34.83%
SLXN	46 Neutral	$5.75M	-0.07	-771.23%	―	―	91.47%
MBIO	45 Neutral	$7.37M	-0.80	-418.83%	―	―	98.58%
ACXP	45 Neutral	$3.82M	-0.18	-291.07%	―	―	61.10%
LYRA	41 Neutral	$1.79M	-0.04	-404.48%	―	-59.21%	68.97%
XTLB	39 Underperform	$6.64M	-6.81	―	―	―	65.45%

Mustang Bio Corporate Events

Mustang Bio Shareholders Approve Equity Plans and Directors

At its 2025 Annual Meeting of stockholders held virtually on December 22, 2025, Mustang Bio shareholders approved all four proposals on the agenda, including the election of seven directors to serve until the 2026 annual meeting and the ratification of KPMG LLP as the company’s independent auditor for the year ending December 31, 2025. Investors also backed amendments to Mustang’s 2019 Employee Stock Purchase Plan, adding 250,000 issuable shares and increasing the shares subject to a Purchase Right to 10,000, and to its 2016 Incentive Plan, expanding the pool of issuable shares by 2,500,000, moves that enhance the company’s ability to use equity compensation in attracting and retaining talent. Separately, on December 17, 2025, Mustang and Fred Hutchinson Cancer Center agreed to terminate their CD20 License Agreement covering Mustang’s CD20 CAR-T program, with Mustang paying $730,000 to settle about $1.4 million in outstanding payables, and securing the right to receive at least 10% of any future consideration Fred Hutch obtains from third-party licenses of the former CD20 assets over the next three years, preserving some upside despite exiting the program.