Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 30

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 30
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 the terms of the IL13Rα2 Leptomeningeal CRA, we made an upfront
payment of approximately $29,000 and will contribute an additional $150,000 per patient in connection with the on-going investigator-initiated
study. Further, we agreed to fund approximately $200,000 annually pertaining to the clinical development of the IL13Rα2-directed
CAR T therapy.

Sponsored Research Agreement - IL13Rα2 and C134 Combination

In October 2020, we entered into a Sponsored Research
Agreement (“SRA”) with COH to conduct combination studies of a potential IL13Rα2 CAR and C134 oncolytic virus therapy
(also known as MB-108). In November 2022, the SRA was amended to include additional funding. Pursuant to the amended SRA, we funded research
in total of $0.9 million for the program.

Spacer License

In February 2017, we entered into an Amended and
Restated Exclusive License Agreement with COH to acquire intellectual property rights pertaining to patent rights related to Spacer (the
“Spacer License”). Pursuant to the Spacer License, COH will receive an annual maintenance fee of $10,000. No royalties are
due if the Spacer technology is used in conjunction with an IL13Rα2 CAR, and royalty payments in the low single digits are due on
net sales of licensed products if the Spacer technology is used in conjunction with other intellectual property. We are obligated to pay
COH a percentage of certain revenues received in connection with a sublicense in the mid-thirties.

IV/ICV License

In February 2017, we entered into an exclusive
license agreement (the “IV/ICV License”) with COH to acquire intellectual property rights in patent applications related to
the intraventricular and intracerebroventricular methods of delivering T cells that express CARs. Pursuant to the IV/ICV License, in March
2017, we paid COH an upfront fee of $0.1 million. COH is eligible to receive a milestone payment totaling approximately $0.1 million,
upon and subject to the achievement of a milestone, and an annual maintenance fee. Royalty payments in the low single digits are due on
net sales of licensed products. We are obligated to pay COH a percentage of certain revenues received in connection with a sublicense
in the mid-thirties.

Manufacturing License

On January 3,