Company: MBIO
Filing Date: 2025-02-27
Form Type: 424B3
Source: 0001104659-25-018303
Chunk: 1

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-27
Form: 424B3
Chunk 1
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 common stock issuable upon exercise of the Warrants,
Pre-Funded Warrants and placement agent warrants we issued to H.C. Wainwright & Co. LLC, as placement agent, to purchase up to 159,468
shares of our common stock.

This prospectus supplement updates and supplements
the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus,
including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there
is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this
prospectus supplement.

Our common stock is listed on the Nasdaq Capital
Market under the symbol “MBIO”. On February 26, 2025, the last reported sale price of our common stock on the Nasdaq Capital
Market was $2.79 per share.

Investing in our securities involves risks that are described in the “Risk Factors” section beginning on page 14 of the Prospectus. Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus supplement is February 27, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
February 21, 2025

Mustang Bio, Inc.

(Exact Name of Registrant as Specified in
Charter)</div>

| Delaware                     |     | 001-38191               |     | 47-3828760         |
| (State or Other Jurisdiction 
 of Incorporation)            |     | -Commission File Number |     | -IRS Employer      
 Identification No. |

<div align='center'>95 Sawyer Road

Waltham, Massachusetts 02453

(Address of Principal Executive Offices)

(781) 652-4500

(Registrant’s telephone number, including
area code)</div>

Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registr