Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 139

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 139
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 Pronouncements

See Note 2 to the financial statements included
in this Form 10-K.

Smaller Reporting Company Status

We are a “smaller reporting company,”
meaning that the market value of our shares held by non-affiliates is less than $700 million and our annual revenue was less than $100
million during the most recently completed fiscal year. We may continue to be a smaller reporting company if either (i) the market value
of our shares held by non-affiliates is less than $250 million or (ii) our annual revenue was less than $100 million during the most recently
completed fiscal year and the market value of our shares held by non-affiliates is less than $700 million. As a smaller reporting company,
we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K , have
reduced disclosure obligations regarding executive compensation, and smaller reporting companies are permitted to delay adoption of certain
recent accounting pronouncements discussed in Note 2 to our consolidated financial statements located in “Part IV, Item 15., Exhibits
and Financial Statement Schedules” in this Form 10-K.

Results of Operations

Comparison of the Years Ended December 31, 2024 and 2023

​

| ​                                            
 ​                                            | ​                
 ​                
 ($ in thousands) | ​                               
 For the year ended December 31, 
 ​                               |       ​ 
    2024 | ​ | ​ 
 ​ |       ​ 
    2023 | ​ 
 ​ | ​      
 Change 
 ​      |       ​ | ​ |    ​ 
    ​ | ​ 
 % |
|:---------------------------------------------|:-----------------|:--------------------------------|--------:|:--|:--|--------:|:--|:-------|--------:|:--|-----:|:--|
| Operating expenses:                          |                  | ​                               |         |   | ​ |         |   | ​      |         |   |      | ​ |
| Research and development                     | ​                | $                               |   7,557 | ​ | $ |  40,513 | ​ | $      | -32,956 |   |  -81 | % |
| Research and development – licenses acquired | ​                |                                 |     861 | ​ |   |     527 | ​ |        |     334 |   |   63 | % |
| Asset impairment                             | ​                |