Mustang Bio Launches Phase 1 Trial for CAR-T Therapy

Introduction

Mustang Bio, Inc. (NASDAQ: MBIO) is a clinical-stage biopharmaceutical company headquartered in Worcester, Massachusetts. The company’s common stock closed at $3.3693 on July 9, 2025, reflecting a 26.67% increase and a trading volume of 8,429,836 shares on the NASDAQ.

Corporate Structure

Founded in 2015 as a partner company of Fortress Biotech, Mustang Bio employs between 51 and 200 people according to its LinkedIn profile. Manuel Litchman has served as President and Chief Executive Officer since April 2017. In October 2017, the company entered into a lease with the University of Massachusetts Medicine Science Park for a manufacturing facility to support the clinical development and commercialization of CAR-T products.

Biopharmaceuticals by Dong Xie

Developments and News

On March 28, 2024, Mustang Bio announced its intent to initiate a Phase 1 investigator-sponsored trial of MB-106, a CD20-targeted CAR T-cell therapy, in autoimmune diseases, with plans for patient dosing in the fourth quarter of 2024. The company effected a 1-for-50 reverse stock split, which was approved on June 27, 2024, and became effective on January 16, 2025, reducing its issued and outstanding common stock from approximately 64.8 million shares to 1.3 million shares.
Mustang Bio filed a Current Report on Form 8-K on July 9, 2025, which covered items 8.01 (other events) and 9.01 (financial statements and exhibits). An amended Schedule 13G/A filed on May 15, 2025, indicated that Armistice Capital, LLC and Steven Boyd each reported beneficial ownership of 129,213 shares, representing approximately 4.99% of the company’s outstanding stock. The quarterly report on Form 10-Q for the period ending March 31, 2025, was filed on May 14, 2025.

Financial and Strategic Analysis

In May 2019, Mustang Bio raised $32 million in an underwritten public offering to support the development of its pipeline of cell and gene therapies targeting blood cancers, solid tumors, and rare genetic diseases. The reverse stock split on January 16, 2025, was intended to bring the company into compliance with NASDAQ’s $1.00 minimum bid price requirement. Beneficial ownership disclosures indicate institutional interest, with Armistice Capital holding nearly 5% of outstanding shares. The Form 10-Q filings confirm ongoing research and development expenditures typical of a clinical-stage company, while specific revenue or net income figures were not detailed in the publicly summarized sections.

Market Position and Industry Context

Mustang Bio’s pipeline includes:

• MB-106, a third-generation CD20-targeted CAR T therapy in physician IND studies for B-cell non-Hodgkin lymphoma and chronic lymphocytic leukemia
• MB-101, targeting IL-13Rα2 in glioblastoma multiforme in collaboration with City of Hope
• C134, an oncolytic herpes simplex virus licensed in February 2019 for glioblastoma treatment
• MB-107, a lentiviral gene therapy for X-linked severe combined immunodeficiency (X-SCID) licensed from St. Jude Children’s Research Hospital
• MB-109, a combination of MB-101 CAR T cells and MB-108 oncolytic virus for glioblastoma

Operating in the competitive cell-therapy sector alongside larger peers, Mustang Bio collaborates with institutions such as Fred Hutchinson Cancer Center, City of Hope, and St. Jude to advance its clinical programs across hematologic cancers, solid tumors, and genetic disorders.

tl;dr

On March 28, 2024, Mustang Bio announced plans for a Phase 1 autoimmune disease trial of MB-106, targeting first patient enrollment in late 2024. The company executed a 1-for-50 reverse stock split on January 16, 2025, to comply with NASDAQ listing requirements. An amended Schedule 13G/A filed on May 15, 2025, reported a 4.99% stake by Armistice Capital. Mustang Bio filed its Form 8-K on July 9, 2025, and its March 31, 2025, Form 10-Q on May 14, 2025. Future efforts will focus on advancing CAR-T and gene therapy trials for blood cancers, solid tumors, and rare genetic diseases.