Slide 1: Welcome to R&D Day
Welcome to R&D Day ASX: MSB; Nasdaq: MESO. I April 8, 2026 1 1
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements This presentation includes forward-looking statements and forecasts that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of
Slide 3: Agenda
Presenting KOL Perspective Agenda Welcome Paul Hughes Overview Silviu Itescu, MD Ryoncil® Flagship Growth Marcelo Santoro, DBA Joanne Kurtzberg, MD Adult SR-aGvHD Michael Schuster, MBA, MS Susan Prockop, MD Chronic Lower Back Pain Roger Brown Doug Beall, MD Inflammatory Heart Failure Ken Borow, MD E
Slide 4: Meet Today's Invited Experts – Key Opinion Leaders
Meet Today’s Invited Experts – Key Opinion Leaders Joanne Kurtzberg, MD Emerson C. Perin, MD, PhD Douglas P. Beall, MD Jerome Harris Distinguished Professor Medical Director of The Texas Heart Chief of Services, Comprehensive of Pediatrics Institute Specialty Care; Director of Research Professor of
Slide 5: Strategic Overview
Strategic Overview Silviu Itescu Chief Executive 5 5
Slide 6: Mesoblast: Global Leader in Allogeneic (Off-the-Shelf) Cellular Medicines
Mesoblast: Global Leader in Allogeneic (Off-the-Shelf) Cellular Medicines • World leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life- threatening inflammatory conditions • Locations in United States, Australia, and Singapore • Listed on NASDAQ (ME
Slide 7: Proprietary Stromal Cell Technology Positions Mesoblast First-in-Class
Proprietary Stromal Cell Technology Positions Mesoblast First-in-Class Based on mesenchymal lineage adult stromal cells (MLCs) MLCs Derived from healthy bone Unique Off-the-Shelf MLCs: Unique Cells Fighting Proven 1st and 2nd Gen Proprietary Scalable marrowInflammation (Allogeneic) Properties Techno
Slide 8: MLCs Orchestrate Potent Anti-Inflammatory Cascade
MLCs Orchestrate Potent Anti-Inflammatory Cascade Activation Via Multiple Surface Receptors Results In Powerful Multi-Modal Response That Cannot Be Achieved By Agents Targeting Single Pathways Inflammation IL-10 Breg TH1 Proliferation Proliferation Mesenchymal Precursor / Cytokine secretion Effector
Slide 9: Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies
Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies Ryoncil® Only FDA Approved Commercial Capability Pipeline with Multiple MSC, Successful First US Launch Established Blockbuster Opportunities Net revenue approaching Infrastructure to support product Phase 3 programs position US$100M s
Slide 10: RYONCIL Profitability to Fund Growth Pipeline
RYONCIL Profitability to Fund Growth Pipeline Successful U.S. commercial launch of RYONCIL • Q3 FY26 gross revenue US$35.3M, net revenue US$30.3M • RYONCIL net revenue approaching US$100 million since launch last year • RYONCIL gross profit 1H FY26, excluding amortization expense, was US$44.2M. Dire
Slide 11: What We Have Built - Commercial Capability
What We Have Built - Commercial Capability ✓ Established commercial infrastructure to support product launches ✓ Built specialized sales and marketing teams focused on hospitals and transplant centers ✓ Implemented market access and payer engagement strategies to support reimbursement and adoption ✓
Slide 12: Pipeline with Multiple Blockbuster Opportunities
Pipeline with Multiple Blockbuster Opportunities RYONCIL Remestemcel-L Rexlemestrocel-L CLBP with Adult SR-aGvHD Cardiac HFrEF degenerative disc Pediatric Pivotal trial as part of Ischemic chronic disease; Inflammatory Rare confirmatory Phase second-line regimen Diseases heart failure with TAM infla
Slide 13: Mesoblast Allogeneic Mesenchymal Stromal Cell Portfolio
Mesoblast Allogeneic Mesenchymal Stromal Cell Portfolio Product Indication Phase 2 Phase 3 Approved Pediatric RYONCIL® SR-aGvHD remestemcel-L Adult SR-aGvHD RYONCIL® Duchenne’s remestemcel-L Adult HFrEF REVASCOR® Class II/III rexlemestrocel-L Adult HFrEF (STRO3+) End-stage SR-aGvHD = Steroid-Refract
