Mesoblast (MSB) AGM 2025 Presentation summary

Mission and strategy

• Aims to be the global leader in innovative, off-the-shelf allogeneic cell therapies for serious inflammatory diseases.

• Focuses on commercializing RYONCIL and expanding its label indications.

• Pursues profitability through strong cash flow, efficient operations, and optimal capital structure.

• Transitioning to a more efficient commercial organization with new executive leadership.

• Strategic partnerships and commercial collaborations are key to unlocking pipeline value.

Financial performance and position

• Achieved US FDA approval for RYONCIL in December 2024 and launched in April 2025.

• RYONCIL gross revenue reached $22 million in Q1 FY26, with expectations of over $30 million in Q2 FY26.

• Cash balance of $145 million as of September 30, 2025.

• Net operating cash usage for Q1 FY26 was $14.9 million.

• Operating plan includes investment in Phase 3 programs, manufacturing, and debt management.

Commercial execution and market adoption

• Over 40 centers onboarded, covering 80% of pediatric bone marrow transplants in the US.

• More than 260 million US lives covered under insurance for RYONCIL.

• Assigned a specific HCPCS J-Code by CMS and established a patient hub.

• Initial demand for RYONCIL indicates significant unmet need in the market.