Mustang Bio, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Effective Income Tax Rate Reconciliation


		For the year ended December 31,
($ in thousands)		2025
			Amount	Percent
U.S. federal statutory tax rate		$	(396)	21.0	%
State and local income taxes, net of federal income tax effect⁽¹⁾			21	(1.1)	%
Change in valuation allowance			(130)	6.9	%
Non-deductible items:
Share-based compensation			70	(3.7)	%
Non-deductible compensation			170	(9.0)	%
Stock issuance costs			83	(4.4)	%
Other adjustments:
Federal net operating loss			274	(14.5)	%
Other true-ups			(65)	3.5	%
Provision for income taxes and effective income tax rate			27	(1.4)	%

(1) During the year ended December 31, 2025, state taxes in Massachusetts, New York and New York City comprised greater than 50% of the tax effect in this category.


		For the year ended December 31,
		2024
Statutory federal income tax rate		21	%
State taxes, net of federal tax benefit		16	%
Non-deductible items		(1)	%
Tax credits		1	%
Other		(10)	%
Change in valuation allowance		(27)	%
Income taxes provision (benefit)		—

Schedule of Components of Net Deferred Tax Asset


		For the year ended December 31,
($ in thousands)		2025			2024
Deferred tax assets:
Net operating loss carryovers		$	103,701		$	95,131
Stock compensation and other			1,267			1,537
Change in fair value of warrant liabilities			60			59
Amortization of license			8,735			9,672
Lease liability			—			326
Accruals and reserves			135			1,922
Startup costs			4			4
Tax credits			19,046			19,046
174 Capitalization			16,835			24,437
Other			56			—
Total deferred tax assets			149,839			152,134
Less: valuation allowance			(149,839)			(152,104)
Deferred tax assets, net		$	—		$	30

Deferred tax liability:
Right of use asset			—			(30)
Total deferred tax assets, net		$	—		$	—