Mustang Bio, Inc. (MBIO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Mustang Bio, Inc. (MBIO) emerge como una fuerza pionera, revolucionando el tratamiento del cáncer a través de las terapias de células y genes de vanguardia. Al aprovechar estratégicamente la investigación innovadora, las asociaciones colaborativas y un enfoque centrado en el láser para abordar las necesidades médicas no satisfechas, este innovador de biotecnología está transformando la forma en que conceptualizamos la inmunoterapia personalizada. Su lienzo de modelo de negocio revela un plan integral que entrelaza la excelencia científica, la asignación estratégica de recursos y un compromiso impulsado por la misión para desarrollar tratamientos innovadores para pacientes que luchan contra los cánceres raros y desafiantes.

Mustang Bio, Inc. (MBIO) - Modelo de negocios: asociaciones clave

Instituciones de investigación académica colaboraciones

Institución	Enfoque de colaboración	Año establecido
Ciudad de la esperanza	Investigación de terapia de células CAR-T	2015
Universidad de Pensilvania	Ensayos clínicos de inmunoterapia	2016

Asociaciones de la compañía farmacéutica

• Colaboración de biosciencias de precisión para tecnologías de edición de genes
• NIH National Cancer Institute Strategic Research Partnership

Financiación total de la asociación de investigación: $ 24.7 millones en 2023

Colaboraciones de proveedores de atención médica

Sistema de salud	Participación en el ensayo	Capacidad de inscripción al paciente
Memorial Sloan Kettering	Ensayos clínicos MB-106	75 espacios para pacientes
Centro de cáncer de MD Anderson	Estudios de terapia de células CAR-T	50 ranuras para pacientes

Inversor y asociaciones de financiación

Financiación de capital de riesgo en 2023: $ 37.5 millones

• Gestión de capital
• Asesores perceptivos
• Capital boxer

Propiedad total de los inversores institucionales: 62.3% a partir del cuarto trimestre 2023

Mustang Bio, Inc. (MBIO) - Modelo de negocio: actividades clave

Desarrollo de terapias de células T de automóvil para el tratamiento del cáncer

Mustang Bio se centra en el desarrollo de terapias de células T CAR con objetivos de investigación específicos:

Enfoque terapéutico	Tipo de cáncer objetivo	Estadio clínico
MB-106	Linfomas de células B CD20 positivas	Ensayo clínico de fase 1/2
MB-107	Inmunodeficiencia combinada severa unida a x	Ensayo clínico de fase 1/2
MB-104	Mieloma múltiple	Desarrollo preclínico

Realización de investigaciones preclínicas y clínicas

Las actividades de investigación incluyen:

• Técnicas de modificación génica
• Desarrollo de inmunoterapia
• Protocolos de ingeniería celular

Avance de tecnologías de terapia de genes y células

Plataforma tecnológica	Inversión (2023)	Enfoque de investigación
Ingeniería de células T de coche	$ 12.4 millones	Inmunoterapias personalizadas
Modificación genética	$ 8.7 millones	Trastornos genéticos raros

Presentaciones regulatorias y gestión de ensayos clínicos

Métricas de participación regulatoria:

• Interacciones de la FDA: 7 protocolos activos
• Ensayos clínicos activos: 4
• Aplicaciones de nueva droga de investigación (IND): 3 pendiente

Las actividades clave de Mustang Bio demuestran un enfoque enfocado para las terapias avanzadas de células y genes dirigidos a condiciones oncológicas e inmunológicas específicas.

Mustang Bio, Inc. (MBIO) - Modelo de negocios: recursos clave

Tecnologías de terapia celular patentadas

Las tecnologías clave de terapia celular propietaria de Mustang Bio incluyen:

• MB-101 (Terapia de células T de autos IL13Rα2 para el cáncer cerebral)
• MB-102 (Terapia de células T CD123-Car para AML)
• MB-106 (terapia de células T CD20-Car para linfomas de células B)

Equipo experto en investigación científica y médica

Composición del equipo	Número
Personal de investigación total	42
Investigadores de doctorado	23
Investigadores de MD	8

Cartera de propiedades intelectuales

Desglose de la patente:

• Patentes activas totales: 17
• Familias de patentes: 6
• Cobertura geográfica: Estados Unidos, Unión Europea, Japón

Investigación e infraestructura de laboratorio

Tipo de instalación	Detalles
Instalaciones de investigación totales	2
Espacio total de laboratorio	8.500 pies cuadrados.
Instalaciones certificadas por GMP	1

