Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 33

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 33
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 basis.

SUPPLY AND MANUFACTURING

As an early-stage development company, we rely
on our research partners to manufacture or have manufactured all LV vectors used in the clinical development programs currently in progress
at COH and Fred Hutch under the IND applications filed by these institutions. In addition, we rely on the NIH to produce oncolytic virus
for the aforementioned UAB Phase 1 trials of Nationwide’s herpes simplex virus type 1 oncolytic virus (MB-108), and potentially
as well for the Phase 1 investigator-sponsored single-institution MB-109 combination trial currently under discussion with COH and Nationwide.

Pursuant to the March 2015 Licensing Agreement
with COH, we have the right to make and have made the cellular products, and we have negotiated Investigator-Initiated Clinical Research
Support Agreements with COH and Fred Hutch which specify the cell processing costs and numbers of patients which will be supplied under
filed protocols. Our research partners have extensive experience manufacturing clinical materials for development studies, but we are
currently dependent on both their capacity limitations and continued operating success to manufacture LV vector and to process cells for
all CAR T clinical trials for which these partners hold the INDs, as well as to have manufactured oncolytic virus for the MB-108 investigator-IND
clinical trial being conducted at UAB.

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Table of Contents

We have limited experience in processing cells
for clinical or commercial purposes. In 2018, we opened our own cell processing facility in Worcester, Massachusetts, in order to manufacture
and supply cellular product candidates for all clinical trials that would be conducted under IND applications to be filed by us. In May
2023, we entered into an Asset Purchase Agreement (the “Prior Asset Purchase Agreement”) with uBriGene (Boston) Biosciences,
Inc. (“uBriGene”), pursuant to which we agreed to sell our leasehold interests in our cell processing facility and associated
assets relating to the manufacturing and production of cell and gene therapies. On July 28, 2023, we completed the sale of all of our
assets relating to our operations primarily relating to the manufacturing and production of cell and gene therapies. In June 2024, we
entered into an Asset Purchase Agreement with uBriGene to repurchase the assets, properties and rights previously transferred by the Company
to uBriGene under the Prior Asset Purchase Agreement, excluding any inventory transferred under the Prior Asset Purchase