Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 81

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 81
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 alternative arrangements, our product development and commercialization activities could
be delayed.

We may be forced to enter into an agreement with
a different manufacturer, which we may not be able to do on reasonable terms, if at all. In some cases, the technical skills required
to manufacture LV vector for our drug product candidates may be unique or proprietary to the original manufacturer, and we may have difficulty
or there may be contractual restrictions prohibiting us from, transferring such skills to a back-up or alternate supplier, or we may be
unable to transfer such skills at all. Any of these events could lead to clinical study delays or

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failure to obtain marketing approval or impact
our ability to successfully commercialize our product candidates or any future product candidates, if approved. Some of these events could
be the basis for FDA action, including injunction, recall, seizure or total or partial suspension of production.

We rely on clinical data and results obtained by third parties that could ultimately prove to be inaccurate or unreliable.

As part of our strategy to mitigate development
risk, we seek to develop product candidates with well-studied mechanisms of action, and we utilize biomarkers to assess potential clinical
efficacy early in the development process. This strategy necessarily relies upon clinical data and other results obtained by third parties
that may ultimately prove to be inaccurate or unreliable. Further, such clinical data and results may be based on products or product
candidates that are significantly different from our product candidates or any future product candidate. If the third-party data and results
we rely upon prove to be inaccurate, unreliable or not applicable to our product candidates or future product candidate, we could make
inaccurate assumptions and conclusions about our product candidates and our research and development efforts could be compromised.

We may need to license certain intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.

A third party may hold intellectual property,
including patent rights that are important or necessary to the development and commercialization of our products. It may be necessary
for us to use the patented or proprietary technology of third parties, who may or may not be interested in granting such a license, to
commercialize our products, in which case we would be required to obtain a license from these third parties on commercially reasonable
terms, or our business could be harmed, possibly materially.

Collaborative relationships with third parties could cause us to expend significant resources and incur substantial business risk with no