Company: MBIO
Filing Date: 2025-09-05
Form Type: 424B5
Source: 0001104659-25-087786
Chunk: 0

Company: MUSTANG BIO, INC.
Filing Date: 2025-09-05
Form: 424B5
Chunk 0
---
Filed Pursuant to Rule 424(b)(5)

Registration No. 333-279891

AMENDMENT NO. 3 DATED SEPTEMBER 5, 2025

to Prospectus Supplement dated June 19, 2024

(To Prospectus dated June 12, 2024)

<div align='center'>MUSTANG BIO, INC.

Up to $4,750,000

Common Stock</div>

This Amendment No. 3 to Prospectus
Supplement (this “Amendment”) further amends our prospectus supplement dated June 19, 2024 (the “Prospectus Supplement”).
This Amendment should be read in conjunction with Amendment No. 1 to Prospectus Supplement (“Amendment No. 1”) and Amendment
No. 2 to Prospectus Supplement (“Amendment No. 2”), the Prospectus and Registration Statement on Form S-3 containing the base
prospectus and an ATM prospectus, each dated June 12, 2024 (File No. 333-279891) (collectively, the “Prospectus”), and is
qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the
Prospectus Supplement and the Prospectus, and any future amendments or supplements thereto. This Amendment is not complete without, and
may only be delivered or utilized in connection with, the Prospectus Supplement, as amended, and the Prospectus, and any future amendments
or supplements.

We entered into an At the
Market Offering Agreement (the “sales agreement”) dated May 31, 2024, with H.C. Wainwright & Co., LLC (“Wainwright”),
as Agent, relating to the offer and sale of shares of our common stock, par value $0.0001 per share, offered by the Prospectus. On June
19, 2024, we filed the Prospectus Supplement to suspend the sales agreement and to terminate the continuous offering by us under the Prospectus,
effective on June 19, 2024. On July 3, 2024, we filed Amendment No. 1 to amend the Prospectus Supplement to reinstate the sales agreement
and the continuous offering by us pursuant to the Prospectus and to update the amount of shares of common stock we were eligible to sell
under General Instruction I.B.6 of Form S-3. On August 16, 2024,