Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 32

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 32
---
 of glioblastoma multiforme. We paid $0.2 million in consideration for the exclusive license. Nationwide
is eligible to receive additional payments totaling $77.5 million upon the achievement of development and commercialization milestones.
Royalty payments in the low-single digits are due on net sales of licensed products.

COMPETITION

Competition in the pharmaceutical and biotechnology
industries is intense. Our competitors include pharmaceutical companies and biotechnology companies, as well as universities and public
and private research institutions. In addition, companies that are active in different but related fields represent substantial competition
for us. Many of our competitors have significantly greater capital resources, larger research and development staffs and facilities and
greater experience in drug development, regulation, manufacturing and marketing than we do. These organizations also compete with us to
recruit qualified personnel, attract partners for joint ventures or other collaborations, and license technologies that are competitive
with ours. To compete successfully in this industry, we must identify novel and unique drugs or methods of treatment and then complete
the development of those drugs as treatments in advance of our competitors.

The drugs that we are attempting to develop will
have to compete with existing therapies. In addition, a large number of companies are pursuing the development of pharmaceuticals that
target the same conditions that we are targeting. Other companies have products or product candidates in various stages of pre-clinical
or clinical development, or with marketing approvals, to treat conditions for which we are also seeking to discover and develop product
candidates. Some of these potential competing drugs are further advanced in development than our product candidates and may be commercialized
earlier.

The field of CAR T therapy is extremely active.
Companies and partnerships currently engaged in clinical trials with CAR T modalities include Bristol Myers Squibb, Novartis, AstraZeneca,
Janssen Pharmaceutical Company, Legend Biotech, Gilead Sciences, Arcellx, Galapagos NV, Autolus Therapeutics, 2seventy bio, Kyverna Therapeutics,
ImmPACT Bio, TG Therapeutics, and Cabaletta Bio.

EMPLOYEES

As of December 31, 2024, we had 6 full-time
employees. None of our employees is represented by a labor union or covered under a collective bargaining agreement, and we consider our
employee relations to be good. Employees of Fortress also make valuable financial, legal, business development, scientific and other strategic
contributions to our Company on a regular