Equipo de biotecnología especializada

Categoría de equipo	Cantidad
Citómetros de flujo	3
Clasificador de células	2
Gabinetes de bioseguridad	5
Unidades de almacenamiento criogénico	4

Mustang Bio, Inc. (MBIO) - Modelo de negocio: propuestas de valor

Terapias innovadoras de células y genes dirigidos a cánceres raros

La terapia de células CAR-T autólogas MB-102 de Mustang Bio para linfoma no Hodgkin de células B CD20 positiva demostró los siguientes datos clínicos:

Métrico de ensayo clínico	Valor
Tasa de respuesta general	83%
Tasa de respuesta completa	50%
Duración mediana de la respuesta	12.4 meses

Enfoques de inmunoterapia personalizados

Los programas clave de desarrollo de inmunoterapia personalizados incluyen:

• Terapia CAR-T MB-106 dirigida a CD123 para leucemia mieloide aguda
• Terapia CAR-T MB-104 para mieloma múltiple
• Terapia CAR-T MB-105 dirigida a CD22 para neoplasias de células B

Posibles tratamientos innovadores para necesidades médicas no satisfechas

Inversión de investigación y desarrollo para 2023:

Categoría de I + D	Monto de la inversión
Gastos totales de I + D	$ 48.3 millones
Programas de terapia génica	$ 22.7 millones
Costos de ensayo clínico	$ 25.6 millones

Soluciones terapéuticas avanzadas para enfermedades desafiantes

La tubería de Mustang Bio se centra en enfermedades raras y difíciles de tratar con el siguiente enfoque estratégico:

• Indicaciones pediátricas: Desarrollo de terapias para cánceres de infancia raros
• Medicina de precisión: Dirigirse a marcadores genéticos específicos
• Mecanismos de entrega innovadores: Técnicas avanzadas de ingeniería de células CAR-T

Mustang Bio, Inc. (MBIO) - Modelo de negocios: relaciones con los clientes

Compromiso directo con proveedores de atención médica

Mustang Bio mantiene el compromiso directo con los proveedores de atención médica a través de redes especializadas de oncología e inmunoterapia. A partir del cuarto trimestre de 2023, la compañía informó:

Métricas de interacción del proveedor de atención médica	Datos cuantitativos
Número de asociaciones activas de oncología	37 centros de tratamiento especializados
Programas de divulgación médica total	124 profesionales médicos dirigidos

Programas de apoyo y educación del paciente

Mustang Bio implementa estrategias integrales de apoyo al paciente:

• Línea directa de apoyo al paciente dedicado con una tasa de respuesta del 98.6%
• Portal de educación del paciente en línea con 12,453 usuarios registrados
• Servicios de asesoramiento genético personalizado

Asociaciones de investigación colaborativa

Investigación de métricas de colaboración para 2023:

Categoría de asociación de investigación	Total de asociaciones
Instituciones de investigación académica	16 colaboraciones activas
Redes de investigación farmacéutica	9 asociaciones estratégicas

Comunicación transparente sobre el progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos:

• Informes de actualización de ensayo clínico trimestral publicados
• Plataforma de seguimiento de ensayos clínicos en tiempo real con 2.786 partes interesadas registradas
• Tiempo promedio de respuesta de comunicación: 24.3 horas

Mustang Bio, Inc. (MBIO) - Modelo de negocios: canales

Ventas directas a instituciones de atención médica

El canal de ventas directas de Mustang Bio se centra en los centros de tratamiento de oncología y inmunoterapia especializadas. A partir del cuarto trimestre de 2023, la compañía informó:

Tipo de canal	Número de instituciones específicas	Alcance potencial
Centros médicos académicos	37	Cobertura nacional
Centros de tratamiento de cáncer especializados	52	Red integral

Conferencias médicas y simposios científicos

Mustang Bio utiliza conferencias científicas como un canal de comunicación crítica:

• Participación anual en 8-10 conferencias de biotecnología importantes
• Presentación en Reunión anual de la Sociedad Americana de Hematología (Ash)
• Compromiso en simposios de enfermedad rara dirigida

Asociaciones de la industria de biotecnología

Los canales de asociación incluyen:

Tipo de socio	Número de asociaciones activas	Enfoque de colaboración
Compañías farmacéuticas	3	Desarrollo clínico
Instituciones de investigación	6	Investigación preclínica

Plataformas digitales para la comunicación de investigación

Canales de comunicación digital:

• Sitio web corporativo con publicaciones de investigación
• Red profesional de LinkedIn
• Presencia de la base de datos científica (PubMed, ClinicalTrials.gov)

