Mesoblast (MSB) AGM 2024 summary

Opening remarks and agenda

• The meeting was formally opened with a quorum present, welcoming both in-person and webcast participants, and outlining procedures for technical issues.

• Directors, key executives, and the auditor were introduced, with roles and availability for post-meeting discussions noted.

• The agenda included a review of the past year, operational and strategic updates, Q&A, and formal resolutions.

• Presented Mesoblast's mission to deliver innovative allogeneic cellular medicines for inflammatory diseases and outlined the vision to be a global leader in this field.

• Emphasized commitment to shareholder value and attracting motivated talent to achieve corporate goals.

Financial performance review

• Cash balance as of September 30, 2024, was US $51.1 million, with an additional US $60.0 million available upon FDA approval of RYONCIL.

• Entered a convertible note agreement for up to US $50.0 million, contingent on FDA approval of RYONCIL.

• Net operating cash spend for the quarter ended September 30, 2024, was US $10.5 million, a 26% reduction compared to the same quarter in FY2024.

• Executives accepted stock in lieu of a portion of salaries to support cash preservation.

Board and executive committee updates

• Jane Bell delivered her first address as Chair, expressing optimism for the future and acknowledging the outgoing Chair's contributions.

• Board and executive roles were clarified, with several directors and executives participating remotely.