Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 185

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 185
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| Supplemental disclosure of cash flow information:                                                          | ​ |                                 |       ​ | ​ |   |         |
| Cash paid for interest                                                                                     | ​ | $                               |       — | ​ | $ |   1,340 |
| ​                                                                                                          | ​ |                                 |         | ​ |   |         |
| Supplemental disclosure of noncash activities:                                                             | ​ |                                 |         | ​ |   |         |
| Issuance of common shares - Founders Agreement and Equity fee to Fortress                                  | ​ | $                               |     591 | ​ | $ |   1,109 |
| ​                                                                                                          | ​ | ​                               |       ​ | ​ | ​ |       ​ |
| Supplemental disclosure of noncash activities related to the uBriGene Repurchase Transaction (see Note 5): | ​ | ​                               |       ​ | ​ | ​ |       ​ |
| Fair value of assets received                                                                              | ​ | $                               |   2,209 | ​ | $ |       — |
| Fair value of supplies received expensed to research and development                                       | ​ | $                               |   2,509 | ​ | $ |       — |
| Accounts receivable written off                                                                            | ​ | $                               |  -6,967 | ​ | $ |       — |
| Accounts payable written off                                                                               | ​ | $                               |   3,644 | ​ | $ |       — |
| Deferred purchase consideration                                                                            | ​ | $                               |  -1,295 | ​ | $ |       — |

<div align='center'>See accompanying notes to financial statements.

F-7</div>

Table of Contents

Notes to Financial Statements

Note 1 - Organization and Description of Business

Mustang Bio, Inc. (the “Company”
or “Mustang”) was incorporated in Delaware on March 13, 2015. Mustang is a clinical-stage biopharmaceutical company focused
on translating today’s medical breakthroughs into potential cures for difficult-to-treat cancers and autoimmune diseases. The Company
may acquire rights to these technologies by licensing the rights or otherwise acquiring an ownership interest in the technologies, funding
their research and development and eventually either out-licensing or bringing the technologies to market.

The Company is a majority-controlled subsidiary
of Fortress Biotech, Inc. (“Fortress” or “Parent”).

The Company’s common stock is listed on the Nasdaq Capital Market and