Mustang Bio (MBIO) investor relations material

Executive summary

• Clinical-stage biopharma focused on novel therapies for difficult-to-treat cancers, with a pipeline targeting solid tumors through partnerships with leading research institutions.

• No products approved for commercial sale; no revenue generated from product sales to date.

• Pipeline includes CAR T therapy (MB-101) and oncolytic virus therapy (MB-108), both granted Orphan Drug Designation by the FDA.

• Exploring initiation of a new clinical trial for MB-109 (combination therapy) in Q3 2026.

Financial highlights

• Net loss of $0.96 million for Q1 2026, compared to $0.15 million in Q1 2025.

• Operating expenses were $1.06 million in Q1 2026, down from $1.22 million in Q1 2025.

• Cash and cash equivalents totaled $16.3 million as of March 31, 2026.

• Accumulated deficit reached $399.6 million as of March 31, 2026.

• No revenue generated; operations funded primarily through equity offerings.

Outlook and guidance

• Expects to continue incurring significant operating losses and negative cash flows for the foreseeable future.

• Believes current cash position is sufficient to fund operations for at least twelve months from the reporting date.

• Limited ability to raise additional capital due to “baby shelf rules” restricting securities sales under Form S-3.