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Dilution profile // every instrument, one screen, from SEC filings

MUSTANG BIO, INC. (MBIO)

CIK 1680048 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-1/A on file 2025-02-05
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 17% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+91% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
LOW~34.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)
the company itself flagged going-concern doubt

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2016-11-142017-03-30

Latest: 25.0M shares as of Mar 30, 2017 (10-K).

Cash runway

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Series C1 Warrant2.7Mnot tagged5y—
Series C2 Warrant2.7Mnot tagged2y—
Prefunded Warrants2.2Mnot tagged——
Placement Agents Warrantsnot tagged$3.7625——

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 5, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 4.3M underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $6.42 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 29.3M = 25.0M O/S + 4.3M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 5, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding25.0MMar 30, 2017
+ Series C1 Warrant (if exercised)2.7MFeb 5, 2025
+ Series C2 Warrant (if exercised)2.7MFeb 5, 2025
+ Prefunded Warrants (if exercised)2.2MFeb 5, 2025
Fully diluted estimate32.5M+29.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-1Jan 15, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3Nov 22, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-1Jul 19, 2024no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 0 registered.

EXECUTEDSep 5, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEApr 11, 2025SEC declared a registration effective — selling can beginEFFECT →
UPDATEApr 1, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEFeb 27, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
UPDATEFeb 13, 2025Prospectus update — often a resale registration, not necessarily new capital424B3 →
EXECUTEDFeb 7, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
REGISTEREDFeb 5, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
EFFECTIVEFeb 5, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDJan 15, 2025S-1 registration — capacity to sell shares, not a sale yetS-1 →
UPDATEDec 2, 2024Prospectus update — often a resale registration, not necessarily new capital424B3 →
EFFECTIVENov 27, 2024SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDNov 22, 2024S-3 registration — capacity to sell shares, not a sale yetS-3 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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