Slide 14: Anticipated Major Upcoming Milestones
Anticipated Major Upcoming Milestones Blockbuster CLBP • Complete enrollment of pivotal trial end of April • Top-line primary endpoint mid-CY2027 • BLA filing for FDA approval Q3 CY2027 • Potential FDA approval and US launch Q2 CY2028 CHF: regulatory strategy to gain approval for blockbuster indicat
Slide 15: Innovation in Technology & Manufacturing Drives Next Generation Products
Innovation in Technology & Manufacturing Drives Next Generation Products New technologies Genetically Multiple New Blockbuster Manufacturing Modifying Our MLCs Opportunities Efficiencies • Chimeric antigen receptors • Ulcerative colitis and Crohn’s • Second generation media with (CAR) expressed for
Slide 16: Key Takeaways
Key Takeaways • MSCs safe and effective treatments to transform outcomes • First-in-class platform technology approved by FDA, unlocks many opportunities • Massive barriers to entry include dominant IP, clinical trial outcomes, robust manufacturing, proprietary potency assays and FDA approval • Well
Slide 17: Pediatric Steroid Refractory Acute Graft versus Host Disease
Pediatric Steroid Refractory Acute Graft versus Host Disease Marcelo Santoro Chief Commercial Officer
Slide 18: Redefining What's Possible for SR-aGvHD Children and Their Loved Ones
Redefining What’s Possible for SR-aGvHD Children and Their Loved Ones 18
Slide 19: Successful First Year of RYONCIL
Successful First Year of RYONCIL • Ryoncil is transforming outcomes in pediatric SR-aGvHD, with strong positive feedback from treating physicians • Commercial uptake has exceeded expectations, outperforming benchmarks from comparable successful launches • We have established the capability to scale,
Slide 20: Key Accomplishments So Far
Key Accomplishments So Far Initial real 30 world formulary Medicaid in Net revenue experience approvals place Expansion approaching 50 98% US lives into adult US$100M centers 84% survival (13 accounts covered J-Code market (phase since launch onboarded outcomes all using received 3 underway) last ye
Slide 21: Customer Centric Model – Key Account Executives as Quarterbacks
Customer Centric Model – Key Account Executives as Quarterbacks Supported By MSLs, Field Reimbursement and Digital Ecosystem Key Account Medical Science Field Executives (8) Liaisons (3) Reimbursement (3) Digital Ecosystem TC quarterback – fully Scientific exchange - Reimbursement Digital CRM hub pr
Slide 22: Revenue Growth Plan
Revenue Growth Plan Next target: Doubling net revenue Broader Ryoncil utilization in first line after steroids Ryoncil available at the site of care for immediate dispensing Expand Ryoncil utilization across all 64 targeted centers, driving breadth and depth Approaching US$100M net revenue since lau
Slide 23: Three Strategic Priorities for Continued Growth in FY 2027
Three Strategic Priorities for Continued Growth in FY 2027 Proactively identify Reinforce superior Empower caregivers to and prioritize patient outcomes demand Ryoncil® for appropriate in first-line their children patients 23
Slide 24: Key Takeaways
Key Takeaways • Approaching US$100M in net revenues since launch last year, strategy in place to double revenue • TAM for children and adults in SR-aGvHD alone is >US$1.0 billion • Leveraging the commercial capability to support RYONCIL label extensions • Opportunity to expand ex-US at US Most Favor
Slide 25: Ryoncil in Adult GvHD
Ryoncil in Adult GvHD Michael Schuster Head of Business Development 25
Slide 26: Beyond 2027, First-line Treatment in Adult SR-aGvHD is a Huge Opportunity
Beyond 2027, First-line Treatment in Adult SR-aGvHD is a Huge Opportunity for RYONCIL Growth Pricing structure maintained Existing given high pediatric mortality risk KAM/MSLs and and orphan infrastructure population ~50% overlap can be Adult and leveraged and Market size in pediatric centers expand
