Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 58

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 58
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 we may establish; |

| ● | maintaining patent protection and regulatory exclusivity for our product candidates; and |

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| ● | raising additional required capital on acceptable terms. |

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Our operations have historically been limited
to organizing the Company, acquiring, developing and securing our proprietary technology and identifying and obtaining preclinical data
or clinical data for various product candidates. These operations provide a limited basis for you to assess our ability to continue to
develop our technology, identify product candidates, develop and commercialize any product candidates we are able to identify and enter
into successful collaborative arrangements with other companies, as well as for you to assess the advisability of investing in our securities.
Each of these requirements will require substantial time, effort and financial resources.

Each of our product candidates will require additional
clinical development, management of clinical and manufacturing activities, regulatory approval in the jurisdictions in which we plan to
market the product, obtaining manufacturing supply, building a commercial organization, and significant marketing efforts before we generate
any revenues from product sales, which may not occur. We are not permitted to market

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or promote any of our product candidates in the
U.S. or any other jurisdiction before we receive regulatory approval from the FDA or comparable foreign regulatory authority, respectively,
and we may never receive such regulatory approval for any of our product candidates.

Our approach to the development of our product candidates is unproven, and we do not know whether we will be able to develop any products of commercial value.

Our product candidates are emerging technologies
and, consequently, it is conceivable that such technologies may ultimately fail to develop into commercially viable therapies to treat
human patients with cancer or other diseases. One of the reasons for the lack of commercial viability could be our inability to obtain
regulatory approval for such technologies.

CAR T is a relatively new approach to cancer treatment that presents significant challenges.

We have concentrated much of our research and
development efforts on CAR T technology, and our future success is highly dependent on the successful development of T cell immunotherapies
in general and our CAR T technology and product candidates in particular. Because CAR T is a relatively new approach to cancer immunotherapy
and cancer treatment generally, developing and commercializing our product candidates subjects us to a number of challenges, including,
but not necessarily limited to:

| ● | obtaining regulatory approval from the FDA and other regulatory authorities that may have very limited experience with the commercial development of genetically modified T cell therapies for cancer; |

| ●