What Mustang Bio does

Mustang Bio, Inc. (Nasdaq: MBIO) is a U.S. clinical-stage biopharmaceutical company that in-licenses and develops cell and gene therapy candidates for difficult-to-treat cancers. It was founded by Fortress Biotech (Nasdaq: FBIO) and is operationally headquartered in Waltham, Massachusetts, though it sold its physical facility in February 2025 and transitioned to a leaner operating model. Its pipeline comprises three named assets, all in Phase 1 or earlier: MB-101, an IL13Rα2-directed CAR T-cell therapy for astrocytomas and glioblastoma (FDA Orphan Drug Designation July 2025; Phase 1 trial at City of Hope funded by a $12.8M grant); MB-106, a CD20-directed CAR T-cell therapy for B-cell non-Hodgkin lymphoma and CLL, co-developed with Fred Hutch and supported by an approximately $2M NIH grant; and MB-108, an HSV-1 oncolytic virus for malignant glioma (FDA Orphan Drug Designation November 2024). Mustang Bio does not generate commercial product revenue; its economic model is partnership-led, with academic medical centers conducting the clinical work while Mustang Bio provides funding, licensing, and program sponsorship, with future out-licensing or strategic collaboration as the intended path to market. Financing to date has come from a combination of non-dilutive research grants (City of Hope/NIH) and small, repeated post-IPO equity raises totaling roughly $30.9M between October 2023 and February 2025, executed via H.C. Wainwright & Co. as placement agent. Leadership includes CEO Manuel Litchman, M.D. (formerly head of CTL019 at Novartis) and Chairman Michael S. Weiss (also Executive Vice Chairman of Fortress Biotech and Executive Chairman/President/CEO of TG Therapeutics). Mustang Bio's recent corporate activity — a January 2025 reverse stock split, multiple Nasdaq compliance milestones, and the February 2025 facility exit — reflects ongoing capital and listing pressure typical of small-cap clinical biotechs without commercial product.

Name

Mustang Bio

Legal name

Mustang Bio, Inc.

Website

https://mustangbio.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Mustang Bio (Nasdaq: MBIO) is a U.S. clinical-stage biopharmaceutical company developing CAR-T cell therapies (MB-101, MB-106) and an oncolytic virus (MB-108) for difficult-to-treat cancers, working through academic partners and currently pre-revenue.

Ownership category

akta.pro rank

Product category

Cell Therapy (CAR-T and Oncolytic Virus)

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

CAR-T & TCR-T Therapies (HLAAABAC)

Keywords

• CAR-T cell therapy
• Oncolytic virus therapy
• Clinical-stage biopharmaceuticals
• Cell therapy development
• Oncology drug development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Pre-revenue clinical-stage development: Mustang Bio is a clinical-stage biopharmaceutical company that does not yet generate commercial product revenue. The company aims to acquire rights to cell therapy technologies by licensing or otherwise acquiring an ownership interest, fund research and development, and out-license or bring the technologies to market in the future.
2. Government and institutional research grants: Mustang Bio receives non-dilutive research funding through grants to support clinical development. Examples include approximately $2 million from the NIH for a Phase 1 trial of MB-106 and a $12.8 million grant for the Phase 1 trial of MB-101 at City of Hope.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Mustang Bio is a clinical-stage biopharmaceutical company developing next-generation CAR-T cell therapies and oncolytic virus therapies for difficult-to-treat cancers. Its pipeline comprises MB-101 (IL13Ra2-targeted CAR T-cells for astrocytomas and glioblastoma), MB-106 (CD20-targeted CAR T-cell therapy for B-cell non-Hodgkin lymphomas and CLL), and MB-108 (HSV-1 oncolytic virus for malignant glioma). Mustang Bio in-licenses and co-develops these candidates with leading academic medical centers such as City of Hope and Fred Hutch, and has received U.S. FDA Orphan Drug Designation for MB-101 and MB-108.

Product overview

Mustang Bio is a clinical-stage biopharmaceutical company with a single, integrated pipeline of cell and gene therapy candidates rather than a software-style platform-plus-modules product. Its portfolio centers on three named clinical assets — MB-101 (IL13Rα2-targeted CAR T-cells for astrocytomas and glioblastoma), MB-106 (CD20-targeted CAR T-cell therapy for B-cell non-Hodgkin lymphomas and CLL, co-developed with Fred Hutch), and MB-108 (an HSV-1 oncolytic virus for malignant glioma) — all developed under the company's stated mission of translating medical breakthroughs in cell therapies into potential cures for difficult-to-treat cancers, with manufacturing capabilities intended to deliver the promise of CAR T to patients.

Differentiator

Problem solved

Functional benefit

Products and services

• MB-101 (IL13Ra2-targeted CAR T-cells) Investigational CAR T-cell therapy targeting IL13Ra2, in clinical development for the treatment of recurrent and refractory malignant glioma, astrocytomas, and glioblastoma. Co-developed with City of Hope under a Phase 1 clinical trial funded by a $12.8 million grant; granted U.S. FDA Orphan Drug Designation for astrocytomas and glioblastoma in July 2025.
• MB-106 (CD20-targeted CAR T-cell therapy) Investigational CD20-targeted CAR T-cell therapy in Phase 1 clinical development for B-cell non-Hodgkin lymphomas and chronic lymphocytic leukemia (CLL). Co-developed with Fred Hutchinson Cancer Research Center (Fred Hutch) and supported by approximately $2 million in NIH grant funding for the underlying Phase 1 trial.
• MB-108 (HSV-1 oncolytic virus) Investigational oncolytic herpes simplex virus type 1 (HSV-1) therapy designed to treat malignant glioma. Granted U.S. FDA Orphan Drug Designation for malignant glioma in November 2024.

