Company: MBIO
Filing Date: 2025-02-27
Form Type: 424B3
Source: 0001104659-25-018303
Chunk: 0

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-27
Form: 424B3
Chunk 0
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Filed Pursuant to Rule 424(b)(3)

Registration No. 333-284299

PROSPECTUS SUPPLEMENT NO. 2

(to prospectus dated February 5, 2025)

<div align='center'>495,000 Shares of Common Stock

2,162,807 Pre-funded Warrants to Purchase up to 2,162,807 Shares of Common Stock

2,657,807 Series C-1 Warrants to Purchase up to 2,657,807 Shares of Common Stock

2,657,807 Series C-2 Warrants to Purchase up to 2,657,807 Shares of Common Stock

Placement Agent Warrants to Purchase up to 159,468 Shares of Common Stock

Up to 7,637,889 Shares of Common Stock Issuable Upon Exercise of

the Series C-1 Warrants, Series C-2 Warrants, Pre-funded Warrants and Placement Agent Warrants</div>

This prospectus supplement is being filed to update
and supplement the information contained in the prospectus dated February 5, 2025 (the “Prospectus”), with the information
contained in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 27,
2025. Accordingly, we have attached such report to this prospectus supplement.

The Prospectus and this prospectus supplement
relate to the offer and sale by us of an aggregate of (i) 495,000 shares of common stock, par value $0.0001 per share, (ii) pre-funded
warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 2,162,807 shares of common stock (the “Pre-Funded
Warrant Shares”), (iii) Series C-1 warrants (the “Series C-1 Warrants”) to purchase up to an aggregate of 2,657,807
shares of common stock (the “Series C-1 Warrant Shares”), and (iv) Series C-2 warrants (the “Series C-2 Warrants,”
and together with the Series C-1 Warrants, the “Warrants”) to purchase up to an aggregate of 2,657,807 shares of common stock
(the “Series C-2 Warrant Shares,” and together with the Series C-1 Warrant Shares, the “Warrant Shares”). The
Prospectus and this prospectus supplement also relate to the offering of the shares of