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Mesoblast Limited
(Sydney:MSB)
Mesoblast Limited (MSB) vs. iShares MSCI Australia ETF (EWA)
Mesoblast Limited Business Overview & Revenue Model
Mesoblast Limited Earnings Call Summary
Mesoblast Limited Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.20M | 5.90M | 7.50M | 10.21M | 7.46M |
| Gross Profit | 12.07M | -35.17M | -47.42M | -53.36M | -78.28M |
| EBITDA | -73.66M | -56.08M | -58.55M | -76.57M | -84.65M |
| Net Income | -102.14M | -87.96M | -81.89M | -91.35M | -98.81M |
Balance Sheet | |||||
| Total Assets | 784.68M | 669.15M | 669.41M | 662.14M | 744.72M |
| Cash, Cash Equivalents and Short-Term Investments | 161.16M | 62.56M | 70.92M | 60.03M | 136.88M |
| Total Debt | 128.16M | 118.92M | 116.50M | 106.91M | 105.50M |
| Total Liabilities | 187.24M | 188.80M | 167.58M | 165.10M | 163.32M |
| Stockholders Equity | 597.44M | 480.36M | 501.84M | 497.04M | 581.40M |
Cash Flow | |||||
| Free Cash Flow | -50.68M | -48.79M | -63.58M | -66.01M | -108.33M |
| Operating Cash Flow | -49.95M | -48.46M | -63.27M | -65.78M | -106.68M |
| Investing Cash Flow | 120.00K | -97.00K | -194.00K | -232.00K | -1.65M |
| Financing Cash Flow | 147.34M | 40.25M | 74.50M | -9.87M | 114.47M |
Mesoblast Limited Technical Analysis
Mesoblast Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$502.51M | 15.41 | 15.90% | 0.38% | 7.76% | 1.55% | |
66 Neutral | $1.65B | 54.28 | 54.79% | ― | 12.35% | 26.73% | |
55 Neutral | $2.89B | -19.55 | -18.95% | ― | 198.58% | 3.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | AU$71.50M | -6.80 | -49.72% | ― | ― | 10.78% | |
49 Neutral | AU$567.38M | -6.72 | -35.86% | ― | ― | -19.21% | |
41 Neutral | AU$257.74M | -18.66 | -89.70% | ― | 42.05% | -0.84% |
Mesoblast Limited Corporate Events
Mesoblast reported a sharp jump in first-half fiscal 2026 revenue to US$51.3 million, driven by the successful U.S. commercial launch of Ryoncil, which generated US$48.7 million in revenue and strong gross profit. While the company still posted a net loss of US$40.2 million, cash on hand reached US$130 million, supported by a new US$125 million non-dilutive credit facility, positioning Mesoblast to reduce net cash burn and fund ongoing R&D and manufacturing.
Commercial uptake of Ryoncil is accelerating, with 49 transplant centers onboarded toward a 64-center target and reimbursement coverage now extending to 280 million U.S. lives, aided by a dedicated CMS J-Code that has boosted usage. Mesoblast is also pursuing lifecycle expansion of Ryoncil into larger adult SR-aGvHD populations and advancing late-stage development of rexlemestrocel-L in chronic low back pain and end-stage chronic heart failure, where it plans near-term U.S. regulatory filings that could create multiple new revenue streams and reinforce its position in inflammatory disease cell therapies.
The most recent analyst rating on (AU:MSB) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast released financial results and an operational update for the period ended December 31, 2025, outlining its performance and recent developments in the business. The company highlighted expectations around sales, regulatory progress, manufacturing scalability, intellectual property strength and capital needs, while emphasizing that these projections are subject to significant clinical, regulatory and commercial risks.
The update underscores Mesoblast’s continued focus on advancing its adult stem cell technologies and expanding its partnerships to grow its commercial footprint. Investors and other stakeholders are reminded that outcomes may differ materially from management’s expectations due to uncertainties in clinical trials, regulatory approvals, funding requirements and market conditions.
The most recent analyst rating on (AU:MSB) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has filed a Form 6-K with the U.S. Securities and Exchange Commission for the period ended December 31, 2025, as part of its obligations as a foreign private issuer. The filing package includes unaudited financial statements, management’s discussion and analysis of financial condition and results of operations, and updated risk factors, providing investors with interim visibility into its financial and operational status.
By lodging this report under Form 20-F reporting requirements, Mesoblast maintains its compliance with U.S. securities regulations and sustains access to U.S. capital markets. The disclosure of risk factors and management commentary may inform market perceptions of the company’s performance, strategic direction, and exposure to operational or regulatory challenges, potentially influencing investor sentiment and valuation.
The most recent analyst rating on (AU:MSB) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast, a dual-listed biotech on the ASX and Nasdaq, has pioneered mesenchymal stromal cell therapies, including Ryoncil, the first FDA-approved MSC treatment for pediatric steroid-refractory acute graft versus host disease. The company is expanding its remestemcel-L and rexlemestrocel-L platforms into additional indications such as adult SR-aGvHD, biologic-resistant inflammatory bowel disease, heart failure and chronic low back pain, supported by a broad global patent estate and proprietary large-scale manufacturing.
