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Mustang Bio, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $14.8 million for the nine months ended September 30, 2024, compared to a net loss of $43.0 million in the same period in 2023. The company attributes the decrease in net loss primarily to a reduction in research and development expenses.
Research and development expenses were $8.2 million for the nine months ended September 30, 2024, down from $34.4 million in the same period in 2023. The decrease is mainly due to reduced personnel costs and lab supplies expenses.
General and administrative expenses decreased to $4.4 million for the nine months ended September 30, 2024, from $7.5 million in the same period in 2023. This decrease was attributed to lower personnel costs and legal expenses.
Mustang Bio reported cash and cash equivalents of $3.5 million as of September 30, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern for the next 12 months.
During the quarter, Mustang Bio terminated several license agreements and reduced its workforce by approximately 81% to preserve capital and prioritize resources.
The company plans to continue seeking additional funding through corporate partnerships and capital markets fundraising to support its operations.
Mustang Bio's product pipeline includes CAR T therapies for hematologic malignancies and solid tumors, with ongoing collaborations with institutions like Fred Hutch and City of Hope.
The company is focused on the development of MB-106, a CD20-targeted CAR T cell therapy, and MB-109, a combination of CAR T therapy with oncolytic virus therapy for malignant brain tumors.
Mustang Bio is subject to compliance with Nasdaq listing requirements and has requested a hearing to address non-compliance issues related to minimum stockholders' equity and bid price requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mustang Bio Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.