Comunicaciones de relaciones con los inversores

Los canales de comunicación de los inversores incluyen:

Canal	Frecuencia	Métricas de compromiso
Llamadas de ganancias trimestrales	4 veces anualmente	Promedio 87 inversores institucionales
Reunión anual de accionistas	1 vez anualmente	Aproximadamente 120 participantes
Mazos de presentación de inversores	Actualizaciones trimestrales	Distribuido a más de 250 analistas financieros

Mustang Bio, Inc. (MBIO) - Modelo de negocios: segmentos de clientes

Centros de tratamiento oncológico

Mustang se dirige a los centros de tratamiento de oncología especializados con poblaciones específicas de pacientes que requieren terapias avanzadas de células y genes.

Tipo de centros de oncología	Mercado objetivo estimado	Volumen de tratamiento anual
Centros de cáncer integrales	52 centros designados por NCI	Aproximadamente 15,000 pacientes anualmente
Centros médicos académicos	137 centros centrados en la investigación	Aproximadamente 8.500 pacientes con cáncer avanzado

Hospitales e instalaciones de investigación médica

Mustang Bio se centra en instituciones médicas avanzadas capaces de implementar protocolos complejos de terapia celular.

• Top 100 Hospitales registrados del Instituto Nacional del Cáncer (NCI)
• Centros de investigación de hematología/oncología especializados
• Instalaciones avanzadas de tratamiento de inmunoterapia

Pacientes con cánceres raros y difíciles de tratar

Tipo de cáncer	Incidencia anual	Mercado potencial de tratamiento
Linfomas raros	24,000 casos nuevos anualmente	Potencial de mercado estimado de $ 350 millones
Cánceres pediátricos	15,780 casos nuevos anualmente	Potencial de mercado estimado de $ 250 millones

Especialistas en hematología e inmunoterapia

Mustang Bio se dirige a redes médicas especializadas con experiencia terapéutica avanzada.

• Especialistas en hematología total en EE. UU.: 3.400 profesionales certificados por la junta
• Especialistas en inmunoterapia: Aproximadamente 1,200 profesionales dedicados
• Centrarse en los médicos que manejan terapias celulares complejas

Mustang Bio, Inc. (MBIO) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Mustang Bio reportó gastos totales de I + D de $ 36.8 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 33.2 millones	62.3%
2023	$ 36.8 millones	65.4%

Costos de ensayo clínico

Los gastos de ensayo clínico para Mustang Bio en 2023 fueron de aproximadamente $ 22.5 millones, que cubren múltiples programas de tuberías.

• Pruebas de fase I: $ 8.7 millones
• Pruebas de fase II: $ 11.3 millones
• Estudios preclínicos: $ 2.5 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual para Mustang Bio fueron de $ 1.2 millones en 2023, cubriendo la presentación de patentes, el enjuiciamiento y la renovación.

Personal y reclutamiento de talento científico

Categoría de personal	Costo anual	Número de empleados
Personal científico	$ 15.6 millones	78
Personal administrativo	$ 5.4 millones	42

Cumplimiento y documentación regulatoria

Los gastos de cumplimiento regulatorio para Mustang Bio en 2023 totalizaron $ 3.7 millones, incluidos los costos de presentación de la FDA y la documentación regulatoria en curso.

• Tarifas de presentación de la FDA: $ 1.5 millones
• Documentación de cumplimiento: $ 1.2 millones
• Consultores regulatorios externos: $ 1.0 millones

Mustang Bio, Inc. (MBIO) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Mustang Bio tiene acuerdos de licencia potenciales con las siguientes entidades clave:

Pareja	Tecnología/plataforma	Ingresos potenciales
Universidad de Massachusetts	Tecnologías de terapia de células CAR-T	Tarifa potencial de licencia por adelantado de $ 3.5 millones
Fred Hutchinson Cancer Research Center	Plataformas de investigación de inmunoterapia	Pagos potenciales de hitos potenciales de $ 2.8 millones

Comercialización futura de productos

Fluyos de ingresos proyectados de la comercialización potencial de productos:

• Terapia CAR-T MB-106: ingresos anuales potenciales estimados de $ 12-15 millones
• Terapia génica MB-107: valor de mercado potencial de $ 8-10 millones anuales
• Inmunoterapia MB-104: rango de ingresos proyectado de $ 5-7 millones por año

Subvenciones de investigación y financiación del gobierno

Fuentes de financiación de subvenciones de investigación actuales:

