Financial Performance - As of December 31, 2023, Mustang's cash and cash equivalents totaled $7.0 million, a decrease of $69.7 million from $76.7 million as of December 31, 2022[6]. - Net loss attributable to common stockholders was $51.6 million, or $6.00 per share, for the year ended December 31, 2023, compared to a net loss of $77.5 million, or $10.09 per share, for 2022[6]. - Total assets decreased from $92,422,000 in 2022 to $17,742,000 in 2023, a decline of approximately 81.8%[16]. - Total liabilities reduced significantly from $46,149,000 in 2022 to $17,619,000 in 2023, a decrease of about 61.8%[16]. - Operating expenses for 2023 were $49,260,000, down from $76,159,000 in 2022, representing a reduction of approximately 35.4%[18]. - Net loss for 2023 was $51,602,000 compared to a net loss of $77,525,000 in 2022, indicating an improvement of approximately 33.4%[18]. - Net loss per common share improved from $10.09 in 2022 to $6.00 in 2023[18]. - Cash and cash equivalents decreased from $75,656,000 in 2022 to $6,234,000 in 2023, a decline of approximately 91.8%[16]. - Total stockholders' equity fell from $46,273,000 in 2022 to $123,000 in 2023, a decrease of about 99.7%[16]. - Interest expense increased from $3,359,000 in 2022 to $4,109,000 in 2023, an increase of approximately 22.3%[18]. Research and Development - Research and development expenses for the year ended December 31, 2023, were $40.5 million, down from $62.5 million in 2022[6]. - Research and development expenses decreased from $62,475,000 in 2022 to $40,513,000 in 2023, a decline of about 35.2%[18]. - Mustang reported a 100% overall response rate in patients treated with MB-106 (n=9) for follicular lymphoma (FL) and Waldenstrom macroglobulinemia (WM) in a recent clinical trial[8]. - The FDA granted Orphan Drug Designation to MB-106 for the treatment of WM, with pivotal Phase 2 patient treatment expected in 2024[8]. - Mustang plans to initiate a Phase 1 multicenter clinical trial for MB-109, a combination therapy for recurrent glioblastoma, in 2024[9]. - Mustang aims to request Regenerative Medicine Advanced Therapy (RMAT) designation for indolent lymphoma from the FDA in the first half of 2024[2]. - The company anticipates the publication of proof-of-concept research for its in vivo CAR-T technology platform in 2024[10]. - In 2024, the first patients are expected to be treated in new trials for X-Linked Severe Combined Immunodeficiency (XSCID) using MB-117 and MB-217[11]. Capital Raising - Mustang completed a registered direct offering in October 2023, raising approximately $4.4 million in gross proceeds[6].
Mustang Bio(MBIO) - 2023 Q4 - Annual Results