Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 225

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 225
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 were yet to be delivered, and evaluating the application of the relevant accounting guidance.

The following are the primary procedures we performed to address this critical audit matter. We inspected the Company’s accounting analysis for the transaction. We compared management’s assessment of the elements of the transaction delivered and those that were yet to be delivered to supporting documentation. We involved professionals with specialized skills and knowledge, who assisted in: inspecting the underlying agreements to understand the relevant terms and conditions and identify the elements of the transaction evaluating whether the Company’s accounting for the transaction is in accordance with the relevant accounting guidance.

/s/ KPMG LLP

We have served as the Company’s auditor since 2021.

Boston, Massachusetts

March 11, 2024, except for the first paragraph in Note 11, as to which the date is February 5, 2025

<div align='center'>F-3</div>

MUSTANG BIO, INC. BALANCE SHEETS (in thousands, except for share and per share amounts)

| ​                                                                                                                                                                                              
 ​                                                                                                                                                                                              
 ​                                                                                                                                                                                              
 ​                                                                                                                                                                                              
 ASSETS                                                                                                                                                                                         
 Current Assets:                                                                                                                                                                                | ​ 
 ​ 
 ​ | ​            
 December 31, 
 2023         
 ​            
 ​            
 ​            |        ​ | ​ 
 ​ 
 ​ | ​            
 December 31, 
 2022         
 ​            
 ​            
 ​            |        ​ |
|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|:-------------|---------:|:--|:-------------|---------:|
| Cash and cash equivalents                                                                                                                                                                      | ​ | $            |    6,234 | ​ | $            |   75,656 |
| Other receivables - related party                                                                                                                                                              | ​ |              |        — | ​ |              |       36 |
| Other receivables                                                                                                                                                                              | ​ | ​            |    3,879 | ​ | ​            |      263 |
| Prepaid expenses and other current assets                                                                                                                                                      | ​ |              |    1,233 | ​ |              |    2,897 |
| Total current assets                                                                                                                                                                           | ​ |              |   11,346 | ​ |              |   78,852 |
| ​                                                                                                                                                                                              | ​ |              |          | ​ |              |          |
| Property, plant and equipment, net                                                                                                                                                             | ​ |              |    3,218 | ​ |              |    8,440 |
| Fixed assets - construction in process