Mustang Bio, Inc. (MBIO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de la biotechnologie, Mustang Bio, Inc. (MBIO) émerge comme une force pionnière, révolutionnant le traitement du cancer par des thérapies de cellules et de gènes de pointe. En tirant stratégiquement des recherches innovantes, des partenariats collaboratifs et une approche axée sur le laser pour répondre aux besoins médicaux non satisfaits, cet innovateur biotechnologique transforme la façon dont nous conceptualisons l'immunothérapie personnalisée. Leur modèle de modèle commercial révèle un plan complet qui entrelace l'excellence scientifique, l'allocation des ressources stratégiques et un engagement axé sur la mission à développer des traitements révolutionnaires pour les patients qui luttent contre les cancers rares et difficiles.

Mustang Bio, Inc. (MBIO) - Modèle commercial: partenariats clés

Collaborations des institutions de recherche universitaire

Institution	Focus de la collaboration	Année établie
Ville de l'espoir	Recherche de thérapie des cellules CAR-T	2015
Université de Pennsylvanie	Essais cliniques d'immunothérapie	2016

Partenariats des entreprises pharmaceutiques

• Collaboration de biosciences de précision pour les technologies d'édition de gènes
• NIH National Cancer Institute Strategic Research Partnership

Financement total de partenariat de recherche: 24,7 millions de dollars en 2023

Collaborations de prestataires de soins de santé

Système de santé	Participation à l'essai	Capacité d'inscription des patients
Memorial Sloan Kettering	Essais cliniques MB-106	75 créneaux de patient
MD Anderson Cancer Center	Études de thérapie des cellules CAR-T	50 créneaux de patient

Partenariats d'investisseurs et de financement

Financement du capital-risque en 2023: 37,5 millions de dollars

• Gestion de la RA Capital
• Conseillers perceptifs
• Capital boxeur

Propriété totale des investisseurs institutionnels: 62,3% au quatrième trimestre 2023

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: activités clés

Développement de thérapies pour les cellules de la voiture pour le traitement du cancer

Mustang Bio se concentre sur le développement de thérapies par cellules T CAR avec des objectifs de recherche spécifiques:

Focus de la thérapie	Cible le type de cancer	Étape clinique
MB-106	Lymphomes à cellules B-positifs CD20	Essai clinique de phase 1/2
MB-107	Immunodéficience combinée sévère liée à l'X	Essai clinique de phase 1/2
MB-104	Myélome multiple	Développement préclinique

Effectuer des recherches précliniques et cliniques

Les activités de recherche comprennent:

• Techniques de modification des gènes
• Développement d'immunothérapie
• Protocoles d'ingénierie cellulaire

Avocation des technologies de thérapie génique et cellulaire

Plate-forme technologique	Investissement (2023)	Focus de recherche
Ingénierie de cellules en T	12,4 millions de dollars	Immunothérapies personnalisées
Modification génétique	8,7 millions de dollars	Troubles génétiques rares

Soumissions réglementaires et gestion des essais cliniques

Métriques de l'engagement réglementaire:

• Interactions de la FDA: 7 protocoles actifs
• Essais cliniques actifs: 4
• Investigation de nouveaux médicaments (IND) Applications: 3 en attente

Les activités clés de Mustang Bio démontrent une approche ciblée des thérapies avancées des cellules et des gènes ciblant des conditions oncologiques et immunologiques spécifiques.

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: Ressources clés

Technologies de thérapie cellulaire propriétaire

Les principales technologies de thérapie cellulaire propriétaire de Mustang Bio comprennent:

• MB-101 (thérapie des cellules T IL13Rα2-car pour le cancer du cerveau)
• MB-102 (thérapie de cellules T CD123-Car pour AML)
• MB-106 (traitement des cellules T CD20-car pour les lymphomes de cellules B)

Équipe de recherche scientifique et médicale qualifiée

Composition de l'équipe	Nombre
Personnel de recherche total	42
Chercheurs de doctorat	23
Chercheurs MD	8

Portefeuille de propriété intellectuelle

Ventilation des brevets:

• Brevets actifs totaux: 17
• Familles de brevets: 6
• Couverture géographique: États-Unis, Union européenne, Japon

Infrastructure de recherche et de laboratoire

Type d'installation	Détails
Total des installations de recherche	2
Espace de laboratoire total	8 500 pieds carrés.
Installations certifiées BPF	1

Équipement de biotechnologie spécialisé

Catégorie d'équipement	Quantité
Cytomètres de flux	3
Trieurs de cellules	2
Armoires de biosécurité	5
Unités de stockage cryogénique	4

