MUSTANG BIO, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Research and development | — | $7.6M | $40.5M | $62.5M | $49.9M |
| Operating expenses | $2.4M | $16.2M | $49.3M | $76.2M | $66.7M |
| Operating income | -$2.4M | -$16.2M | -$49.3M | -$76.2M | -$66.7M |
| Pretax income | -$1.9M | -$15.8M | — | — | — |
| Income tax expense | $27,000 | — | — | — | — |
| Net income | -$1.9M | -$15.8M | -$51.6M | -$77.5M | -$66.4M |
| Balance Sheet | |||||
| Cash and equivalents | $17.3M | $6.8M | $6.2M | $75.7M | $109.6M |
| Current assets | $17.6M | $8.6M | $11.3M | $78.9M | $111.7M |
| Total assets | $17.6M | $9.3M | $17.7M | $92.4M | $125.2M |
| Current liabilities | $7.9M | $12.6M | $15.4M | $15.1M | $10.8M |
| Total liabilities | $8.1M | $13.2M | $17.6M | $46.1M | $12.8M |
| Stockholders' equity | $9.5M | -$3.9M | $123,000 | $46.3M | $112.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$5.3M | -$11.4M | -$49.5M | -$65.1M | -$53.7M |
| Depreciation and amortization | $34,000 | $671,000 | $1.9M | $2.7M | $2.2M |
| Stock-based compensation | $129,000 | $450,000 | $568,000 | $2.3M | $3.3M |
| Capital expenditure | — | $0 | $64,000 | $2.7M | $4.0M |
| Free cash flow | — | -$11.4M | -$49.5M | -$67.8M | -$57.7M |
| Impairments | $0 | $3.7M | $0 | — | — |
Shares outstanding 7.6M · Free float 72.1%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.