Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 143

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 143
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 Transaction with uBriGene. The reduction occurred primarily
in April 2024 and was completed in the second quarter. Additionally in April 2024, we terminated our license agreements with St. Jude
and Leiden University Medical Centre. The mutual termination of the St. Jude license and associated Data Transfer Agreement included the
forgiveness of outstanding amounts owed by us. In June 2024, we terminated our license agreement with the Mayo Clinic, which included
the forgiveness of the outstanding amounts owed by us of approximately $0.3 million. In June 2024, we also terminated the sublease of
the Mercantile Center Facility.

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Based on our current operating plan, reflecting
these changes described above, we currently expect that such cash and cash equivalents, together with the approximately $2.5 million net
proceeds received from the ATM and $6.9 million net proceeds from the February 2025 Equity Offering, as described above, will be sufficient
to fund our operations through 2025. We will continue to seek additional funding through corporate partnerships and capital markets fundraising.
See “Risk Factors—Risks Related to Our Finances and Capital Requirements.”

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The continuation of our business as a going concern
is dependent upon raising additional capital and eventually attaining and maintaining profitable operations. There is substantial doubt
about our ability to continue as a going concern for the next 12 months from the date of issuance of these financial statements. The financial
statements included in this Form 10-K do not include any adjustments that might be necessary should operations discontinue.

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As of the date of this
Form 10-K, our public float was less than $75 million. As a result, we are subject to the limitations of General Instruction I.B.6 to
Form S-3 until such time as our public float exceeds $75 million, which means we only have the capacity to sell shares up to one-third
of our public float under shelf registration statements in any twelve-month period. If our public float decreases, the number of securities
we may sell under our Form S-3 shelf registration statements will also decrease. We will remain constrained by the limitations of General
Instruction I.B.6 to Form S-3 until such time as our public float exceeds $75 million, at which time the number of securities we may sell
under a Form S-3 registration statement will no longer be limited by limitations of General Instruction I.B.6 to Form S-3.

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Sources of Liquidity