Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 3

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 3
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   | ☒ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ |                           |   |

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If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on
and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
☐

If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s
executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ⌧

The aggregate market value of the common stock
held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter:
$14.8 million.

| Class of Common Stock                   |     | Outstanding Shares as of March 26, 2025 |
|:----------------------------------------|:----|----------------------------------------:|
| Class A Common Stock, $0.0001 par value |     |                                 845,385 |
| Common Stock, $0.0001 par value         |     |                               2,460,240 |

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Table of Contents

<div align='center'>MUSTANG BIO, INC.

ANNUAL REPORT ON FORM 10-K

TABLE OF CONTENTS</div>

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|          |                                                                                                              | Page |
| ​        |                                                                                                              |    ​ |
| PART I   |                                                                                                              |    6 |
| Item 1.  | Business                                                                                                     |    6 |
| Item 1A. | Risk Factors