Company: MBIO
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001410578-25-000028
Chunk: 254

Company: MUSTANG BIO, INC.
Filing Date: 2025-01-15
Form: S-1
Chunk 254
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   774 |
| Year ended December 31, 2026 | ​ |   |   703 |
| Year ended December 31, 2027 | ​ |   |   269 |
| Year ended December 31, 2028 | ​ |   |   274 |
| Thereafter                   | ​ | ​ |   303 |
| Total                        | ​ |   | 3,046 |
| Less present value discount  | ​ | ​ |  -548 |
| Operating lease liabilities  | ​ | $ | 2,498 |

Note 8 – Notes Payable

On April 11, 2023, the Company’s long-term debt facility with Runway Growth Finance Corp. (the “Term Loan”) was terminated upon receipt by Runway of a payoff amount of $ million from the Company comprised of principal, interest and the applicable final payment amount. The loss on extinguishment was recorded in interest expense in the Statements of Operations. For the years ended December 31, 2023 and 2022, the Company recorded the following components in interest expense:

| ​                             | ​                
 ($ in thousands) | For the year ended December 31, |  2023 |   |   |  2022 |
|:------------------------------|:-----------------|:--------------------------------|------:|:--|:--|------:|
| Interest expense              | ​                | $                               | 1,187 | ​ | $ | 2,899 |
| Amortization of Debt Discount | ​                | ​                               |   118 | ​ | ​ |   445 |
| Loss on Extinguishment        | ​                | ​                               | 2,795 | ​ | ​ |     — |
| Other                         | ​                | ​                               |     9 | ​ | ​ |    15 |
| Total Interest Expense        | ​                | $                               | 4,109 | ​ | $ | 3,359 |

The Company entered into the Term Loan on March 4, 2022. Under the Term Loan, $ million of the $ million loan was funded on the Closing Date, with the remaining $ million fundable if the Company achieved certain predetermined milestones.

F-22

The Term Loan accrued interest at a variable annual rate equal to % plus the greater of (i) % and (ii) the three month LIBOR Rate for U.S. dollar deposits or the rate otherwise reasonably determined by the Lender to be the