Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 117

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 117
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 reflect actual outcomes. Please see “Special Cautionary Note Regarding Forward-Looking Statements” at the beginning of this Form 10-K.

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto and other financial information appearing elsewhere in this Form 10-K. We undertake no obligation to update any forward-looking statements in the discussion of our financial condition and results of operations to reflect events or circumstances after the date of this report or to reflect actual outcomes.

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Table of Contents

Overview

We are a clinical-stage biopharmaceutical company
focused on translating today’s medical breakthroughs into potential cures for difficult-to-treat cancers and autoimmune diseases.
We aim to acquire rights to these technologies by licensing 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.

Our pipeline is currently focused in two core
areas: CAR T therapies for hematologic malignancies and autoimmune diseases and CAR T therapies for solid tumors. For these therapies
we have partnered with world class research institutions, including the City of Hope National Medical Center (“COH” or “City
of Hope”), Fred Hutchinson Cancer Center (“Fred Hutch”), and Nationwide Children’s Hospital (“Nationwide”).

We expect to incur substantial expenses for the
foreseeable future relating to research, development and commercialization of our potential products. However, there can be no assurance
that we will be successful in securing additional resources when needed, on terms acceptable to us, if at all. Therefore, there exists
substantial doubt about our ability to continue as a going concern. The financial statements included in this prospectus do not include
any adjustments related to the recoverability of assets that might be necessary despite this uncertainty.

CAR T Therapies

Our pipeline of CAR T therapies is being developed
under exclusive licenses from several world class research institutions. Our strategy is to license these technologies, support preclinical
and clinical research activities by our partners and transfer the underlying technology to our or our contract manufacturer’s cell
processing facility in order to conduct our own clinical trials.

We are developing CAR T therapy for solid tumors
in partnership with COH targeting IL13Rα2 (MB-101). In addition, we have partnered with Nationwide for a herpes simplex virus type
1 (“HSV-1”) oncolytic virus (MB-108) in order to enhance the activity of MB