Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 94

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 94
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 may not adequately protect our rights or permit us to gain
or keep our competitive advantage, in addition to being costly and time consuming to undertake. For example:

| ● | our licensors might not have been the first to make the inventions covered by each of our pending patent applications and issued patents; |

| ● | our licensors might not have been the first to file patent applications for these inventions; |

| ● | others may independently develop similar or alternative technologies or duplicate our product candidates or any future product candidate technologies; |

| ● | it is possible that none of the pending patent applications licensed to us will result in issued patents; |

| ● | the scope of our issued patents may not extend to competitive products developed or produced by others; |

| ● | the issued patents covering our product candidates or any future product candidate may not provide a basis for market exclusivity for active products, may not provide us with any competitive advantages, or may be challenged by third parties; |

| ● | we may not develop additional proprietary technologies that are patentable; or |

| ● | intellectual property rights of others may have an adverse effect on our business. |

We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful, and an unfavorable outcome in any litigation would harm our business.

Competitors may infringe our issued patents or
other intellectual property. To counter infringement or unauthorized use, we may be required to file one or more actions for patent infringement,
which can be expensive and time consuming. Any claims we assert against accused infringers could provoke these parties to assert counterclaims
against us alleging that we infringe their patents; or provoke those parties to petition the USPTO to institute inter partes review
against the asserted patents, which may lead to a finding that all or some of the claims of the patent are invalid. In addition, in a
patent infringement proceeding, a court may decide that a patent of ours is invalid or unenforceable, in whole or in part, construe the
patent’s claims narrowly or refuse to stop the other party from using the technology at issue on the grounds that our patents do
not cover the technology in question or as a matter of public policy. An adverse result in any litigation proceeding could put one or
more of our patents at risk of being invalidated, rendered unenforceable, or interpreted narrowly. Furthermore, adverse results on U.S.
patents may affect related patents in our global portfolio.

If we or our