MUSTANG BIO Business Summary

Mustang Bio, Inc. (MBIO) is a clinical-stage biopharmaceutical company that functions as a specialized research and development engine for cell and gene therapies. The company generates no current product revenue, reporting $0.00 in top-line earnings as of early 2026, with a business model centered on licensing academic breakthroughs, advancing them through clinical milestones, and pursuing future monetization via commercialization or strategic out-licensing. Its primary business segments are divided between chimeric antigen receptor (CAR) T-cell therapies for oncology—notably MB-106 for B-cell malignancies and MB-101 for glioblastoma—and lentiviral gene therapies for rare diseases like X-linked severe combined immunodeficiency (X-SCID). Mustang Bio competes with peers such as Allogene Therapeutics, Caribou Biosciences, and CRISPR Therapeutics, occupying a market position as a niche developer of licensed institutional assets from partners like City of Hope and St. Jude Children's Research Hospital. The company is led by President and CEO Manuel Litchman, M.D., who also serves as Interim CFO and brings a distinguished pedigree from Novartis, where he was the Executive Global Program Head for the development of Kymriah, the first-ever FDA-approved CAR-T therapy. Mustang Bio was founded by Fortress Biotech, Inc., and its strategic direction is overseen by Chairman Michael S. Weiss, who is also the CEO of TG Therapeutics and Executive Vice Chairman of Fortress. The board features prominent industry figures including Dr. Lindsay Rosenwald, a veteran biotech entrepreneur and CEO of Fortress Biotech, and David Jin, who joined in late 2024 with extensive experience in healthcare investment banking and corporate development. This leadership team is supported by a board with deep institutional ties, reflecting a management structure heavily integrated with the Fortress Biotech ecosystem and focused on navigating the complex regulatory pathways for advanced biologics.