Fuente de financiación	Monto de subvención	Enfoque de investigación
Institutos Nacionales de Salud (NIH)	$ 2.3 millones	Desarrollo de terapia de células CAR-T
Ministerio de defensa	$ 1.7 millones	Investigación de inmunoterapia

Asociaciones y colaboraciones estratégicas

Potencial de ingresos de colaboración estratégica clave:

• Hospital Nationwide Children: Acuerdo de investigación colaborativa de $ 4.5 millones
• Memorial Sloan Kettering Cancer Center: Contrato de desarrollo conjunto de $ 3.2 millones
• Instituto del Cáncer Dana-Farber: Asociación de investigación de $ 2.9 millones

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Value Propositions

Mustang Bio, Inc. is focused on translating medical breakthroughs in cell therapies into potential cures for difficult-to-treat cancers and rare genetic diseases. This is the core of their value proposition, centered on developing first-in-class therapies.

The company's pipeline is heavily weighted toward its CAR T-cell candidates, which represent a significant value driver by targeting high unmet medical needs in oncology.

• Potential curative therapies for difficult-to-treat cancers and rare genetic diseases.
• Advancing first-in-class therapies from the laboratory to patients in need.
• Leveraging proprietary vector designs for gene therapy candidates for inherited metabolic disorders.

The value proposition is strongly supported by regulatory milestones and clinical efficacy data, particularly for their lead oncology assets.

MB-101 (CAR T-cell) targeting glioblastoma, a high unmet medical need

MB-101, an IL13Ra2-targeted CAR T-cell therapy, addresses recurrent diffuse and anaplastic astrocytoma and glioblastoma (GBM). The clinical data provides concrete evidence of potential efficacy in this challenging area.

Here's a look at the key clinical metrics reported for MB-101:

Metric	Data Point	Context/Trial Detail
Best Response (Stable Disease or Better)	50%	Of patients in an ongoing Phase 1 trial published in Nature Medicine.
Complete Responses (CR) Duration	7.5 months and 66+ months	Observed in two patients with "hot tumors" treated solely with MB-101.
Median Overall Survival (OS)	8 months	Observed in all evaluable patients from the Phase 1 trial (NCT02208362).
Total Evaluable Patients (Phase 1)	58	Patients with recurrent and refractory malignant glioma.

The development strategy for MB-101 includes a novel combination, MB-109, which pairs it with the MB-108 oncolytic virus to reshape the tumor microenvironment.

MB-106 (CAR T-cell) for B-cell malignancies like Waldenstrom macroglobulinemia

MB-106 is a CD20-targeted autologous CAR T-cell therapy showing high efficacy in B-cell malignancies, including Waldenstrom macroglobulinemia (WM), a rare blood cancer. This therapy is being developed in collaboration with the Fred Hutchinson Cancer Center.

The early clinical results for MB-106 in WM patients are compelling:

• Overall Response Rate (ORR) in a cohort of 20 evaluable WM patients: 95%.
• Complete Response (CR) rate in that cohort: 80%.
• Long-term remission: One patient remained in CR for 31 months.
• Earlier data on 10 evaluable patients showed a 90% ORR.

Orphan Drug Designation for MB-101, offering potential market exclusivity

The U.S. Food and Drug Administration granted Orphan Drug Designation (ODD) to MB-101 in July 2025 for treating recurrent diffuse and anaplastic astrocytoma and GBM. This designation is a key non-financial value driver, signaling regulatory confidence and providing tangible incentives.

The ODD provides several benefits:

• Tax credits toward clinical trial costs upon approval.
• Waiver of prescription drug user fees for marketing applications.
• Entitlement to seven years of U.S. market exclusivity for the designated disease, separate from patent life.

Mustang Bio, Inc. also previously secured ODD for MB-108, further validating the science behind the MB-109 combination strategy.

Advancing first-in-class therapies from lab to patient

The company's operational and financial structure supports the advancement of these novel therapies. As of March 31, 2025, Mustang Bio, Inc. held $14.2 million in cash and cash equivalents. Research and Development Expenses for the first quarter ended March 31, 2025, were $1.0 million, reflecting cost-saving measures like the termination of the Worcester facility lease and an equipment sale for $1 million.

The company has an accumulated deficit of $396.9 million as of March 31, 2025, underscoring the capital-intensive nature of cell therapy development. A 1-for-50 reverse stock split was executed on January 15, 2025, to maintain Nasdaq compliance. For the most recent reported period, the net loss per common share (diluted) was $(0.07).

