Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 160

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 160
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 reporting violations of the Code.
We have posted a copy of the Code on our website, located at www.mustangbio.com.

Insider Trading Policy; Policy Prohibiting Hedging and Speculative Trading

We have adopted an Insider Trading Policy that
governs the purchase, sale, and other dispositions of our securities on the basis of material non-public information by directors, officers,
employees, consultants and contractors. We believe these policies and procedures are reasonably designed to promote compliance with insider
trading laws, rules and regulations, and applicable Nasdaq listing standards. A copy of our Insider Trading Policy is filed as an exhibit
to this Form 10-K.

Pursuant to our Insider Trading Policy, our officers,
directors, and employees are also prohibited from engaging in speculative trading, including hedging transactions or short sale transactions
with respect to our securities.

Delinquent Section 16(a) Reports

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Section 16 of the Exchange Act requires our directors,
certain officers, and beneficial owners of more than ten percent of our common stock to file reports with the SEC indicating their holdings
of and transactions in our equity securities, and to provide copies of such reports to us. Based solely on a review of our records, publicly
available information, and written representations by the persons required to file such reports, we believe that during the fiscal year
ended December 31, 2024, the following Section 16(a) filings were untimely due to administrative error: one Form 4
for Dr. Litchman (covering a total of two transactions).

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Item 11. Executive Compensation

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Named Executive Officers

As determined in accordance with SEC rules, our
named executive officers (“NEOs”), which includes all executive officers serving during 2024, are the individuals set forth
below:

●Manuel Litchman, M.D., our President, Chief
Executive Officer, and Interim Chief Financial Officer; and

●James Murphy, our former Interim Chief
Financial Officer.

<div align='center'>82</div>

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Table of Contents

The following table sets forth information concerning
compensation paid by us to our NEOs for their services rendered to us in all capacities during the years ended December 31, 2024,
and 2023.

<div align='center'>Summary Compensation Table</div>

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