Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 50

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 50
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 to raise capital, expand our business, maintain our research and development efforts,
diversify our product offerings or even continue our operations. A decline in the value of our Company could also cause you to lose all
or part of your investment in our Securities.

There is substantial doubt regarding our ability to continue as a going concern. We will need to raise additional funding (which may not be available on acceptable terms to us, or at all) and/or delay, limit or terminate our product development efforts or other operations. If we are unable to raise capital, we could be required to seek bankruptcy protection or other alternatives that would likely result in our securityholders losing some or all of their investment in us.

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We are currently advancing
our programs in hematologic cancers, autoimmune diseases and solid tumors through clinical development. Developing and commercializing
CAR T products is expensive, and we do not expect to generate meaningful product revenues in the foreseeable future until we obtain marketing
approval for products in the United States and following any potential commercial launch.

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As of December 31, 2024,
our cash and cash equivalents were $6.8 million. Based on our current business plan, there is substantial doubt regarding our ability
to continue as a going concern for a period of one year after the date that our financial statements for the year ended December 31, 2024,
are issued. Our fundraising efforts to raise additional funding may divert our management from their day-to-day activities, which may
adversely affect our ability to develop and commercialize our potential products following marketing approval if and when obtained. In
addition, we cannot guarantee that financing will be available in sufficient amounts or on terms acceptable to us, if at all. Moreover,
the terms of any financing may adversely affect the holdings or the rights of our stockholders and the issuance of additional securities,
whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our shares to decline. The sale of additional
equity or convertible securities would dilute all of our stockholders. Potential indebtedness, if incurred, would result in increased
fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur
additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions
that could

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adversely impact our
ability to conduct our business. We could also