MUSTANG BIO, INC. (MBIO) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 05, 2026

Risk Assessment Details

Potential Dilution: 73.0% of current shares
Recent Dilution: 5477.6% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
850K
Potential Supply
620K
Additional shares possible
Splits
1 Reverse
Past 2 years

Summary

MBIO currently has 845K outstanding shares. with significant dilution risk as 617K authorized shares could dilute existing holders by 73.0%. The company has significantly diluted shareholders by 5477.6% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 05, 2026

10-Q filing | 0.8M shares outstanding

850K 620K
Mar 19, 2026

10-K filing | 0.8M shares outstanding

850K 620K
Nov 07, 2025

10-Q filing | 0.8M shares outstanding

850K 620K
Aug 08, 2025

10-Q filing | 0.8M shares outstanding

850K 620K
May 14, 2025

10-Q filing | 0.8M shares outstanding

850K 620K
Apr 04, 2025

POS AM filing: This prospectus relates to the offer and sale of up to 6,697,889 shares of common stock underlying certain outstanding pre-funded warrants, series C-1 common warrants, series C-2 common warrants and placement agent warrants previously issued by Mustang Bio in a public offering that closed on February 10, 2025.

850K 620K
Mar 28, 2025

10-K filing | 0.8M shares outstanding

850K 620K
Feb 11, 2025
Stock Split

8-K filing: Mustang Bio, Inc. closed a public offering of 495,000 shares of common stock and pre-funded warrants to purchase 2,162,807 shares, along with warrants to purchase 2,657,807 shares, for net proceeds of approximately $6.9 million, and also effected a 1-for-50 reverse stock split on January 15, 2025.

1.3M 170K
Feb 05, 2025

S-1/A filing: This is an S-1/A filing for offering up to 2,203,856 shares of common stock and accompanying warrants, or pre-funded warrants, for working capital and general corporate purposes.

1.3M 2.4M
Nov 22, 2024

S-3 filing: This prospectus relates to the resale by the selling stockholders of shares of our common stock issuable upon the exercise of outstanding warrants.

47M 26M
Nov 08, 2024

10-Q filing | 0.8M shares outstanding

850K 38M
Oct 25, 2024

8-K filing: Mustang Bio, Inc. closed a transaction on October 25, 2024, involving the exercise of existing warrants and the issuance of new warrants, resulting in gross proceeds of approximately $4 million for working capital and general corporate purposes. ($4.0M proceeds)

34M 4.3M
Aug 13, 2024

10-Q filing | 34.1M shares outstanding

34M 4.3M
Jul 19, 2024

S-1 filing: This prospectus relates to the resale by the selling stockholders of up to 6,497,800 shares of our common stock, par value $0.0001 per share, issuable upon the exercise of certain warrants held by the Selling Stockholders.

34M 3.9M
Jun 24, 2024

8-K filing: Mustang Bio, Inc. completed a registered direct offering and a concurrent private placement on June 21, 2024, selling shares of common stock and warrants to an institutional investor, raising approximately $2.5 million in gross proceeds.

27M 4.5M
May 31, 2024

S-3 filing: The company is filing an S-3 to offer common stock, preferred stock, warrants, and debt securities, with a total offering amount of $40 million, but is currently only eligible to sell $5.6 million of securities.

27M 4.5M
May 15, 2024

10-Q filing | 9.5M shares outstanding

9.5M 0
May 02, 2024

8-K filing: Mustang Bio, Inc. closed a public offering on May 2, 2024, selling 1,160,000 shares of common stock and pre-funded warrants to purchase up to 15,717,638 shares, along with warrants to purchase up to an aggregate of 50,632,914 additional shares of common stock for gross proceeds of approximately $3.3 million before expenses. They also issued placement agent warrants to purchase 1,012,658 shares of common stock. ($3.3M proceeds)

8.6M 0
Apr 29, 2024

S-1/A filing: This S-1/A filing relates to the resale of up to 2,743,530 shares of common stock issuable upon the exercise of certain warrants held by selling stockholders.

