$MBIO
MUSTANG BIO, INC.

2024 Q3 Form 10-Q Financial Statement

#000155837024015048 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.400M
YoY Change -34.27%
% of Gross Profit
Research & Development $57.00K
YoY Change -99.4%
% of Gross Profit
Depreciation & Amortization $100.0K
YoY Change -66.67%
% of Gross Profit
Operating Expenses $1.457M
YoY Change -85.86%
Operating Profit -$1.457M
YoY Change -85.86%
Interest Expense $47.00K
YoY Change -57.27%
% of Operating Profit
Other Income/Expense, Net $47.00K
YoY Change -81.12%
Pretax Income -$1.410M
YoY Change -85.98%
Income Tax
% Of Pretax Income
Net Earnings -$1.410M
YoY Change -85.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 36.84M
Diluted Shares Outstanding 36.84M

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.525M
YoY Change -63.28%
Cash & Equivalents $3.525M
Short-Term Investments
Other Short-Term Assets $2.293M
YoY Change -42.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.055M
YoY Change -55.44%
LONG-TERM ASSETS
Property, Plant & Equipment $421.0K
YoY Change -87.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $250.0K
YoY Change -76.92%
Total Long-Term Assets $1.138M
YoY Change -83.69%
TOTAL ASSETS
Total Short-Term Assets $6.055M
Total Long-Term Assets $1.138M
Total Assets $7.193M
YoY Change -65.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.759M
YoY Change 59.31%
Accrued Expenses $4.522M
YoY Change -42.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.04M
YoY Change 6.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $811.0K
YoY Change -66.21%
Total Long-Term Liabilities $811.0K
YoY Change -66.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.04M
Total Long-Term Liabilities $811.0K
Total Liabilities $15.85M
YoY Change -4.28%
SHAREHOLDERS EQUITY
Retained Earnings -$395.8M
YoY Change 6.28%
Common Stock $387.1M
YoY Change 2.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.656M
YoY Change
Total Liabilities & Shareholders Equity $7.193M
YoY Change -65.03%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.410M
YoY Change -85.98%
Depreciation, Depletion And Amortization $100.0K
YoY Change -66.67%
Cash From Operating Activities -$1.757M
YoY Change -85.38%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.014M
YoY Change 305.6%
NET CHANGE
Cash From Operating Activities -1.757M
Cash From Investing Activities 0.000
Cash From Financing Activities 1.014M
Net Change In Cash -743.0K
YoY Change -87.23%
FREE CASH FLOW
Cash From Operating Activities -$1.757M
Capital Expenditures $0.00
Free Cash Flow -$1.757M
YoY Change -85.38%

