Wed, May 15, 8:06 PM (309 days ago)
Mustang Bio, Inc. (MBIO) has reported a substantial decrease in cash and cash equivalents from $6.2 million at the end of December 2023 to $1.3 million as of March 31, 2024. The company's accumulated deficit has increased to $386.2 million. Operating expenses have significantly decreased to $5.2 million in Q1 2024 from $16.3 million in Q1 2023, primarily due to reduced R&D expenses. The company has also reduced its workforce by 81% in April 2024 to preserve capital. Mustang Bio expects to require additional financing to continue its operations and has raised $3.3 million through a public offering in May 2024. The company faces substantial doubt about its ability to continue as a going concern for the next 12 months.