11M 10M
Apr 29, 2024

S-1/A filing: Mustang Bio, Inc. is offering up to 15,625,000 shares of common stock, together with warrants, and pre-funded warrants to purchase shares of common stock.

8.6M 12M
Apr 29, 2024

S-1/A filing: The company is filing an S-1/A to register the offering of common stock, Series A-1, A-2, and A-3 warrants, pre-funded warrants, and placement agent warrants.

8.6M 12M
Apr 02, 2024

S-1/A filing: This S-1/A filing from 2024-04-02 discusses the issuance of common stock, restricted stock, restricted stock units, or options to employees, officers, consultants, or directors of the company, securities upon the exercise or exchange of or conversion of any Securities issued hereunder, warrants to the Placement Agent, and securities issued pursuant to acquisitions or strategic transactions.

8.6M 0
Mar 15, 2024

S-1 filing: The company is offering shares of common stock, warrants to purchase common stock, and pre-funded warrants to purchase common stock.

8.6M 0
Mar 11, 2024

10-K filing | 8.6M shares outstanding

8.6M 0
Dec 12, 2023

S-1 filing: This prospectus relates to the resale by the selling stockholders of up to 2,743,530 shares of our Common Stock, issuable upon the exercise of certain warrants held by the Selling Stockholders.

9.2M 0
Nov 14, 2023

10-Q filing | 8.2M shares outstanding

8.2M 0
Oct 30, 2023

8-K filing: Mustang Bio, Inc. completed a registered direct offering and concurrent private placement on October 30, 2023, issuing shares, pre-funded warrants, and unregistered warrants, raising approximately $4.4 million in gross proceeds.

850K 1.8M
Aug 14, 2023

10-Q filing | 0.8M shares outstanding

850K 1.8M
May 12, 2023

10-Q filing | 0.8M shares outstanding

850K 1.8M
Apr 03, 2023
Stock Split

8-K filing: Stock split 15-for-1 reverse | Outstanding: 103,432,603 → 6,895,506

6.9M 0
Mar 30, 2023

10-K filing | 103.4M shares outstanding

100M 0
Nov 14, 2022

10-Q filing | 93.6M shares outstanding

94M 0
Aug 11, 2022

10-Q filing | 93.6M shares outstanding

94M 0
May 12, 2022

10-Q filing | 94.1M shares outstanding

94M 0
Mar 23, 2022

10-K filing | 93.6M shares outstanding

94M 0
Mar 08, 2022

8-K filing: Mustang Bio, Inc. entered into a $75.0 million loan and security agreement with Runway Growth Finance Corp., with $30.0 million funded on the Closing Date and the remaining $45.0 million fundable upon achieving certain milestones; also issued a warrant to Runway to purchase 748,036 shares of Mustang's common stock at an exercise price of $0.8021.

71M 0
Nov 12, 2021

10-Q filing | 70.9M shares outstanding

71M 0
Aug 16, 2021

10-Q filing | 70.9M shares outstanding

71M 0
May 20, 2021

S-3/A filing: This S-3/A filing discusses the terms of Class A Preferred Stock, including dividend payments in common stock and voting rights.

71M 0
May 14, 2021

10-Q filing | 70.9M shares outstanding

71M 0
Apr 23, 2021

S-3 filing: This is an S-3 filing for a shelf registration of common stock and preferred stock.

71M 0
Mar 24, 2021

10-K filing | 70.9M shares outstanding

71M 0
Nov 06, 2020

10-Q filing | 39.4M shares outstanding

39M 0
Oct 23, 2020

S-3 filing: This is an S-3 filing for a shelf registration of common stock and preferred stock.

39M 0
Aug 10, 2020

10-Q filing | 39.4M shares outstanding

39M 0
Jun 15, 2020

8-K filing: Mustang Bio, Inc. entered into an underwriting agreement to sell 10,769,231 shares of common stock at $3.25 per share, with an option for the underwriters to purchase an additional 1,615,384 shares. ($35.0M proceeds)

42M 0
May 11, 2020

10-Q filing | 42.1M shares outstanding

42M 0
Mar 16, 2020

10-K filing | 42.0M shares outstanding

42M 0
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