$MBIO
MUSTANG BIO, INC.

2021 Q2 Form 10-Q Financial Statement

#000155837021011821 Filed on August 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.538M $2.990M $1.960M
YoY Change -15.12% -6.27% -16.24%
% of Gross Profit
Research & Development $10.90M $9.830M $9.314M
YoY Change 10.91% 44.07% 33.82%
% of Gross Profit
Depreciation & Amortization $500.0K $400.0K $400.0K
YoY Change 25.0% 33.33% 38.89%
% of Gross Profit
Operating Expenses $14.44M $14.12M $11.52M
YoY Change 2.26% 38.28% 18.11%
Operating Profit -$14.44M -$14.12M -$11.52M
YoY Change 2.26% 38.28% 18.11%
Interest Expense $81.00K -$480.0K -$340.0K
YoY Change -116.88% 152.63% -342.86%
% of Operating Profit
Other Income/Expense, Net $81.00K -$477.0K -$337.0K
YoY Change -116.98% 155.08% -339.01%
Pretax Income -$14.36M -$14.60M -$11.86M
YoY Change -1.65% 40.38% 23.41%
Income Tax
% Of Pretax Income
Net Earnings -$14.36M -$14.60M -$11.86M
YoY Change -1.64% 40.38% 23.34%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$0.16 -$324.3K -$282.6K
COMMON SHARES
Basic Shares Outstanding 87.56M
Diluted Shares Outstanding 87.56M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $129.9M $85.40M $55.80M
YoY Change 52.13% 3.39% 37.44%
Cash & Equivalents $129.9M $85.36M $56.81M
Short-Term Investments
Other Short-Term Assets $1.386M $900.0K $1.900M
YoY Change 54.0% 28.57% 111.11%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $131.3M $86.27M $57.70M
YoY Change 52.24% 3.44% 38.66%
LONG-TERM ASSETS
Property, Plant & Equipment $9.510M $8.168M $9.600M
YoY Change 16.43% -3.91% 39.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $255.0K $250.0K $1.300M
YoY Change 2.0% -68.75% 398.08%
Total Long-Term Assets $11.87M $10.56M $10.90M
YoY Change 12.39% 14.76% 22.84%
TOTAL ASSETS
Total Short-Term Assets $131.3M $86.27M $57.70M
Total Long-Term Assets $11.87M $10.56M $10.90M
Total Assets $143.2M $96.83M $68.60M
YoY Change 47.9% 4.57% 35.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.935M $4.827M $2.500M
YoY Change -39.2% -22.15% -65.75%
Accrued Expenses $3.172M $3.900M $3.400M
YoY Change -18.67% 1850.0% 3300.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $5.000M $0.00
YoY Change -100.0%
Long-Term Debt Due $5.000M $3.100M
YoY Change
Total Short-Term Liabilities $6.361M $14.75M $10.00M
YoY Change -56.88% 130.5% 35.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $9.000M $10.60M
YoY Change -100.0% -30.77% -16.54%
Other Long-Term Liabilities $1.821M $2.100M $2.200M
YoY Change -13.29% 10.53% 15.79%
Total Long-Term Liabilities $1.821M $11.10M $12.80M
YoY Change -83.59% -25.5% -12.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.361M $14.75M $10.00M
Total Long-Term Liabilities $1.821M $11.10M $12.80M
Total Liabilities $8.182M $25.80M $22.80M
YoY Change -68.29% 21.7% 3.6%
SHAREHOLDERS EQUITY
Retained Earnings -$214.8M -$151.9M
YoY Change 41.41%
Common Stock $349.6M $222.9M
YoY Change 56.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $135.0M $71.03M $45.80M
YoY Change
Total Liabilities & Shareholders Equity $143.2M $96.83M $68.60M
YoY Change 47.9% 4.57% 35.88%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$14.36M -$14.60M -$11.86M
YoY Change -1.64% 40.38% 23.34%
Depreciation, Depletion And Amortization $500.0K $400.0K $400.0K
YoY Change 25.0% 33.33% 38.89%
Cash From Operating Activities -$12.10M -$7.570M -$10.15M
YoY Change 59.78% -13.78% 56.59%
INVESTING ACTIVITIES
Capital Expenditures -$1.689M -$560.0K $526.0K
YoY Change 201.61% -15.15% 75.92%
Acquisitions
YoY Change
Other Investing Activities -$750.0K -$250.0K $0.00
YoY Change 200.0% -105.15% -100.0%
Cash From Investing Activities -$2.439M -$810.0K -$526.0K
YoY Change 201.11% -119.29% -104.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.08M 37.93M 5.079M
YoY Change -60.23% -26.52% -62.69%
NET CHANGE
Cash From Operating Activities -12.10M -7.570M -10.15M
Cash From Investing Activities -2.439M -810.0K -526.0K
Cash From Financing Activities 15.08M 37.93M 5.079M
Net Change In Cash 549.0K 29.55M -5.599M
YoY Change -98.14% -37.18% -129.27%
FREE CASH FLOW
Cash From Operating Activities -$12.10M -$7.570M -$10.15M
Capital Expenditures -$1.689M -$560.0K $526.0K
Free Cash Flow -$10.41M -$7.010M -$10.68M
YoY Change 48.45% -13.67% 57.45%

