Mustang Bio (MBIO) investor relations material

Executive summary

• Focused on developing CAR T therapies for hematologic malignancies, autoimmune diseases, and solid tumors, with key partnerships at City of Hope, Fred Hutch, and Nationwide Children's Hospital.

• No product sales to date; all programs remain in clinical or preclinical stages, with significant operating losses expected to continue.

• Recent strategic actions include workforce reduction, facility lease termination, and asset sales to preserve capital and prioritize clinical programs.

Financial highlights

• Net loss was $0.9 million for the six months ended June 30, 2025, compared to $13.4 million for the same period in 2024, reflecting cost reductions.

• Cash and cash equivalents totaled $12.7 million as of June 30, 2025.

• Accumulated deficit reached $397.6 million as of June 30, 2025.

• Net cash used in operating activities was $2.7 million for the six months ended June 30, 2025, down from $7.7 million in the prior year period.

• Net proceeds of $6.8 million were raised in a February 2025 equity offering; $0.6 million raised via ATM offering in the first half of 2025.

Outlook and guidance

• Substantial doubt exists about the ability to continue as a going concern for at least 12 months from the financial statement issuance date.

• Additional capital will be required to fund operations and advance product candidates; fundraising efforts are ongoing.

• Exploring investigator-sponsored clinical trials for key programs with potential trial initiations in Q1 2026.