Company: MBIO
Filing Date: 2025-02-07
Form Type: 424B4
Source: 0001410578-25-000085
Chunk: 115

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-07
Form: 424B4
Chunk 115
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986 | ​ | $      |  28,186 | ​ |  -66 | % |

Research and Development Expenses Research and development expenses primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license, sponsored research and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations (“CROs”) for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of acquiring and manufacturing clinical trial materials, costs associated with regulatory filings, laboratory costs and other supplies. For the nine months ended September 30, 2024 and 2023, research and development expenses were $8.2 million and $34.4 million, respectively. The decrease of approximately $26.2 million is primarily attributed to decreased expenses of $12.5 million for personnel related costs, reflecting decreased headcount and includes the reversal of $1.3 million of 2023 accrued bonus that will not be paid due to the reduction in the workforce that occurred in April 2024, $7.4 million for lab supplies, $4.2 million for program related expenses, which includes approximately $0.6 million forgiveness of payables to St. Jude as a result of the mutual termination of the license agreement and $0.3 million forgiveness of payables to the Mayo Clinic as a result of the termination of the license agreement, $1.5 million for facility and deprecation expenses, and $2.1 million for consulting expenses, offset by approximately $1.5 million increase in other expenses, primarily related to approximately $3.2 million of expenses incurred related to the June 2024 Repurchase of Assets from uBriGene.

72

The following table provides a breakout of the components of research and development expenses for the nine months ended September 30, 2024 and 2023:

| ​                                      
 ($ in thousands)                       
 R&D program related expenses (1)       | ​ 
 ​ | ​                                       
 For the nine months ended September 30, 
 2024                                    
 ​                                       |       | ​ | ​    
 2023 
 ​    |        |
|:---------------------------------------|:--|:----------------------------------------|------:|:--|:-----|-------:|
| MB-102                                 | ​ | $                                       |    -2 | ​ | $    |    505 |
| MB-106                                 | ​ | ​                                       |