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Mustang Bio Inc. (MBIO-7.65%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on developing CAR T therapies for hematologic malignancies and autoimmune diseases, as well as solid tumors. Mustang Bio has partnered with institutions such as City of Hope, Fred Hutchinson Cancer Center, and Nationwide Children's Hospital for these developments.
Research and development expenses decreased significantly from $40.5 million in 2023 to $7.6 million in 2024. This decrease was primarily due to reductions in workforce, laboratory supply costs, and program-related expenses.
General and administrative expenses also decreased from $9.7 million in 2023 to $4.1 million in 2024, attributed to reductions in employee compensation, professional services, and other costs.
Mustang Bio reported a net loss of $15.8 million for 2024, compared to a net loss of $51.6 million in 2023. The decrease in net loss is primarily due to reduced operating expenses.
During 2024, Mustang Bio completed several equity offerings, raising approximately $12.2 million in net proceeds. The company also entered into an At-the-Market Offering Agreement with Wainwright to sell additional shares.
Mustang Bio's cash and cash equivalents were $6.8 million as of December 31, 2024. The company expects this, along with proceeds from recent offerings, to fund operations through 2025.
The company is exploring the initiation of investigator-sponsored clinical trials for its CAR T therapies, including a potential Phase 1 trial for MB-109 in glioblastoma and high-grade astrocytoma, and a trial for MB-106 in autoimmune diseases.
Mustang Bio has terminated several product candidates and associated licenses, including gene therapy products and an in vivo CAR-T program, to focus resources on priority candidates.
The company faces substantial doubt about its ability to continue as a going concern and is actively seeking additional funding through partnerships and capital markets.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.