Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 263

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 263
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 |   1.00 |   |                 5.29 |
| Outstanding as of December 31, 2023 |   | 4,481,868 | ​ | $                |   1.34 |   |                 5.34 |

Upon the exercise of warrants, the Company will issue new shares of Common Stock.

Employee Stock Purchase Plan

In connection with our Employee Stock Purchase Plan (“ESPP”), eligible employees of Mustang and Fortress can purchase the Company’s Common Stock at the end of a predetermined offering period at % of the lower of the fair market value at the beginning or end of the offering period.

As of December 31, 2023, shares have been purchased and shares are available for future sale under the Company’s ESPP.

Note 10 – Income Taxes

The Company has accumulated net losses since inception and has not recorded an income tax provision or benefit during the years ended December 31, 2023 and 2022.

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

| ​                                       
 ​                                       
 ​                                       | ​ 
 ​ |                               ​ 
 For the year ended December 31, 
                            2023 | ​ |    ​ 
 2022 | ​ |
|:----------------------------------------|:--|--------------------------------:|:--|-----:|:--|
| Statutory federal income tax rate       |   |                              21 | % |   21 | % |
| State taxes, net of federal tax benefit |   |                              16 | % |   16 | % |
| Non-deductible items                    |   |                               — | % |   -1 | % |
| Tax credits                             |   |                               4 | % |    5 | % |
| Other                                   |   |                              -3 | % |    1 | % |
| Change in valuation allowance           |   |                             -38 | % |  -42 | % |
| Income taxes provision (benefit)        |   |                               — |   |    — | ​ |

F-28

The components of the net deferred tax asset as of December 31, 2023 and 2022 are the following:

| ​                                           
 ​                                           | ​                
 ​                
 ($ in thousands) | ​                               
 For the year ended December 31, |        ​ 
     2023 | ​ | ​ |        ​ 
     2022 |
|:--------------------------------------------|:----------------