Mustang Bio, Inc.

What they do

Mustang licenses anti-cancer technologies from research institutions, funds their preclinical and clinical development, and intends to out-license or commercialize them. Its lead programs are MB-101, an IL13Rα2-targeted CAR T therapy licensed from City of Hope, and MB-108, an HSV-1 oncolytic virus licensed from Nationwide Children's Hospital, which are combined as MB-109 for IL13Rα2+ recurrent glioblastoma and high-grade astrocytoma. The MB-101 and MB-108 Phase 1 trials have completed treatment, with patients still being assessed for long-term safety, and the FDA accepted the MB-109 IND in October 2023.

Revenue drivers

• Product sales — No products are approved for commercial sale, and the company states it does not expect product revenue in the foreseeable future, if ever.
• MB-109 (MB-101 plus MB-108) — The lead combination program for IL13Rα2+ recurrent GBM and high-grade astrocytoma; any future revenue depends on clinical success and approval, and the trial is still being explored as an investigator-sponsored study.
• MB-101 and MB-108 as separate programs — Both received FDA Orphan Drug Designation (MB-108 in November 2024 for malignant glioma; MB-101 in July 2025 for recurrent diffuse and anaplastic astrocytoma and glioblastoma), which carries incentives such as tax credits and seven years of market exclusivity if approved.

Recent performance

Mustang reported net losses of $1.9 million for 2025 and $15.8 million for 2024, with an accumulated deficit of $398.6 million as of December 31, 2025. Operating cash use narrowed to $5.3 million in 2025 from $11.4 million in 2024. As of June 30, 2026, total assets were $15.6 million, total liabilities $8.1 million, shareholder equity $7.5 million, and cash and equivalents $15.2 million. The company reported no quarterly revenue throughout 2019, its last reported revenue periods in the data provided.

Strategy

Mustang's stated strategy is to license technologies from partners such as City of Hope and Nationwide Children's Hospital, fund their development, and eventually out-license or bring them to market. The company is exploring with both partners the possibility of running the MB-109 trial as an investigator-sponsored single-institution study at City of Hope; the 10-K suggested a possible second-quarter 2026 start, while the later 10-Q points to a potential fourth-quarter 2026 start. Because cell processing for MB-101 reverts to City of Hope, management believes the FDA may not require the MB-109 lead-in cohort, which would save time and money. Development remains focused on solid tumors, particularly high-grade malignant brain tumors.

Risks

• No product revenue and recurring losses — The company has incurred losses since its inception in March 2015, had a $398.6 million accumulated deficit at December 31, 2025, and does not expect product revenue in the foreseeable future, if ever.
• Additional funding may not be available — Management states it may need to raise additional funding that may not be available on acceptable terms, and failure to obtain capital could force delays, limits, or termination of programs.
• Clinical and regulatory uncertainty for MB-109 — The MB-109 trial is still only being explored as an investigator-sponsored study, with timing moved from a possible second-quarter 2026 start in the 10-K to a possible fourth-quarter 2026 start in the later 10-Q.
• Listing-rule failure — The company disclosed a delisting notice or listing-rule failure in an 8-K filed April 17, 2026.

Outlook

Management expects to incur substantial expenses for research, development, and potential commercialization and may never achieve profitability. The near-term focus is initiating the MB-109 combination study for IL13Rα2+ recurrent GBM and high-grade astrocytoma as an investigator-sponsored trial at City of Hope, potentially in the fourth quarter of 2026. The company also cites the possibility that the FDA will not require the MB-109 lead-in cohort, which would save time and money. No product revenue is expected in the foreseeable future.