Mustang Bio Inc. Common Stock (MBIO)

FairStock Score: 64/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a Graham-style exercise: what am I getting and what am I paying? Mustang Bio is a clinical-stage biotech with four employees. It has no revenue in the filed periods I see. Net losses have narrowed: FY2023 -$51.6M, FY2024 -$15.8M, FY2025 -$1.9M; in fiscal Q2 2026, the quarter ended 2026-06-30, net income was -$1.1M. That trend is better, but still negative. The business quality is speculative: value depends on MB-106, MB-109, and other cell therapies succeeding in trials. There is no approved product and no commercial moat that I can verify; intellectual property and trial data may matter, but they are not in these figures. Financial health is poor. Trailing free cash flow is -$4.5M, which is -177.7% of the $2.5M market cap as a FairStock calculation. FairStock also shows a negative P/E of -0.86 at the 2026-10-13 close, P/B of 0.38, ROE -58.12%, ROCE -15.36%, Piotroski 1/9, and Altman Z -35.15. A sub-1 P/B might attract a bargain hunter, but book value can be consumed by cash burn. Beta 2.09 signals high volatility. Valuation is not anchored by earnings or revenue; it is an option on clinical outcomes. Growth trajectory cannot be measured from revenue because none is reported. I would need proof of financing, trial progress, and a path to commercial cash flow before calling this anything but speculative.

In plain English: Mustang Bio is a tiny clinical-stage biotechnology company trying to develop cell therapies for cancers and autoimmune diseases. It reported no revenue and has lost money in each of the last four years, so the business looks financially weak. At 38 cents a share, the stock may look cheap compared with its accounting net assets, but without profits or sales that cheapness is very uncertain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer