Mustang Bio (MBIO) investor relations material

Executive summary

• Q3 2026 net loss was $964K, versus $468K in Q3 2025; cash and equivalents were $14.3M at September 30, 2026.

• Development remains focused on MB-101 CAR T and MB-108 oncolytic virus for solid tumors; a potential MB-109 investigator-sponsored study is being prepared for Q1 2027.

• Cash is expected to fund operations for at least 12 months from the filing date, while continued losses and future financing needs remain significant.

Financial highlights

• Q3 2026 operating expenses were $1.058M, versus $624K in Q3 2025; operating loss was $1.058M, versus $624K.

• Q3 2026 R&D expense was $208K, compared with a $333K credit in Q3 2025; excluding the prior-year $500K aged-payables settlement benefit, the comparison reflects higher R&D spending.

• Q3 2026 G&A expense was $850K, down from $957K; lower prior-year Fortress financing-related equity fees partly offset higher personnel costs.

• 9M 2026 net loss was $2.991M, versus $1.383M; operating expenses were $3.286M, versus $1.762M.

• No product revenue has been generated; accumulated deficit reached $401.6M at September 30, 2026.

Outlook and guidance

• Cash and equivalents of $14.3M are expected to fund operations for at least 12 months from the filing date; continued operating losses and negative operating cash flow are expected.

• R&D costs are expected to increase with initiation of the MB-109 investigator-sponsored study at City of Hope.

• MB-109 trial initiation could occur in Q1 2027; stability testing for MB-108 clinical material is expected ahead of a potential IND allowance and trial start.