Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 123

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 123
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 ​                                       
 ​                                       |        | ​ 
 ​ | 2023 
 ​    
 ​    |         |
|:---------------------------------------------------------|:--|:----------------------------------------|-------:|:--|:-----|--------:|
| Operating activities                                     | ​ | $                                       | -9,413 | ​ | $    | -42,223 |
| Investing activities                                     | ​ | ​                                       |      — | ​ | ​    |   5,916 |
| Financing activities                                     | ​ | ​                                       |  6,329 | ​ | ​    | -30,037 |
| Net change in cash, cash equivalents and restricted cash | ​ | $                                       | -3,084 | ​ | $    | -66,344 |

Operating Activities Net cash used in operating activities was $9.4 million for the nine months ended September 30, 2024, compared to $42.2 million for the nine months ended September 30, 2023. Net cash used in operating activities for the nine months ended September 30, 2024, was primarily due to approximately $14.8 million in net loss, partially offset by $2.8 million of non-cash items, primarily related to the $2.6 million asset impairment charge, and a $2.6 million positive change in operating assets and liabilities.

80

Net cash used in operating activities for the nine months ended September 30, 2023, was primarily due to approximately $43.0 million in net loss and a $2.9 million negative change in operating assets and liabilities, offset in part by $3.6 million of non-cash items, which is primarily attributable to a $2.8 million loss on extinguishment of debt, $1.6 million of depreciation expense and $0.4 million of non-cash stock compensation expenses, offset in part by the $1.4 million gain on the sale of property and equipment to uBriGene. Investing Activities During the nine months ended September 30, 2024, no cash was used in or provided by investing activities. Net cash provided by investing activities was $5.9 million for the nine months ended September 30, 2023, primarily reflecting proceeds from the sale of property and equipment to uBriGene of $6.0 million. Financing Activities Net cash provided by financing activities was $6.3 million during the nine months ended September 30, 2024, primarily reflecting the proceeds from the May