Mustang Bio (MBIO) AI Stock Analysis

• Market Cap: $8.32M
• Dividend Yield: N/A
• Average Volume (3M): 94.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• 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: -1.28
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 259.87
• Enterprise Value/Ebitda: 4.55
• 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: 42 Neutral
• Price Target: $0.92 ▼(-3.75% Downside)

The score is held down primarily by weak financial quality (pre-revenue, ongoing losses and negative free cash flow despite improvement) and bearish technical signals (below key moving averages with negative MACD). Valuation is also constrained by a negative P/E and no dividend support.

Positive Factors

Strategic Partnerships

Strategic partnerships provide Mustang Bio with crucial funding and resources, enhancing its ability to advance clinical trials and develop therapies, which is vital for long-term growth and sustainability.

Asset Sale to AbbVie

The asset sale to AbbVie reduces operational costs and enhances liquidity, providing Mustang Bio with more financial flexibility to focus on core R&D activities, which is essential for long-term viability.

Gene and Cell Therapy Focus

Focusing on innovative gene and cell therapies positions Mustang Bio in a high-growth sector, leveraging cutting-edge science to address unmet medical needs, which is a strong long-term strategic advantage.

Negative Factors

Zero Revenue

The lack of revenue generation indicates challenges in monetizing its pipeline, which could hinder Mustang Bio's ability to sustain operations and achieve profitability in the long term.

Negative Cash Flow

Negative cash flow from operations suggests reliance on external funding, which poses a risk to Mustang Bio's long-term liquidity and financial stability if such funding sources diminish.

Financial Instability

Negative equity signals financial instability, increasing the risk of insolvency and limiting Mustang Bio's ability to invest in growth opportunities, which could impact its long-term competitiveness.

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

Mustang Bio faces significant financial challenges, including zero revenue, heavy losses, negative equity, and reliance on external financing. These factors highlight precarious financial health and the need for strategic initiatives to stabilize operations.

Income Statement

Mustang Bio has consistently reported zero revenue over the years, indicating no income generation from operations. The company's EBIT and net income are both negative, reflecting significant operational losses. The lack of revenue growth and continuous losses highlight potential challenges in achieving profitability.

Balance Sheet

The company's balance sheet reveals a negative stockholders' equity in the latest period, signaling financial instability. The debt-to-equity ratio cannot be calculated accurately due to negative equity. These factors point to high financial leverage and potential risks associated with insolvency.

Cash Flow

Mustang Bio's cash flows indicate negative operating cash flow and free cash flow, reflecting cash outflows from operations without revenue support. The company's reliance on financing activities to sustain operations poses a risk to long-term liquidity if external funding is not maintained.

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: 0.96
• 50DMA: Negative
• 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 0.96 is below the 20-day moving average (MA) of 1.09, below the 50-day MA of 1.20, and below the 200-day MA of 1.43, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 51.45 is Neutral, neither overbought nor oversold. The STOCH value of 82.47 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	49 Neutral	$11.15M	-0.26	-81.97%	―	-46.88%	34.83%
LYRA	45 Neutral	$6.74M	-0.16	-404.48%	―	-59.21%	68.97%
ACXP	45 Neutral	$6.86M	-0.34	-291.07%	―	―	61.10%
SLXN	44 Neutral	$6.57M	-0.08	-771.23%	―	―	91.47%
MBIO	42 Neutral	$8.32M	-0.90	-418.83%	―	―	98.58%
XTLB	39 Underperform	$6.61M	-6.18	―	―	―	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.