# Mustang Bio funding: rounds and investors

> Mustang Bio has raised $8.0M across 1 round since 2025. Investors include National Institutes of Health. Every round with its source.

Source: https://millionrounds.com/company/mustang-bio (Millionrounds; every figure on the page links to its filing or article)

United States · [Funded startup](https://millionrounds.com/companies)

# Who invested in *Mustang Bio*

One round we have observed, with the one investor named in it. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Biotech

Funding summary Updated 26 Oct 2026

**$8.0M** raised across 1 round since 2025, from 1 source

- **Latest round:** Round, $8.0M Feb 2025
- **Investors:** 1

See who backed them

## The rounds

- **Feb 2025** Round **$8.0M** [National Institutes of Health](https://millionrounds.com/fund/national-institutes-of-health) Source recorded

## Founders and team

From the SEC filings it signed: 2 on the team.

- **Manuel B. Litchman** President and Chief Executive Officer i
- **James B Murphy** Interim Chief Financial Officer i

On the board, as filed i *Adam J. Chill* *Lindsay A. Rosenwald* *Michael J. Zelefsky* *Michael S. Weiss* *Neil A. Herskowitz*

## Everyone who backed them

[National Institutes of Health](https://millionrounds.com/fund/national-institutes-of-health) Government **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=mustang-bio).

## Also claim to have backed them

These 2 firms list Mustang Bio as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.

[Horizon Technology Finance](https://millionrounds.com/fund/horizon-technology-finance) Venture debt Per its own site

[Runway Growth Capital](https://millionrounds.com/fund/runway-growth-capital) Private credit Per its own site

## Quick answers about Mustang Bio

### Who invested in Mustang Bio?

Mustang Bio's investors include National Institutes of Health.

### How much has Mustang Bio raised?

Mustang Bio has raised $8.0M across 1 round since 2025.

### When did Mustang Bio last raise?

Mustang Bio's most recent round was an Undisclosed round of $8.0M in Feb 2025.

### What was Mustang Bio's biggest round?

Its most recent round, $8.0M in Feb 2025, is also its largest on record.

### Who backed Mustang Bio first?

Mustang Bio's first round on record, in Feb 2025, was backed by National Institutes of Health.

### What stage is Mustang Bio at?

Mustang Bio's latest named round is an Undisclosed round, in Feb 2025.

### Where is Mustang Bio based?

Mustang Bio is based in the United States.

## Companies like Mustang Bio

In the same sector, and raised in the last eighteen months.

[**Star Therapeutics** $325M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Promaxo** $106M · Oct 2026](https://millionrounds.com/company/promaxo)[**Prolific Machines** $105M · Oct 2026](https://millionrounds.com/company/prolific-machines)[**IMIO** $19M · Oct 2026](https://millionrounds.com/company/imio)[**Clinical Ink** $24M · Oct 2026](https://millionrounds.com/company/clinical-ink)[**Rejuvenate Bio** $13M · Oct 2026](https://millionrounds.com/company/rejuvenate-bio)

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