Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> has reported Q1FY26 product revenue of $20.6M, up from $12.9M in the previous quarter, with Ryoncil gross sales increasing 66% QoQ.</li>
<li>With mandatory state CMS coverage becoming effective as of July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is accelerating.</li>
<li>Mesoblast ended September quarter with $145M in cash. Considering current pace of cash outgo, the company estimates that the current cash should provide runway of approximately 10 more quarters.</li>
</ul>



Mesoblast Ltd (MSB AU) has reported Q1FY26 product revenue of $20.6M, up from $12.9M in the previous quarter, with Ryoncil gross sales increasing 66% QoQ.
With mandatory state CMS coverage becoming effective as of July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is accelerating.
Mesoblast ended September quarter with $145M in cash. Considering current pace of cash outgo, the company estimates that the current cash should provide runway of approximately 10 more quarters.


Mesoblast (MSB AU): Strong Q1 Result; Ryoncil Commercialization and Pipeline Progress Hold Key

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a>  entered into convertible note subscription agreements with SurgCenter principals and existing shareholders, Gregory George and William Gueck, to issue up to $50M of unsecured convertible notes.</li>
<li>The maturity date of the convertible notes will be five years after the first issuance of notes. The convertible notes have a coupon of 5% p.a. on the face value.</li>
<li>Mesoblast recorded maiden revenue of $13.2M from Ryoncil in FY25. Current revenue stream is anticipated to expand based on Ryoncil performance for existing as well as upcoming indications.</li>
</ul>



Mesoblast Ltd (MSB AU)  entered into convertible note subscription agreements with SurgCenter principals and existing shareholders, Gregory George and William Gueck, to issue up to $50M of unsecured convertible notes.
The maturity date of the convertible notes will be five years after the first issuance of notes. The convertible notes have a coupon of 5% p.a. on the face value.
Mesoblast recorded maiden revenue of $13.2M from Ryoncil in FY25. Current revenue stream is anticipated to expand based on Ryoncil performance for existing as well as upcoming indications.


Mesoblast (MSB AU): Secures New Fund Amid Ongoing Commercialization of Ryoncil and Pipeline Progress

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. With full treatment cost of $1.55M, Ryoncil pricing has been reasonably set.</li>
<li>With mandatory CMS coverage becoming effective on July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is expected to accelerate.</li>
<li>As of June 30, 2025, Mesoblast had cash balance of $162M. Considering cash burn of $16.6M for the latest quarter, the company has an estimated funding available for ~10 quarters.</li>
</ul>



Mesoblast Ltd (MSB AU) reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. With full treatment cost of $1.55M, Ryoncil pricing has been reasonably set.
With mandatory CMS coverage becoming effective on July 1 in all U.S. states and Mesoblast completing onboarding of the remaining major U.S. transplant centers, Ryoncil revenue is expected to accelerate.
As of June 30, 2025, Mesoblast had cash balance of $162M. Considering cash burn of $16.6M for the latest quarter, the company has an estimated funding available for ~10 quarters.


Mesoblast (MSB AU): Ryoncil Starts on a High Note- A Step Toward Profitable Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> has announced pricing for Ryoncil in the U.S. in tandem with the economic value of treatment with product availability planned for the current quarter.</li>
<li>Wholesale acquisition cost of Ryoncil has been set at $194K per infusion. Ryoncil infusion is given twice per week for 4 weeks. This brings the full treatment cost to $1.55M.</li>
<li>The pricing is strategically determined against the cost of treating a child who dies of SR-aGvHD of $2.5M and calculated total benefits of patient outcomes using Ryoncil of $3.2–4.1M.</li>
</ul>



Mesoblast Ltd (MSB AU) has announced pricing for Ryoncil in the U.S. in tandem with the economic value of treatment with product availability planned for the current quarter.
Wholesale acquisition cost of Ryoncil has been set at $194K per infusion. Ryoncil infusion is given twice per week for 4 weeks. This brings the full treatment cost to $1.55M.
The pricing is strategically determined against the cost of treating a child who dies of SR-aGvHD of $2.5M and calculated total benefits of patient outcomes using Ryoncil of $3.2–4.1M.


