Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 141

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 141
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 year ended December 31, 2023, reflects credit memos and reimbursements received from termination of services with vendors.

(3)
Includes costs for long-term follow-up and programs that were terminated.

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(4)
Credits for the year ended December 31, 2024, primarily reflects the reversal of 2023 accrued bonus that will not be paid due to the reduction
in the workforce in April 2024.

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| (5) | Includes approximately $3.2 million of expenses incurred related to the June 2024 Repurchase of Assets from uBriGene. |

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Asset Impairment

For the year ended December 31, 2024,
we incurred impairment charges of $3.7 million, of which approximately $2.7 million was attributable to our assessment of the recoverability
of the asset group consisting of leasehold improvements and associated right-of-use asset, and approximately $1.0 million was attributable
to property, plant and equipment held for sale. No impairment was recorded in the year ended December 31, 2023.

Gain on the Sale of Property and Equipment

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During the year ended December 31, 2023, we recorded
a gain on the sale of equipment of approximately $1.4 million in connection with the sale of assets to uBriGene. No gain on the sale of
property and equipment was recorded in the year ended December 31, 2024.

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General and Administrative Expenses

General and administrative expenses consist primarily
of salaries and related expenses, including stock-based compensation, for executives and other administrative personnel, recruitment expenses,
professional fees and other corporate expenses, including investor relations, legal activities including patent fees, and facilities-related
expenses.

General and administrative expense decreased by
approximately $5.6 million from $9.7 million for the year ended December 31, 2023, to $4.1 million for the year ended December 31, 2024.
The decrease in general and administrative expense for the year ended December 31, 2024, was primarily attributable to the following:

| ● | $2.4 million decrease in general and administrative employee compensation costs, including stock based compensation; |

| ● | $2.0 million decrease in professional services, primarily driven by expenses incurred in the prior year related to the uBriGene transaction; |

| ● | $0.4 million decrease in outside services and consulting expenses;