Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 217

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 217
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 Warrants

A summary of warrant activities for the years
ended December 31, 2024 and 2023, is presented below:

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  Warrants | ​ 
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 ​                
 Weighted Average 
 Exercise Price   |        ​ 
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     Weighted Average 
            Remaining 
 Contractual Life (in 
               years) |
|:------------------------------------|:--|----------:|:--|:-----------------|---------:|:--|---------------------:|
| Outstanding as of December 31, 2022 |   |     1,387 | ​ | $                | 1,152.94 |   |                 8.29 |
| Expired                             | ​ |        -1 | ​ | ​                |     0.08 | ​ |                    — |
| Granted                             |   |    88,232 | ​ |                  |    50.09 |   |                 5.29 |
| Outstanding as of December 31, 2023 |   |    89,618 | ​ | $                |    67.16 |   |                 5.34 |
| Exercised                           |   |  -747,368 | ​ |                  |     5.35 |   |                    — |
| Granted                             |   | 2,234,669 | ​ |                  |    10.93 |   |                 2.10 |
| Outstanding as of December 31, 2024 |   | 1,576,919 | ​ | $                |    14.56 |   |                 3.14 |

Upon the exercise of warrants, the Company will
issue new shares of common stock. In connection with the Company’s Registered Direct Offering on October 26, 2023, the Company issued pre-funded warrants to purchase up to 33,364 shares of common stock, and in a concurrent private placement, the Company issued unregistered warrants to purchase up to 51,764 shares of common stock, and the resale of the underlying shares of common stock were subsequently registered in April 2024 on Form S-1 (File No. 333-275997). In connection with these offerings,