Mustang Bio (MBIO) investor relations material

Executive summary

• Clinical-stage biopharmaceutical company focused on novel therapies for solid tumors, particularly glioblastoma and high-grade astrocytoma, with a pipeline developed under exclusive licenses from leading research institutions.

• No product candidates have received regulatory approval or generated product sales; the company remains pre-revenue and expects continued operating losses.

• Significant partnerships with City of Hope and Nationwide Children's Hospital for CAR T and oncolytic virus therapies; recent FDA Orphan Drug Designations for MB-101 and MB-108.

• Major restructuring in 2025 included a reverse stock split, sale of facility assets, and relocation of headquarters to reduce costs and improve liquidity.

Financial highlights

• Net loss for 2025 was $1.9 million, a significant improvement from a $15.8 million net loss in 2024, primarily due to cost reductions, asset sales, and negotiated settlements of aged payables.

• Research and development expenses decreased by $9.9 million year-over-year, reflecting lower clinical, consulting, and licensing costs, as well as credits from settlements.

• General and administrative expenses decreased by $0.2 million year-over-year.

• Cash and cash equivalents at year-end 2025 were $17.3 million, up from $6.8 million at year-end 2024.

• Accumulated deficit as of December 31, 2025, was $398.6 million.

Outlook and guidance

• Sufficient cash and cash equivalents to fund operations for at least twelve months from the annual report date; substantial doubt about going concern no longer exists.

• Expectation of continued operating losses and negative cash flows as product candidates advance through development.

• Plans to initiate an investigator-sponsored Phase 1 trial for MB-109 in the second quarter of 2026.