Company: MBIO
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001104659-25-032236
Chunk: 2

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-04
Form: POS AM
Chunk 2
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 February 10, 2025. The issuance of the shares of common stock upon exercise of such warrants was initially registered on the Original Registration Statement.

This Amendment is being filed to update the financial and other information contained in the Original Registration Statement and the prospectus contained therein. No additional securities are being registered under this Amendment.

All applicable registration fees were paid at the time of the original filing of the Original Registration Statement.

<div align='center'>2</div>

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is prohibited.

<div align='center'>SUBJECT TO COMPLETION, DATED APRIL 4, 2025</div>

PRELIMINARY PROSPECTUS

<div align='center'>6,697,889 Shares of Common Stock Issuable Upon Exercise of Previously Issued Warrants</div>

This prospectus relates to the offer and sale
by Mustang Bio, Inc., a Delaware corporation, of up to 6,697,889 shares of common stock underlying certain outstanding pre-funded
warrants (the “Pre-Funded Warrants”), series C-1 common warrants (the “Series C-1 Warrants”), series C-2
common warrants (the “Series C-2 Warrants”) and placement agent warrants (the “Placement Agent Warrants,”
and together with the Pre-Funded Warrants, the Series C-1 Warrants and the Series C-2 Warrants, the “Warrants”)
previously issued by us in our “best efforts” public offering that closed on February 10, 2025. The Series C-1
Warrants and C-2 Warrants have an exercise price of $3.01. The Series C-1 Warrants expire five years from the effective date of
stockholder approval of the issuance of the Warrants (the “Warrant Stockholder Approval”). The Series C-2 Warrants expire
twenty-four months from the date of the Warrant Stockholder Approval. The Pre-Funded Warrants have an exercise price of $0.0001 and expire
when exercised in full. The Placement Agent Warrants have an exercise price of $3.7625 per share and expire on February 5, 2030.
The issuance of the