MUSTANG BIO, INC.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
MBIO$0.39-0.8%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001104659-26-055598
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091061
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 51 previous paragraphs and 65 current paragraphs.
33 unchanged; 16 reworded; 14 added; 0 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
In collaboration with COH, Nationwide, and UAB, we are currently in discussion with potential vendors for stability testing of clinical material related to MB-108 for the Phase 1 trial at COH. Based on current timelines, we expect to complete the testing in advance of a potential IND allowance for COH’s IND submission in the fourth quarter of 2026, followed by trial initiation.
Current report
Recent Developments
Current report
Notification of Non-Compliance with Nasdaq Continued Listing Requirements
Current report
On April 15, 2026, we received a notice (the “Letter”) from the Listing Qualifications Department (the “Staff”) of Nasdaq indicating that the bid price of our common stock had closed below $1.00 for 30 consecutive business days and, as a result, we were not in compliance with Nasdaq Listing Rule 5550(a)(2), which sets forth the minimum bid price requirement for continued listing on the Nasdaq Capital Market (the “Bid Price Rule”). The Letter has no immediate effect on the listing of the Company’s Common Stock on Nasdaq.
Current report
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), we have been afforded a 180-calendar day grace period, or until October 12, 2026, to regain compliance with the Bid Price Rule, which necessitates a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days (but generally not more than 20 consecutive business days) by October 12, 2026.
Current report
If the Company does not regain compliance with the Bid Price Rule by October 12, 2026, the Company may be eligible for an additional 180-calendar day compliance period so long as it satisfies the criteria for initial listing on Nasdaq and the continued listing requirement for market value of publicly held shares and the Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. In the event the Company is not eligible for the second grace period, Nasdaq staff will provide written notice that the Company’s common stock is subject to delisting; however, the Company may request a hearing before the Nasdaq Hearings Panel (the “Panel”), which request, if timely made, would stay any further suspension or delisting action by the Staff pending the conclusion of the hearing process and expiration of any extension that may be granted by the Panel. There can be no assurance that the Company would be successful in its efforts to maintain the Nasdaq listing.
Current report
We expect our research and development costs to increase with the initiation of the MB-109 investigator-sponsored study at COH.
Current report
For the three months ended June 30, 2026, and 2025, general and administrative expenses were $0.9 million and $0.8 million, respectively. The increase of approximately $0.1 million is primarily attributed to a $0.2 million increase in personnel-related expenses, offset by a $0.1 million decrease in professional service-related expenses.
Current report
Comparison of the Six Months Ended June 30, 2026 and 2025
Current report
Research and Development Expenses
Current report
We expect our research and development costs to increase with the initiation of the MB-109 investigator-sponsored study at COH.
Current report
General and Administrative Expenses
Current report
Total Other Income
Current report
Net cash used in financing activities was approximately $0.1 million during thesix months ended June 30, 2026, primarily reflecting offering costs related to the ATM Agreement.
Reworded paragraphs (16)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and the related notes included elsewhere in this Form 10-Q. Our financial statements have been prepared in accordance with U.S. GAAP. The following discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions, include, but are not limited to, any statements relating to our growth strategy and product development programs, including the Company’s expectations with respect to the consummation of the sale of its manufacturing facility, the timing of and our ability to make regulatory filings such as Investigational New Drug (“IND”) applications and other applications and to obtain regulatory approvals for our product candidates, statements concerning the potential of therapies and product candidates, and any other statements that are not historical facts. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Our business and financial performance are subject to substantial risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. In evaluating our business, you should carefully consider the information set forth under Part II, Item 1A “Risk Factors” herein.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and the related notes included elsewhere in this Form 10-Q. Our financial statements have been prepared in accordance with U.S. GAAP. The following discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions, include, but are not limited to, any statements relating to our growth strategy and product development programs, including the Company’s expectations with respect to the timing of and our ability to make regulatory filings such as Investigational New Drug (“IND”) applications and other applications and to obtain regulatory approvals for our product candidates, statements concerning the potential of therapies and product candidates, and any other statements that are not historical facts. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Our business and financial performance are subject to substantial risks and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. In evaluating our business, you should carefully consider the information set forth under Part II, Item 1A “Risk Factors” herein.
Previous wording
In partnership with COH, we are developing CAR T therapy for solid tumors targeting IL13Rα2 (MB-101). In addition, we have partnered with Nationwide for a herpes simplex virus type 1 (“HSV-1”) oncolytic virus (MB-108) in order to enhance the activity of MB-101 for the treatment of patients with high-grade malignant brain tumors. The Phase 1 clinical trial sponsored by COH for MB-101 (ClinicalTrials.gov Identifier: NCT02208362) has completed the treatment phase and patients continue to be assessed for long-term safety. A Phase 1 clinical trial sponsored by the University of Alabama at Birmingham (“UAB”) for MB-108 (ClinicalTrials.gov Identifier: NCT03657576) has also completed the treatment phase and patients continue to be assessed for long-term safety. In October 2023, we announced that the FDA accepted our IND application for the combination of MB-101 and MB-108 – which is referred to as MB-109 – for the treatment of patients with IL13Rα2+ relapsed or refractory glioblastoma (“GBM”) and high-grade astrocytoma. Pursuant to termination of the lease for our cell processing center in Worcester, MA, we are exploring with COH and Nationwide the possibility of initiating this clinical trial as an investigator-sponsored single-institution study at COH in the third quarter of 2026.