Mesoblast (MSB AU): ‘Comparable’ Pricing for Ryoncil; US Commercialization Is Progressing

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be ad hoc change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> prior to the announcement of the changes at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a> could stop trading next week following the acquisition by <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>. The Royal Court of Jersey could sanction the scheme on 5 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast (MSB AU)</a> is a high probability inclusion to the index, followed by <a href="https://www.smartkarma.com/entities/digico-infrastructure-reit" target="_blank" data-smartkarma-citation="entities:44091:1" rel="noopener">DigiCo Infrastructure REIT (DGT AU)</a>. The stock that misses out will be added at the regular rebalance. </li>
</ul>


There could be ad hoc change for the S&amp;P/ASX 200 (AS51 INDEX) prior to the announcement of the changes at the March rebalance.

Arcadium Lithium (LTM AU) could stop trading next week following the acquisition by Rio Tinto Ltd (RIO AU). The Royal Court of Jersey could sanction the scheme on 5 March.

Mesoblast (MSB AU) is a high probability inclusion to the index, followed by DigiCo Infrastructure REIT (DGT AU). The stock that misses out will be added at the regular rebalance. 


ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week

Australia

Mesoblast Limited provides biomedical services. The Company develops drugs for cardiovascular diseases, oncology, hematology, and spine orthopedic disorders treatment. Mesoblast conducts its business worldwide.

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Mesoblast Ltd (MSB AU)

Mesoblast (MSB AU): Strong Q1 Result; Ryoncil Commercialization and Pipeline Progress Hold Key

For the quarter ending December 31, 2025, Mesoblast expects gross revenue of $30M+ from sales of Ryoncil, up 37% QoQ. With mandatory state CMS...

Tina Banerjee

Mesoblast (MSB AU): Secures New Fund Amid Ongoing Commercialization of Ryoncil and Pipeline Progress

Mesoblast touched another milestone for commercialization as Ryoncil got permanent J-code from CMS effective October 1, 2025, facilitiating...

Tina Banerjee

Mesoblast (MSB AU): Ryoncil Starts on a High Note- A Step Toward Profitable Growth

Mesoblast reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. Mandatory CMS coverage and onboarding of U.S....

Tina Banerjee

Mesoblast (MSB AU): ‘Comparable’ Pricing for Ryoncil; US Commercialization Is Progressing

Mesoblast has set the U.S. pricing of Ryoncil at $194K per infusion with total treatment cost of $1.55M, strategically positioned against the cost...

Tina Banerjee

ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week

Arcadium Lithium could stop trading next week. Mesoblast could be added to the ASX200 Index. There is a lot for passive trackers to buy and...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mesoblast (MSB AU): Strong Q1 Result; Ryoncil Commercialization and Pipeline Progress Hold Key

For the quarter ending December 31, 2025, Mesoblast expects gross revenue of $30M+ from sales of Ryoncil, up 37% QoQ. With mandatory state CMS...

Tina Banerjee

Mesoblast (MSB AU): Secures New Fund Amid Ongoing Commercialization of Ryoncil and Pipeline Progress

Mesoblast touched another milestone for commercialization as Ryoncil got permanent J-code from CMS effective October 1, 2025, facilitiating...

Tina Banerjee

Mesoblast (MSB AU): Ryoncil Starts on a High Note- A Step Toward Profitable Growth

​Mesoblast reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. Mandatory CMS coverage and onboarding of U.S....

Tina Banerjee

Mesoblast (MSB AU): ‘Comparable’ Pricing for Ryoncil; US Commercialization Is Progressing

​Mesoblast has set the U.S. pricing of Ryoncil at $194K per infusion with total treatment cost of $1.55M, strategically positioned against the cost...

Tina Banerjee

ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week

Arcadium Lithium could stop trading next week. Mesoblast could be added to the ASX200 Index. There is a lot for passive trackers to buy and...

Brian Freitas

Mesoblast reported $13.2M revenue from Ryoncil since its launch on March 28 through June 30. Mandatory CMS coverage and onboarding of U.S....

Mesoblast has set the U.S. pricing of Ryoncil at $194K per infusion with total treatment cost of $1.55M, strategically positioned against the cost...