Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 114

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 114
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  -81 | % |
| Net Loss                                   | ​ |                                        $ | -1,410 | ​ |    $ | -10,058 | ​ | $      |  8,648 | ​ |  -86 | % |

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 three months ended September 30, 2024 and 2023, research and development expenses were $57,000 and $9.5 million, respectively. The decrease of approximately $9.5 million is primarily attributed to decreased expenses of $1.6 million for personnel related costs, primarily driven by the reduction in workforce, $3.3 million for R&D other expense, primarily related to higher expenses in the third quarter of 2023 of approximately $1.5 million of expense incurred for uBriGene services and $1.5 million of expense for vector supply, $2.5 million for lab supplies, $1.0 million for program related expenses, which includes approximately $0.3 million savings on payables owed to clinical sites, $0.1 million for facility and deprecation expenses, and $0.9 million for consulting expenses.

72

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

| ​                                      
 ($ in thousands)                       
 R&D program related expenses (1)       | ​ 
 ​ | ​                                        
 For the three months ended September 30, 
 2024                                     
 ​                                        |      | ​ | ​    
 2023 
 ​    |       |
|:---------------------------------------|:--|:-----------------------------------------|-----:|:--|:-----|------:|
| MB-102                                 | ​ | $                                        |    — | ​ | $    |   394 |
| MB-106 (2)                             | ​ | ​                                        | -468 | ​ | ​    |    92 |
| MB-107/207 (3)                         | ​ | ​                                        |