Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 146

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 146
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 gross proceeds of $2.6 million
under the Mustang ATM Agreement. In connection with these sales, the Company paid aggregate fees of approximately $0.1 million for net
proceeds of approximately $2.5 million.

During the year ended December 31, 2023,
the Company issued approximately 1,034 shares of common stock at an average price of $158.07 per share for gross proceeds of $163,000
under the ATM Agreement. In connection with these sales, the Company paid aggregate fees of approximately $3,000 for net proceeds of approximately
$160,000.

Pursuant to the Founders Agreement, the Company
issued 3,509 shares of common stock to Fortress at a weighted average price of $18.78 per share for the year ended December 31, 2024.
For the year ended December 31, 2023, the Company did not issue any shares of its common stock to Fortress, and recorded the value of
25 shares issuable to Fortress in connection with the Mustang ATM.

The number of securities we are able to sell pursuant
to the registration statements on Form S-3 is limited. See “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations – Liquidity and Capital Resources.”

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Table of Contents

Cash Flows

The following table summarizes our cash flows during the years ended
December 31, 2024 and 2023:

​

| ​                                                        
 ​                                                        | ​                
 ​                
 ($ in thousands) | ​                               
 For the year ended December 31, 
 ​                               |       ​ 
    2024 | ​ | ​ 
 ​ |       ​ 
    2023 |
|:---------------------------------------------------------|:-----------------|:--------------------------------|--------:|:--|:--|--------:|
| Statement of cash flows data:                            |                  | ​                               |         |   | ​ |         |
| Total cash (used in) provided by:                        |                  | ​                               |         |   | ​ |         |
| Operating activities                                     | ​                | $                               | -11,410 | ​ | $ | -49,477 |
| Investing activities                                     | ​                |                                 |       — | ​ |   |   5,886 |
| Financing activities                                     | ​                |                                 |  11,265 | ​ |   | -26,081 |
| Net change in cash,