Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 120

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 120
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 Loss                                     | ​                | $                               | -51,602 | ​ | $ | -77,525 | ​ | $      |  25,923 | ​ | -33 | % |

Research and Development Expenses Research and development expenses primarily consist of personnel related expenses, including salaries, benefits, travel, and other related expenses, stock-based compensation, payments made to third parties for license, sponsored research and milestone costs related to in-licensed products and technology, payments made to third party contract research organizations for preclinical and clinical studies, investigative sites for clinical trials, consultants, the cost of manufacturing clinical trial materials, costs associated with regulatory filings and laboratory service costs. Research and development expenses decreased by approximately $22.0 million from $62.5 million for the year ended December 31, 2022, to $40.5 million for the year ended December 31, 2023. The decrease in research and development expense for the year ended December 31, 2023, was primarily attributable to the following:

| ● | $7.7 million decreased research and development employee compensation costs, including stock compensation, which includes approximately $3.4 million of costs reimbursed through the subcontracting agreement with uBriGene; |

| ● | $8.2 million decreased laboratory supply costs, including vector manufacturing costs, which includes approximately $0.9 million of costs reimbursed through the subcontracting agreement with uBriGene; |

| ● | $6.7 million decreased for program related costs, which primarily reflects the reduction of spend on the discontinued programs; |

| ● | $2.9 million decreased other costs including facility related costs, depreciation, consulting; and |

| ● | offset by approximately $3.5 million for increase costs for services provided by uBriGene. |

76

Research and development expenses - licenses acquired decreased by $0.9 million from $1.5 million for the year ended December 31, 2022, to $0.5 million for the year ended December 31, 2023. The decrease in research and development expenses - licenses acquired for the year ended December 31, 2023, reflects approximately $0.6 million decrease for the annual stock dividend to Fortress, and $0.3 million decrease in milestone payments related to our licenses with COH in the prior year. The following table provides a breakout of the components of research and development expenses for the year ended December 31, 2023, and 2022:

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