Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 120

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 120
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 fair value of the fixed assets sold.

78

General and Administrative Expenses General and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, for executives and other administrative personnel, recruitment expenses, professional fees and other corporate expenses, including investor relations, legal activities including patent fees, and facilities-related expenses. General and administrative expense decreased by approximately $2.5 million from $12.2 million for the year ended December 31, 2022, to $9.7 million for the year ended December 31, 2023. The decrease in general and administrative expense for the year ended December 31, 2023, was primarily attributable to the following:

| ● | $0.3 million decreased general and administrative employee compensation costs, including stock based; |

| ● | $0.7 million decreased third-party consulting; |

| ● | $0.6 million decreased outside services, including recruiting fees; |

| ● | $0.8 million decreased expense related to equity fees to Fortress; |

| ● | $0.5 million decreased other costs, including business insurance and the Management Services Agreement with Fortress; and |

| ● | offset by $0.4 million increased professional services. |

Our general and administrative expenses may vary significantly from period to period depending on the level of effort required to support our research and development group and our ongoing requirements of being a publicly traded company. The more significant costs contributing to our general and administrative expenses include the following:

| ● | support of our research and development activities, including potential product candidates entering the clinic; |

| ● | stock compensation granted to key employees and non-employees; |

| ● | support of business development activities; and |

| ● | professional fees and other costs associated with the regulatory requirements and increased compliance associated with being a publicly traded company. |

Other Income (Expense) Other income (expense) consists primarily of funds received from the NIH grant, interest income earned on cash balances and interest expense on our Term Loan. For the year ended December 31, 2023, and 2022, total other expense was approximately $2.3 million and $1.3 million, respectively. The $1.0 million increase in other expense for the year ended December 31, 2023 was primarily attributable to increased interest expense of $0.8 million, which reflects $2.8 million loss on the extinguishment of debt offset by $2.0 million decrease in interest expense related to the repayment of the Term Loan, $0.