Company: MBIO
Filing Date: 2025-04-04
Form Type: POS AM
Source: 0001104659-25-032236
Chunk: 4

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-04
Form: POS AM
Chunk 4
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 of Proceeds                                          |     |   11 |
| Description of Capital Stock                             |     |   12 |
| Plan of Distribution and Determination of Offering Price |     |   14 |
| Legal Matters                                            |     |   15 |
| Experts                                                  |     |   15 |
| Incorporation By Reference                               |     |   16 |
| Where You Can Find Additional Information                |     |   17 |

<div align='center'>4

ABOUT THIS PROSPECTUS</div>

The registration statement we filed with the Securities
and Exchange Commission (the “SEC”) includes exhibits that provide more detail of the matters discussed in this prospectus.
You should read this prospectus, including any documents we incorporate by reference, and the related exhibits filed with the SEC before
making your investment decision. You should rely only on the information provided in this prospectus and the documents we incorporate
by reference. You should not assume that the information contained in this prospectus, incorporated by reference into this prospectus,
or any related free writing prospectus is accurate on any date subsequent to the date set forth on the front of the document, even if
it is delivered, or securities are sold, on a later date. This prospectus contains summaries of certain provisions contained in some of
the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified
in their entirety by the actual documents. Copies of some of the documents referred to herein have been or will be filed as exhibits to
the registration statement of which this prospectus forms a part, and you may obtain copies of those documents as described in this prospectus
under the heading “Where You Can Find More Information.”

When we refer to “Mustang,” “we,”
“our,” “us” and the “Company” in this prospectus, we mean Mustang Bio, Inc., unless otherwise
specified. When we refer to “you,” we mean the potential holders of the applicable securities.

Solely for convenience, tradenames referred to
in this prospectus appear without the and symbols, but those references are not
intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable
owner will not assert its rights, to these tradenames.

<div align='center'>5

PROSPECTUS SUMMARY</div>

This summary highlights information contained elsewhere in this prospectus. This summary is not complete