Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 76

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 76
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 a negative effect on our business
or financial condition and may delay or impair the development and commercialization of our product candidates or demand for any products
we may develop. Adverse events in our clinical trials, even if not ultimately attributable to our product candidates, and the resulting
publicity, could lead to increased governmental regulation, unfavorable public perception, potential regulatory delays in the testing
or approval of our potential product candidates, stricter labeling requirements for those product candidates that do obtain approval and/or
a decrease in demand for any such product candidates. Concern about environmental spread of our products, whether real or anticipated,
may also hinder the commercialization of our products.

<div align='center'>Risks Related to Reliance on Third Parties</div>

We rely, and expect to continue to rely, on third parties to conduct our preclinical studies and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials or complying with applicable regulatory requirements.

We rely on our licensors to conduct some of our
preclinical studies and some of our clinical trials for our product candidates and for future product candidates, and we rely on third-party
CROs and site management organizations to conduct most of the remainder of our preclinical studies and all the rest of our clinical trials.
We expect to continue to rely on third parties, such as our licensors, CROs, site management organizations, clinical data management organizations,
medical institutions and clinical investigators, to conduct some of our preclinical studies and all of our clinical trials. The agreements
with these third parties might terminate for a variety of reasons, including a failure to perform by the third parties. If we need to
enter into alternative arrangements, that could delay our product development activities.

Our reliance on these third parties for research
and development activities reduces our control over these activities but does not relieve us of our responsibilities. For example, we
remain responsible for ensuring that each of our preclinical studies and clinical trials is conducted in accordance with the general investigational
plan and protocols for the trial and for ensuring that our preclinical studies are conducted in accordance with good laboratory practices
(“GLPs”) as appropriate. Moreover, the FDA requires us to comply with standards, commonly referred to as good clinical practices
(“GCPs”) for conducting, recording and reporting the results of clinical trials to assure that data and reported results are
credible and accurate and that the rights, integrity and confidentiality of trial participants are protected. Regulatory authorities enforce
these requirements