Company: MBIO
Filing Date: 2025-04-01
Form Type: POS EX
Source: 0001104659-25-030659
Chunk: 2

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: POS EX
Chunk 2
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us, as supplemented, and the balance of Part II of the Registration Statement
are unchanged hereby and have been omitted.

<div align='center'>PART II

INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 16. Exhibits and Financial Statement Schedules

The exhibits listed below are filed as part of
this Registration Statement.

|         |     |                                                                    |     | Incorporated by Reference |     |             |     |      |     |             |     |                             |
| Exhibit 
 No.     |     | Description                                                        |     | Form                      |     | File Number |     | Date |     | Exhibit No. |     | Filed or furnished herewith |
| 23.1    |     | Consent of KPMG LLP, independent registered public accounting firm |     |                           |     |             |     |      |     |             |     | X                           |

<div align='center'>SIGNATURES</div>

Pursuant to the requirements of the Securities
Act, the Registrant has duly caused this post-effective amendment to the Registration Statement on Form S-1 to be signed on its behalf
by the undersigned, thereunto duly authorized, in City of Worcester, Commonwealth of Massachusetts, on April 1, 2025.

| Mustang Bio, Inc. |                                                                        |
| By:               | /s/ Manuel Litchman, M.D.                                              |
|                   | Manuel Litchman, M.D.                                                  |
|                   | President, Chief Executive Officer and Interim Chief Financial Officer |

Pursuant to the requirements
of the Securities Act, this post-effective amendment to the Registration Statement on Form S-1 has been signed by the following persons
in the capacities and on the dates indicated.

| Signature                  
 /s/ Manuel Litchman, M.D.  
 Manuel Litchman, M.D.      |     | Title                                                                         
 President, Chief Executive Officer,                                           
 Interim Chief Financial Officer and Director                                  
 (Principal Executive Officer, and Principal Financial and Accounting Officer) |     | Date          
 April 1, 2025 |
|:---------------------------|:----|:------------------------------------------------------------------------------|:----|:--------------|
| *                          |     | Chairman of the Board of Directors and Executive                              |     |               |
| Michael S. Weiss           |     | Chairman                                                                      |     | April 1, 2025 |
| *                          |     |                                                                               |     |               |
| Adam Chill                 |     | Director                                                                      |     |