Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 193

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 193
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 |   |                           1,521 |   |  1,521 |
| Class A preferred shares (1)     |   |                             333 |   |    333 |
| Unvested restricted stock awards |   |                           1,195 |   |  1,285 |
| Unvested restricted stock units  |   |                             226 |   |  1,911 |
| Total                            |   |                       1,580,194 |   | 61,304 |

| (1) | Class A Preferred Shares are reflected on an as-if converted basis. |

In connection with the exercise of certain existing
warrants in October 2024 (see Note 10), the Company recorded a deemed dividend of approximately $7.8 million for the issuance of new warrants.
For the year ended December 31, 2024, net loss attributable to common stockholders consisted of net loss, as adjusted for deemed dividends.

​

The Company considers Class A common stock and
Class A preferred stock to be additional classes of common stock for the purpose of calculating net loss per share, as they do not have
preferential rights when compared to the Company’s common stock, and therefore losses are allocated to these additional classes
using the two-class method. The two-class method is an earnings allocation formula that treats participating securities as having rights
that would otherwise have been available to common stockholders. At December 31, 2024, the Class A common stock and Class A preferred
stock have rights to convert to a total of 1,461 common shares.

​

<div align='center'>F-12</div>

Table of Contents

Comprehensive Loss

The Company has no components of other comprehensive
loss, and therefore, comprehensive loss equals net loss.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in ASU 2023-07 improve reportable segment disclosure requirements
through enhanced disclosures about significant segment expenses. The amendments introduce a new requirement to disclose significant segment
expenses regularly provided to the chief operating decision maker (“CODM”), extend certain annual disclosures to interim periods,
clarify single reportable segment entities must apply ASC 280 in its entirety, permit more than one measure of segment profit or loss
to be reported under certain conditions,