Mustang Bio Inc (NASDAQ: MBIO) is a clinical-stage biopharmaceutical company developing cell and gene therapies for cancer and rare diseases. The company has generated no product revenue and funds operations through equity issuances, including at-the-market offerings and direct equity offerings. As of the 10-K filed March 19, 2026, MBIO had raised approximately $0.6 million gross proceeds through its ATM agreement during the year ended December 31, 2025, issuing roughly 54,000 shares at an average price of $11.55. The company was incorporated in March 2015 and operates as a majority-controlled subsidiary of Fortress Biotech, to which it pays an annual stock dividend as an equity fee. Research and development expenses shifted to a net credit of approximately ($1.5) million for the year ended December 31, 2025, compared to $8.4 million in expenses for the year ended December 31, 2024, primarily due to negotiated settlements of aged payables totaling approximately $2.1 million in savings. No products have received regulatory approval.

Revenue model

Mustang Bio has no product revenue. The company finances operations exclusively through equity capital raises, including at-the-market common stock offerings and direct equity offerings. Cash from operations is negative, reflecting a pre-commercial, clinical-stage structure.

Products and services

Pipeline includes MB-101, a CAR-T cell therapy candidate for glioblastoma and high-grade astrocytoma, and MB-109, a combination of MB-101 with the herpes simplex virus type 1 oncolytic virus MB-108, being explored for a Phase 1 investigator-sponsored trial potentially initiating in the second quarter of 2026. Lentiviral (LV) vector production is fully outsourced to third-party contract manufacturers.

Customers and end markets

End market is oncology patients, specifically those with recurrent or refractory glioblastoma, high-grade astrocytoma, and other cancers. No commercial customers exist as of the filing date, as no products have received marketing approval.

Value-chain role

Mustang Bio occupies the drug development role in the biopharmaceutical value chain. It relies entirely on third-party contract research organizations for clinical studies, third-party contract manufacturers for LV vector production, and third-party distributors for clinical trial drug supply. The company retains regulatory and protocol responsibility but does not independently conduct manufacturing.

Geographic exposure

Operations are U.S.-based. The filing notes exposure to U.S.-China trade tensions and tariffs as a supply chain risk, indicating some raw material or manufacturing inputs sourced internationally, but no specific geographic revenue split is disclosed.

Source: SEC 10-K, filed 2026-03-19

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