Company: MBIO
Filing Date: 2025-02-07
Form Type: 424B4
Source: 0001410578-25-000085
Chunk: 247

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-07
Form: 424B4
Chunk 247
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 uBriGene (Boston) Biosciences, Inc. (“uBriGene”), as amended by a first amendment thereto, dated as of June 29, 2023, and further amended by a second amendment thereto, dated as of July 28, 2023, pursuant to which the Company has agreed, subject to the terms and conditions therein, to sell its leasehold interest in its cell processing facility located in Worcester, Massachusetts (the “Facility”) and associated assets relating to the manufacturing and production of cell and gene therapies at the Facility to uBriGene. On July 28, 2023, the Company completed the sale of the assets relating to the manufacturing and production of cell and gene therapies at the Facility. In connection with the sale of such assets, the Company received base proceeds of $6.0 million for the assets and lab supplies on-hand as of the transaction date. Based on the fair value of the consideration received and the relative fair value allocation of the consideration, the Company recorded a gain of $1.5 million in the Statements of Operations, for the year ended December 31, 2023. The Company recorded approximately $0.2 million of the consideration as deferred income, which will be recognized upon the transfer of the lease. The Company will record adjustments to the fair value of the potential future consideration each reporting period, prospectively. Mustang’s property, plant and equipment consisted of the following:

| ​                                   
 ​                                   
 ($ in thousands)                    | ​ 
 ​ |                ​ 
 Estimated Useful 
  Life (in years) | ​ 
 ​ | ​            
 December 31, 
 2023         |      ​ | ​ 
 ​ | ​            
 December 31, 
 2022         |      ​ |
|:------------------------------------|:--|-----------------:|:--|:-------------|-------:|:--|:-------------|-------:|
| Computer equipment                  |   |                3 | ​ | $            |      — | ​ | $            |    145 |
| Furniture and fixtures              |   |                5 | ​ |              |      — | ​ |              |    370 |
| Machinery and equipment             |   |                5 | ​ |              |      — | ​ |              |  8,632 |
| Leasehold improvements              |   |                9 | ​ |              |  7,694 | ​ |              |  7,694 |
| Total property