Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 186

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 186
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 trades under the symbol “MBIO.”

Reverse Stock Split

OnJanuary
15, 2025,the Company filed an amendment (the “Reverse Split Amendment”) to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the1-for-50 reverse stock split of the Company's shares of common stock ("Reverse Stock Split"). As a result of the Reverse Stock Split, every 50 shares of common stock outstanding immediately prior to effectiveness of the Reverse Stock Split were combined and converted intooneshare of common stock without any change in the par value per share. The Reverse Stock Split became effective onJanuary 15, 2025,and the common stock was quoted on the Nasdaq Stock Market on a post-split basis at the open of business onJanuary 16, 2025.Nofractional shares were issued in connection with the Reverse Stock Split. Stockholders who would have otherwise been entitled to a fraction ofoneshare of common stock as a result of the Reverse Stock Split instead receiveda proportional cash payment.

All
share and per share information has been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented, unless
otherwise indicated.

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Liquidity and Capital Resources

The Company has incurred substantial operating
losses and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As of
December 31, 2024, the Company had an accumulated deficit of $396.7 million.

The Company has funded its operations to date
primarily through the sale of equity. During fiscal year 2024, the Company completed several financing transactions, including proceeds
from the At-the-Market Offering (see Note 10), for aggregate net proceeds of approximately $11.2 million. Additionally, in February 2025,
the Company completed a public offering for net proceeds of approximately $6.9 million (see Note 13).

In accordance with Accounting Standards Codification
(“ASC”) 205-40, Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate,
that raise substantial doubt about its ability to continue as a going concern within one year after the date that these financial statements
are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that
have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology,
management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about