Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 99

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 99
---
 extent to which such breach, if deemed to have occurred, is or can be cured within applicable cure periods, if any; |

| ● | disputes regarding patent filing and prosecution decisions, as well as payment obligations regarding past and ongoing patent expenses; |

| ● | intellectual property rights resulting from the joint creation or use of intellectual property (including improvements made to licensed intellectual property) by our and our partners’ licensors and us and our partners; and |

| ● | the priority of invention of patented technology. |

<div align='center'>51</div>

​

Table of Contents

In addition, the agreements under which we currently
license intellectual property or technology from third parties are complex, and certain provisions in such agreements may be susceptible
to multiple interpretations or may conflict in such a way that puts us in breach of one or more agreements, which would make us susceptible
to lengthy and expensive disputes with one or more of such third-party licensing partners. The resolution of any contract interpretation
disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology,
or increase what we believe to be our financial or other obligations under the relevant agreements, either of which could have a material
adverse effect on our business, financial condition, results of operations and prospects. Moreover, if disputes over intellectual property
that we have licensed prevent or impair our ability to maintain our current licensing arrangements on commercially acceptable terms, we
may be unable to successfully develop and commercialize the affected product candidates, which could have a material adverse effect on
our business, financial conditions, results of operations and prospects.

<div align='center'>Risks Relating to Our Control by Fortress</div>

​

Fortress controls a voting majority of our common stock.

Pursuant to the terms of the Class A Preferred
Stock held by Fortress, Fortress is entitled to cast, for each share of Class A Preferred held by Fortress, the number of votes that
is equal to one and one-tenth (1.1) times a fraction, the numerator of which is the sum of (A) the shares of outstanding common stock
and (B) the whole shares of common stock into which the shares of outstanding Class A common shares and the Class A Preferred
Stock are convertible and the denominator of which is the number of shares of outstanding Class A Preferred Stock. Accordingly, Fortress
is able to control or significantly influence all matters requiring approval by our stockholders, including the election of directors
and the approval of mergers or