<SEC-DOCUMENT>0001104659-25-125232.txt : 20251230
<SEC-HEADER>0001104659-25-125232.hdr.sgml : 20251230
<ACCEPTANCE-DATETIME>20251230161614
ACCESSION NUMBER:		0001104659-25-125232
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251230
FILED AS OF DATE:		20251230
DATE AS OF CHANGE:		20251230

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Chill Adam J.
		CENTRAL INDEX KEY:			0001626451
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38191
		FILM NUMBER:		251614462

	MAIL ADDRESS:	
		STREET 1:		24 NEW ENGLAND EXECUTIVE PARK
		STREET 2:		SUITE 105
		CITY:			BURLINGTON
		STATE:			MA
		ZIP:			01803

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUSTANG BIO, INC.
		CENTRAL INDEX KEY:			0001680048
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				473828760
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		95 SAWYER RD
		STREET 2:		SUITE 110
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
		BUSINESS PHONE:		7816524500

	MAIL ADDRESS:	
		STREET 1:		95 SAWYER RD
		STREET 2:		SUITE 110
		CITY:			WALTHAM
		STATE:			MA
		ZIP:			02453
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2534509-2_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001680048</issuerCik>
        <issuerName>MUSTANG BIO, INC.</issuerName>
        <issuerTradingSymbol>MBIO</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001626451</rptOwnerCik>
            <rptOwnerName>Chill Adam J.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>95 SAWYER ROAD, SUITE 110</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02453</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK, PAR VALUE $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.9548</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>375</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Effective January 15, 2025, the Issuer effected a one-for-fifty reverse stock split of its common stock (the &quot;Reverse Stock Split&quot;). The amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Adam Chill</signatureName>
        <signatureDate>2025-12-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
