Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 223

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 223
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 | ​                               |   19,046 | ​ | ​ |   18,189 |
| 174 Capitalization                          | ​                |                                 |   24,437 | ​ |   |   28,800 |
| Total deferred tax assets                   | ​                | ​                               |  152,134 | ​ | ​ |  148,276 |
| Less: valuation allowance                   | ​                |                                 | -152,104 | ​ |   | -147,694 |
| Net deferred tax assets                     | ​                | $                               |       30 | ​ | $ |      582 |
| ​                                           | ​                | ​                               |        ​ | ​ | ​ |        ​ |
| Deferred tax liabilities:                   | ​                | ​                               |        ​ | ​ | ​ |        ​ |
| Right of use asset                          | ​                | ​                               |      -30 | ​ | ​ |     -582 |
| Total deferred tax assets, net              | ​                | $                               |        — | ​ | $ |        — |

The Company has determined, based upon available
evidence, that it is more likely than not that the net deferred tax asset will not be realized and, accordingly, has provided a full valuation
allowance against its net deferred tax assets as of December 31, 2024 and 2023. A valuation allowance of approximately $152.1
million and $147.7 million, respectively, was recorded for the years ended December 31, 2024 and 2023.

As of December 31, 2024, the Company
had federal and state net operating loss carryforwards of approximately $277.7 million and $568.2 million, respectively. Approximately
$254.0 million and $0.5 million of the federal and state net operating loss carryforwards, respectively, can be carried forward indefinitely.
As of December 31, 2024, the Company had federal and state income tax credits of approximately $15.0 million and $5.1 million,
respectively, which will begin to expire in 2034. Under the provisions of Section 382 of the Internal Revenue Code, a corporation that
undergoes an “ownership change”, as defined therein, is subject to limitations on its use of pre-change NOLs and income tax
credits carryforwards to offset future tax liabilities. Certain tax attributes may be subject to an annual limitation as a result of the

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