Mustang Bio, Inc. (MBIO) Balance Sheet
MBIO balance sheet, 2025
December 31, 2025 · U.S. dollars$17.6M assets = $8.1M liabilities + $9.5M equity
Both columns are drawn to the same scale: what MBIO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MBIO financial health
Current ratio2.22
Comfortable · current assets cover current liabilities 2.22×
Equity / assets54.2%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
MBIO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $27.5M2016 | $17.6M2025 | −4.8%/yr | |
| Total liabilities | $3.2M2016 | $8.1M2025 | +10.7%/yr | |
| Shareholders’ equity | $24.3M2016 | $9.5M2025 | −9.9%/yr | |
| Cash & short-term investments | $27.5M2016 | $17.3M2025 | −5.0%/yr | |
| Total debt | $320,0002016 | $878,0002024 | +13.4%/yr | |
| Net cash (debt) | $27.2M2016 | $6.0M2024 | −$21.2M | |
| Working capital | $24.3M2016 | $9.7M2025 | −$14.6M | |
| Book value per share | $13.882016 | $1.942025 | −19.6%/yr | |
| Current ratio | 8.532016 | 2.222025 | −6.31 | |
| Debt / equity | 0.012016 | 20.312023 | +20.30 | |
| Shares outstanding | 1.7M2016 | 4.9M2025 | +12.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MBIO assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MBIO liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MBIO debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MBIO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $17.3M | $6.8M | $6.2M | $75.7M | $109.6M | $97.8M | $61.4M | $34.1M | $61.0M | $27.5M |
| Cash & equivalents | $17.3M | $6.8M | $6.2M | $75.7M | $109.6M | $97.8M | $61.4M | $16.5M | $35.0M | $27.5M |
| Short-term investments | — | — | — | — | — | — | $0 | $17.6M | $26.0M | $0 |
| Receivables | $217,000 | $402,000 | $3.9M | $299,000 | $50,000 | $15,000 | $19,000 | $37,000 | $106,000 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $110,000 | $1.4M | $1.2M | $2.9M | $2.0M | $1.7M | $1.6M | $1.0M | $278,000 | $0 |
| Total current assets | $17.6M | $8.6M | $11.3M | $78.9M | $111.7M | $99.5M | $63.1M | $35.1M | $61.4M | $27.5M |
| Property, plant & equipment (net) | $0 | $452,000 | $4.8M | $12.3M | $12.1M | $9.1M | $9.1M | $6.9M | $1.4M | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $250,000 | $1.6M | $1.3M | $1.4M | $1.2M | $1.2M | $771,000 | $751,000 | $0 |
| Total assets | $17.6M | $9.3M | $17.7M | $92.4M | $125.2M | $109.9M | $73.4M | $42.8M | $63.5M | $27.5M |
| Liabilities | ||||||||||
| Accounts payable | $3.5M | $7.5M | $6.3M | $6.8M | $3.5M | $3.5M | $1.9M | $1.4M | $3.5M | $683,000 |
| Short-term debt | — | $456,000 | $520,000 | $612,000 | $348,000 | $278,000 | $1.5M | — | — | $320,000 |
| Deferred revenue | $150,000 | $150,000 | $270,000 | $270,000 | $270,000 | −$9.2M | — | — | — | $538,000 |
| Total current liabilities | $7.9M | $12.6M | $15.4M | $15.1M | $10.8M | $9.5M | $7.8M | $5.6M | $3.6M | $3.2M |
| Long-term debt | $0 | $0 | $0 | $27.4M | $0 | $0 | $12.2M | $0 | $0 | $0 |
| Lease obligations | $0 | $878,000 | $2.5M | $3.9M | $2.0M | $2.2M | $2.1M | — | — | — |
| Other long-term liabilities | $150,000 | $572,000 | $2.2M | $3.6M | $2.0M | $1.9M | $1.8M | $741,000 | $50,000 | $1.0M |
