Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 205

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 205
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 an amount of $2.2 million. Repurchased supplies with an alternative future use of $0.3 million
were also recognized in research and development expense, as the Company does not have plans to resume operations in the facility, and
it intends to dispose of the supplies in a single transaction with the equipment. The Company concluded that the disposal group, which
includes the repurchased equipment assets and associated supplies, with an aggregate fair value less costs to sell of approximately $2.2
million met the criteria to be classified as held for sale at the date of acquisition. As of December 31, 2024, the disposal group had
a fair value less costs to sell of approximately $1.2 million, based primarily on offers received by third parties for the equipment.
As such, the Company recorded an adjustment to the fair value less costs to sell of approximately $1.0 million.

<div align='center'>F-18</div>

Table of Contents

Note 6 – Property, Plant and Equipment, and Asset
Impairment

For the years ended December 31, 2024 and 2023,
property, plant and equipment consisted of the following:

| ​                                   | ​ |                ​ | ​ |            ​ |      ​ | ​ |            ​ |      ​ |
| ​                                   |   | Estimated Useful |   | December 31, |        |   | December 31, |        |
| ($ in thousands)                    | ​ |  Life (in years) | ​ |         2024 |        | ​ |         2023 |        |
| Leasehold improvements              |   |                9 | ​ |              |  7,694 | ​ |              |  7,694 |
| Construction in process             |   |              N/A | ​ |              |      — | ​ |              |     29 |
| Total property, plant and equipment | ​ |                ​ | ​ |              |  7,694 | ​ |              |  7,723 |
| Less: impairment loss               | ​ |                ​ | ​ |            ​ | -2,176 | ​ |            ​ |      — |
| Less: accumulated depreciation      | ​ |                ​ | ​ |            ​ | -5,147 | ​ |            ​ | -4,476 |
| Property, plant and equipment, net  | ​ |                ​ | ​ |            $ |    371 | ​ |            $ |