<SEC-DOCUMENT>0001104659-25-087786.txt : 20250905
<SEC-HEADER>0001104659-25-087786.hdr.sgml : 20250905
<ACCEPTANCE-DATETIME>20250905160152
ACCESSION NUMBER:		0001104659-25-087786
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250905
DATE AS OF CHANGE:		20250905

FILER:

	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

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279891
		FILM NUMBER:		251296687

	BUSINESS ADDRESS:	
		STREET 1:		377 PLANTATION STREET
		CITY:			WORCESTER
		STATE:			MA
		ZIP:			01605
		BUSINESS PHONE:		7816524500

	MAIL ADDRESS:	
		STREET 1:		377 PLANTATION STREET
		CITY:			WORCESTER
		STATE:			MA
		ZIP:			01605
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2525373d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<html>
<head>
     <title></title>
</head>
<body style="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-279891</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AMENDMENT NO. 3 DATED SEPTEMBER 5, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>to Prospectus Supplement dated June 19, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>(To Prospectus dated June 12, 2024)</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MUSTANG BIO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $4,750,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment No. 3 to Prospectus
Supplement (this &ldquo;Amendment&rdquo;) further amends our prospectus supplement dated June 19, 2024 (the &ldquo;Prospectus Supplement&rdquo;).
This Amendment should be read in conjunction with Amendment No. 1 to Prospectus Supplement (&ldquo;Amendment No. 1&rdquo;) and Amendment
No. 2 to Prospectus Supplement (&ldquo;Amendment No. 2&rdquo;), the Prospectus and Registration Statement on Form S-3 containing the base
prospectus and an ATM prospectus, each dated June 12, 2024 (File No. 333-279891) (collectively, the &ldquo;Prospectus&rdquo;), and is
qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the
Prospectus Supplement and the Prospectus, and any future amendments or supplements thereto. This Amendment is not complete without, and
may only be delivered or utilized in connection with, the Prospectus Supplement, as amended, and the Prospectus, and any future amendments
or supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We entered into an At the
Market Offering Agreement (the &ldquo;sales agreement&rdquo;) dated May 31, 2024, with H.C. Wainwright &amp; Co., LLC (&ldquo;Wainwright&rdquo;),
as Agent, relating to the offer and sale of shares of our common stock, par value $0.0001 per share, offered by the Prospectus. On June
19, 2024, we filed the Prospectus Supplement to suspend the sales agreement and to terminate the continuous offering by us under the Prospectus,
effective on June 19, 2024. On July 3, 2024, we filed Amendment No. 1 to amend the Prospectus Supplement to reinstate the sales agreement
and the continuous offering by us pursuant to the Prospectus and to update the amount of shares of common stock we were eligible to sell
under General Instruction I.B.6 of Form S-3. On August 16, 2024, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our common
stock involves a high degree of risk. Before making an investment decision, please read the information under the heading &ldquo;Risk
Factors&rdquo; in the Prospectus and the documents incorporated by reference therein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this Amendment,
the Prospectus Supplement or the Prospectus are truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>H.C. Wainwright &amp; Co.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this Amendment No. 3 to Prospectus
Supplement is September 5, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

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