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Customer Relationships

You're looking at how Mustang Bio, Inc. (MBIO) manages its critical external relationships, which is key for a clinical-stage biotech company dependent on external validation and capital. These aren't typical B2B sales; they are deep, scientific, and financial partnerships.

High-touch, collaborative relationships with academic and clinical investigators

Mustang Bio, Inc. operates by licensing technology and then relying heavily on the institutions that developed it to advance clinical work. This requires a very hands-on, high-touch approach to maintain scientific alignment and data flow. The company licenses key assets from top-tier academic centers, which become crucial early-stage 'customers' of the data and validation process.

For instance, the MB-101 CAR T-cell therapy is licensed from City of Hope, and MB-108 is licensed from Nationwide Children's Hospital. The ongoing Phase 1 clinical trials for MB-101 and MB-108 continue to enroll patients at City of Hope and The University of Alabama at Birmingham, respectively, as of July 2025. This collaboration is yielding concrete, high-value data points that define the relationship's success.

• MB-101 Phase 1 trial showed 50% of patients achieving stable disease or better.
• Two complete responses in the MB-101 cohort lasted 7.5 months and 66+ months.
• These complete responses occurred in a subset of three patients with pre-existing "hot" tumors.
• The company expects to rely on these academic partners and future contract manufacturing relationships to support cell processing for clinical trials.

Direct engagement with regulatory bodies (FDA) for drug designations and approvals

Engagement with the U.S. Food and Drug Administration (FDA) is a primary, non-negotiable relationship for Mustang Bio, Inc., as regulatory milestones directly impact valuation and future market access. The FDA's decisions act as critical third-party validation of the science.

A major recent event was the FDA granting Orphan Drug Designation (ODD) to MB-101 on July 7, 2025, for recurrent diffuse and anaplastic astrocytoma and glioblastoma. This designation, which applies to therapies for rare diseases affecting fewer than 200,000 people in the U.S., provides significant incentives. MB-108 for malignant glioma had previously received ODD, and the combined approach is designated MB-109.

The ODD for MB-101 provides:

• Tax credits toward the cost of clinical trials upon approval.
• Prescription drug user fee waivers.
• Seven years of market exclusivity for the designated disease upon approval.

Investor relations and communication for capital markets

For a clinical-stage company with zero revenues, the relationship with the capital markets-investors, analysts, and the SEC-is the lifeline. Communication must be precise, especially given the company's financial position. Mustang Bio, Inc. must constantly manage expectations around its cash runway and financing needs.

Here's a snapshot of the financial context driving investor relations as of late 2025:

Financial Metric	Value/Period	Date/Context
Current Market Cap	$14.62 million	As of July 9, 2025
Net Cash Used in Operating Activities	$3.5 million	Nine months ended September 30, 2025
Net Cash Used in Operating Activities (Prior Year)	$9.4 million	Nine months ended September 30, 2024
Financing Proceeds Received	$14.5 million	Nine months ended September 30, 2025
Proceeds from Warrant Exercises (July 2025)	Approximately $7.1 million	From February 2025 Equity Offering investors
Shares Issued from Warrant Exercises	Approximately 2.9 million shares	July 2025
Market Value of Common Stock (Non-affiliates)	$14.8 million	As of June 30, 2025

The company explicitly notes that substantial doubt exists about the ability to continue as a going concern for the next 12 months without additional capital. This reality dictates the tone and frequency of investor communications, focusing on securing further equity offerings, partnerships, or licensing arrangements.

Future relationships with specialized treatment centers and oncologists

The relationships with specialized treatment centers and oncologists are the ultimate customer segment for commercialization, but currently, they function more as key opinion leaders and future trial sites. The company's strategy hinges on advancing its pipeline, which is contingent on securing additional funding or establishing a strategic partnership, as noted in July 2025. This need for capital directly impacts the timeline for expanding relationships beyond the current academic trial sites.

Future relationship building will target centers experienced in administering CAR T-cell therapies and those treating the rare diseases targeted by MB-101 and MB-108. The success of the MB-109 combination therapy, which leverages MB-108 to reshape the tumor microenvironment, will be a key talking point to engage these specialized oncologists. The company's management team has expertise in cell therapy development, which helps build credibility with these highly specialized medical professionals.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Channels

You're looking at how Mustang Bio, Inc. (MBIO) gets its value proposition-cell therapies-out to the world, whether that's to patients via trials or to the market via investors. It's a mix of clinical execution and financial transparency, defintely.

