UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
OR
For the transition period from to
Commission File Number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address including zip code of principal executive offices)
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☒ | Smaller reporting company | ||
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Class of Common Stock |
| Outstanding Shares as of August 13, 2021 |
Class A Common Stock, $0.0001 par value |
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Common Stock, $0.0001 par value |
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MUSTANG BIO, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
2
SUMMARY OF RISK FACTORS
Our business is subject to risks of which you should be aware before making an investment decision. The risks described below are a summary of the principal risks associated with an investment in us and are not the only risks we face. You should carefully consider these risk factors, the risk factors described in Item 1A, and the other reports and documents that we have filed with the Securities and Exchange Commission (“SEC”).
Risks Related to our Finances and Capital Requirements
● | We have incurred significant losses since our inception and anticipate that we will incur continued losses for the foreseeable future. We have not generated any revenue from our development stage products, and we do not know when, or if, we will generate any revenue. |
● | Our short operating history makes it difficult to evaluate our business and prospects. |
● | Our success is contingent upon raising additional capital, which efforts may fail. Even if successful, our future capital raising activities may dilute our current stockholders, restrict our operations, cause us to relinquish proprietary rights. |
Risks Pertaining to our Business Strategy, Structure and Organization
● | Our future growth and success depend on our ability to successfully develop and commercialize our product candidates, which we have yet to do. |
● | Our growth and success depend on our acquiring or in-licensing products or product candidates and integrating such products into our business, and we may have limited growth opportunities if we fail to do so. |
● | Our future success is highly dependent on the successful development of our CAR T technology and product candidates. |
Risks Inherent in Drug Development and Commercialization
● | Preclinical development is highly speculative and carries a high failure risk. |
● | We may not receive the required regulatory approvals for any of our product candidates on our projected timelines, if at all, which may result in increased costs and delay our ability to generate revenue. |
● | We may not obtain the desired labeling claims or intended uses for product promotion, or favorable scheduling classifications, to successfully promote our products. |
● | If a product candidate demonstrates adverse side effects, we may need to abandon or limit the development of such product candidate. |
● | Even if a product candidate is approved, it may be subject to various post-marketing requirements, including studies or clinical trials, and increased regulatory scrutiny. |
● | Our competitors may develop treatments for our or our partner companies’ products’ target indications, which could limit our product candidates’ commercial opportunity and profitability. |
● | If our products are not broadly accepted by the healthcare community, the revenues from any such product will likely be limited. |
● | Any successful products liability claim related to any of our current or future product candidates may cause us to incur substantial liability and limit the commercialization of such products. |
● | Our gene therapy product candidates are based on a novel technology, which makes it difficult to predict the time and cost of product candidate development and subsequently obtaining regulatory approval. |
Risks Related to Reliance on Third Parties
● | We rely, and expect to continue to rely, on third parties to conduct our preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials or complying with applicable regulatory requirements. |
3
● | We contract with third parties for the manufacture of our product candidates for preclinical and clinical testing and may also do so for commercialization, if and when our product candidates are approved. |
● | We rely on clinical data and results obtained by third parties, which may prove inaccurate or unreliable. |
● | We may need to license certain intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms. |
Risks Relating to Legislation and Regulation Affecting the Biopharmaceutical and Other Industries
● | We operate in a heavily regulated industry, and we cannot predict the impact that any future legislation or administrative or executive action may have on our operations. |
● | We may be subject to anti-kickback, fraud and abuse, false claims, transparency, health information privacy and security and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens and diminished profits and future earnings. |
● | We are subject to numerous environmental, health and safety laws and regulations and could become subject to fines or penalties or incur costs that could harm our business. |
Risks Pertaining to Intellectual Property and Potential Disputes with Licensors Thereof
● | If we are unable to maintain sufficient patent protection for our technology and products, our competitors could develop and commercialize products similar or identical to ours and our ability to successfully commercialize our technology and products could be impaired. |
● | We depend on our licensors to maintain and enforce the intellectual property covering certain of our product candidates. |
● | We or our licensors may be subject to costly and time-consuming litigation for infringement of third-party intellectual property rights or to enforce our or our licensors’ patents. |
● | Any dispute with our licensors may affect our ability to develop or commercialize our product candidates. |
Risks Relating to Our Control by Fortress Biotech, Inc. (“Fortress”)
● | Fortress controls a voting majority of our common stock and has the right to receive significant share grants annually, which will result in dilution of our other stockholders and could reduce the value of our common stock. |
● | We have entered into certain agreements with Fortress and may have received better terms from unaffiliated third parties. |
Risks Related to Conflicts of Interest
● | We share certain directors with Fortress, which could create conflicts of interest between us and Fortress. |
4
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MUSTANG BIO, INC.
