Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 124

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 124
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 and June 2024 Offerings and the ATM. Net cash used in financing activities was $30.0 million during the nine months ended September 30, 2023, driven by the repayment of the Term Loan, partially offset by $0.2 million raised from the issuance of the Company’s common shares in connection with the ESPP, and $0.2 million of net proceeds from the Mustang ATM. Cash Flows for the Years Ended December 31, 2023 and 2022

| ​                                                        | ​                
 ($ in thousands) | ​                               
 For the year ended December 31, 
 ​                               |    2023 |   | ​ 
 ​ |    2022 |
|:---------------------------------------------------------|:-----------------|:--------------------------------|--------:|:--|:--|--------:|
| Statement of cash flows data:                            |                  | ​                               |         |   | ​ |         |
| Total cash (used in) provided by:                        | ​                | ​                               |         | ​ | ​ |         |
| Operating activities                                     | ​                | $                               | -49,477 | ​ | $ | -65,066 |
| Investing activities                                     | ​                | ​                               |   5,886 | ​ | ​ |  -2,952 |
| Financing activities                                     | ​                | ​                               | -26,081 | ​ | ​ |  34,056 |
| Net change in cash, cash equivalents and restricted cash | ​                | $                               | -69,672 | ​ | $ | -33,962 |

81

Operating Activities

Net cash used in operating activities was $49.5 million for the year ended December 31, 2023, compared to $65.1 million for the year ended December 31, 2022. Net cash used in operating activities for the year ended December 31, 2023, was primarily due to approximately $51.6 million in net loss, $3.0 million change in operating assets and liabilities, and $1.5 million gain on the sale of property and equipment, partially offset by $1.9 million of depreciation expense, $0.6 million of non-cash stock compensation expenses, $0.5 million of common shares issuable in connection with our Founders Agreement, $0.1 million equity fee to Fortress related to Mustang ATM and the Registered Direct Offering, $0.1 million of amortization of debt discount, $2.8 million