Fortress Biotech, Inc. Amendment to Schedule 13D for Mustang Bio, Inc.

Fortress Biotech, Inc. has filed an amendment to its Schedule 13D regarding its holdings in Mustang Bio, Inc. The amendment reflects that Fortress Biotech owns 258,858 shares of Mustang Bio's common stock, representing 4.0% of the outstanding shares. This includes 250,000 shares of Class A preferred stock, which are convertible into 333 shares of common stock. The filing also details the terms of the Founders Agreement, which entitles Fortress Biotech to an equity fee in the form of Mustang Bio common stock equal to 2.5% of any equity or debt financing. Additionally, the amendment includes information about warrants held by Fortress Biotech's executives, which are exercisable until July 15, 2035. The filing indicates that Fortress Biotech ceased to beneficially own more than 5% of Mustang Bio's common stock as of September 29, 2025.