MUSTANG BIO, INC.
MBIO evidence brief
What we can confirm
- BioSniper Score:
- 6.1 / 10
- Market Cap:
- $3.8M
- Lead Asset:
- mb-101 (Phase 1)
What it means
What to watch
Prepared research question
What matters most for MBIO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MBIO
Mustang Bio (MBIO) is a clinical-stage biopharmaceutical company developing CAR T-cell and oncolytic virus therapies for difficult-to-treat cancers and autoimmune diseases, with a pipeline focused on solid tumors and hematologic malignancies.
Key risk: No approved products
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$3.8M
Cash Runway
—
Lead Asset
mb-101 (Phase 1)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates for MUSTANG BIO, INC..
Mustang Bio (MBIO) is a clinical-stage biopharmaceutical company developing CAR T-cell and oncolytic virus therapies for difficult-to-treat cancers and autoimmune diseases, with a pipeline focused on solid tumors and hematologic malignancies.
- Mustang Bio is a clinical-stage biopharmaceutical company focused on translating medical breakthroughs into potential cures for difficult-to-treat cancers and autoimmune diseases [sec_mda · as of 2025-11-07].
- The company's pipeline includes CAR T therapies for hematologic malignancies (mb-106) and solid tumors (mb-101, mb-109), as well as an oncolytic virus (mb-108) [pipeline].
- As of 2026-06-30, Mustang Bio reported cash & equivalents of $15.2M, net income of -$1.1M, and shareholders' equity of $7.5M [sec].
- The company has received Orphan Drug Designation from the FDA for mb-108 (malignant glioma) and mb-101 (IL13Rα2-targeted CAR T-cells) [sec_mda · as of 2026-03-19].
- Mustang Bio relies on exclusive licenses from research institutions like City of Hope and Nationwide Children's Hospital, and expects to incur substantial expenses for the foreseeable future without any approved products [sec_mda · as of 2026-03-19].
What works
- Mustang Bio has secured Orphan Drug Designation and RMAT designation for mb-106, and Orphan Drug Designation for mb-108 and mb-101, indicating regulatory recognition of their potential [pipeline] [sec_mda · as of 2026-03-19].
- The company's pipeline is diversified across multiple modalities (CAR T, oncolytic virus) and indications (solid tumors, hematologic malignancies, autoimmune diseases), reducing reliance on a single candidate [pipeline] [sec_mda · as of 2025-11-07].
- Mustang Bio has established partnerships with world-class research institutions (City of Hope, Nationwide Children's Hospital) for exclusive licenses, providing access to cutting-edge technology [sec_mda · as of 2026-03-19].
What to weigh
- Mustang Bio has no approved products and expects to incur substantial expenses for the foreseeable future, with a net loss of -$1.1M as of 2026-06-30 [sec_mda · as of 2026-03-19] [sec].
- The company's cash position of $15.2M as of 2026-06-30 is limited, potentially constraining its ability to fund ongoing clinical trials and operations without additional financing [sec].
- Mustang Bio's pipeline candidates are in early stages (Phase 1), with significant technical and regulatory risks, including FDA-required lead-in cohorts due to manufacturing changes [sec_mda · as of 2026-03-19] [pipeline].
- The competitive landscape for mb-106 includes over 290 competitors, including large pharmaceutical companies like Amgen and Acerta Pharma, indicating a crowded market [pipeline].
From the filings
Quoted directly from source documents.
Mustang Bio is a clinical-stage biopharmaceutical company focused on difficult-to-treat cancers and autoimmune diseases.
“We are a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs into potential cures for difficult-to-treat cancers and autoimmune diseases.”
SEC MD&A · November 7, 2025
Mustang Bio has Orphan Drug Designation for mb-108 and mb-101.
“On November 7, 2024, we announced that the FDA granted Orphan Drug Designation to Mustang for MB-108, an HSV-1 oncolytic virus, for the treatment of malignant glioma. On July 7, 2025, we announced that the FDA granted Orphan Drug Designation to Mustang for MB-101, IL13Ra2-targeted CAR T-cells, for”
SEC MD&A · March 19, 2026
Risks & what to watch (4)›
Key risks
- No approved products — Mustang Bio has no approved products and may never achieve profitability [sec_mda · as of 2026-03-19].
- Limited cash runway — Cash of $15.2M as of 2026-06-30 may be insufficient to fund operations and trials without additional financing [sec].
- Early-stage pipeline — All pipeline candidates are in Phase 1, with significant technical and regulatory risks [pipeline].
- Intense competition — mb-106 faces over 290 competitors, including large pharma [pipeline].
What to watch
- Progress of Phase 1 trials for mb-106 (NHL, CLL, WM) and mb-101/mb-109 (solid tumors) [pipeline].
- FDA decisions on regulatory designations and any required lead-in cohorts for manufacturing changes [sec_mda · as of 2026-03-19].
- Financial sustainability given cash position of $15.2M as of 2026-06-30 and net loss of -$1.1M [sec].
- Potential partnership or licensing developments for pipeline candidates [sec_mda · as of 2026-03-19].
Sources: Pipeline · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.07 · 0% dilution
Lead: Phase 1
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
22
Total value held
$370K
| Holder | Shares | Value |
|---|---|---|
| kestra advisory services, llc | 176,042 | $128K |
| geode capital management, llc | 92,790 | $68K |
| blackrock, inc. | 84,745 | $62K |
| citadel advisors llc | 53,200 | $39K |
| vanguard fiduciary trust co | 32,120 | $23K |
| vanguard capital management llc | 25,704 | $19K |
| cfo4life group, llc | 20,461 | $15K |
| two sigma investments, lp | 16,754 | $12K |
| ubs group ag | 3,659 | $3K |
| tower research capital llc (trc) | 1,895 | $1K |
Showing top 10 of 22 institutional holders of MUSTANG BIO, INC.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 1.1%
- Days to cover
- 1.9
- Shares short
- 72,110
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MBIO short interestGovernance
Frequently asked questions
What is the AI investment thesis for MUSTANG BIO, INC.?
Mustang Bio (MBIO) is a clinical-stage biopharmaceutical company developing CAR T-cell and oncolytic virus therapies for difficult-to-treat cancers and autoimmune diseases, with a pipeline focused on solid tumors and hematologic malignancies.
What is MUSTANG BIO, INC.'s lead drug candidate?
MUSTANG BIO, INC.'s most advanced tracked candidate is mb-101 (Phase 1) for IL13Rα2+ recurrent/refractory malignant glioma, glioblastoma (GBM), and high-grade astrocytoma.
Who is the CEO of MUSTANG BIO, INC.?
Dr. Manuel Litchman M.D. is the chief executive officer of MUSTANG BIO, INC. (MBIO).
Where is MUSTANG BIO, INC. headquartered?
MUSTANG BIO, INC. (MBIO) is headquartered in Waltham, MA, United States.
What therapeutic areas does MUSTANG BIO, INC. focus on?
MUSTANG BIO, INC. develops therapies across Oncology, Immunology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.