Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 221

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 221
---
 ended December 31, 2024 and 2023:

| ​                              
 ​                              
 ​                              
 ​                              | ​ 
 ​ 
 ​ |                ​ 
                ​ 
                ​ 
 Number of Shares | ​ 
 ​ 
 ​ | ​                
 Weighted Average 
 Grant Date Fair  
 Value            |        ​ |
|:-------------------------------|:--|-----------------:|:--|:-----------------|---------:|
| Nonvested at December 31, 2022 |   |              675 | ​ | $                | 1,107.83 |
| Granted                        | ​ |              720 | ​ | ​                |   345.00 |
| Vested                         | ​ |             -110 | ​ | ​                | 2,310.00 |
| Nonvested at December 31, 2023 |   |            1,285 | ​ | $                |   577.50 |
| Vested                         | ​ |              -90 | ​ | ​                | 2,722.50 |
| Nonvested at December 31, 2024 |   |            1,195 | ​ | $                |   415.95 |

As of December 31, 2024, the Company
had unrecognized stock-based compensation expense related to restricted stock of $0.2 million, which is expected to be recognized over
a weighted average period of approximately 1.1 years.

Restricted Stock Units

The following table summarizes restricted stock
units’ activities for the year ended December 31, 2024 and 2023:

| ​                              
 ​                              
 ​                              
 ​                              | ​ 
 ​ 
 ​ |               ​ 
               ​ 
               ​ 
 Number of Units | ​ 
 ​ 
 ​ | ​                
 Weighted Average 
 Grant Date Fair  
 Value            |        ​ |
|:-------------------------------|:--|----------------:|:--|:-----------------|---------:|
| Nonvested at December 31, 2022 |   |           3,303 | ​ | $                | 1,391.48 |
| Granted                        |   |             577 | ​ |                  |   256.51 |
| Forfeited                      | ​ |          -1,027 | ​ | ​                | 1,374.25 |
| Vested                         | ​ |            -942 | ​ | ​                | 1,614.25 |
| Nonvested at December 31,