Condensed Balance Sheets
(in thousands, except share and per share amounts)
June 30, | December 31, | |||||
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| 2020 | ||
(Unaudited) | ||||||
ASSETS |
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Current Assets: |
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Cash and cash equivalents | $ | | $ | | ||
Other receivables - related party |
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Prepaid expenses and other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Fixed assets - construction in process |
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Restricted cash |
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Other assets |
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Operating lease right-of-use asset, net | | | ||||
Total Assets | $ | | $ | | ||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable and accrued expenses | $ | | $ | | ||
Payables and accrued expenses - related party | | | ||||
Operating lease liabilities - short-term | | | ||||
Total current liabilities |
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Operating lease liabilities - long-term | | | ||||
Total Liabilities |
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Commitments and Contingencies |
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Stockholders’ Equity |
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Preferred stock ($ |
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Common Stock ($ |
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Class A common shares, |
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Common shares, |
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Common stock issuable, |
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Additional paid-in capital |
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Accumulated deficit |
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Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity | $ | | $ | |
The accompanying notes are an integral part of these condensed financial statements.
5
MUSTANG BIO, INC.
Condensed Statements of Operations
(in thousands, except share and per share amounts)
(Unaudited)
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
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| 2021 |
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Operating expenses: |
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Research and development | $ | | $ | | $ | | $ | | ||||
Research and development – licenses acquired |
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General and administrative |
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Total operating expenses |
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Loss from operations |
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Other income (expense) |
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Interest income |
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Interest expense |
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Total other income (expense) |
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Net Loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||
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Net loss per common share outstanding, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||
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Weighted average number of common shares outstanding, basic and diluted |
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The accompanying notes are an integral part of these condensed financial statements.
6
MUSTANG BIO, INC.
Condensed Statements of Stockholders’ Equity
(in thousands, except share amounts)
(Unaudited)
For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||
Common | Additional | Total | |||||||||||||||||||||||||
Class A Preferred Stock | Class A Common Shares | Common Shares | Stock | Paid-in | Accumulated | Stockholders' | |||||||||||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Shares |
| Amount |
| Issuable |
| Capital |
| Deficit |
| Equity | ||||||||
Balances at March 31, 2021 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | | |||||||
Issuance of common shares, net of offering costs - At-the-Market Offering |
| — |
| — |
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| — |
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Issuance of common shares, equity fee on At-the-Market Offering |
| — |
| — |
| — |
| — |
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| ( |
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Issuance of common shares under ESPP |
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Stock-based compensation expenses |
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Net loss |
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| — |
| — |
| — |
| — |
| — |
| — |
| — |
| ( |
| ( | |||||||
Balances at June 30, 2021 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | |
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||
Common | Additional | Total | |||||||||||||||||||||||||
Class A Preferred Stock | Class A Common Shares | Common Shares | Stock | Paid-in | Accumulated | Stockholders' | |||||||||||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Shares |
| Amount |
| Issuable |
| Capital |
| Deficit |
| Equity | ||||||||
Balances at December 31, 2020 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | | |||||||
Issuance of common shares - Founders Agreement |
| — |
| — |
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| ( |
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Issuance of common shares, net of offering costs - At-the-Market Offering |
