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Full MBIO fundamentals All 466 on the Survival Watch

MBIOMUSTANG BIO, INC.

Is Mustang Bio struggling financially?

Yes, by its own account. Mustang Bio told the SEC on 19 Mar 2026, in Form 10-K, that there is substantial doubt about its ability to continue as a going concern.

Going concern disclosed Mar 2026

30/100

Fragile

Sector
Biotech/Pharma
Market cap
$4.4M
Source filing
10-K 19 Mar 2026
Balance sheet
30 Jun 2026

Cash runway

  • 18months

    If the burn speeds up

    Empty by Dec 2027

  • 26months

    If it eases off

    Empty by Aug 2028

Both rows are the same reported burn flexed 15% either way, and neither assumes the company raises a cent.

Out of cashTwo years or more

The runway math

Cash and short-term investments

$15.2M

÷

Cash burned over the last 12 months

$8.2M

What Mustang Bio told the SEC

…financial statements for the year ended December 31, 2024 and in our most recent quarterly report on Form 10-Q for the period ended September 30, 2025 that substantial doubt existed regarding our ability to continue as a going concern. Although we have a history of negative cash flows from operations and operating losses, during the year ended December 31, 2025 we raised approximately $14.5 million in net proceeds…

MUSTANG BIO, INC., Form 10-K, filed 19 Mar 2026.

Read the filing on SEC.gov

What this means

  • Not a bankruptcy filing, and not a prediction.
  • It is the company’s own statement, agreed with its auditor, that the doubt is material enough to disclose.
  • The runway is arithmetic on two reported numbers, not a forecast. Companies carry this language for years, raise money and keep going.

What else the numbers show

  • 95.4% share-count increase The company issued stock. Each share now owns 48.8% less of the business than a year ago, before any change in the price.
  • Cash burn is narrowing It is spending 47% less cash per year than it was, so the runway above is lengthening rather than shortening.

Other Biotech/Pharma companies that filed the doubt