Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 184

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 184
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 -3,873 |

| (1) | In connection with the induced warrant exercise in October 2024 (see Note 10), a certain warrant holder was induced to exercise for cash 337,552 shares of common stock related the Series A-3 warrants at the exercise price of $11.85 per share. Of the 337,552 shares on the exercise date, 255,552 were held in abeyance and not considered outstanding. The balance of the shares held in abeyance will be held in abeyance until notice from the shareholder that the balance, or portion thereof, may be issued in compliance with a beneficial ownership limitation provision in the warrants. As of December 31, 2024, 185,880 shares remain held in abeyance. |

<div align='center'>See accompanying notes to financial statements.

F-6</div>

Table of Contents

<div align='center'>MUSTANG BIO, INC.

STATEMENTS OF CASH FLOWS

(in thousands)</div>

| ​                                                                                                          
 ​                                                                                                          | ​ 
 ​ 
 ​ | ​                               
 For the year ended December 31, |       ​ 
    2024 | ​ | ​ |       ​ 
    2023 |
|:-----------------------------------------------------------------------------------------------------------|:--|:--------------------------------|--------:|:--|:--|--------:|
| Cash Flows from Operating Activities:                                                                      |   | ​                               |         |   | ​ |         |
| Net loss                                                                                                   | ​ | $                               | -15,752 | ​ | $ | -51,602 |
| Adjustments to reconcile net loss to net cash used in operating activities:                                | ​ | ​                               |       ​ | ​ | ​ |       ​ |
| Issuance of common shares - Equity fee on Equity Offerings to Fortress Biotech                             | ​ |                                 |     329 | ​ |   |       — |
| Common shares issuable - Equity fee on at-the-market offering to Fortress Biotech                          | ​ | ​                               |       — | ​ | ​ |       4 |
| Common shares issuable - Equity fee on Registered Direct Offering to Fortress Biotech                      | ​ | ​                               |       — | ​ | ​ |     110 |
| Common shares issuable - Annual Stock Dividend to Fortress Biotech                                         | ​ | ​                               |     611 | ​ | ​ |     477 |
| Research and development - licenses acquired                                                               | ​ | ​                               |     250 |