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Issuance of common shares, equity fee on At-the-Market Offering |
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| ( |
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Issuance of common shares under ESPP |
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Stock-based compensation expenses |
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Exercise of warrants |
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Net loss |
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| ( |
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Balances at June 30, 2021 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | |
For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||
Additional | Total | |||||||||||||||||||||||
Class A Preferred Stock | Class A Common Shares | Common Shares | Paid-in | Accumulated | Stockholders' | |||||||||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Shares |
| Amount |
| Capital |
| Deficit |
| Equity | |||||||
Balances at March 31, 2020 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | ( | $ | | ||||||
Issuance of common shares, net of offering shares -At-the-Market Offering | — | — | — | — | | — | | — | | |||||||||||||||
Issuance of common shares - Equity fee on At-the-Market Offering | — | — | — | — | | — | | — | | |||||||||||||||
Issuance of common shares, net of offering costs- Public Offering | — | — | — | — | | | | — | | |||||||||||||||
Issuance of common shares, equity fee on Public Offering | — | — | — | — | | — | | — | | |||||||||||||||
Stock-based compensation expenses |
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Net loss |
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Balances at June 30, 2020 |
| | $ | — |
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| | $ | | $ | | $ | ( | $ | |
7
For the Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Common | Additional | Total | |||||||||||||||||||||||||
Class A Preferred Stock | Class A Common Shares | Common Shares | Stock | Paid-in | Accumulated | Stockholders' | |||||||||||||||||||||
| Shares |
| Amount |
| Shares |
| Amount |
| Shares |
| Amount |
| Issuable |
| Capital |
| Deficit |
| Equity | ||||||||
Balances at December 31, 2019 |
| | $ | — |
| | $ | — |
| | $ | | $ | | $ | | $ | ( | $ | | |||||||
Issuance of common shares - Founders Agreement |
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Issuance of common shares, net of offering shares -At-the-Market Offering | — | — | — | — | | — | — | | — | | |||||||||||||||||
Issuance of common shares - Equity fee on At-the-Market Offering | — | — | — | — | | — | — | | — | | |||||||||||||||||
Issuance of common shares, net of offering costs- Public Offering | — | — | — | — | | | — | | — | | |||||||||||||||||
Issuance of common shares, equity fee on Public Offering | — | — | — | — | | — | — | | — | | |||||||||||||||||
Issuance of common shares under ESPP | — | — | — | — | | — | — | | — | | |||||||||||||||||
Stock-based compensation expenses | — | — | — | — | | — | — | | — | | |||||||||||||||||
Exercise of warrants |
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Net loss |
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| ( |
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Balances at June 30, 2020 |
| | $ | — |
| | $ | — |
| | $ | | $ | — | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these condensed financial statements.
8
MUSTANG BIO, INC.
Condensed Statements of Cash Flows
(in thousands)
(Unaudited)
For the six months ended June 30, | ||||||
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| 2021 |
| 2020 | ||
Cash Flows from Operating Activities: |
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Net loss | $ | ( | $ | ( | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Issuance of common shares - Equity fee on At-the-Market Offering to Fortress Biotech |
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Issuance of common shares - Equity fee on Public Offering to Fortress Biotech | | | ||||
Research and development - licenses acquired | | | ||||
Stock-based compensation expenses |
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Depreciation expense |
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Accretion of debt discount | | | ||||
Amortization of operating lease right-of-use assets |
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Changes in operating assets and liabilities: |
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Prepaid expenses and other assets |
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Other receivables - related party | ( | ( | ||||
Accounts payable and accrued expenses |
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Payable and accrued expenses - related party |
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Lease liabilities | ( | | ||||
Net cash used in operating activities |
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Cash Flows from Investing Activities: |
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Purchase of research and development licenses |
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Purchase of fixed assets |
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Net cash used in investing activities |
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Cash Flows from Financing Activities: |
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Proceeds from issuance of common shares - At-the-Market Offering | | | ||||
Offering costs for the issuance of common shares - At-the-Market Offering | ( | ( | ||||
Proceeds from issuance of common shares - Public Offering | | | ||||
