Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 225

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 225
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. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer's social security payments, net operating loss utilization and carryback periods and modifications to the net interest deduction limitations. The CARES Act did not have a material impact on the Company’s income tax provision for 2024 and 2023. The Company will continue to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows.

On December 27, 2020, the Consolidated Appropriations Act, 2021 (“Consolidated Appropriations Act”) was signed into law. The Consolidated Appropriations Act is intended to enhance and expand certain provisions of the CARES Act, allows for the deductions of expenses related to the Payroll Protection Program funds received by companies, and provides an update to meals and entertainment expensing for 2021. The Consolidated Appropriations Act did not have a material impact on the Company’s income tax provision for 2024 and 2023.

Note 12 – Segment Information

Operating segments are defined as components of
an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making
group, in deciding how to allocate resources in assessing performance. The Company views its operations and manages its business in one
reportable segment, which reflects the research and development of potential cures for difficult-to-treat cancers and autoimmune diseases.
The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The primary financial measure
by which the CODM evaluates the business is net loss. The CODM uses net loss to monitor budget versus actual results to assess performance
of the segment.

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<div align='center'>F-29</div>

Table of Contents

The table below summarizes the significant segment
expenses reported to the CODM for the years ended December 31, 2024 and 2023:

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| ​                                                     
 ​                                                     
 ​                                                     | ​ 
 ​ 
 ​ | ​                               
 For the year ended December 31, 
 ​                               |       ​ 
    2024 | ​ 
 ​ | ​ 
 ​ |       ​ 
    2023 |
|:------------------------------------------------------|:--|:--------------------------------|--------:|:--|:--|--------:|
| Operating expenses:                                   | ​ | ​                               |       ​ | ​ | ​ |       ​ |
| MB-106 program costs                                  | ​ | $                               |     516