Mesoblast (MSB) Registration filing summary

Company overview and business model

• Develops late-stage product candidates using proprietary mesenchymal lineage cell therapy platforms targeting systemic inflammatory diseases, chronic heart failure, and chronic low back pain.

• Manufactures industrial-scale, cryopreserved, off-the-shelf cellular medicines for global distribution upon regulatory approval.

• Product candidates include Remestemcel-L for steroid refractory acute graft versus host disease and Rexlemestrocel-L for chronic heart failure and low back pain.

• Utilizes rigorous scientific and clinical trial processes to ensure safety, efficacy, and regulatory compliance.

Financial performance and metrics

• As of June 30, 2024: cash and cash equivalents of $62.96 million, current borrowings of $13.86 million, non-current borrowings of $100.48 million.

• Issued capital of $1.31 billion, reserves of $78.3 million, accumulated losses of $908.76 million, total equity of $480.36 million, and total capitalization of $594.7 million.

• Has incurred operating losses since inception and anticipates continued substantial losses; has never generated revenue from product sales.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of ADSs by the selling shareholder.

• Will receive $9.06 per ADS upon exercise of warrants issued in a recent private placement.

• Private placement allows for issuance of up to $50 million in convertible notes if FDA approval is obtained for lead product candidate.