| Total liabilities | $8.1M | $13.2M | $17.6M | $46.1M | $12.8M | $11.5M | $21.8M | $6.4M | $3.7M | $3.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1,000 | $5,000 | $1,000 | $11,000 | $9,000 | $7,000 | $4,000 | $3,000 | $3,000 | $2,000 |
| Retained earnings (deficit) | −$398.6M | −$396.7M | −$381.0M | −$329.4M | −$251.8M | −$185.5M | −$125.5M | −$79.1M | −$48.4M | −$17.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $273,000 | $611,000 | $591,000 | $1.1M | $4.3M | $7.9M | $4.9M | $2.1M | $9.6M | $4.4M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $9.5M | −$3.9M | $123,000 | $46.3M | $112.4M | $98.4M | $51.7M | $36.4M | $59.8M | $24.3M |
| Key figures | ||||||||||
| Total debt | — | $878,000 | $2.5M | $31.4M | $2.0M | $2.2M | $15.5M | — | — | $320,000 |
| Net cash (debt) | — | $6.0M | $3.7M | $44.3M | $107.6M | $95.6M | $45.9M | — | — | $27.2M |
| Working capital | $9.7M | −$4.0M | −$4.0M | $63.7M | $100.9M | $90.0M | $55.3M | $29.5M | $57.8M | $24.3M |
| Tangible book value | $9.5M | −$3.9M | $123,000 | $46.3M | $112.4M | $98.4M | $51.7M | $36.4M | $59.8M | $24.3M |
| Book value per share | $1.94 | −$0.63 | $0.01 | $6.71 | $19.18 | $28.08 | $21.48 | $20.26 | $35.54 | $13.88 |
| Shares outstanding | 4.9M | 6.1M | 8.6M | 6.9M | 5.9M | 3.5M | 2.4M | 1.8M | 1.7M | 1.7M |
| Current ratio | 2.22 | 0.68 | 0.74 | 5.22 | 10.33 | 10.46 | 8.12 | 6.25 | 16.99 | 8.53 |
| Quick ratio | 2.21 | 0.57 | 0.66 | 5.03 | 10.14 | 10.28 | 7.91 | 6.07 | 16.92 | 8.53 |
| Debt / equity | — | — | 20.31 | 0.68 | 0.02 | 0.02 | 0.30 | — | — | 0.01 |
| Equity / assets | 54.2% | −41.6% | 0.7% | 50.1% | 89.8% | 89.6% | 70.3% | 85.1% | 94.2% | 88.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $15.2M | $16.3M | $17.3M | $19.0M | $12.7M | $14.2M | $6.8M | $3.5M | $4.3M | $1.3M | $6.2M | $9.6M |
| Cash & equivalents | $15.2M | $16.3M | $17.3M | $19.0M | $12.7M | $14.2M | $6.8M | $3.5M | $4.3M | $1.3M | $6.2M | $9.6M |
| Receivables | $217,000 | $217,000 | $217,000 | $217,000 | $217,000 | $467,000 | $402,000 | $237,000 | $728,000 | $6.7M | $3.9M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $246,000 | $0 | $110,000 | $160,000 | $172,000 | $211,000 | $1.4M | $2.3M | $2.3M | $1.2M | $1.2M | $4.0M |
| Total current assets | $15.6M | $16.5M | $17.6M | $19.4M | $13.0M | $14.9M | $8.6M | $6.1M | $7.3M | $9.2M | $11.3M | $13.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $452,000 | $513,000 | $575,000 | $4.4M | $4.8M | $5.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $107,000 | $0 | $0 | $0 | $0 | $250,000 | $625,000 | $625,000 | $905,000 | $1.6M | $1.8M |
| Total assets | $15.6M | $16.6M | $17.6M | $19.4M | $13.0M | $14.9M | $9.3M | $7.2M | $8.5M | $14.6M | $17.7M | $20.6M |
| Liabilities | ||||||||||||
| Accounts payable | $3.2M | $3.3M | $3.5M | $5.0M | $5.7M | $6.3M | $7.5M | $8.8M | $8.9M | $11.3M | $6.3M | $5.5M |
| Short-term debt | — | — | — | — | — | — | $456,000 | $442,000 | $429,000 | $570,000 | $520,000 | $453,000 |
| Deferred revenue | $150,000 | $150,000 | — | $150,000 | $150,000 | $150,000 | $150,000 | $270,000 | $270,000 | $270,000 | $270,000 | $270,000 |
| Total current liabilities | $7.9M | $7.8M | $7.9M | $9.4M | $10.0M | $11.2M | $12.6M | $15.0M | $15.9M | $17.4M | $15.4M | $14.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | $0 | $0 | $0 | $0 | $878,000 | $983,000 | $1.1M | $2.4M | $2.5M | $2.6M |