The company will host a webcast to present operational highlights and financial results for the half year ended December 31, 2025, offering investors an update on its progress and strategy. The live and archived event, accessible via its website, underscores Mesoblast’s efforts to engage stakeholders as it advances commercialization partnerships in key regions and seeks to scale global access to its off-the-shelf cell therapies.
The most recent analyst rating on (AU:MSB) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast reported early real-world commercial data showing that 84% of the first 25 pediatric patients with steroid-refractory acute graft-versus-host disease treated with its FDA-approved therapy Ryoncil survived and completed the initial 28-day treatment course, consistent with prior clinical experience and reinforcing the importance of rapid initiation after steroid resistance. The company has moved quickly to build out market access and adoption, onboarding 45 U.S. transplant centers toward a 64-center target that covers most domestic transplants, securing broad public and private payer coverage supported by a dedicated patient access hub, and leveraging this commercial foundation as it prepares a pivotal trial to extend Ryoncil’s label to adults with severe SR-aGvHD, a significantly larger market, in collaboration with the NIH-funded Bone Marrow Transplant Clinical Trials Network.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have notified Mesoblast Limited that they have ceased to be a substantial holder in the company as of 22 January 2026, following a series of transactions involving securities lending, rehypothecation under prime brokerage agreements, and principal trading activities across several JPMorgan entities. The change reduces JPMorgan’s voting power in Mesoblast and may slightly alter the company’s institutional shareholder profile, although no broader strategic or operational implications were disclosed in the notice.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast has received feedback from the U.S. Food and Drug Administration indicating that the agency acknowledges pain intensity outcomes favor its allogeneic cell therapy rexlemestrocel‑L over placebo in chronic discogenic low back pain, and that a clinically meaningful 12‑month reduction in back pain can support the product’s efficacy. The FDA also signaled that robust data on reduced or discontinued opioid use from Mesoblast’s Phase 3 program may be reflected in product labeling, while a second, FDA‑agreed confirmatory Phase 3 trial in 300 patients is more than half enrolled and expected to complete recruitment within three months, potentially strengthening the company’s position in addressing chronic low back pain and the U.S. opioid crisis through a Regenerative Medicine Advanced Therapy‑designated, non‑opioid treatment option.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has issued 6,856,460 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities, with an effective issue date of January 9, 2026. The move increases the company’s share capital base and may modestly dilute existing shareholders, while signalling the crystallisation of value from earlier equity-based incentives or financing instruments as Mesoblast continues to fund and advance its therapeutic pipeline.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has applied for quotation on the ASX of 7,335,000 new fully paid ordinary shares, issued on 19 December 2025 under an employee incentive scheme. The move expands the company’s quoted share capital and reflects ongoing use of equity-based incentives to attract and retain staff, a practice that can influence capital structure and potentially dilute existing shareholders while aligning employees’ interests with long-term company performance.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast has disclosed changes in the securities held by director Dr Eric Rose, who has adjusted his shareholding through the exercise of options and associated on-market trades. Between 6 and 9 January 2026, Rose exercised options approved at the company’s 2024 annual meeting, acquiring 1,280,651 ordinary shares and selling 638,670 shares on-market to fund the option exercise price and associated tax liabilities, resulting in a net increase in his direct holding to 6,749,274 ordinary shares and a reduction of his option holdings to 5,593,451. The transaction, conducted to avoid the expiry of options due in March 2026, signals continued equity alignment between the director and shareholders and reflects standard capital management and remuneration-related activity rather than a change in company strategy or operations.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast has disclosed a change in director Lyn Cobley’s shareholding, with the board member purchasing 30,000 ordinary shares on-market at A$3.20 per share, a total consideration of A$96,000. Following the transaction, Cobley holds 30,000 shares directly and maintains an existing indirect holding of 33,000 shares, signalling increased personal financial commitment to the company and potentially reinforcing market confidence in Mesoblast’s outlook among investors and other stakeholders.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast reported gross revenue of US$35.1 million from Ryoncil sales in the quarter ended 31 December 2025, a 60% increase over the prior quarter, underscoring rapid uptake of the first FDA-approved mesenchymal stromal cell therapy for pediatric steroid-refractory acute graft-versus-host disease. Supported by a new US$125 million, five-year interest-only facility from its largest shareholder that refinanced more expensive debt and released key assets from security interests, the company has strengthened its balance sheet and lowered its cost of capital, positioning it to pursue strategic partnerships, expand Ryoncil into the larger adult SR-aGvHD market and other inflammatory indications, and continue development of its broader pipeline.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast has disclosed a change in director Gregory George’s interests following the lapse of 2.4 million warrants to acquire ordinary shares or ADSs, which expired on 6 January 2026 in line with their terms. The warrants lapsed at no value because the company did not draw down on a previously approved convertible note facility, leaving George with a reduced number of warrants but unchanged holdings in ordinary shares and ADSs; the notice underscores a modest simplification of his derivative exposure without an immediate cash impact on the company or dilution for existing shareholders.