<SEC-DOCUMENT>0001429260-26-000002.txt : 20260105
<SEC-HEADER>0001429260-26-000002.hdr.sgml : 20260105
<ACCEPTANCE-DATETIME>20260105163031
ACCESSION NUMBER:		0001429260-26-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260102
FILED AS OF DATE:		20260105
DATE AS OF CHANGE:		20260105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Fortress Biotech, Inc.
		CENTRAL INDEX KEY:			0001429260
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38191
		FILM NUMBER:		26506800

	BUSINESS ADDRESS:	
		STREET 1:		1111 KANE CONCOURSE
		STREET 2:		SUITE 301
		CITY:			BAY HARBOR ISLANDS
		STATE:			FL
		ZIP:			33154
		BUSINESS PHONE:		781-652-4500

	MAIL ADDRESS:	
		STREET 1:		1111 KANE CONCOURSE
		STREET 2:		SUITE 301
		CITY:			BAY HARBOR ISLANDS
		STATE:			FL
		ZIP:			33154

	FORMER NAME:	
		FORMER CONFORMED NAME:	CORONADO BIOSCIENCES INC
		DATE OF NAME CHANGE:	20080310

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>form4-01052026_040122.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-01-02</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001429260</rptOwnerCik>
            <rptOwnerName>Fortress Biotech, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1111 KANE CONCOURSE SUITE 301</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BAY HARBOR ISLANDS</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33154</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK, PAR VALUE $0.0001</value>
            </securityTitle>
            <transactionDate>
                <value>2026-01-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>278385</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>536577</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person is entitled to an annual dividend on its Class A Preferred Stock equal to 2.5% of the Issuer's fully diluted outstanding capitalization on December 31.  278,385 shares were granted by the Issuer to the Reporting person for the 2025 annual dividend.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Samuel Berry, Attorney-in-Fact</signatureName>
        <signatureDate>2026-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
