Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 150

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 150
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risk.

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Table of Contents

Our management assessed the effectiveness of our
internal control over financial reporting as of December 31, 2024. In making the assessment, management used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework (2013).

Based on our assessment, our management has concluded
that, as of December 31, 2024, our internal controls over financial reporting were effective based upon those criteria.

Changes in Internal Controls over Financial Reporting.

There were no changes in our internal control
over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect,
our internal control over financial reporting.

Item 9B. Other Information

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During the three months ended December 31, 2024,
none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading
arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevents Inspections.

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None.

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<div align='center'>PART III</div>

Item 10. Directors, Executive Officers and Corporate Governance

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The following table sets forth information regarding
our executive officers and directors, including their ages as of the date of this Form 10-K.

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| Name                       |   | Age |   | Position(s)                                                                      |
| Executive Officers         |   |     |   |                                                                                  |
| Manuel Litchman, M.D.      |   |  71 |   | President, Chief Executive Officer, Interim Chief Financial Officer and Director |
| ​                          | ​ |   ​ | ​ | ​                                                                                |
| Non-Employee Directors     |   |     |   |                                                                                  |
| Michael S. Weiss           |   |  59 |   | Chairman of the Board of Directors and Executive Chairman                        |
| Adam J. Chill              |   |  57 |   | Director                                                                         |
| Neil Herskowitz            |   |  68 |   | Director                                                                         |
| David Jin                  | ​ |  35 | ​ | Director                                                                         |
| Lindsay A. Rosenwald, M.D. |   |  69 |   |