Facts In Submission

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MUSTANG BIO, INC.
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us-gaap Proceeds From Issuance Of Common Stock
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37230000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2234000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
158000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
169000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
62693000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
43008000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
32119000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
23948000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98804000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62413000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130923000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86361000
us-gaap Interest Paid Net
InterestPaidNet
0
us-gaap Interest Paid Net
InterestPaidNet
683000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
298000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
127000
us-gaap Stock Issued1
StockIssued1
7577000
us-gaap Stock Issued1
StockIssued1
4923000
mbio Research And Development Licenses Expenditure Incurred But Not Yet Paid
ResearchAndDevelopmentLicensesExpenditureIncurredButNotYetPaid
250000
mbio Research And Development Licenses Expenditure Incurred But Not Yet Paid
ResearchAndDevelopmentLicensesExpenditureIncurredButNotYetPaid
1300000
mbio Lease Liabilities Arising From Obtaining Right Of Use Assets
LeaseLiabilitiesArisingFromObtainingRightOfUseAssets
81000
mbio Lease Liabilities Arising From Obtaining Right Of Use Assets
LeaseLiabilitiesArisingFromObtainingRightOfUseAssets
0
mbio Offering Costs For Issuance Of Common Shares Public Offering In Accounts Payable And Accrued Expenses
OfferingCostsForIssuanceOfCommonSharesPublicOfferingInAccountsPayableAndAccruedExpenses
0
mbio Offering Costs For Issuance Of Common Shares Public Offering In Accounts Payable And Accrued Expenses
OfferingCostsForIssuanceOfCommonSharesPublicOfferingInAccountsPayableAndAccruedExpenses
72000
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-214800000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s unaudited condensed financial statements include certain amounts that are based on management’s best estimates and judgments. The Company’s significant estimates include, but are not limited to, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Due to the uncertainty inherent in such estimates actual results could differ from those estimates.</p>
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
129923000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
85361000
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
1000000
CY2020Q2 us-gaap Restricted Cash
RestrictedCash
1000000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
130923000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86361000
CY2020Q4 mbio Research And Development Current
ResearchAndDevelopmentCurrent
2862000
CY2021Q2 mbio Accrued Compensation Current
AccruedCompensationCurrent
1371000
CY2020Q4 mbio Accrued Compensation Current
AccruedCompensationCurrent
2009000
CY2021Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
254000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14011000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11595000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4501000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3567000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9510000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8028000
CY2021Q2 us-gaap Depreciation
Depreciation
500000
CY2020Q2 us-gaap Depreciation
Depreciation
400000
us-gaap Depreciation
Depreciation
900000
us-gaap Depreciation
Depreciation
800000
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
2935000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3518000
CY2021Q2 mbio Research And Development Current
ResearchAndDevelopmentCurrent
1206000
CY2020Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
358000
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5766000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8747000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
547000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
957000
us-gaap Share Based Compensation
ShareBasedCompensation
1543000
us-gaap Share Based Compensation
ShareBasedCompensation
1762000
mbio Employee Stock Purchase Plan Predetermined Offering Period Lower Fair Market Value Percentage
EmployeeStockPurchasePlanPredeterminedOfferingPeriodLowerFairMarketValuePercentage
0.85
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
400000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
600000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1000000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
55963
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
68351
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
803181
mbio Proceeds From Employee Stock Purchase Plan
ProceedsFromEmployeeStockPurchasePlan
200000
mbio Proceeds From Employee Stock Purchase Plan
ProceedsFromEmployeeStockPurchasePlan
200000
CY2021Q2 mbio Employee Stock Purchase Plan Share Based Compensation Expense
EmployeeStockPurchasePlanShareBasedCompensationExpense
29000
CY2020Q2 mbio Employee Stock Purchase Plan Share Based Compensation Expense
EmployeeStockPurchasePlanShareBasedCompensationExpense
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9155499
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8512632

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