Company: MBIO
Filing Date: 2025-02-07
Form Type: 424B4
Source: 0001410578-25-000085
Chunk: 220

Company: MUSTANG BIO, INC.
Filing Date: 2025-02-07
Form: 424B4
Chunk 220
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 2023 and 2022                                                 
 Statements of Operations for the Years Ended December 31, 2023 and 2022                         | ​ 
 ​ | F-2 
 F-4 
 F-5 |
|:------------------------------------------------------------------------------------------------|:--|:----|
| Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2023 and 2022    | ​ | F-6 |
| Statements of Cash Flows for the Years Ended December 31, 2023 and 2022                         | ​ | F-7 |
| Notes to Financial Statements                                                                   | ​ | F-8 |

As of September 30, 2024 and for the Nine Months Ended September 30, 2024 and September 30, 2023 (Unaudited)

| Balance Sheets as of September 30, 2024 and 2023                                                    
 Statements of Operations for the Nine Months Ended September 30, 2024 and 2023                      | ​ | ​    
 F-30 
 F-31 |
|:----------------------------------------------------------------------------------------------------|:--|:-----|
| Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2024 and 2023 | ​ | F-32 |
| Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023                      | ​ | F-34 |
| Notes to Financial Statements                                                                       | ​ | F-35 |

F-1

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Mustang Bio, Inc.:

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Mustang Bio, Inc. (the Company) as of December 31, 2023 and 2022, the related statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company’s expectation to generate operating losses and negative operating cash flows in the future, and