Company: MBIO
Filing Date: 2025-09-05
Form Type: 424B5
Source: 0001104659-25-087786
Chunk: 1

Company: MUSTANG BIO, INC.
Filing Date: 2025-09-05
Form: 424B5
Chunk 1
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 we filed Amendment No. 2 to update the amount of shares of common stock
we were eligible to sell under General Instruction I.B.6 of Form S-3. We are filing this Amendment to further update the amount of shares
of common stock we are eligible to sell under General Instruction I.B.6 of Form S-3.

As of September 5, 2025,
the aggregate market value of our outstanding common stock held by non-affiliates, or the public float, was $20,677,132, which was
calculated based on 6,190,758 shares of our outstanding common stock held by non-affiliates as of September 5, 2025, and at a price
of $3.34 per share, the closing price of our common stock on July 7, 2025. In no event will we sell shares of our common stock
pursuant to the Prospectus and the Prospectus Supplement, as amended by this Amendment, in an amount greater than the lower of (i)
such amount as is registered on our Registration Statement on Form S-3 of which the Prospectus forms a part or, (ii) pursuant to
General Instruction I.B.6, an amount with a value, taken together with the aggregate market value of all other securities sold by us
or on our behalf pursuant to General Instruction I.B.6 to Form S-3 during the prior 12-month calendar period that ends on and
includes the date hereof, of more than one-third of the aggregate market value of our common stock held by non-affiliates in any
12-month period, so long as the aggregate market value of our common stock held by non-affiliates is less than $75,000,000. As of
the date of this Amendment, we have offered and sold $2,102,821 of securities pursuant to General Instruction I.B.6 of Form S-3
during the prior 12-month calendar period that ends on and includes the date hereof.

As a result of these limitations
and the current public float of our common stock, and in accordance with the terms of the sales agreement, we may offer and sell shares
of our common stock having an aggregate offering price of up to $4,750,000 from time to time through Wainwright.

Investing in our common stock involves a high degree of risk. Before making an investment decision, please read the information under the heading “Risk Factors” in the Prospectus