Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 5

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 5
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 to secure adequate protection for our intellectual property; |

| ● | ability to attract and retain key personnel; |

| ● | ability to obtain reimbursement for our products, if approved; |

| ● | estimates of the sufficiency of our existing cash and cash equivalents and investments to finance our operating requirements, including expectations regarding the value and liquidity of our investments; and |

| ● | stock price and the volatility of the equity markets, including as a result of economic and geopolitical conditions. |

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We have based these forward-looking statements largely on our current expectations, estimates, forecasts, and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events.Except as required by law, we assume no responsibility for updating any forward-looking statements.

We qualify all of our forward-looking statements
by these cautionary statements whether as a result of new information, future events or otherwise.

Table of Contents

<div align='center'>SUMMARY OF RISK FACTORS</div>

Our business is subject to risks of which you
should be aware before making an investment decision. The risks described below are a summary of the principal risks associated with an
investment in us and are not the only risks we face. You should carefully consider these risk factors, the risk factors described in Part
I, Item 1A of this Form 10-K, and the other reports and documents that we have filed with the Securities and Exchange Commission (the
“SEC”).

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Risks Related to our Finances and Capital Requirements

| ● | We have incurred significant losses since our inception and anticipate that we will incur continued losses for the foreseeable future. |

| ● | There is substantial doubt regarding our ability to continue as a going concern. We will need to raise additional financing in upcoming periods, which may not be available on acceptable terms to us, or at all. Failure to obtain necessary capital when needed may force us to delay, limit or terminate our potential product candidates. |

| ● | We have not generated any revenue from our development stage products, and we do not know when, or if, we will generate any revenue. |

| ● | Our short operating history makes it difficult to evaluate our business and prospects. |

| ● | Our success is contingent on raising additional capital, and our efforts to do so may fail. Even if successful, our future capital raising activities may