Mustang Bio, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:


	For the year ended December 31,
	2023		2022
Statutory federal income tax rate	21	%	21	%
State taxes, net of federal tax benefit	16	%	16	%
Non-deductible items	—	%	(1)	%
Tax credits	4	%	5	%
Other	(3)	%	1	%
Change in valuation allowance	(38)	%	(42)	%
Income taxes provision (benefit)	—		—

The components of the net deferred tax asset as of December 31, 2023 and 2022 are the following:


	For the year ended December 31,
($ in thousands)	2023		2022
Deferred tax assets:
Net operating loss carryovers	$	84,651	$	75,011
Stock compensation and other		1,946		2,399
Change in fair value of warrant liabilities		59		59
Amortization of license		11,856		13,375
Lease liability		929		1,466
Accruals and reserves		1,841		1,434
Startup costs		5		6
Tax credits		18,189		15,649
174 Capitalization		28,800		19,787
Total deferred tax assets		148,276		129,186
Less: valuation allowance		(147,694)		(128,101)
Net deferred tax assets	$	582	$	1,085

Deferred tax liabilities:
Right of use asset		(582)		(1,085)
Total deferred tax assets, net	$	—	$	—