Competitive LandscapeRyoncil's approval as the only drug for patients under 12 could provide a competitive advantage, especially in the 12-18 year-old segment where it overlaps with Jakafi.
Pipeline DevelopmentSignificant potential for Mesoblast in its late-stage pipeline, including heart failure (HF), with potentially two near-term filings, as well as the ongoing P3 in chronic lower back pain (CLBP).
Regulatory RiskIf Ryoncil is approved, it should help ameliorate much of the regulatory risk for cell therapy, unlocking further value from pipeline programs such as HF and CLBP.