Company: MBIO
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001104659-25-030657
Chunk: 57

Company: MUSTANG BIO, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 57
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 changes are outside our control. As a result,
our ability to use our pre-change NOLs and other pre-change tax attributes to offset post-change taxable income or taxes may be subject
to limitation.

<div align='center'>Risks Related to Our Business Strategy, Structure, and Organization</div>

We currently have no products for sale. We are heavily dependent on the success of our product candidates, and we cannot give any assurances that any of our product candidates will receive regulatory approval or be successfully commercialized.

To date, we have invested a significant portion
of our efforts and financial resources in the acquisition and development of our product candidates. We have not demonstrated our ability
to perform the functions necessary for the successful acquisition, development or commercialization of the technologies we are seeking
to develop. As an early stage company, we have limited experience and have not yet demonstrated an ability to successfully overcome many
of the risks and uncertainties frequently encountered by companies in new and rapidly evolving fields, particularly in the biopharmaceutical
area. Our future success is substantially dependent on our ability to successfully develop, obtain regulatory approval for, and then commercialize
such product candidates. Most of our product candidates are currently in early stage clinical trials. Our business depends entirely on
the successful development and commercialization of our product candidates, which may never occur. We currently have no drug products
for sale, currently generate no revenues from sales of any drug products, and may never be able to develop or commercialize a marketable
product.

The successful development, and any commercialization,
of our technologies and any product candidates that may occur would require us to successfully perform a variety of functions, including:

| ● | developing our technology platform; |

| ● | identifying, developing, formulating, manufacturing and, if approved, commercializing product candidates; |

| ● | entering into successful licensing and other arrangements with product development partners; |

| ● | participating in regulatory approval processes, including ultimately gaining approval to market a drug product, which may not occur; |

| ● | obtaining sufficient quantities of our product candidates from our third-party manufacturers to meet clinical trial needs and, if approved, to meet commercial demand at launch and thereafter; |

| ● | establishing and maintaining agreements with wholesalers, distributors and group purchasing organizations on commercially reasonable terms; |

| ● | conducting sales and marketing activities including hiring, training, deploying and supporting our sales force and creating market demand for our product candidates through our own marketing and sales activities, and any other arrangements to promote our product candidates that