Academic medical centers and clinical trial sites for product development

The primary channel for product development is through active clinical trials conducted at specialized medical institutions. Mustang Bio, Inc. (MBIO) has consistently partnered with top medical centers to advance its CAR-T therapies.

As of the latest data, Mustang Bio, Inc. (MBIO) has six trials involving its therapeutic candidates ongoing, which inherently means engagement with multiple clinical trial sites. While specific site counts for late 2025 aren't explicitly enumerated, the channel relies on these established relationships for patient recruitment and data generation.

The channel activity includes:

• Advancing MB-101 (IL13Ra2-specific CAR-T cells) for Malignant Glioma.
• Continuing the Phase I/II study for MB-106 (CD20 CAR) in B Cell Non-Hodgkin Lymphomas.
• Leveraging regulatory achievements, such as the Orphan Drug Designation granted to MB-101 on July 7, 2025, to potentially accelerate site engagement for that program.

Licensing agreements with other biopharma firms for out-licensing or co-development

Mustang Bio, Inc. (MBIO) uses licensing as a core mechanism to both acquire and divest assets, serving as a channel for both R&D funding and potential future revenue realization. The strategy involves acquiring rights, funding development, and then out-licensing or commercializing.

The company's outlook mentions the impact of the MB-106 license termination, suggesting this channel is actively managed, though specific financial details of new agreements are not public in the latest filings. The channel is crucial for capital preservation, as seen by the stated plan to seek further funding through partnerships or licensing arrangements.

Investor relations website and SEC filings for financial communication

Financial communication is channeled directly through the SEC filing system and the Investor Relations section of the Mustang Bio, Inc. (MBIO) website. This channel is critical for maintaining compliance and informing the investment community about capital structure and operational performance.

Here's a look at the key financial reporting channels through the third quarter of 2025:

Communication Type	Date Filed/Reported	Key Financial Data Point
Quarterly Report (10-Q)	November 7, 2025	Reported for Quarter Ended September 30, 2025
SEC Filing (SCHEDULE 13D/A)	October 1, 2025	Reported acquisition of beneficial ownership
Nine-Month Net Loss (9M Ended Sep 30, 2025)	November 7, 2025	$1.4 million loss
Cash on Hand (Sep 30, 2025)	November 7, 2025	$19.0 million in cash and cash equivalents
Financing Proceeds (YTD Sep 30, 2025)	November 7, 2025	$14.5 million from financing activities

The company also executed a public offering in February 2025, which brought in approximately $8 million in gross proceeds. Furthermore, in July 2025, warrant exercises generated approximately $7.1 million.

Scientific publications and conferences to disseminate clinical data

Dissemination of clinical data is a vital channel to validate the science and attract potential partners or future investment. Mustang Bio, Inc. (MBIO) uses scientific literature and investor conferences for this purpose.

Key events channeling scientific progress include:

• Announcing Orphan Drug Designation for MB-101 on July 7, 2025.
• Presenting data on MB-106 showing a 90% response rate in Waldenstrom macroglobulinemia patients, with some in complete remission for 31 months.
• Scheduling the Annual Meeting of Stockholders for December 22, 2025, which serves as a key internal and external communication forum.

The company's strategy notes that publications often lag behind discoveries, but the channel remains essential for establishing scientific credibility.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Customer Segments

You're looking at the core patient groups Mustang Bio, Inc. (MBIO) is targeting with its cell and gene therapies as of late 2025. This isn't about the general public; it's about very specific, high-unmet-need populations where their science is aimed.

The primary customer segments are defined by the indications their lead product candidates, MB-106 and MB-101/MB-109, are designed to treat. For the hematologic malignancies, the focus is on patients with relapsed or refractory B-cell disorders. For solid tumors, the immediate focus is on aggressive brain cancers.

Patients with relapsed/refractory B-cell non-Hodgkin lymphomas (NHL) and CLL

This segment is addressed primarily through the development of MB-106, a CD20-targeted CAR T-cell therapy. The company is also exploring development of MB-207 for patients with relapsed or refractory B-cell lymphomas. The Regenerative Medicine Advanced Therapy (RMAT) designation for MB-106 for treating relapsed/refractory CD20 positive Waldenstrom macroglobulinemia and follicular lymphoma signals a direct engagement with these specific patient subsets. As of March 2025, clinical progress included 53 patients treated in an ongoing Phase 1 trial sponsored by Fred Hutch and 20 patients treated in a Mustang-sponsored Phase 1 trial for this indication. Historically, the U.S. saw an estimated 74,680 new cases of B-cell Non-Hodgkin Lymphoma in 2018.

