Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 52

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 52
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 be unable to complete the development and commercialization of our product candidates or continue our development programs.

Our operations have consumed substantial amounts
of cash since inception. We will need to significantly increase our spending to advance the preclinical and clinical development of our
product candidates and launch and commercialize any product candidates for which we may receive regulatory approval, including building
our own commercial organizations to address certain markets. We will require substantial additional capital for the further development
and, if approved, commercialization of our product candidates, as well as to fund our other operating expenses and capital expenditures.
As of December 31, 2024, we had $6.8 million in cash and restricted cash and have not generated positive cash flows from operations.
We cannot provide any assurance that we will be able to raise funds to complete the development of our product candidates. Additionally,
if we are unable to secure additional funding, it is likely that we will need to delay or terminate the development of certain product
candidates; any such delay or termination, or the announcement of any such delay or termination, may impact our potential growth and have
a material adverse effect on the value of our Securities.

In order to carry out our business plan and implement
our strategy, we will need to obtain substantial additional financing and may choose to raise additional funds through strategic collaborations,
licensing arrangements, public or private equity or debt financing, bank lines of credit, asset sales, government grants, or other arrangements.
We cannot be certain that additional funding will be available on acceptable terms, or at all. Additional funding may be more difficult
to obtain, or may be more expensive, as a result of recent increases in inflation and interest rates in the U.S. economy generally. If
we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale
back or discontinue the development or, if approved, commercialization of one or more of our product candidates. We may also seek collaborators
for one or more of our current or future product candidates at an earlier stage than otherwise would be desirable or on terms that are
less favorable than might otherwise be available. Any of these events could significantly harm our business, financial condition and prospects.

Our future funding requirements will depend on
many factors, including, but not limited to:

| ● | the scope, timing, design and conduct of, and results from, preclinical studies and clinical trials for our product candidates; |

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