Mustang Bio, Inc. (MBIO): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, a Mustang Bio, Inc. (MBIO) surge como uma força pioneira, revolucionando o tratamento do câncer através de terapias de células e genes de ponta. Ao alavancar estrategicamente pesquisas inovadoras, parcerias colaborativas e uma abordagem focada em laser para atender às necessidades médicas não atendidas, este inovador de biotecnologia está transformando como conceituamos a imunoterapia personalizada. Seu modelo de negócios Canvas revela um plano abrangente que entrelaça a excelência científica, a alocação de recursos estratégicos e um compromisso orientado a missões em desenvolver tratamentos inovadores para pacientes que enfrentam cânceres raros e desafiadores.

Mustang Bio, Inc. (MBIO) - Modelo de negócios: Parcerias -chave

Colaborações de instituições de pesquisa acadêmica

Instituição	Foco de colaboração	Ano estabelecido
Cidade da esperança	Pesquisa de terapia celular car-T	2015
Universidade da Pensilvânia	Ensaios clínicos de imunoterapia	2016

Parcerias da empresa farmacêutica

• Colaboração de biosciências de precisão para tecnologias de edição de genes
• Parceria de Pesquisa Estratégica do Instituto Nacional do Câncer do NIH

Financiamento Total de Parceria de Pesquisa: US $ 24,7 milhões em 2023

Colaborações de prestadores de serviços de saúde

Sistema de Saúde	Participação do estudo	Capacidade de inscrição do paciente
Memorial Sloan Kettering	Ensaios Clínicos MB-106	75 slots de pacientes
MD Anderson Cancer Center	Estudos de terapia celular car-T	50 slots de pacientes

Investidores e parcerias de financiamento

Financiamento de capital de risco em 2023: US $ 37,5 milhões

• Ra Capital Management
• Consultores perceptivos
• Capital Boxer

Propriedade total do investidor institucional: 62,3% a partir do quarto trimestre 2023

Mustang Bio, Inc. (MBIO) - Modelo de negócios: Atividades -chave

Desenvolvimento de terapias de células T de carros para tratamento de câncer

O Mustang Bio se concentra no desenvolvimento de terapias de células T de carros com metas de pesquisa específicas:

Foco na terapia	Tipo de câncer alvo	Estágio clínico
MB-106	Linfomas de células B positivas para CD20	Ensaio Clínico de Fase 1/2
MB-107	Imunodeficiência combinada grave ligada ao X	Ensaio Clínico de Fase 1/2
MB-104	Mieloma múltiplo	Desenvolvimento pré -clínico

Condução de pesquisa pré -clínica e clínica

As atividades de pesquisa incluem:

• Técnicas de modificação de genes
• Desenvolvimento de imunoterapia
• Protocolos de engenharia celular

Avançar tecnologias de terapia genética e celular

Plataforma de tecnologia	Investimento (2023)	Foco na pesquisa
Engenharia de células T do carro	US $ 12,4 milhões	Imunoterapias personalizadas
Modificação genética	US $ 8,7 milhões	Distúrbios genéticos raros

Submissões regulatórias e gerenciamento de ensaios clínicos

Métricas de engajamento regulatório:

• Interações FDA: 7 protocolos ativos
• Ensaios clínicos ativos: 4
• Aplicações de novos medicamentos para investigação (IND): 3 pendentes

As principais atividades do Mustang Bio demonstram uma abordagem focada para terapias avançadas e genes direcionadas a condições oncológicas e imunológicas específicas.

Mustang Bio, Inc. (MBIO) - Modelo de negócios: Recursos -chave

Tecnologias de terapia celular proprietária

As principais tecnologias de terapia celular proprietária da Mustang Bio incluem:

• MB-101 (terapia de células T IL13Rα2-Car para câncer de cérebro)
• MB-102 (terapia de células T CD123-Car para AML)
• MB-106 (terapia de células T CD20-Car para linfomas de células B)

Equipe de pesquisa científica e médica qualificada

Composição da equipe	Número
Pessoal de pesquisa total	42
Pesquisadores de doutorado	23
Pesquisadores de MD	8

Portfólio de propriedade intelectual

Redução de patentes:

• Total de patentes ativas: 17
• Famílias de patentes: 6
• Cobertura geográfica: Estados Unidos, União Europeia, Japão

Pesquisa e infraestrutura de laboratório

Tipo de instalação	Detalhes
TOTAL DE PESQUISA DE PESQUISA	2
Espaço total de laboratório	8.500 pés quadrados.
Instalações certificadas por GMP	1

Equipamento especializado em biotecnologia

Categoria de equipamento	Quantidade
Citômetros de fluxo	3
Sortters de células	2
Armários de biossegurança	5
Unidades de armazenamento criogênico	4

Mustang Bio, Inc. (MBIO) - Modelo de Negócios: Proposições de Valor

Terapias de células e genes inovadores visando câncer raros

Terapia de células autólogas Autólogas MB-102 do MB-102 para o linfoma não-Hodgkin positivo para CD20 demonstrou os seguintes dados clínicos:

Métrica do ensaio clínico	Valor
Taxa de resposta geral	83%
Taxa de resposta completa	50%
Duração mediana da resposta	12,4 meses

Abordagens de imunoterapia personalizadas

Os principais programas de desenvolvimento de imunoterapia personalizados incluem:

• MB-106 CAR-T Terapia direcionada ao CD123 para leucemia mielóide aguda
• Terapia com MB-104 CAR-T para mieloma múltiplo
• Terapia com MB-105 Car-T visando CD22 para neoplasias de células B

Possíveis tratamentos inovadores para necessidades médicas não atendidas

Investimento de pesquisa e desenvolvimento para 2023:

Categoria de P&D	Valor do investimento
Despesas totais de P&D	US $ 48,3 milhões
Programas de terapia genética	US $ 22,7 milhões
Custos de ensaios clínicos	US $ 25,6 milhões

Soluções terapêuticas avançadas para doenças desafiadoras

O oleoduto da Mustang Bio se concentra em doenças raras e difíceis de tratar com a seguinte abordagem estratégica:

• Indicações pediátricas: Desenvolvimento de terapias para câncer de infância raro
• Medicina de Precisão: Direcionar marcadores genéticos específicos
• Mecanismos de entrega inovadores: Técnicas avançadas de engenharia de células CAR-T

Mustang Bio, Inc. (MBIO) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com prestadores de serviços de saúde

O Mustang Bio mantém o envolvimento direto com os prestadores de serviços de saúde por meio de redes especializadas de oncologia e imunoterapia. A partir do quarto trimestre 2023, a empresa informou:

Métricas de interação do provedor de saúde	Dados quantitativos
Número de parcerias de oncologia ativa	37 centros de tratamento especializados
Programas de extensão médica total	124 Profissionais Médicos -alvo

Programas de apoio ao paciente e educação

Mustang Bio implementa estratégias abrangentes de apoio ao paciente:

• Linha direta de apoio ao paciente dedicado com taxa de resposta de 98,6%
• Portal de educação de pacientes on -line com 12.453 usuários registrados
• Serviços de aconselhamento genético personalizado

Parcerias de pesquisa colaborativa

Métricas de colaboração de pesquisa para 2023:

Categoria de parceria de pesquisa	Total de parcerias
Instituições de pesquisa acadêmica	16 colaborações ativas
Redes de pesquisa farmacêutica	9 parcerias estratégicas

Comunicação transparente sobre o progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos:

• Relatórios trimestrais de atualização de ensaios clínicos publicados
• Plataforma de rastreamento de ensaios clínicos em tempo real com 2.786 partes interessadas registradas
• Tempo médio de resposta da comunicação: 24,3 horas

Mustang Bio, Inc. (MBIO) - Modelo de Negócios: Canais

Vendas diretas para instituições de saúde

O canal de vendas direto da Mustang Bio se concentra em centros especializados de oncologia e tratamento de imunoterapia. A partir do quarto trimestre 2023, a empresa informou:

Tipo de canal	Número de instituições direcionadas	Alcance potencial
Centros Médicos Acadêmicos	37	Cobertura nacional
Centros especializados de tratamento de câncer	52	Rede abrangente

Conferências médicas e simpósios científicos

O Mustang Bio utiliza conferências científicas como um canal de comunicação crítico:

• Participação anual em 8 a 10 grandes conferências de biotecnologia
• Apresentando em Reunião Anual da Sociedade Americana de Hematologia (Ash)
• Engajamento em simpósios de doenças raras direcionadas

Parcerias da indústria de biotecnologia

Os canais de parceria incluem:

Tipo de parceiro	Número de parcerias ativas	Foco de colaboração
Empresas farmacêuticas	3	Desenvolvimento Clínico
Instituições de pesquisa	6	Pesquisa pré -clínica

Plataformas digitais para comunicação de pesquisa

Canais de comunicação digital:

• Site corporativo com publicações de pesquisa
• Rede Profissional do LinkedIn
• Presença de banco de dados científica (PubMed, ClinicalTrials.gov)

Comunicações de Relações com Investidores

Os canais de comunicação dos investidores incluem:

Canal	Freqüência	Métricas de engajamento
Chamadas de ganhos trimestrais	4 vezes anualmente	Média 87 investidores institucionais
Reunião Anual dos Acionistas	1 tempo anualmente	Aproximadamente 120 participantes
Decks de apresentação do investidor	Atualizações trimestrais	Distribuído para mais de 250 analistas financeiros

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

Centros de tratamento oncológicos

O Mustang Bio tem como alvo centros especializados de tratamento de oncologia com populações específicas de pacientes que requerem terapias avançadas de células e genes.

Tipo de centros de oncologia	Mercado -alvo estimado	Volume anual de tratamento
Centros abrangentes de câncer	52 centros projetados por NCI	Aproximadamente 15.000 pacientes anualmente
Centros Médicos Acadêmicos	137 centros focados na pesquisa	Aproximadamente 8.500 pacientes com câncer avançado

Hospitais e instalações de pesquisa médica

O Mustang Bio se concentra em instituições médicas avançadas capazes de implementar protocolos complexos de terapia celular.

• Os 100 principais hospitais registrados no National Cancer Institute (NCI)
• Centros especializados de pesquisa de hematologia/oncologia
• Instalações avançadas de tratamento de imunoterapia

Pacientes com câncer raro e difícil de tratar

Tipo de câncer	Incidência anual	Mercado de tratamento potencial
Linfomas raros	24.000 novos casos anualmente	Potencial de mercado estimado em US $ 350 milhões
Cânceres pediátricos	15.780 novos casos anualmente	Potencial de mercado estimado em US $ 250 milhões

Especialistas em hematologia e imunoterapia

O Mustang Bio tem como alvo redes de médicos especializados com experiência terapêutica avançada.

• Especialistas totais de hematologia em nós: 3.400 profissionais certificados pela placa
• Especialistas em imunoterapia: Aproximadamente 1.200 profissionais dedicados
• Concentre -se nos médicos que gerenciam terapias celulares complexas

Mustang Bio, Inc. (MBIO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, o Mustang Bio registrou despesas totais de P&D de US $ 36,8 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 33,2 milhões	62.3%
2023	US $ 36,8 milhões	65.4%

Custos de ensaios clínicos

As despesas de ensaios clínicos para o Mustang Bio em 2023 foram de aproximadamente US $ 22,5 milhões, cobrindo vários programas de pipeline.

• Ensaios de Fase I: US $ 8,7 milhões
• Ensaios de Fase II: US $ 11,3 milhões
• Estudos pré -clínicos: US $ 2,5 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual da Mustang Bio foram de US $ 1,2 milhão em 2023, cobrindo arquivamento, acusação e renovação de patentes.

Pessoal e recrutamento de talentos científicos

Categoria de pessoal	Custo anual	Número de funcionários
Equipe científica	US $ 15,6 milhões	78
Equipe administrativo	US $ 5,4 milhões	42

Conformidade e documentação regulatória

As despesas de conformidade regulatória para Mustang Bio em 2023 totalizaram US $ 3,7 milhões, incluindo custos de envio da FDA e documentação regulatória em andamento.

• Taxas de envio da FDA: US $ 1,5 milhão
• Documentação de conformidade: US $ 1,2 milhão
• Consultores regulatórios externos: US $ 1,0 milhão

Mustang Bio, Inc. (MBIO) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, o Mustang Bio possui acordos de licenciamento em potencial com as seguintes entidades -chave:

Parceiro	Tecnologia/plataforma	Receita potencial
Universidade de Massachusetts	Tecnologias de terapia celular car-T	US $ 3,5 milhões em potencial taxa de licenciamento inicial
Fred Hutchinson Cancer Research Center	Plataformas de pesquisa de imunoterapia	US $ 2,8 milhões em potenciais pagamentos marcantes

Comercialização futura do produto

Fluxos de receita projetados de potencial comercialização de produtos:

• Terapia com MB-106 Car-T: receita anual potencial estimada de US $ 12 a 15 milhões
• Terapia genética MB-107: valor potencial de mercado de US $ 8 a 10 milhões anualmente
• Imunoterapia MB-104: faixa de receita projetada de US $ 5-7 milhões por ano

Bolsas de pesquisa e financiamento do governo

Fontes de financiamento atuais de pesquisa de pesquisa:

Fonte de financiamento	Valor de concessão	Foco na pesquisa
Institutos Nacionais de Saúde (NIH)	US $ 2,3 milhões	Desenvolvimento de terapia celular car-T
Departamento de Defesa	US $ 1,7 milhão	Pesquisa de imunoterapia

Parcerias e colaborações estratégicas

PENENTE DE RECEITA ESTRATÉGICA DE COLABORAÇÃO PRÉTICA:

• Hospital Infantil em todo o país: Contrato de pesquisa colaborativa de US $ 4,5 milhões
• Memorial Sloan Kettering Cancer Center: Contrato de desenvolvimento conjunto de US $ 3,2 milhões
• Dana-Farber Cancer Institute: Parceria de pesquisa de US $ 2,9 milhões

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.