Offering costs for the issuance of common shares - Public Offering | | ( | ||||
Proceeds from issuance of common shares under ESPP | | | ||||
Net cash provided by financing activities |
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Net change in cash, cash equivalents and restricted cash |
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Cash, cash equivalents and restricted cash, beginning of the period |
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Cash, cash equivalents and restricted cash, end of the period | $ | | $ | | ||
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Supplemental disclosure of cash flow information: |
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Cash paid for interest | $ | | $ | | ||
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Supplemental disclosure of noncash investing and financing activities: |
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Fixed assets (acquired but not paid) | $ | | $ | | ||
Issuance of common shares - Founders Agreement | $ | | $ | | ||
Research and development licenses included in accounts payable and accrued expenses | $ | | $ | | ||
Lease liabilities arising from obtaining right-of-use assets | $ | | $ | | ||
Offering costs for the issuance of common shares - Public Offering, in accounts payable and accrued expenses | $ | | $ | |
The accompanying notes are an integral part of these condensed financial statements
9
Note 1 - Organization, Description of Business and Liquidity and Capital Resources
Mustang Bio, Inc. (the “Company” or “Mustang”) was incorporated in Delaware on March 13, 2015. Mustang is as a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapy into potential cures for hematologic cancers, solid tumors and rare genetic diseases. The Company may acquire rights to these technologies by licensing the rights or otherwise acquiring an ownership interest in the technologies, funding their research and development and eventually either out-licensing or bringing the technologies to market.
The Company is a majority-controlled subsidiary of Fortress Biotech, Inc. (“Fortress” or “Parent”).
The Company’s common stock is listed on the NASDAQ Global Market and trades under the symbol “MBIO”.
Liquidity and Capital Resources
The Company has incurred substantial operating losses and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of June 30, 2021, the Company had an accumulated deficit of $
The Company has funded its operations to date primarily through the sale of equity. The Company expects to continue to use the proceeds from previous financing transactions primarily for general corporate purposes, including financing the Company’s growth, developing new or existing product candidates, and funding capital expenditures, acquisitions and investments. The Company currently anticipates that its cash and cash equivalents balances at June 30, 2021, are sufficient to fund its anticipated operating cash requirements for at least one year from the filing date of this Form 10-Q.
The Company will be required to expend significant funds in order to advance the development of its product candidates. The Company will require additional financings through equity and debt offerings, collaborations and licensing arrangements or other sources to fully develop, prepare regulatory filings, obtain regulatory approvals and commercialize its existing and any new product candidates. In addition to the foregoing, based on the Company’s current assessment, the Company does not expect any material impact on its long-term development timeline and its liquidity due to the worldwide spread of the COVID-19 virus. However, the Company is continuing to assess the effect on its operations by monitoring the spread of COVID-19 and the actions implemented to combat the virus throughout the world.
Note 2 - Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. They may not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended December 31, 2020, which were included in the Company’s Form 10-K and filed with the SEC on March 24, 2021. The results of operations for any interim periods are not necessarily indicative of the results that may be expected for the entire fiscal year or any other interim period.
Use of Estimates
The Company’s unaudited condensed financial statements include certain amounts that are based on management’s best estimates and judgments. The Company’s significant estimates include, but are not limited to, assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Due to the uncertainty inherent in such estimates actual results could differ from those estimates.
10
Cash, Cash Equivalents and Restricted Cash
The Company records cash held in an escrow account as a security deposit for the manufacturing facility in Worcester, Massachusetts, as restricted cash.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash from the Condensed Balance Sheets to the Condensed Statements of Cash Flows for the six months ended June 30, 2021 and 2020:
June 30 | |||
($ in thousands) | 2021 | 2020 | |
Cash and cash equivalents | $ | $ | |
Restricted cash | | | |
Total cash, cash equivalents and restricted cash | $ | $ |
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies previously disclosed in the Company’s Form 10-K filed with the SEC on March 24, 2021.
Recently Issued Accounting Standards
In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, and it also simplifies the diluted earnings per share calculation in certain areas. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption will be permitted. The Company is currently evaluating the impact of this standard on its financial statements.
