SCHEDULE 13G/A 0001646799 XXXXXXXX LIVE 2 Common stock, par value $0.0001 per share 06/30/2025 0001680048 Mustang Bio, Inc 62818Q302 95 Sawyer Road Suite 110 Waltham MA 02453 Rule 13d-1(c) Mitchell P. Kopin X1 0.00 185527.00 0.00 185527.00 185527.00 N 4.99 HC IN Daniel B. Asher X1 0.00 185527.00 0.00 185527.00 185527.00 N 4.99 HC IN Intracoastal Capital LLC DE 0.00 185527.00 0.00 185527.00 185527.00 N 4.99 OO Mustang Bio, Inc 95 Sawyer Road, Suite 110, Waltham, Massachusetts 02453 This Schedule 13G is being filed on behalf of (i) Mitchell P. Kopin, an individual ("Mr. Kopin"), (ii) Daniel B. Asher, an individual ("Mr. Asher") and (iii) Intracoastal Capital LLC, a Delaware limited liability company ("Intracoastal" and together with Mr. Kopin and Mr. Asher, collectively the "Reporting Persons"). The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483. The principal business office of Mr. Asher is 1011 Lake Street, Suite 311, Oak Park, Illinois 60301. Mr. Kopin is a citizen of the United States of America. Mr. Asher is a citizen of the United States of America. Intracoastal is a Delaware limited liability company. Y As of the close of business on June 30, 2025, each of the Reporting Persons may have been deemed to have beneficial ownership of 185,527 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal ("Intracoastal Warrant 1"), and all such shares of Common Stock represent beneficial ownership of approximately 4.99% of the Common Stock, based on (1) 3,532,452 shares of Common Stock outstanding as of May 13, 2025, as reported by the Issuer, plus (2) 185,527 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1. The foregoing excludes (I) 478,925 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1 because Intracoastal Warrant 1 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock and (II) 664,452 shares of Common Stock issuable upon exercise of a second warrant held by Intracoastal ("Intracoastal Warrant 2") because Intracoastal Warrant 2 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 2 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,328,904 shares of Common Stock. 4.99% 0 185,527 0 185,527 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Mitchell P. Kopin /s/ Mitchell P. Kopin 08/12/2025 Daniel B. Asher /s/ Daniel B. Asher 08/12/2025 Intracoastal Capital LLC /s/ Mitchell P. Kopin 08/12/2025