Facts In Submission

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dei Entity Registrant Name
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MUSTANG BIO, INC.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Security12b Title
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dei Trading Symbol
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PaymentsOfStockIssuanceCosts
784000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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mbio Proceeds From Issuance Of Common Shares At Market Offering
ProceedsFromIssuanceOfCommonSharesAtMarketOffering
1163000
mbio Proceeds From Issuance Of Common Shares At Market Offering
ProceedsFromIssuanceOfCommonSharesAtMarketOffering
0
mbio Offering Costs For Issuance Of Common Shares At Market Offering
OfferingCostsForIssuanceOfCommonSharesAtMarketOffering
45000
mbio Offering Costs For Issuance Of Common Shares At Market Offering
OfferingCostsForIssuanceOfCommonSharesAtMarketOffering
0
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
48000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
178000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6329000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30037000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3084000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-66344000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6984000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
76656000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3900000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10312000
us-gaap Interest Paid Net
InterestPaidNet
0
us-gaap Interest Paid Net
InterestPaidNet
1340000
us-gaap Stock Issued1
StockIssued1
591000
us-gaap Stock Issued1
StockIssued1
1109000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
2209000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
0
mbio Noncash Or Part Noncash Acquisition Supplies Received Expensed To Research And Development
NoncashOrPartNoncashAcquisitionSuppliesReceivedExpensedToResearchAndDevelopment
2509000
mbio Noncash Or Part Noncash Acquisition Supplies Received Expensed To Research And Development
NoncashOrPartNoncashAcquisitionSuppliesReceivedExpensedToResearchAndDevelopment
0
mbio Noncash Or Part Noncash Acquisition Accounts Receivable Written Off
NoncashOrPartNoncashAcquisitionAccountsReceivableWrittenOff
6967000
mbio Noncash Or Part Noncash Acquisition Accounts Receivable Written Off
NoncashOrPartNoncashAcquisitionAccountsReceivableWrittenOff
0
mbio Noncash Or Part Noncash Acquisition Accounts Payable Written Off
NoncashOrPartNoncashAcquisitionAccountsPayableWrittenOff
3644000
mbio Noncash Or Part Noncash Acquisition Accounts Payable Written Off
NoncashOrPartNoncashAcquisitionAccountsPayableWrittenOff
0
mbio Noncash Or Part Noncash Acquisition Purchase Consideration Accrued
NoncashOrPartNoncashAcquisitionPurchaseConsiderationAccrued
1295000
mbio Noncash Or Part Noncash Acquisition Purchase Consideration Accrued
NoncashOrPartNoncashAcquisitionPurchaseConsiderationAccrued
0
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-395800000
CY2024Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.81
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 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>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3525000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9562000
CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
375000
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
750000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3900000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10312000
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7694000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7723000
CY2024Q3 mbio Accumulated Impairment Loss Property Plant And Equipment
AccumulatedImpairmentLossPropertyPlantAndEquipment
2176000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5097000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4476000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
421000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3247000
CY2024Q3 us-gaap Depreciation
Depreciation
100000
CY2023Q3 us-gaap Depreciation
Depreciation
300000
us-gaap Depreciation
Depreciation
600000
us-gaap Depreciation
Depreciation
1600000
CY2024Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2600000
CY2024Q2 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
2200000
CY2024Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
400000
CY2024Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
8759000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
6322000
CY2024Q3 mbio Research And Development Current
ResearchAndDevelopmentCurrent
561000
CY2023Q4 mbio Research And Development Current
ResearchAndDevelopmentCurrent
4118000
CY2024Q3 mbio Accrued Compensation Current
AccruedCompensationCurrent
984000
CY2023Q4 mbio Accrued Compensation Current
AccruedCompensationCurrent
2838000
CY2024Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
1757000
CY2023Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
739000
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12061000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
14017000
CY2024Q3 mbio Asset Acquisition Accrued Consideration Current
AssetAcquisitionAccruedConsiderationCurrent
1300000
us-gaap Interest Expense Other
InterestExpenseOther
1187000
mbio Interest Expense Amortization Of Debt Discount
InterestExpenseAmortizationOfDebtDiscount
118000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-2796000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
4000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
11000
us-gaap Interest Expense Debt
InterestExpenseDebt
4000
us-gaap Interest Expense Debt
InterestExpenseDebt
4112000
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
42000
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
100000
us-gaap Share Based Compensation
ShareBasedCompensation
-500000
us-gaap Share Based Compensation
ShareBasedCompensation
380000
CY2024Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.81
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
26667
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
40000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
400000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
466667
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
128352
CY2024Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
338315
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4481868
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.34
CY2023 mbio Class Of Warrant Or Right Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightWeightedAverageRemainingContractualLife
P5Y4M2D
mbio Class Of Warrant Or Right Warrants Exercised During Period
ClassOfWarrantOrRightWarrantsExercisedDuringPeriod
20490874
mbio Class Of Warrant Or Right Warrants Granted During Period
ClassOfWarrantOrRightWarrantsGrantedDuringPeriod
76966010
mbio Class Of Warrant Or Right Weighted Average Exercise Price Grants During Period
ClassOfWarrantOrRightWeightedAverageExercisePriceGrantsDuringPeriod
0.19
mbio Class Of Warrant Or Right Weighted Average Remaining Contractual Life Grants In Period
ClassOfWarrantOrRightWeightedAverageRemainingContractualLifeGrantsInPeriod
P2Y6M
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
60957004
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.29
mbio Class Of Warrant Or Right Weighted Average Remaining Contractual Life
ClassOfWarrantOrRightWeightedAverageRemainingContractualLife
P2Y8M23D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
61354606
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
567020
CY2024Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
40000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1000000.0
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2500000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1600000
us-gaap Operating Lease Cost
OperatingLeaseCost
113000
us-gaap Operating Lease Cost
OperatingLeaseCost
592000
mbio Variable Lease Cost Net
VariableLeaseCostNet
149000
mbio Variable Lease Cost Net
VariableLeaseCostNet
544000
us-gaap Lease Cost
LeaseCost
262000
us-gaap Lease Cost
LeaseCost
1136000
us-gaap Operating Lease Payments
OperatingLeasePayments
406000
us-gaap Operating Lease Payments
OperatingLeasePayments
395000
mbio Gain Loss On Modification Of Lease
GainLossOnModificationOfLease
314000
mbio Gain Loss On Modification Of Lease
GainLossOnModificationOfLease
220000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.091
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
127000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
516000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
439000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1082000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
99000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
983000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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