In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 requires that expected credit losses relating to financial assets are measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and also requires the reversal of previously recognized credit losses if fair value increases. Recently, the FASB issued the final ASU to delay adoption for smaller reporting companies to calendar year 2023. The Company is currently assessing the impact of the adoption of this ASU on its financial statements.
11
Note 3 - License, Clinical Trial and Sponsored Research Agreements
Research and Development Expenses - All Licenses
For the three and six months ended June 30, 2021 and 2020, the Company recorded the following expense in research and development for licenses acquired:
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
($ in thousands) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
City of Hope National Medical Center | ||||||||||||
CD123 | $ | | $ | | $ | | $ | | ||||
IL13Rα2 | | | | | ||||||||
Spacer | | | | | ||||||||
HER2 | | | | | ||||||||
Fred Hutchinson Cancer Research Center - CD20 | | | | | ||||||||
Mayo Clinic | | | | | ||||||||
Total | $ | | $ | | $ | | $ | |
City of Hope
CD123 License (MB-102)
In February 2017, the Company entered into an Amended and Restated Exclusive License Agreement with the City of Hope National Medical Center (“COH”) to acquire intellectual property rights pertaining to CD123-specific chimeric antigen receptor (“CAR”) engineered T cell (“CAR T”) technology. Pursuant to this agreement, payments are due for the achievement of
For the three and six months ended, June 30, 2021 and June 30, 2020, the Company expensed a non-refundable payment of $
IL13Rα2 License (MB-101)
In February 2017, the Company entered into an Amended and Restated Exclusive License Agreement with COH to acquire intellectual property rights pertaining to IL13Rα2-specific CAR T technology. Pursuant to this agreement, payments are due for the achievement of
For the three and six months ended, June 30, 2020, the Company expensed a non-refundable payment of $
Spacer License
In February 2017, the Company entered into an Amended and Restated Exclusive License Agreement with COH to acquire intellectual property rights pertaining to Spacer patent rights. Pursuant to this agreement, payments are due upon the occurrence of certain one-time events, and royalty payments as a percentage of revenue in the low single digits are due on net sales of licensed products.
For the three and six months ended, June 30, 2020, the Company expensed a non-refundable payment of $
12
HER2 License (MB-103)
On May 31, 2017, the Company entered into an exclusive license agreement with City of Hope National Medical Center (“COH”) for the use of human epidermal growth factor receptor 2 (“HER2”) chimeric antigen receptor (“CAR”) engineered T cell (“CAR T”) technology, which will initially be applied in the treatment of glioblastoma multiforme and brain metastases from HER2+ malignancies. Pursuant to this agreement, the Company paid an upfront fee of $
For the three months ended, June 30, 2021 and June 30, 2020, the Company recorded
Fred Hutchinson Cancer Research Center - CD20 License (MB-106)
On July 3, 2017, Mustang entered into an exclusive, worldwide licensing agreement with Fred Hutchinson Cancer Research Center (“Fred Hutch”) for the use of a CAR T therapy related to autologous T cells engineered to express a CD20-specific chimeric antigen receptor (“CD20 Technology License”). Pursuant to the CD20 Technology License, the Company paid Fred Hutch an upfront fee of $
For the three and six months ended, June 30, 2020, the Company expensed a non-refundable milestone payment of $
Mayo Clinic – CAR T Technology License
On April 1, 2021, the Company entered into an exclusive license agreement with the Mayo Foundation for Medical Education and Research (the “Mayo Clinic”) for a novel technology that may be able to transform the administration of CAR T therapies and has the potential to be used as an off-the shelf therapy. Pursuant to this agreement, the Company paid an upfront fee of $
For the three and six months ended June 30, 2021, the Company recorded $
13
Research and Development Expenses - Sponsored Research and Clinical Trial Agreements
For the three and six months ended June 30, 2021 and 2020, the Company recorded the following expense in research and development for sponsored research and clinical trial agreements:
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
($ in thousands) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
City of Hope National Medical Center | $ | | $ | | $ | | $ | | ||||
CD123 | |