Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 220

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 220
---
uable by 4,000 shares, for a total of 6,666
shares. In June 2021, the Company’s stockholders approved an amendment to the Incentive Plan to increase the number of authorized
shares issuable by 4,000 shares, for a total of 10,666 shares. In June 2022, the Company’s stockholders approved an amendment
to the Incentive Plan to increase the number of authorized shares issuable by 4,000 shares, for a total of 14,666 shares

As of December 31, 2024, 6,946 shares
are available for issuance of stock-based awards under the Incentive Plan.

Stock Options

The following table summarizes stock option activities
for the years ended December 31, 2024 and 2023:

| ​                                                   
 ​                                                   
 ​                                                   
 ​                                                   
 ​                                                   | ​ 
 ​ 
 ​ 
 ​ |             ​ 
             ​ 
             ​ 
             ​ 
 Stock Options | ​ 
 ​ 
 ​ 
 ​ | ​                
 ​                
 ​                
 Weighted Average 
 Exercise Price   |        ​ 
        ​ 
        ​ | ​ 
 ​ 
 ​ 
 ​ |                    ​ 
     Weighted Average 
            Remaining 
 Contractual Life (in 
               years) |
|:----------------------------------------------------|:--|--------------:|:--|:-----------------|---------:|:--|---------------------:|
| Outstanding at December 31, 2023                    |   |         1,521 | ​ | $                | 4,297.50 |   |                 3.31 |
| Outstanding at December 31, 2024                    |   |         1,521 | ​ | $                | 4,297.50 |   |                 2.31 |
| Options vested and exercisable at December 31, 2024 |   |           951 | ​ | $                | 4,297.50 |   |                 2.31 |

As of December 31, 2024, the Company
had no unrecognized stock-based compensation expense related to options. The Company accounts for forfeited awards as they occur as permitted.

<div align='center'>F-26</div>

Table of Contents

Restricted Stock Awards

Certain employees and directors have been awarded
restricted stock. The restricted stock vesting consists of milestone and time-based vesting. The following table summarizes restricted
stock award activities for the years