Mustang Bio (MBIO) Operating Expenses (2016 - 2026)
Mustang Bio's Operating Expenses came in at $1.17 million for Q2 2026, up 32.2% from $885,000 a year earlier and up 10.6% from the prior quarter.
Powered by 
Analysis
Mustang Bio (MBIO) Operating Expenses (2016 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Mustang Bio reported Operating Expenses of $3.52 million, down 2.5% year-over-year; for FY2025, it was $2.43 million, down 85.0% from FY2024.
- Operating Expenses has declined in each of the last three years, with a five-year compound annual growth rate of -46.8% (FY2020 to FY2025).
- Going back by year, Operating Expenses was $16.25 million in FY2024 (-67.0%), $49.26 million in FY2023 (-35.3%), $76.16 million in FY2022 (+14.1%) and $66.72 million in FY2021 (+17.5%).
- The Q2 2026 figure represents the highest quarterly Operating Expenses since Q3 2024.
- Year-over-year, Operating Expenses increased in two of the last eight quarters, with an average decline of 12.5%.
- The fastest year-over-year change in Operating Expenses over five years came in Q1 2026 (growth of 318.2%), and the weakest in Q1 2025 (a decline of 95.2%).
- Business Quant data shows MBIO's Operating Expenses at $1.06 million (Q1 2026), $670,000 (Q4 2025) and $624,000 (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Eli Lilly | 1,348.13 Bn | 1,321.74 Bn | 20.46 Bn | 15.99 Bn |
| 2 | Johnson & Johnson | 675.90 Bn | 595.76 Bn | 17.30 Bn | 11.12 Bn |
| 3 | AbbVie | 519.45 Bn | 487.50 Bn | 13.12 Bn | 11.14 Bn |
| 4 | Merck | 364.95 Bn | 327.95 Bn | 13.19 Bn | 12.53 Bn |
| 5 | Novartis Ag | 311.58 Bn | 285.16 Bn | - | - |
| 6 | Astrazeneca | 289.34 Bn | 262.94 Bn | 13.26 Bn | 9.00 Bn |
| 7 | Amgen | 251.64 Bn | 203.30 Bn | 7.58 Bn | 6.66 Bn |
| 8 | Gilead Sciences | 212.05 Bn | 187.07 Bn | 6.73 Bn | 4.84 Bn |
| 9 | Pfizer | 167.35 Bn | 115.00 Bn | 12.56 Bn | 7.09 Bn |
| 10 | Mustang Bio | 3.03 Mn | -60.03 Mn | - | 1.06 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 1.06 Mn |
| Jun 30, 2026 | 1.17 Mn |
| Mar 31, 2026 | 1.06 Mn |
| Dec 31, 2025 | 670,000.00 |
| Sep 30, 2025 | 624,000.00 |
| Jun 30, 2025 | 885,000.00 |
| Mar 31, 2025 | 253,000.00 |
| Dec 31, 2024 | 1.02 Mn |
| Sep 30, 2024 | 1.46 Mn |
| Jun 30, 2024 | 8.54 Mn |
| Mar 31, 2024 | 5.23 Mn |
| Dec 31, 2023 | 8.74 Mn |
| Sep 30, 2023 | 10.31 Mn |
| Jun 30, 2023 | 13.89 Mn |
| Mar 31, 2023 | 16.32 Mn |
| Dec 31, 2022 | 19.43 Mn |
| Sep 30, 2022 | 18.85 Mn |
| Jun 30, 2022 | 18.24 Mn |
| Mar 31, 2022 | 19.64 Mn |
| Dec 31, 2021 | 20.12 Mn |
API Access
Mustang Bio Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MBIO&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MBIO", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MBIO&period=max&api_key=YOUR_API_KEY");
const data = await res.json();