Mustang Bio (MBIO) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on cell and gene therapies for difficult-to-treat cancers, with a pipeline centered on CAR T therapies for hematologic malignancies and solid tumors.

• Operates primarily through licensing or acquiring technologies, funding R&D, and either out-licensing or commercializing products.

• Key partnerships with City of Hope, Fred Hutchinson Cancer Center, and Nationwide Children's Hospital.

• Majority-controlled subsidiary of Fortress Biotech, Inc.

Financial performance and metrics

• No product sales to date; has incurred substantial operating losses since inception and expects continued significant losses.

• Accumulated deficit of $395.8 million as of September 30, 2024.

• Net loss of $14.8 million for the nine months ended September 30, 2024, compared to $43.0 million for the same period in 2023.

• Cash and cash equivalents of $3.5 million as of September 30, 2024.

• Substantial doubt exists regarding ability to continue as a going concern without additional capital.

Use of proceeds and capital allocation

• Net proceeds from the offering intended for working capital, general corporate purposes, and payment of outstanding payables.

• Management has broad discretion over use of funds, which may include R&D, manufacturing, acquisitions, and capital expenditures.

• Proceeds expected to fund operations through the fourth quarter of 2025, but additional capital will be needed for long-term sustainability.