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: propositions de valeur

Des thérapies innovantes sur les cellules et les gènes ciblant les cancers rares

La thérapie autologue des cellules CAR-T MB-102 de Mustang Bio pour le lymphome non hodgkinien à cellules B CD20 positives a démontré les données cliniques suivantes:

Métrique d'essai clinique	Valeur
Taux de réponse global	83%
Taux de réponse complet	50%
Durée médiane de la réponse	12.4 mois

Approches d'immunothérapie personnalisées

Les principaux programmes de développement d'immunothérapie personnalisés comprennent:

• Thérapie MB-106 CAR-T ciblant CD123 pour la leucémie myéloïde aiguë
• Thérapie MB-104 CAR-T pour le myélome multiple
• Thérapie MB-105 CAR-T ciblant le CD22 pour les tumeurs malignes de cellules B

Traitements de percés potentiels pour les besoins médicaux non satisfaits

Investissement de recherche et développement pour 2023:

Catégorie de R&D	Montant d'investissement
Total des dépenses de R&D	48,3 millions de dollars
Programmes de thérapie génique	22,7 millions de dollars
Coût des essais cliniques	25,6 millions de dollars

Solutions thérapeutiques avancées pour les maladies difficiles

Le pipeline de Mustang Bio se concentre sur les maladies rares et difficiles à traiter avec l'approche stratégique suivante:

• Indications pédiatriques: Développer des thérapies pour les cancers de l'enfance rares
• Médecine de précision: Cibler des marqueurs génétiques spécifiques
• Mécanismes de livraison innovants: Techniques avancées d'ingénierie des cellules CAR-T

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: relations clients

Engagement direct avec les prestataires de soins de santé

Mustang Bio maintient un engagement direct avec les prestataires de soins de santé grâce à des réseaux spécialisés en oncologie et en immunothérapie. Au quatrième trimestre 2023, la société a rapporté:

Métriques d'interaction des fournisseurs de soins de santé	Données quantitatives
Nombre de partenariats en oncologie actifs	37 centres de traitement spécialisés
Programmes totaux de sensibilisation des médecins	124 professionnels de la santé ciblés

Programmes de soutien aux patients et d'éducation

Mustang Bio met en œuvre des stratégies complètes de soutien aux patients:

• Hotline de soutien des patients dédié avec un taux de réponse de 98,6%
• Portail de formation des patients en ligne avec 12 453 utilisateurs enregistrés
• Services de conseil génétique personnalisés

Partenariats de recherche collaborative

Métriques de collaboration de recherche pour 2023:

Catégorie de partenariat de recherche	Partenariats totaux
Établissements de recherche universitaire	16 collaborations actives
Réseaux de recherche pharmaceutique	9 partenariats stratégiques

Communication transparente sur les progrès des essais cliniques

Métriques de communication des essais cliniques:

• Rapports de mise à jour des essais cliniques trimestriels publiés
• Plateforme de suivi des essais cliniques en temps réel avec 2 786 parties prenantes enregistrées
• Temps de réponse moyen de la communication: 24,3 heures

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Le canal de vente direct de Mustang Bio se concentre sur les centres de traitement spécialisés en oncologie et en immunothérapie. Au quatrième trimestre 2023, la société a rapporté:

Type de canal	Nombre d'institutions ciblées	Portée potentielle
Centres médicaux académiques	37	Couverture nationale
Centres de traitement du cancer spécialisés	52	Réseau complet

Conférences médicales et symposiums scientifiques

Mustang Bio utilise des conférences scientifiques comme canal de communication critique:

• Participation annuelle à 8 à 10 conférences de biotechnologie majeure
• Présentation Réunion annuelle de l'American Society of Hematology (ASH)
• Engagement dans des symposiums de maladies rares ciblées

Partenariats de l'industrie de la biotechnologie

Les canaux de partenariat comprennent:

Type de partenaire	Nombre de partenariats actifs	Focus de la collaboration
Sociétés pharmaceutiques	3	Développement clinique
Institutions de recherche	6	Recherche préclinique

Plateformes numériques pour la communication de recherche

Canaux de communication numérique:

• Site Web d'entreprise avec des publications de recherche
• LinkedIn Professional Network
• Présence de la base de données scientifique (PubMed, ClinicalTrials.gov)

Communications des relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

Canal	Fréquence	Métriques d'engagement
Appels de résultats trimestriels	4 fois par an	87 investisseurs institutionnels en moyenne
Réunion des actionnaires annuelle	1 fois par an	Environ 120 participants
Disques de présentation des investisseurs	Mises à jour trimestrielles	Distribué à plus de 250 analystes financiers

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

Mustang Bio cible des centres de traitement en oncologie spécialisés avec des populations de patients spécifiques nécessitant des thérapies avancées des cellules et des gènes.

