Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 78

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 78
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 research agreement and/or clinical
trial agreements between Mustang Bio and each of COH and Fred Hutch, as well as a Memorandum of Understanding between Nationwide and UAB
under which UAB is conducting its MB-108 Phase 1 clinical trials. As a result, our future success is heavily dependent on the results
of research and development efforts of these institutions and their personnel. We have limited control over the nature or timing of their
research and limited visibility into their day-to-day activities, and as a result can provide little assurance that their efforts will
be successful.

We contract with third parties for the manufacture of our product candidates for preclinical and clinical testing and may also do so for commercialization, if and when our product candidates are approved. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or any future product candidate or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.

Due to limited resources, and in light of our
reduction in work force in April 2024, we may increase our reliance on third-party manufacturers or third-party collaborators for the
manufacture of commercial supply of one or more product candidates for which our collaborators or we obtain marketing approval. We may
be unable to establish any agreements with third-party manufacturers or to do so on acceptable terms. Even if we are able to establish
agreements with third-party manufacturers, reliance on third-party manufacturers entails additional risks, including, but not necessarily
limited to:

| ● | reliance on the third party for regulatory compliance and quality assurance, while still being required by law to establish adequate oversight and control over products furnished by that third party; |

| ● | the possible breach of the manufacturing agreement by the third party; |

| ● | manufacturing delays if our third-party manufacturers are unable to obtain raw materials due to supply chain disruptions, give greater priority to the supply of other products over our product candidates or otherwise do not satisfactorily perform according to the terms of the agreement between us; |

| ● | the possible misappropriation of our proprietary information, including our trade secrets and know-how; and |

| ● | the possible termination or nonrenewal of the agreement by the third party at a time that is costly or inconvenient for us. |

We rely on our third-party manufacturers to produce
or purchase from third-party suppliers the materials and equipment necessary to produce our product candidates for our preclinical and
clinical trials. Forces beyond our control could disrupt the global