Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 260

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 260
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 receipt of cash simultaneous with any issuance of shares pursuant to the
exercise of an option by an insider. We believe that most brokers can do cashless exercises for you this way.

Any person who has a question
about these procedures or their application to any proposed

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transaction may obtain additional guidance from
the Insider Trading Compliance Officer.

All directors, officers, and
employees subject to the procedures set forth in this Insider Trading Policy must certify their understanding of and intent to comply
with it, as it may be amended and updated from time to time. Please return the enclosed certification immediately (unless you have previously
submitted an executed certification).

You also may be required to
periodically attest in writing to your compliance with this Insider Trading Policy and its pre-clearance procedures.

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<div align='center'>FORTRESS BIOTECH, INC.

INSIDER TRADING POLICY

CERTIFICATION</div>

To Fortress Biotech, Inc. and its Subsidiaries

I,,
have received and read a copy of the Fortress Biotech, Inc. and Subsidiaries Insider Trading Policy. I hereby agree to comply with the
specific requirements of the policy in all respects during my employment or other service relationship with Fortress Biotech, Inc. and/or
its subsidiaries. I understand that this policy constitutes a material term of my employment or other service relationship with Fortress
Biotech, Inc. and/or its subsidiaries and that my failure to comply in all respects with the policy is a basis for termination for cause.

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Exhibit 23.1

<div align='center'>Consent of Independent Registered Public Accounting Firm</div>

We consent to the incorporation by reference in the registration statements
(Nos. 333-280927, 333-275997 and 333-278006) on Form S-1, registration statements (Nos. 333-283420 and 333-279891) on Form S-3 and in
the registration statements (Nos. 333-273549, 333-266176, 333-258310, 333-258311, 333-255007, and 333-221819) on Form S-8 of our report
dated March 28, 2025 with