Type de centres d'oncologie	Marché cible estimé	Volume de traitement annuel
Centres de cancer complets	52 centres désignés par le NCI	Environ 15 000 patients par an
Centres médicaux académiques	137 centres axés sur la recherche	Environ 8 500 patients atteints de cancer avancé

Hôpitaux et installations de recherche médicale

Mustang Bio se concentre sur des établissements médicaux avancés capables de mettre en œuvre des protocoles de thérapie cellulaire complexes.

• Top 100 des hôpitaux enregistrés du National Cancer Institute (NCI)
• Centres de recherche spécialisés d'hématologie / oncologie
• Installations de traitement d'immunothérapie avancé

Patients avec des cancers rares et difficiles à traiter

Type de cancer	Incidence annuelle	Marché du traitement potentiel
Lymphomes rares	24 000 nouveaux cas par an	Potentiel estimé du marché de 350 millions de dollars
Cancers pédiatriques	15 780 nouveaux cas par an	Potentiel estimé du marché de 250 millions de dollars

Spécialistes de l'hématologie et de l'immunothérapie

Mustang Bio cible les réseaux de médecins spécialisés avec une expertise thérapeutique avancée.

• Spécialistes de l'hématologie totale aux États-Unis: 3 400 professionnels certifiés du conseil d'administration
• Spécialistes de l'immunothérapie: Environ 1 200 praticiens dévoués
• Concentrez-vous sur les médecins gérant des thérapies cellulaires complexes

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Mustang Bio a déclaré des dépenses totales de R&D de 36,8 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	33,2 millions de dollars	62.3%
2023	36,8 millions de dollars	65.4%

Coût des essais cliniques

Les dépenses d'essai cliniques pour Mustang Bio en 2023 étaient d'environ 22,5 millions de dollars, couvrant plusieurs programmes de pipeline.

• Essais de phase I: 8,7 millions de dollars
• Essais de phase II: 11,3 millions de dollars
• Études précliniques: 2,5 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle de Mustang Bio ont été de 1,2 million de dollars en 2023, couvrant le dépôt de brevets, les poursuites et le renouvellement.

Recrutement du personnel et des talents scientifiques

Catégorie de personnel	Coût annuel	Nombre d'employés
Personnel scientifique	15,6 millions de dollars	78
Personnel administratif	5,4 millions de dollars	42

Conformité et documentation réglementaires

Les dépenses de conformité réglementaire pour Mustang Bio en 2023 ont totalisé 3,7 millions de dollars, y compris les coûts de soumission de la FDA et la documentation réglementaire en cours.

• Frais de soumission de la FDA: 1,5 million de dollars
• Documentation de la conformité: 1,2 million de dollars
• Consultants réglementaires externes: 1,0 million de dollars

Mustang Bio, Inc. (MBIO) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Mustang Bio a des accords de licence potentiels avec les entités clés suivantes:

Partenaire	Technologie / plate-forme	Revenus potentiels
Université du Massachusetts	Technologies de thérapie des cellules CAR-T	Frais potentiels de licence de 3,5 millions de dollars
Centre de recherche sur le cancer de Fred Hutchinson	Plateformes de recherche d'immunothérapie	2,8 millions de dollars de paiements de jalons potentiels

Future commercialisation des produits

Strots de revenus projetés à partir de la commercialisation potentielle des produits:

• Thérapie MB-106 CAR-T: revenus annuels potentiels estimés de 12 à 15 millions de dollars
• Thérapie génique MB-107: valeur marchande potentielle de 8 à 10 millions de dollars par an
• Immunothérapie MB-104: fourchette de revenus prévue de 5 à 7 millions de dollars par an

Subventions de recherche et financement gouvernemental

Sources de financement de subvention de recherche actuelles:

Source de financement	Montant d'octroi	Focus de recherche
National Institutes of Health (NIH)	2,3 millions de dollars	Développement de la thérapie des cellules CAR-T
Ministère de la Défense	1,7 million de dollars	Recherche d'immunothérapie

Partenariats stratégiques et collaborations

Potentiel des revenus de collaboration stratégique clé:

• Hôpital pour enfants à l'échelle nationale: Contrat de recherche collaboratif de 4,5 millions de dollars
• Memorial Sloan Kettering Cancer Center: Contrat de développement conjoint de 3,2 millions de dollars
• Dana-Farber Cancer Institute: Partnership de recherche de 2,9 millions de dollars

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.