Company: MBIO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001104659-25-009408
Chunk: 94

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 94
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 net tangible book value per share on September 30, 2024                                    | ​ | $ |   -2.51 | ​ | ​ |    ​ |
| Increase in net tangible book value per share attributable to investors purchasing in this offering  | ​ | $ |    3.64 | ​ | ​ |    ​ |
| Pro forma as adjusted net tangible book value per share as of September 30, 2024 after this offering | ​ | ​ |       ​ | ​ | $ | 1.13 |
| Dilution per share to investors purchasing in this offering                                          | ​ | ​ |       ​ | ​ | $ | 2.50 |

The foregoing discussion and tables above are based on 735,996 shares of common stock outstanding as of September 30, 2024, and excludes:

| ● | 1,521 shares of our common stock issuable upon the exercise of outstanding stock options as of September 30, 2024, with a weighted-average exercise price of $4,297.50 per share; |

| ● | 1,219,116 shares of our common stock issuable upon the exercise of outstanding warrants as of September 30, 2024, with a weighted-average exercise price of $14.39 per share; |

| ● | 1,127 shares of our common stock issuable upon conversion of the Class A Common Stock, at the holders’ election; |

| ● | 333 shares of our common stock issuable upon conversion of the Class A Preferred Stock, at the holders’ election; |

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| ● | 6,941 shares of our common stock reserved for future issuance under the 2016 Plan, plus any future increases in the number of shares of common stock reserved for issuance thereunder; and |

| ● | 6,771 shares of our common stock reserved for future issuance under the ESPP, plus any future increases, including annual automatic evergreen increases, in the number of shares of common stock reserved for issuance thereunder. |

To the extent that any outstanding options or warrants are exercised, new options or other equity awards are issued under our equity incentive plans, or we issue additional shares in the future, there will be further dilution to new investors participating in this offering.

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<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations together with our financial