| Other long-term liabilities | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 | $150,000 | $572,000 | $811,000 | $926,000 | $2.1M | $2.2M | $2.4M |
| Total liabilities | $8.1M | $8.0M | $8.1M | $9.6M | $10.2M | $11.3M | $13.2M | $15.8M | $16.8M | $19.5M | $17.6M | $16.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | $1,000 | $1,000 | $1,000 | — | — | $5,000 | $3,000 | $3,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$400.7M | −$399.6M | −$398.6M | −$398.1M | −$397.6M | −$396.9M | −$396.7M | −$395.8M | −$394.4M | −$386.2M | −$381.0M | −$372.4M |
| Accumulated other comprehensive income | — | — | $273,000 | — | — | $0 | $611,000 | — | — | — | $591,000 | $4,000 |
| Total shareholders' equity | $7.5M | $8.6M | $9.5M | $9.8M | $2.9M | $3.6M | −$3.9M | −$8.7M | −$8.3M | −$4.9M | $123,000 | $4.0M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | $878,000 | $983,000 | $1.1M | $2.4M | $2.5M | $2.6M |
| Net cash (debt) | — | — | — | — | — | — | $6.0M | $2.5M | $3.2M | −$1.1M | $3.7M | $7.0M |
| Working capital | $7.7M | $8.6M | $9.7M | $9.9M | $3.0M | $3.8M | −$4.0M | −$9.0M | −$8.6M | −$8.2M | −$4.0M | −$578,000 |
| Tangible book value | $7.5M | $8.6M | $9.5M | $9.8M | $2.9M | $3.6M | −$3.9M | −$8.7M | −$8.3M | −$4.9M | $123,000 | $4.0M |
| Book value per share | $1.12 | $1.28 | $1.31 | $1.57 | $0.48 | $0.63 | −$0.45 | −$1.00 | −$0.96 | −$0.44 | $0.01 | $0.49 |
| Shares outstanding | 6.7M | 6.7M | 7.3M | 6.2M | 6.0M | 5.7M | 8.7M | 8.7M | 8.7M | 11.3M | 9.2M | 8.2M |
| Current ratio | 1.97 | 2.10 | 2.22 | 2.05 | 1.30 | 1.34 | 0.68 | 0.40 | 0.46 | 0.53 | 0.74 | 0.96 |
| Quick ratio | 1.94 | 2.10 | 2.21 | 2.03 | 1.29 | 1.32 | 0.57 | 0.25 | 0.31 | 0.46 | 0.66 | 0.67 |
| Debt / equity | — | — | — | — | — | — | — | — | — | — | 20.31 | 0.64 |
| Equity / assets | 48.3% | 51.8% | 54.2% | 50.5% | 22.2% | 24.2% | −41.6% | −120.3% | −97.8% | −33.9% | 0.7% | 19.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
MBIO financial position
At the end of fiscal 2025 (December 31, 2025), Mustang Bio had total assets of $17.6 million (up 89.0% from a year earlier), total liabilities of $8.1 million and shareholders' equity of $9.5 million. Its current ratio was 2.22. In the latest quarter (ended June 30, 2026) total assets were $15.6 million and equity $7.5 million.
Related: MBIO income statement, MBIO cash flow statement, MBIO key metrics. See the MBIO stock overview for the latest quote and news.
MBIO balance sheet FAQ
What are Mustang Bio's total assets?
Mustang Bio reported total assets of $17.6 million at the end of fiscal 2025 (December 31, 2025), compared with $9.3 million a year earlier.
How much cash does Mustang Bio have?
Mustang Bio held $17.3 million in cash and short-term investments at the end of fiscal 2025.
What is Mustang Bio's book value?
Mustang Bio's shareholders' equity (book value) was $9.5 million at the end of fiscal 2025, or $1.94 per share.
What is Mustang Bio's current ratio?
Mustang Bio had current assets of $17.6 million and current liabilities of $7.9 million, a current ratio of 2.22 (it can cover its short-term obligations).