Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 180

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 180
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Table of Contents

<div align='center'>INDEX TO FINANCIAL STATEMENTS</div>

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| Report of Independent Registered Public Accounting Firm (KPMG LLP, New York, NY; PCAOB ID: 185) 
 Balance Sheets as of December 31, 2024 and 2023                                                 
 Statements of Operations for the Years Ended December 31, 2024 and 2023                         | F-2        
 F-4        
 F-5        |
|:------------------------------------------------------------------------------------------------|:-----------|
| Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2024 and 2023    | F-6        |
| Statements of Cash Flows for the Years Ended December 31, 2024 and 2023                         | F-7        |
| Notes to Financial Statements                                                                   | F-8 – F-29 |

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<div align='center'>F-1</div>

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Table of Contents

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Mustang Bio, Inc.:

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Opinion on the Financial Statements

We have audited the accompanying balance sheets of Mustang Bio, Inc. (the
Company) as of December 31, 2024 and 2023, the related statements of operations, stockholders’ equity, and cash flows for the years
then ended , and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and
its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

Going Concern

The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company’s expectation to generate
operating losses and negative operating cash flows in the future, and the need for additional funding to support its planned operations
raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also
described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on our audits.