Current wording
In partnership with COH, we are developing CAR T therapy for solid tumors targeting IL13Rα2 (MB-101). In addition, we have partnered with Nationwide for a herpes simplex virus type 1 (“HSV-1”) oncolytic virus (MB-108) in order to enhance the activity of MB-101 for the treatment of patients with high-grade malignant brain tumors. The Phase 1 clinical trial sponsored by COH for MB-101 (ClinicalTrials.gov Identifier: NCT02208362) has completed the treatment phase and patients continue to be assessed for long-term safety. A Phase 1 clinical trial sponsored by the University of Alabama at Birmingham (“UAB”) for MB-108 (ClinicalTrials.gov Identifier: NCT03657576) has also completed the treatment phase and patients continue to be assessed for long-term safety. In October 2023, we announced that the FDA accepted our IND application for the combination of MB-101 and MB-108 – which is referred to as MB-109 – for the treatment of patients with IL13Rα2+ relapsed or refractory glioblastoma (“GBM”) and high-grade astrocytoma. We are exploring with COH and Nationwide the possibility of initiating the MB-109 clinical trial for GBM and high-grade astrocytoma as an investigator-sponsored single-institution study at COH in the fourth quarter of 2026.
Previous wording
We are currently exploring with COH and Nationwide the possibility of conducting an investigator-sponsored single-institution trial under the COH IND to treat patients with IL13Rα2+ recurrent GBM and high-grade astrocytoma with MB-109 that could potentially be initiated in the third quarter of 2026. Because cell processing for MB-101 will revert back to COH – where the product continues to be manufactured today for other investigator-sponsored clinical trials being conducted by COH in malignant brain tumors (ClinicalTrials.gov Identifiers: NCT04003649, NCT04661384, NCT04510051), we believe that it is reasonable to assume that the FDA will not require a lead-in cohort, wherein a cohort of patients would have to be treated with MB-101 alone prior to treatment of subsequent cohorts with the combination of MB-108 followed by MB-101. Should this, indeed, be the case, the first patient enrolled will receive combination therapy, which will represent a considerable savings of time and money – as well as afford the potential benefit of both therapies to every patient treated on study.
Current wording
We are currently exploring with COH and Nationwide the possibility of conducting an investigator-sponsored single-institution trial under the COH IND to treat patients with IL13Rα2+ recurrent GBM and high-grade astrocytoma with MB-109 that could potentially be initiated in the fourth quarter of 2026. Because cell processing for MB-101 will revert back to COH after the termination of the lease for the cell processing center – where the product continues to be manufactured today for other investigator-sponsored clinical trials being conducted by COH in malignant brain tumors (ClinicalTrials.gov Identifiers: NCT04003649, NCT04661384, NCT04510051) we believe that it is reasonable to assume that the FDA will not require a lead-in cohort, wherein a cohort of patients would have to be treated with MB-101 alone prior to treatment of subsequent cohorts with the combination of MB-108 followed by MB-101. Should this, indeed, be the case, the first patient enrolled will receive combination therapy, which will represent a considerable savings of time and money – as well as afford the potential benefit of both therapies to every patient treated on study.
Previous wording
During the three months ended March 31, 2026, there were no new accounting pronouncements or updates to recently issued accounting pronouncements disclosed in the 2025 Form 10-K that are expected to materially affect our present or future financial statements.
Current wording
During the six months ended June 30, 2026, there were no new accounting pronouncements or updates to recently issued accounting pronouncements disclosed in the 2025 Form 10-K that are expected to materially affect our present or future financial statements.
Previous wording
We are a “smaller reporting company,” within the meaning of federal securities laws, meaning that the market value of our shares held by non-affiliates is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our shares held by non-affiliates is less than $700 million. As a smaller reporting company, we may choose to present only the two
Current wording
We are a “smaller reporting company,” within the meaning of federal securities laws, meaning that the market value of our shares held by non-affiliates is less than $700 million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value of our shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our shares held by non-affiliates is less than $700 million. As a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Reports on Form 10-K, have reduced disclosure obligations regarding executive compensation and certain other matters, and smaller reporting companies are permitted to delay adoption of certain recent accounting pronouncements discussed in Note 2 to our financial statements in this Form 10-Q.
Previous wording
For the three months ended March 31, 2026 and 2025, research and development expenses were approximately $0.2 million and $(1.0) million, respectively. The increase of approximately $1.1 million is primarily attributed to $0.7 million of non-repeat savings recognized from the settlement of aged payables and $0.4 million non-repeat gain from the termination of the Plantation Street Facility lease that occurred during the first quarter of 2025.
