Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 122

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 122
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-T Cell Investigational Products, MB100-OBS-001, that we had decided to
close that trial. As a result, further clinical development of MB-106 is currently focused solely on autoimmune diseases unless funding
and resources become available to restart the program for hematologic malignancies. Planning for the aforementioned Phase 1 investigator-sponsored
clinical trial in autoimmune diseases is in progress, with initiation of the trial planned for the fourth quarter of 2025.

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Table of Contents

Terminated Product Candidates (Gene Therapies and in vivo CAR-T)

We previously developed several gene therapy product
candidates, which included MB-117 and MB-217 (based on technologies licensed from St. Jude Children’s Research Hospital (“St.
Jude”)) and MB-110 (based on technologies licensed from Leiden University Medical Centre (“LUMC”)). In April 2024,
we entered into a termination and release agreement with St. Jude, pursuant to which we agreed to terminate the license agreement underpinning
the MB-117 and MB-217 product candidates in exchange for a mutual release of liability and forgiveness by St. Jude of all amounts previously
owing to them. Also in April 2024, we delivered a termination notice to LUMC pursuant to which we terminated the license agreement
underpinning the MB-110 product candidate; we are currently in discussions with LUMC regarding the terms that will govern such termination. In
June 2024, we also agreed with Mayo Foundation for Medical Education and Research (“Mayo Clinic”) to terminate the license
agreement underpinning our (now former) preclinical in vivo CAR-T program, together with a related sponsored research
agreement, in exchange for a mutual release of liability and forgiveness by Mayo Clinic of all amounts previously owed to them.

To date, we have not received approval for the
sale of any of our product candidates in any market and, therefore, have not generated any product sales from our product candidates.
In addition, we have incurred substantial operating losses since our inception and expect to continue to incur significant operating losses
for the foreseeable future and may never become profitable.

Recent Events

Reverse Stock Split

On January 15, 2025, we filed a certificate of
amendment (the “Amendment”) to our amended and restated certificate of incorporation, as amended, with the Secretary of State
of the State of Delaware, to effect a 1-for-50 reverse stock split of