Company: MBIO
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001104659-25-032236
Chunk: 3

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-04
Form: POS AM
Chunk 3
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 Warrants and the shares of common stock underlying the Warrants was previously registered on a Registration Statement
on Form S-1 (File No. 333-284299).

We will receive proceeds from our issuance of
common stock upon any cash exercise of the Warrants. However, we are unable to predict the timing or amount of Warrants exercised. If
all of the Warrants are exercised for cash (meaning we issue the maximum possible number of shares of common stock upon exercise of the
Warrants), we will receive gross cash proceeds of approximately $16.6 million. Any proceeds received from the exercise of the Warrants
will be used for working capital and other general corporate purposes.

Our common stock is listed on the Nasdaq Capital
Market under the symbol “MBIO”. On April 3, 2025, the last reported sale price of our common stock on the Nasdaq Capital
Market was $1.34 per share.

We are a “smaller reporting company”
as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company reporting requirements
for this prospectus and may elect to comply with reduced public company reporting requirements in future filings. See “Prospectus
Summary––Implications of Being a Smaller Reporting Company.”

Additionally, we are a “controlled company”
as defined under the Listing Rules of The Nasdaq Stock Market LLC, because our existing controlling stockholder, Fortress Biotech, Inc.,
is able to control a majority of the total voting power of our common stock.

Investing in our securities involves risks. Before deciding whether to invest in our securities, you should consider carefully the risks that we have described on page 8 of this prospectus under the caption “ Risk Factors” and under similar captions in the documents incorporated by reference into this prospectus.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is , 2025

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TABLE OF CONTENTS</div>

|                                                          |     | Page |
| About this Prospectus                                    |     |    5 |
| Prospectus Summary                                       |     |    6 |
| The Offering                                             |     |    7 |
| Risk Factors                                             |     |    8 |
| Special Note Regarding Forward-Looking Statements        |     |    9 |
| Use