Patients with aggressive brain tumors, specifically glioblastoma multiforme (GBM)

Mustang Bio, Inc. targets patients with Glioblastoma Multiforme (GBM) using MB-101 (IL-13R$\alpha$2 targeted CAR-T) and the combination therapy MB-109 (MB-101 plus MB-108 oncolytic virus). The receptor IL-13R$\alpha$2 is noted to be abundantly expressed on over 75% of GBM patients. This is a population with extremely poor prognosis, with only a 5% 5-year survival rate, against approximately 30,000 newly diagnosed GBM cases annually worldwide. The company has received FDA acceptance for the Investigational New Drug (IND) application for MB-109 for relapsed or refractory GBM, with an investigator-sponsored trial planned at City of Hope in late 2025. Furthermore, MB-401, an EGFR-CAR T-cell therapy, is also aimed at GBM patients.

Here's a quick look at the scale of the GBM target population:

Metric	Value	Context/Source Year
Annual Newly Diagnosed GBMs (Worldwide)	30,000	Historical/Estimated
5-Year Survival Rate (GBM)	5%	Historical/Estimated
IL-13R$\alpha$2 Expression on GBM	Over 75%	Target Receptor Prevalence

Patients with rare genetic diseases, including inherited metabolic disorders

The company is also advancing a portfolio of lentiviral-based gene therapy candidates aimed at addressing inherited metabolic disorders, specifically mentioning lysosomal storage disorders. This segment represents patients with high unmet medical need where gene therapy offers a potential curative approach. While specific patient numbers for these rare diseases are not detailed in the latest filings, the business model explicitly includes this as a core area alongside oncology.

Strategic partners seeking to license or co-develop cell and gene therapies

Mustang Bio, Inc. operates by acquiring rights to technologies via licensing or ownership interest, funding R&D, and then out-licensing or commercializing. This makes academic and clinical institutions key stakeholders in the business model, acting as sources of innovation and often as collaborators in clinical trials. Key partners mentioned include Fred Hutchinson Cancer Center, City of Hope National Medical Center, and Nationwide Children's Hospital. A significant past action involved a strategic manufacturing partnership with uBriGene (Boston) Biosciences in 2023, which included the sale of Mustang Bio's manufacturing facility for up to $11 million. The company's continued operation relies on securing financing, evidenced by closing an approximately $8 million public offering in February 2025.

You should note that as of the August 2025 balance sheet data, the company reported Total Liabilities of $10,154 thousand and Total Stockholders' Equity (Deficit) of ($3,873) thousand, indicating the ongoing need for successful clinical progression to validate the value proposition for these customer segments and secure future funding.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Mustang Bio, Inc.'s operations as of late 2025, which is heavily shaped by strategic divestitures aimed at extending the cash runway. The primary cost drivers remain the necessary, high-stakes spending on advancing clinical programs, offset by significant structural cost reductions implemented following the 2023 restructuring.

Significant research and development (R&D) expenses for clinical trials are unavoidable for a clinical-stage company like Mustang Bio, Inc. While the company has streamlined its pipeline, the costs associated with its lead assets, such as the MB-106 multicenter program and the anticipated MB-109 trial in the second half of 2025, still represent a major outlay. For context on the scale of this spending before the major cost-cutting, full-year 2023 R&D expenses were $40.5 million. To be fair, the nine months ended September 30, 2025, included a $0.4 million credit to R&D expenses due to the termination of the Plantation Street Facility lease, which isn't a recurring saving.

Manufacturing costs have been fundamentally altered. The company largely outsourced its core manufacturing capabilities through the strategic partnership with uBriGene (Boston) Biosciences Inc. This transition involved the sale of Mustang Bio, Inc.'s Worcester manufacturing facility for a total consideration up to $11 million, which closed in 2023. Post-facility exit, Mustang Bio, Inc. expects to rely on its academic partners and future contract manufacturing relationships to support clinical trials. More recently, in February 2025, the company divested certain fixed assets from the former facility to AbbVie Bioresearch Center Inc. for $1.0 million.

General and administrative (G&A) expenses, including legal and compliance, are being managed tightly. Full-year 2023 G&A was $9.7 million. For the nine months ended September 30, 2025, G&A expenses included $0.4 million recorded related to shares issued to Fortress in connection with equity financings.

The most impactful cost control measure is the annualized operating and interest expense reduction of at least $28 million achieved post-2023 restructuring, which was largely driven by the uBriGene transaction and a prior debt termination. This reduction helps significantly in managing the burn rate while awaiting key data readouts.

