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>  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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 18th (reported today). The aggregated short interest was USD25.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in JB Hi-Fi, James Hardie Industries, Amcor, Iluka Resources, National Australia Bank.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 18th (reported today). The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in JB Hi-Fi, James Hardie Industries, Amcor, Iluka Resources, National Australia Bank.


ASX Short Interest Weekly (Jul 18th): JB Hi-Fi, James Hardie Industries, Amcor, Iluka Resources

<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/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.</li>
<li>The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.</li>
<li>Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.</li>
</ul>



Telix Pharmaceuticals (TLX AU) has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.
The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.
Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.


Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

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 are 2 changes for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, 7 changes 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/ASX200 Index</a> and 11 adds/ 7 deletes for the S&amp;P/ASX300 Index.</li>
<li>There is a huge increase in the number of index shares for <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, triggering passive buying of nearly A$1.4bn at the close on 21 March.</li>
<li>The adds have outperformed the deletes across all indices. Positioning varies across stocks and there could be some big movers over the next few days.</li>
</ul>


There are 2 changes for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, 7 changes for the S&amp;P/ASX200 Index and 11 adds/ 7 deletes for the S&amp;P/ASX300 Index.
There is a huge increase in the number of index shares for Sigma Healthcare (SIG AU), triggering passive buying of nearly A$1.4bn at the close on 21 March.
The adds have outperformed the deletes across all indices. Positioning varies across stocks and there could be some big movers over the next few days.


S&P/​​​​ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

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): 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

ASX Short Interest Weekly (Jul 18th): JB Hi-Fi, James Hardie Industries, Amcor, Iluka Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in JB Hi-Fi, James Hardie Industries, Amcor, Iluka...

Ke Yan, CFA, FRM

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

Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

Telix Pharmaceuticals launches new prostate cancer imaging agent in the U.S., with FDA decision on kidney cancer imaging candidate expected soon....

Tina Banerjee

S&P/ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

There are 40 constituent changes across the indices. SIG is an add to 2 indices and also an upweight in 2 others - so big buying. The adds have...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

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

ASX Short Interest Weekly (Jul 18th): JB Hi-Fi, James Hardie Industries, Amcor, Iluka Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in JB Hi-Fi, James Hardie Industries, Amcor, Iluka...

Ke Yan, CFA, FRM

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

Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

​Telix Pharmaceuticals launches new prostate cancer imaging agent in the U.S., with FDA decision on kidney cancer imaging candidate expected soon....

Tina Banerjee

S&P/​​​​ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

There are 40 constituent changes across the indices. SIG is an add to 2 indices and also an upweight in 2 others - so big buying. The adds have...

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....

Telix Pharmaceuticals launches new prostate cancer imaging agent in the U.S., with FDA decision on kidney cancer imaging candidate expected soon....

S&P/ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices