Mustang Bio (MBIO) investor relations material

Executive summary

• Focused on developing novel therapies for difficult-to-treat cancers, with a pipeline centered on CAR T and oncolytic virus therapies for solid tumors, in partnership with leading research institutions.

• No products approved for commercial sale; no revenue generated from product sales to date.

• FDA granted Orphan Drug Designation to two lead candidates, MB-101 and MB-108, for brain tumor indications.

• Planning to initiate an investigator-sponsored clinical trial for MB-109 in late 2026.

Financial highlights

• Net loss for Q2 2026 was $1.1 million, a 41% increase year-over-year; net loss for the first half of 2026 was $2.0 million, up 122% from the prior year.

• Operating expenses for Q2 2026 were $1.2 million, up 32% year-over-year; for the first half, $2.2 million, up 96%.

• Cash and cash equivalents as of June 30, 2026, were $15.2 million; accumulated deficit reached $400.7 million.

• No revenue generated; all income is from interest.

Outlook and guidance

• Expects continued operating losses and negative cash flows as product candidates advance through development.

• Believes current cash is sufficient to fund operations for at least twelve months from the reporting date.

• Research and development costs expected to increase with the initiation of the MB-109 clinical trial.