Quantifiable outcome

• Granted U.S. FDA Orphan Drug Designation for MB-101 (IL13Ra2-targeted CAR T-cells) for astrocytomas and glioblastoma (July 2025)
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered flagship.

• Fortress Biotech (Nasdaq: FBIO)flagshipStrategic or Co-development PartnerMustang Bio was founded by Fortress Biotech and operates as part of the Fortress Biotech affiliated group of companies. Fortress Biotech Chairman, President and CEO Lindsay A. Rosenwald, M.D. sits on Mustang Bio's Board of Directors. Fortress executives also hold Mustang Bio board seats (e.g., David Jin, CFO and Head of Corporate Development of Fortress Biotech, joined Mustang Bio's board in October 2024).
• City of HopeflagshipStrategic or Co-development PartnerCity of Hope is conducting a Phase 1 clinical trial of Mustang Bio's MB-101 CAR T-cell therapy to treat recurrent and refractory malignant glioma, evaluating different routes of administration. The trial is funded by a $12.8 million grant and builds on prior promising results including a complete response in a glioblastoma patient.
• Fred Hutchinson Cancer Research Center (Fred Hutch)flagshipStrategic or Co-development PartnerFred Hutch co-developed Mustang Bio's MB-106 CD20-targeted CAR T-cell therapy, which is being evaluated in an NIH-funded Phase 1 clinical trial for B-cell non-Hodgkin lymphomas and CLL. Fred Hutch serves as a key research and development collaborator for Mustang Bio's hematologic malignancy cell therapy program.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Emerging players

• Cellectis: Clinical-stage gene-edited allogeneic CAR-T developer with TALEN-based platform and wholly owned clinical programs in hematologic malignancies. Direct thematic peer for Mustang Bio's allogeneic CAR-T ambitions, though at earlier commercial maturity and serving as a technology licensor as well as developer.
• Precision BioSciences: Clinical-stage gene editing and cell therapy company using ARCUS platform to develop allogeneic CAR-T and in vivo gene-editing therapies. Emerging peer with thematic overlap in engineered cell therapy for oncology, but with different editing technology and a less advanced pipeline.
• Editas Medicine: Clinical-stage gene editing and cell therapy company developing CRISPR/Cas9 and Cas12a-based medicines including ex vivo engineered cell therapies for oncology. Adjacent peer in the cell and gene therapy space with similar small-cap, clinical-stage profile and similar dependence on partners.

Broad incumbents

• Iovance Biotherapeutics: Commercial-stage cell therapy company developing tumor-infiltrating lymphocyte (TIL) therapies for solid tumors, with FDA-approved lifileucel. Broader incumbent in autologous cell therapy for solid tumors; relevant comparable for Mustang Bio's solid-tumor (glioblastoma) CAR-T and oncolytic virus pipeline strategy.
• CRISPR Therapeutics: Larger publicly traded gene-editing and cell therapy company with CRISPR/Cas9-based CAR-T programs (e.g., CTX110, CTX112) in oncology. Broader incumbent in the engineered cell therapy space that overlaps with Mustang Bio's CAR-T approach but operates a much larger, more advanced pipeline.

Direct peers

• Fate Therapeutics: Clinical-stage cell therapy company using iPSC-derived NK and T-cell product candidates for cancer and autoimmune disease. Peer in the publicly traded, clinical-stage cell therapy space with a multi-asset pipeline and similar reliance on partnered manufacturing and academic collaborators.
• Allogene Therapeutics: Clinical-stage CAR-T company developing allogeneic ("off-the-shelf") CAR-T therapies across hematologic and solid tumor indications. Comparable to Mustang Bio as a publicly traded, clinical-stage cell therapy developer pursuing multi-asset CAR-T pipelines, though Allogene is larger and more capitalized.
• Atara Biotherapeutics: Clinical-stage allogeneic T-cell and CAR-T immunotherapy company focused on hematologic malignancies and solid tumors, including EBV-related and oncology indications. Closely comparable to Mustang Bio as a publicly traded cell therapy developer pursuing licensing-style economics with multiple pipeline assets.
• Nkarta: Clinical-stage cell therapy company developing allogeneic and autologous NK cell therapies for hematologic malignancies and autoimmune disease. Comparable to Mustang Bio as a small-cap, clinical-stage cell therapy developer focused on hard-to-treat cancers with engineered immune cell platforms.
• Caribou Biosciences: Clinical-stage cell therapy company developing allogeneic CAR-T cell therapies, with a chRDNA genome-editing platform. Direct peer in the publicly traded CAR-T space targeting hematologic malignancies, with similar pre-commercial profile and reliance on academic and CDMO partners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/mustang_bio?lang=en
• LinkedInlinkedin.com/company/mustangbio

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds10 records

Investors4 records

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M&A

Investments

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Frequently asked questions about Mustang Bio