Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 117

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 117
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, 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.

74

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                                 | ​ | ​                                       | 1,099 | ​ | ​    |  3,026 |
| MB-107/207 (2)                         | ​ | ​                                       |  -562 | ​ | ​    |   -862 |
| MB-109                                 | ​ | ​                                       |   476 | ​ | ​    |    945 |
| MB-110                                 | ​ | ​                                       |   241 | ​ | ​    |    309 |
| Mayo in situ CAR T                     | ​