Slide 27: Grade III/IV Adult SR-aGvHD is a Major Unmet Need
Grade III/IV Adult SR-aGvHD is a Major Unmet Need Only ~42% of Grade III/IV GVHD patients achieve Day 28 ORR with the existing FDA-approved treatment1 Data from REACH1 study used for FDA approval of ruxolitinib 1. Jagasia M et al. Blood. 2020;135(20):1739-1749. 2. Abedin S et al. Br J Haematol. 2021
Slide 28: Ryoncil is Effective in Grade III/IV SR-aGvHD
Ryoncil is Effective in Grade III/IV SR-aGvHD Survival is a dismal ~25% at Day 100 for adults with Day 100 Survival with RYONCIL is 76% when used SR-aGvHD who have failed ruxolitinib and are after ruxolitinib or other second-line failure In treated with other agents Adults with SR-aGvHD 1.00 1.00 Ov
Slide 29: Registrational Adult Steroid Refractory Acute GVHD Trial With BMT-CTN
Registrational Adult Steroid Refractory Acute GVHD Trial In Partnership With NIH-Funded Blood & Marrow Transplant Clinical Trial Network (BMT-CTN) 180 Grade III/IV SR-aGvHD Adults RUX + RYONCIL (2 x 106/kg) 8 will be Randomized 1:1 doses over 4 weeks vs RUX alone Trial Primary Endpoint Assess Overal
Slide 30: Adult SR-aGvHD Trial Timelines
Adult SR-aGvHD Trial Timelines • Mesoblast will oversee trial execution using NIH-sponsored BMT-CTN network of major hospitals • DSMB approval and NMDP Central IRB clearance • Patients to be recruited across 45 U.S. centers (representing ≈5,000 annual allo transplants) • First sites to be activated
Slide 31: Label Expansion into Adult GvHD Provides Significant Revenue Upside
Label Expansion into Adult GvHD Provides Significant Revenue Upside • Partnership with the BMT-CTN consortium will subsidize cost and create end- user awareness for market adoption • Potential to shorten time to launch by six months through successful interim analysis • Label extension in adult SR-a
Slide 32: KOL Perspective: Adult aGvHD
KOL Perspective Joanne Kurtzberg, MD Duke University School of Medicine Jerome Harris Distinguished Professor of Pediatrics Professor of Pathology Duke University School of Medicine Adult aGvHD KOL Perspective Susan Prockop, MD Dana Farber Cancer Institute/Boston Children’s Hospital Director, Clinic
Slide 33: Rexlemestrocel-L for Chronic Lower Back Pain
Rexlemestrocel-L for Chronic Lower Back Pain Roger Brown Head of Musculoskeletal 33
Slide 34: Rexlemestrocel-L for CLBP: Huge Commercial Opportunity
Rexlemestrocel-L for CLBP: Huge Commercial Opportunity Substantial Unmet Need Timelines to CLBP Commercial Launch ~35M patients in US suffer from CLBP of which P3 trial results to confirm first trial pain ~60% is due to degenerative disc disease (DDD) reduction at 12 months expected mid- CY2027 ~7M
Slide 35: Transformational Market Opportunity in US, EU & Japan
Transformational Market Opportunity in US, EU & Japan Approx. 10–15% of Adult Population Suffers from Chronic Lower Back Pain Japan ▪ US prevalence 33.4M, Japan 14.9M 14.9 Mesoblast to commercialize with or without United strategic partner UK 7.9 States Prevalence of CLBP (millions)1 33.4 ▪ EU5 prev
Slide 36: Inflammation is at the Core of Pain in Degenerative Disc Disease
Inflammation is at the Core of Pain in Degenerative Disc Disease McCann MR and Seguin CA. Notochord Cells in Intervertebral Disc Development and Degeneration. J. Dev. Biol. 2016, 4(1), 3 36
Slide 37: The Patient Treatment Journey
The Patient Treatment Journey Rexlemestrocel-L has Potential to be First-Line in Choice for Treatment of CLBP with DDD Refractory to Conservative Treatment Rexlemestrocel-L targeting moderate-to-severe CLBP Conservative Opioid Interventional Treatments Surgery Analgesics Therapies NSAIDs Weak opioid
Slide 38: Phase 3 Trial Key Outcome Pain Reduction
Phase 3 Trial Key Outcome Pain Reduction Rexlemestrocel-L+HA Demonstrated Significant Pain Reduction Through 36 Months LS Mean VAS Change From Baseline, CLBP < 68 Months (n=202) Duration < Median Rexlemestrocel-L +HA Demonstrated significant reductions in pain over 36-months 38
Slide 39: Phase 3 Trial Quality of Life (QOL) Outcomes
Phase 3 Trial Quality of Life (QOL) Outcomes: Rexlemestrocel-L+HA significantly improved QOL (mobility, self-care, usual activities, pain/discomfort and anxiety/depression) through 36 months * = nominal p-value Treatment Group Rexlemestrocel-L (n=63) Rexlemestrocel-L + HA (n=52) Placebo (n=49) MPC+H
Slide 40: Pain Specialists are the Primary Caregivers Seen by Patients with CLBP
Pain Specialists are the Primary Caregivers Seen by Patients with CLBP 50% of Patients With Moderate-to-Severe CLBP Progress to Specialists for Diagnosis & Treatment of Degenerative Disc Cause Stakeholder Diagnostic Modalities Patient • Physical exam Primary Care Physician Presents • Pain scales (50
Slide 41: 85% of Pain Specialists More Likely to Recommend Rexlemestrocel-L
85% of Pain Specialists are More Likely to Recommend Rexlemestrocel-L for CLBP Based on Observed Clinical Outcomes Likelihood of Recommendation Irrespective of Price: Pain and Function Data at 12 Months 8% 8% 15% 18% 8% 9% 31% 23% 15% 69% 31% 55% 31% 31% 8% 8% 18% 8% 8% Anesthesiology Ortho Pain Neu
Slide 42: Rexlemestrocel-L: Potential Mega-Blockbuster in CLBP in U.S. Alone
Rexlemestrocel-L: Potential Mega-Blockbuster in CLBP in U.S. Alone • 7M+ Addressable Population Addressable U.S. Market Number of Patients - Millions • Price ~$20,000/patient based on durable pain CLBP 35M and function results • 85% of Pain Specialists are Likely to CLBP –DDD 21M Recommend Rexlemest
Slide 43: Launch timeline for rexlemestrocel-L in CLBP
Launch timeline for rexlemestrocel-L in CLBP 300 Patient 1:1 Placebo-Controlled Phase 3 Pivotal APR 2026 Trial in DDD Completes Enrollment 12 Month Primary Endpoint of Pain Reduction Mid CY2027 Top-Line Results BLA Submission to FDA Q3 CY2027 Potential Approval Following Priority Review Q2 CY2028 43
Slide 44: Go To Market - Phased Launch Based on Milestones Achievement
Go To Market - Phased Launch Based on Milestones Achievement Higher investments Phase 3 – Direct to Consumer (DTC) • Upon achievement of milestones, deploy DTC campaign to accelerate uptake • Maintain depth and breadth to all accounts - 100% of volume (pain managers and selected primary care offices
Slide 45: Chronic Lower Back Pain KOL Perspective
Chronic Lower Back Pain KOL Perspective Doug P. Beall, MD Clinical Investigations LLC Chief of Services, Comprehensive Specialty Care; Director of Research Clinical Investigations LLC 45 45
Slide 46: Chronic Heart Failure/LVAD
Chronic Heart Failure/LVAD Ken Borow Head of Cardiovascular 46 46
Slide 47: Chronic Heart Failure: Rising Incidence with High Morbidity and Mortality
Chronic Heart Failure: Rising Incidence with High Morbidity and Mortality • Cardiovascular (CV) disease associated with inflammation is the leading cause of death in the U.S.1 • Heart failure (HF) in the United States is projected to affect >7 million adults by the year 2030. Approximately 50% of th
Slide 48: Rexlemestrocel-L Targets Patients with Worsening HFrEF and Inflammation
Mesoblast’s Rexlemestrocel-L Targets Patients with Worsening HFrEF and Inflammation…A Paradigm Shift In Precision CV Medicine DREAM HF Program LVAD Program REX targets HFrEF NYHA REX targets HFrEF NYHA class II/IIIA patients with class III/IV patients with worsening heart failure worsening heart fai
Slide 49: Same formulation, dose and potency assay for product in both indications
