Mesoblast (MSB) Q2 2026 earnings summary

Executive summary

• RyoncilⓇ net revenues reached US$30 million for the quarter ended December 31, 2025, a 60% increase over the prior quarter, driven by strong sales and expanded clinical use.

• A new non-dilutive US$125 million credit line was established at a lower fixed interest rate, enhancing financial flexibility for strategic initiatives.

• RyoncilⓇ remains the only FDA-approved MSC therapy for pediatric SR-aGvHD, with positive real-world outcomes and ongoing label expansion efforts.

Financial highlights

• Gross sales for RyoncilⓇ were US$35 million, with net revenues of US$30 million, up 60% sequentially from the previous quarter.

• Cash at quarter end was US$130 million; net operating cash spend for the quarter was US$16 million.

• Net cash from operating activities for the quarter was negative US$15.6 million.

• Estimated quarters of funding available is 11.6, based on current cash and financing facilities.

Outlook and guidance

• Net cash spend is expected to decrease over the remainder of the fiscal period due to projected revenue receipts and tight expense control.

• Pivotal trial for RyoncilⓇ in adults with SR-aGvHD to commence site enrollment this quarter, targeting a population three times larger than pediatric.

• Confirmatory Phase 3 trial for rexlemestrocel-L in chronic low back pain is actively recruiting and expected to complete enrollment in three months.