A fix I saw: you have your variables in quotes, so they won't be interpreted. bathtub = "C:/Temp/dustin.gdb/Coastal_WD_2040"
inRas = "C:/Temp/dustin.gdb/depth_2040"
# using a python list
arcpy.MosaicToNewRaster_management([bathub,inRas],
"C:/Temp/dustin.gdb", "new_test", "#","32_BIT_FLOAT","#", "1", "MAXIMUM", "REJECT")
# this is the "old way" - packing up a ";" delimited string - which will work as well:
arcpy.MosaicToNewRaster_management(bathub + ";" + inRas,
"C:/Temp/dustin.gdb", "new_test", "#","32_BIT_FLOAT","#", "1", "MAXIMUM", "REJECT")