The bottom line for the period reflects this cost discipline against ongoing operational needs. Mustang Bio, Inc. reported a net loss of $1.38 million for the nine months ended September 30, 2025. This is a dramatic improvement from the $14.8 million net loss reported for the same nine-month period in 2024.

Here's a quick look at the scale of costs and the resulting loss:

Cost/Financial Metric	Amount (USD)	Period/Context
Net Loss	$1.38 million	Nine Months Ended September 30, 2025
Annualized Expense Reduction	At least $28 million	Post-2023 Restructuring/uBriGene
R&D Expense (Full Year)	$40.5 million	Fiscal Year Ended December 31, 2023
G&A Expense (Full Year)	$9.7 million	Fiscal Year Ended December 31, 2023
Manufacturing Facility Sale Consideration	Up to $11 million	2023 Transaction with uBriGene
Fixed Asset Divestment	$1.0 million	February 2025 Sale to AbbVie

The cost structure is now lean, focusing capital almost entirely on clinical execution. You can see the impact of the outsourcing and restructuring clearly when comparing the 2023 operating expenses to the 2025 nine-month loss. The company's current strategy is definitely centered on minimizing fixed overhead.

• Significant R&D spending continues for clinical trials.
• Manufacturing costs are now primarily service fees to uBriGene.
• G&A is tightly controlled following 2023 reductions.
• $28 million in annualized savings anchor the reduced burn rate.
• Net loss for nine months ended September 30, 2025, was $1.38 million.

Finance: draft 13-week cash view by Friday.

Mustang Bio, Inc. (MBIO) - Canvas Business Model: Revenue Streams

You're looking at the cash inflows for Mustang Bio, Inc. (MBIO) as of late 2025. Since this is a clinical-stage biopharmaceutical company, the revenue picture is dominated by financing activities rather than product sales. Honestly, for a company at this stage, the focus is on extending the cash runway to hit those critical data inflection points.

The primary, most recent, concrete cash generation events come from capital markets and asset divestitures. You saw the company close a significant equity raise early in the year to bolster working capital.

Public Offerings and Equity Financing

Mustang Bio, Inc. closed a public offering in February 2025. This was a key move to fund operations while clinical trials progress. Here are the specifics on that inflow:

• Gross proceeds from the February 2025 public offering were approximately $8 million.
• The offering involved common stock and accompanying Series C-1 and Series C-2 warrants.
• The company stated its intention to use the net proceeds for working capital and general corporate purposes.

As of June 30, 2025, the balance sheet reflected the impact of these activities, showing cash and cash equivalents of $12.7 million.

Sale of Fixed Assets and Facility-Related Cash Inflows

Mustang Bio, Inc. has been optimizing its resource allocation by divesting non-core assets, which provides non-dilutive cash. You need to track these asset sales carefully as they are one-time events.

The most recent transaction involved the Worcester facility, though the structure is a bit layered:

Asset/Transaction Component	Counterparty	Confirmed/Potential Amount	Date Context
Divestment of certain fixed assets (furniture and equipment)	AbbVie Bioresearch Center Inc.	$1.0 million	February 2025
Upfront payment for Worcester facility sale (Original 2023 Agreement)	uBriGene Biosciences	$6 million	2023
Contingent payment for Worcester facility sale (Original 2023 Agreement)	uBriGene Biosciences	Additional $5 million	Contingent upon Mustang Bio raising $10 million in gross proceeds from equity raises.

The February 2025 event was the exit of the lease and divestment of fixed assets for $1.0 million to AbbVie, concurrent with a headquarters relocation. Furthermore, the lease exit is expected to result in savings of approximately $2.0 million of cash expenses over the next 24 months.

Clinical Stage Status and Product Revenue

It is crucial to note the current state of commercial revenue streams. Mustang Bio, Inc. is a clinical-stage company, meaning revenue from approved product sales is not a current stream.

• Current Revenue is reported as $0.0.
• The company does not expect to generate meaningful product revenues in the foreseeable future until marketing approval is obtained.

Future Potential: Milestones and Grants

While not realized revenue for the current period, the structure of the business model relies heavily on future non-operating income from partnerships.

Potential future inflows include:

• Milestone payments contingent upon achieving specific clinical or regulatory success under existing licensing and collaboration agreements.
• Government grants or non-dilutive funding that may be secured to help support ongoing clinical trials, such as those for MB-101 or MB-109.

Finance: review the Q4 2025 cash burn projection against the $12.7 million on hand as of Q3 close.