Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 148

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 148
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.7 million, $2.5 million of net proceeds from the Mustang ATM, and $3.5 million of net proceeds from the induced warrant exercise.

Net cash used in financing activities was $26.1
million during the year ended December 31, 2023, driven by repayment of the Term Loan of $30.4 million offset by $4.4 million of gross proceeds from the Registered Direct Offering, net of offering costs of $0.5 million, $0.2 million of gross proceeds from the Mustang ATM and $0.2 million raised from the issuance of our common stock in connection with our Employee Stock Purchase Plan (the “ESPP”).

Contractual Obligations

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We enter into contracts in the normal course of
business with licensors, CROs, contract manufacturing organizations (“CMOs”) and other third parties for the procurement of
various products and services, including without limitation biopharmaceutical development, biologic assay development, commercialization,
clinical and preclinical development, clinical trials management, pharmacovigilance and manufacturing and supply. These contracts typically
do not contain minimum purchase commitments (although they may) and are generally terminable by us upon written notice. Payments due upon
termination or cancelation/delay consist of payments for services provided or expenses incurred, including non-cancelable obligations
of our service providers, up to the date of cancellation; in certain cases, our contractual arrangements with CROs and CMOs include cancelation
and/or delay fees and penalties.

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Table of Contents

Item 7A. Quantitative and Qualitative Disclosures About Market Risks

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None.

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Item 8. Financial Statements and Supplementary Data.

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The information required by this Item is
set forth in the financial statements and notes thereto beginning at page F-1 of this Form 10-K.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

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None.

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Item 9A. Controls and Procedures.

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Disclosure Controls and Procedures

Controls and Procedures

Disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed only to provide reasonable assurance that they will meet their objectives.
Under the supervision and with the participation of our management, including our principal executive and financial officer, we conducted
an evaluation of the effectiveness, as of December 31, 2024, of