Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 105

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 105
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 governments on certain products, industries or companies could significantly impact our
development and commercialization efforts. The Trump administration may impose additional and higher tariffs and sanctions on goods imported
from China and other countries which could increase the cost of goods needed to commercialize our products and continue development of
our product candidates. Further, such actions by the U.S. could result in retaliatory action by those countries which could impact our
ability to profitably commercialize our products in those jurisdictions. As a result, our business, operations, and financial condition
could be materially harmed.

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We may not be able to manage our business effectively if we are unable to attract and retain key personnel.

We may not be able to attract or retain qualified
management and commercial, scientific and clinical personnel in the future due to the intense competition for qualified personnel among
biotechnology, pharmaceutical and other businesses. If we are not able to attract and retain necessary personnel to accomplish our business
objectives, we may experience constraints that will significantly impede the achievement of our development objectives, our ability to
raise additional capital and our ability to implement our business strategy.

Our employees, consultants, or third-party partners may engage in misconduct or other improper activities, including but not necessarily limited to noncompliance with regulatory standards and requirements or internal procedures, policies or agreements to which such employees, consultants and partners are subject, any of which could have a material adverse effect on our business.

We are exposed to the risk of employee fraud or
other misconduct. Misconduct by employees, consultants, or third-party partners could include intentional failures to comply with FDA
regulations, provide accurate information to the FDA, comply with cGMPs, comply with federal and state healthcare fraud and abuse laws
and regulations, report financial information or data accurately, comply with internal procedures, policies or agreements to which such
employees, consultants or partners are subject, or disclose unauthorized activities to us. In particular, sales, marketing and business
arrangements in the healthcare industry are subject to extensive laws and regulations intended to

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prevent fraud, kickbacks, self-dealing and other
abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion,
sales commission, customer incentive programs and other business arrangements. Employee, consultant, or third-party misconduct could also
involve the improper use of information obtained in the course of clinical trials, which could result in regulatory sanctions and serious