Cambridge biotech tracker · Waltham
Mustang Bio
Listed on Nasdaq as MBIO, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $15.2M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $1.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 3.4 yrs
- 3+ years
- Net loss
- $1.1M
- Q2 '26
- R&D expense
- —
- — of opex
- Raised, last 4 qtrs
- +$7.0M
- net financing cash flow
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
3.4 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $376K a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyAbout 3.4 years of runway
Cash and investments of $15.2M at Q2 '26 against an average operating cash burn of $1.1M per quarter over the last four reported quarters runs out around October 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $11.6M since Q3 '24
Net financing inflows of $7.0M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Accumulated deficit of $401M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $3.5M | −$1.8M | −$1.4M | $57K | $1.4M | — | $42K | $1.0M |
| Q4 '24 · Dec 31, 24 | $6.8M | −$2.0M | −$952K | −$664K | −$223K | — | $50K | $4.9M |
| Q1 '25 · Mar 31, 25 | $14.2M | −$1.4M | −$153K | — | $1.2M | — | $38K | $7.6M |
| Q2 '25 · Jun 30, 25 | $12.7M | −$1.3M | −$762K | — | $787K | — | $45K | −$235K |
| Q3 '25 · Sep 30, 25 | $19.0M | −$818K | −$468K | — | $957K | — | $23K | $7.1M |
| Q4 '25 · Dec 31, 25 | $17.3M | −$1.7M | −$538K | — | $987K | — | $23K | $0 |
| Q1 '26 · Mar 31, 26 | $16.3M | −$1.0M | −$955K | — | $880K | — | $22K | $0 |
| Q2 '26 · Jun 30, 26 | $15.2M | −$967K | −$1.1M | — | $946K | — | $21K | −$141K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.