Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 147

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 147
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 cash equivalents and restricted cash | ​                | $                               |    -145 | ​ | $ | -69,672 |

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Operating Activities

Net cash used in operating activities for the year
ended December 31, 2024, was primarily due to approximately $15.6 million in net loss, $0.8 million change in operating assets
and liabilities, $0.5 million of non-cash stock based compensation, and $0.3 million gain on the termination of lease, partially offset
by $3.7 million of asset impairment, $0.7 million of depreciation expense, $0.6 million of common shares issuable in connection with our
Founders Agreement, $0.3 million equity fee to Fortress related to Mustang ATM and Equity Offerings, $0.2 million of amortization of operating
lease right-of-use assets, and $0.3 million in research and development – licenses acquired.

Net cash used in operating activities for the year ended December 31, 2023, was primarily due to approximately $51.6 million
in net loss, $3.0 million change in operating assets and liabilities, and $1.5 million gain on the sale of property and equipment, partially
offset by $1.9 million of depreciation expense, $0.6 million of non-cash stock compensation expenses, $0.5 million of common shares issuable
in connection with our Founders Agreement, $0.1 million equity fee to Fortress related to Mustang ATM and the Registered Direct Offering,
$0.1 million of amortization of debt discount, $2.8 million loss on extinguishment of debt due to the repayment of the Term Loan, $0.4
million of amortization of operating lease right-of-use assets, and $0.2 million gain on lease modification.

Investing Activities

No cash was used in or provided by investing activities
for the year ended December 31, 2024.

Net cash provided by investing activities was
$5.9 million for the year ended December 31, 2023, representing $6.0 million of proceeds from the sale of property and
equipment offset by $0.1 million used in purchases of research and development licenses and fixed assets.

Financing Activities

Net cash provided by financing activities was
$11.3 million during the year ended December 31, 2024, driven by $5.9 million of gross proceeds from equity offerings, net of offering costs of $0