Current wording
For the six months ended June 30, 2026 and 2025, research and development expenses were approximately $0.4 million and $(0.9) million, respectively. The increase of approximately $1.3 million is primarily attributed to a $0.1 million increase in consulting expenses, $0.8 million of non-repeat savings recognized from the settlement of aged payables and $0.4 million non-repeat gain from the termination of the Plantation Street Facility lease that occurred during the first quarter of 2025.
Previous wording
For the three months ended March 31, 2026, and 2025, general and administrative expenses were $0.9 million and $1.2 million, respectively. The decrease of approximately $0.3 million is primarily attributed to a $0.2 million decrease in non-cash stock-based compensation expenses, primarily related to the equity fee to Fortress, and a $0.1 million decrease in outside service costs, primarily related to financing activity that occurred in the first quarter of 2025.
Current wording
For the six months ended June 30, 2026 and 2025, general and administrative expenses were $1.8 million and $2.0 million, respectively. The decrease of approximately $0.2 million is primarily attributed to a $0.3 million decrease in non-cash stock-based compensation expense, primarily related to the equity fee to Fortress, partially offset by a $0.1 million increase in personnel-related expenses.
Previous wording
We have incurred substantial operating losses and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. To date, we have funded our operations primarily with the proceeds from various public and private offerings of our equity securities. As of March 31, 2026, we had an accumulated deficit of $399.6 million and cash and cash equivalents of $16.3 million.
Current wording
We have incurred substantial operating losses and expect to continue to incur significant operating losses for the foreseeable future and may never become profitable. To date, we have funded our operations primarily with the proceeds from various public and private offerings of our equity securities. As of June 30, 2026, we had an accumulated deficit of $400.7 million and cash and cash equivalents of $15.2 million.
Previous wording
During the three months ended March 31, 2026, there were no material changes in our contractual obligations and commitments, as described in our 2025 Form 10-K.
Current wording
During the three and six months ended June 30, 2026, there were no material changes in our contractual obligations and commitments, as described in our 2025 Form 10-K.
Previous wording
Cash Flows for the Three Months Ended March 31, 2026 and 2025
Current wording
Cash Flows for the Six Months Ended June 30, 2026 and 2025
Previous wording
Net cash used in operating activities was $1.0 million for the three months ended March 31, 2026, compared to $1.4 million for the three months ended March 31, 2025.
Current wording
Net cash used in operating activities was $2.0 million for the six months ended June 30, 2026, compared to $2.7 million for the six months ended June 30, 2025.
Previous wording
Net cash used in operating activities for thethree months ended March 31, 2026, was primarily due to approximately $1.0 million in net loss during the quarter.
Current wording
Net cash used in operating activities for thesix months ended June 30, 2026, was primarily due to approximately $2.0 million in net loss during the year.
Previous wording
Net cash used in operating activities for thethree months ended March 31, 2025, was primarily due to approximately $0.2 million in net loss, $1.1 million change in operating assets and liabilities, and $0.4 million gain on the termination of the Plantation Street Facility lease, partially offset by $0.3 million of non-cash items, primarily related to the $0.2 million equity fee to Fortress for financing activity.
Current wording
Net cash used in operating activities for thesix months ended June 30, 2025, was primarily due to approximately $0.9 million in net loss, $1.8 million change in operating assets and liabilities, inclusive of approximately $0.8 million of savings from the settlement of payables, and $0.4 million gain on the termination of the Plantation Street Facility lease, partially offset by $0.3 million of non-cash items, primarily related to the $0.2 million equity fee to Fortress for financing activity.
Previous wording
During thethree months ended March 31, 2026, no cash was used in or provided by investing activities.
Current wording
During thesix months ended June 30, 2026, no cash was used in or provided by investing activities.
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities was $1.2 million which primarily reflects the proceeds from the sale of equipment to AbbVie.
Current wording
For the six months ended June 30, 2025, net cash provided by investing activities was $1.2 million which primarily reflects the proceeds from the sale of equipment to AbbVie.
Previous wording
Net cash provided by financing activities was $7.6 million during the three months ended March 31, 2025, primarily reflecting proceeds from the February 2025 Equity Offering and the ATM Agreement.
Current wording
Net cash provided by financing activities was $7.4 million during the six months ended June 30, 2025, primarily reflecting proceeds from the February 2025 Equity Offering and the ATM Agreement.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the three months ended June 30, 2026 and 2025, research and development expenses were approximately $0.2 million and $0.1 million, respectively. The increase of approximately $0.1 million is primarily attributed to a $52,000 increase in personnel-related expenses and $51,000 of non-repeat savings recognized from the settlement of aged payables in the second quarter of 2025.
Current report — wording carried from elsewhere
For the six months ended June 30, 2026 and 2025, other income was $0.2 million and $0.2 million, respectively, all of which is related to interest income.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
most recent fiscal years of audited financial statements in our Annual Reports on Form 10-K, have reduced disclosure obligations regarding executive compensation and certain other matters, and smaller reporting companies are permitted to delay adoption of certain recent accounting pronouncements discussed in Note 2 to our financial statements in this Form 10-Q.
Previous report — wording carried elsewhere
During thethree months ended March 31, 2026, no cash was used in or provided by financing activities.