Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 14

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 14
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 are not including
the information on our website as a part of, nor incorporating it by reference into, this Form 10-K. The SEC maintains a website that
contains annual, quarterly, and current reports, proxy and information statements, and other information that issuers (including us) file
electronically with the SEC. The SEC’s website address is https://www.sec.gov/.

THERAPEUTIC PIPELINE

Therapies for Oncology and Hematologic Malignancies

MB-109: Combination MB-101(IL13Rα2 CAR T Cell Program for Glioblastoma) and MB-108 (HSV-1 oncolytic virus C134) as a Potential Treatment for IL13Rα2+ Relapsed or Refractory Glioblastoma (GBM) and High-Grade Astrocytoma.

An attractive novel approach to control glioblastoma
is adoptive cellular immunotherapy utilizing CAR T cells. CAR T cells can be engineered to recognize very specific antigenically distinct
tumor populations and to migrate through the brain parenchyma to kill malignant cells. In addition, oncolytic viruses (“OVs”)
have been developed to effectively infect and kill cancer cells in the tumor, as well as modify the microenvironment to increase tumor
immunogenicity and immune cell trafficking within the tumor. Due to these properties, OVs have been studied in combination with other
treatments to enhance the effectiveness of immunotherapies.

Preliminary anti-tumor activity has been observed
in clinical studies administering the OV (MB-108) and CAR T cell therapy (MB-101) as single agents; however, the combination has not yet
been explored. To determine if the combination of both therapies will result in a synergistic effect, investigators from COH developed
preclinical studies in orthotopic GBM models in nude mice. Dr. Christine Brown from City of Hope presented these preclinical studies at
the American Association for Cancer Research 2022 Annual Meeting. It was observed that co-treatment with HSV-1 OV and IL13Rα2-directed
CAR-T cells resulted in no additional adverse events beyond those seen with the individual therapies, and, more notably, that pre-treatment
with HSV-1 OV re-shaped the tumor microenvironment by increasing immune cell infiltrates and enhanced the efficacy of sub-therapeutic
doses of IL13Rα2-directed CAR-T cell therapy delivered either intraventricularly or intr