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has announced the cessation of 3,000,000 MSBAB warrants after the conditional rights attached to these securities lapsed because their conditions were not, or could no longer be, satisfied. The lapse reduces the company’s pool of potential equity-linked instruments but does not involve an immediate capital raising or cash transaction, representing an adjustment to its capital structure rather than an operational change.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has overhauled its board leadership as it transitions further into a revenue‑generating commercial phase following its first U.S. FDA approval and successful product launch. Long‑standing chair Jane Bell will step down from the chair role but remain a non‑executive director, with current director Philip Facchina appointed non‑executive chair and Lyn Cobley taking over as chair of the Audit and Risk Committee, while William Burns continues as vice‑chair and chair of the Nomination and Remuneration Committee. The board says the refresh, stemming from a periodic review of its composition and governance structure, is aimed at sustaining a high‑performing, engaged leadership with the right mix of expertise and fresh perspectives, and signals an intention to deepen U.S. commercial expertise over the next year to support the company’s commercialization drive and enhance shareholder value.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has notified the market that 10,228,239 ordinary shares currently subject to voluntary escrow arrangements will be released on 8 January 2026, in line with ASX Listing Rule 3.10A disclosure requirements. The impending release of these escrowed shares will increase the tradable free float of Mesoblast’s stock, which may influence liquidity and shareholding dynamics for existing and prospective investors.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has notified the ASX of a proposed issue of up to 3,225,756 new warrants, to be created as a new class of securities, with a planned issue date of 23 December 2026. The warrant placement reflects an additional capital-raising avenue for the company and may provide future funding flexibility, potentially supporting its ongoing product development and commercialization activities, while modestly diluting existing shareholders if the warrants are exercised.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast has refinanced its balance sheet by fully retiring its senior secured loan from Oaktree Capital and partially repaying its subordinated royalty facility from NovaQuest, using US$75 million drawn from a new five‑year credit line provided by major shareholder and director Dr Gregory George, with an additional US$50 million available at the company’s option until June 30, 2026. The new facility, carrying a fixed 8% interest rate, an interest‑only structure, no early repayment or exit fees, and no claims over the company’s material assets or intellectual property, is expected to materially lower Mesoblast’s cost of capital and improve financial flexibility, with the debt ultimately to be secured only against Temcell royalty streams; in return, Dr George will receive five‑year warrants over approximately 323,000 ADSs at a 15% premium to the recent trading average, underscoring insider support and potentially enhancing Mesoblast’s capacity to pursue strategic partnerships and commercialization of its cell therapy portfolio.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast director Gregory George has updated the market on a change in his relevant interests in the company’s securities, primarily through the acquisition of 4 million warrants to acquire ordinary shares (or an equivalent number of ADSs) issued as part of the fee structure for a convertible note facility previously approved by shareholders. The filing also notes the administrative transmutation of some of George’s directly and indirectly held ordinary shares into ADSs on a 10-to-1 basis without altering his underlying economic interest, underscoring his substantial and continuing exposure to Mesoblast’s equity and the alignment of board incentives with shareholder outcomes.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has announced the issuance of 5,000,000 warrants to investors as part of a convertible note subscription agreement, allowing for the potential raising of up to US$50 million. This move, following shareholder approval, aims to provide the company with financial flexibility to repay or reduce existing loans and support general working capital needs, potentially impacting its financial stability and market positioning.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
An independent study presented at the American Society of Hematology Annual Meeting concluded that Mesoblast’s remestemcel-L shows superior clinical outcomes compared to ruxolitinib for treating steroid-refractory acute graft versus host disease (SR-aGvHD). The study, involving 2,732 patients, highlighted remestemcel-L’s superior outcomes in complete and overall remission, as well as differences in adverse events. This finding reinforces Mesoblast’s position in the cellular medicine industry and could have significant implications for its market presence and stakeholders.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited has announced that State Street Corporation and its subsidiaries have ceased to be substantial holders in the company as of December 8, 2025. This change in substantial holding could impact Mesoblast’s shareholder structure and influence within the market, potentially affecting the company’s strategic decisions and stakeholder interests.
The most recent analyst rating on (AU:MSB) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.
Mesoblast Limited announced its participation at the Piper Sandler 37th Annual Healthcare Conference in New York, where CEO Silviu Itescu will engage in a fireside chat. This participation underscores Mesoblast’s active engagement with the healthcare investment community and highlights its strategic focus on expanding the reach of its innovative cellular therapies. The company’s presence at such events is crucial for maintaining its industry positioning and fostering relationships with stakeholders, potentially impacting its market influence and growth trajectory.
The most recent analyst rating on (AU:MSB) stock is a Hold with a A$3.00 price target. To see the full list of analyst forecasts on Mesoblast Limited stock, see the AU:MSB Stock Forecast page.