Same formulation, dose and potency DREAM-HF Trial assay for product in both indications • 565 patient Phase 2b/3 randomized clinical trial (RCT) in NYHA II/IIIA HFrEF • Rexlemestrocel-L reduced myocardial infarctions (MIs), strokes and cardiovascular death. LVAD Study • 159 patient Phase 2b/3 random
Slide 50: DREAM-HF: Rexlemestrocel-L Significantly Reduced CV Deaths In Patients With Inflammation
DREAM-HF: Rexlemestrocel-L Significantly Reduced CV Deaths In Patients With Inflammation (p=0.003) CTRL 50 50
Slide 51: DREAM-HF Trial: Effect of REX on 2-point and 3-point MACE
DREAM-HF Trial: Effect of REX on 2-point MACE (Panel A) and 3-point MACE (Panel B) in all HFrEF Patients and Sub-groups with Inflammation and Ischemia + Inflammation [A] [B] REX Treatment Effect REX Treatment Effect Perin EC, Borow KM, Henry TD, et al. Mesenchymal precursor cells reduce mortality an
Slide 52: Investigational Agents Evaluated for Cardiovascular Risk Reduction Using 3-Point MACE
Investigational Agents Evaluated for Cardiovascular Risk Reduction Using 3-Point MACE (TTFE for MI or Stroke or CV Death) Comparison with Rexlemestrocel-L in Patients with Myocardial Ischemia &/or Diabetes Wang CCL, et al. Circulation; 2019; 139: 1741-1743; McGuire DK, et al. JAMA Cardiology 2021; 6
Slide 53: A Treatment that Reduces 3-Point MACE Represents a Multi-Billion Dollar Opportunity
A Treatment that Reduces 3-Point MACE (Myocardial Infarction, Stroke and CV Death) Represents a Multi-Billion Dollar Opportunity Addressable Market in US Pts. with Heart Failure 6.7M • Sales price of $150,000 would be supported Pts. with HFrEF 3.3M based on phase 3 study results • Potential annual r
Slide 54: End-stage Chronic HFrEF with LVAD
End-stage Chronic HFrEF with LVAD • Despite an LVAD in the left ventricle, progressive right heart failure (RHF) continues due to ongoing inflammation of the right ventricle • Progressive RHF occurs in 15-30% of patients and is the primary cause of multi-organ failure and death • A further complicat
Slide 55: 12-Month 28% Mortality in Patients with Moderate Right Heart Failure
12-Month 28% Mortality in Patients with Moderate Right Heart Failure (National INTERMACS LVAD Registry Data) Rame JE, et al. J Am Coll Cardiol 2021;78:2294-2308 55 55
Slide 56: LVAD Study: Rexlemestrocel-L in End-Stage HFrEF Patients with LVAD
LVAD Study: Rexlemestrocel-L in End-Stage HFrEF Patients with LVAD • Improved right ventricular function • Reduced right heart failure hospitalizations and mortality • Reduced circulating inflammatory cytokines • Reduced major GI bleeding events caused by hepatic venous congestion – FDA approvable e
Slide 57: CHF Franchise: Tactics & Strategy
CHF Franchise: Tactics & Strategy • File with FDA for full approval for rex-L in patients with LVADs • Filing is based on GI Bleeding being an FDA-acknowledged indication and having received Orphan Drug designation • FDA’s stated preference for randomized controlled trials has resulted in Mesoblast
Slide 58: LVAD Approval Represents A Near Term Orphan Opportunity
LVAD Approval Represents A Near Term Orphan Opportunity That Supports Label Extension Into The Larger Heart Failure Market Addressable LVAD Market in US Pts. with Heart Failure 6,700,000 • Sales price of $200,000 would be supported based on phase 3 results and reduction in cardiac NYHA Class IV 500,
Slide 59: Inflammatory Heart Failure KOL Perspective
Inflammatory Heart Failure KOL Perspective Emerson C. Perin, MD, PhD Emerson Perin, MD, PhD, FACC Baylor College of Medicine Medical Director of The Texas Heart Institute Professor of Medicine, Baylor College of Medicine Eric Rose, MD Chief Medical Officer, Mesoblast Chief Medical Officer World-reno
Slide 60: Leveraging FDA Approval for Ryoncil for New Pediatric Label Extension Indications
Leveraging FDA Approval for Ryoncil for New Pediatric Label Extension Indications Michael Schuster Head of Business Development 60 60
Slide 61: Duchenne Muscular Dystrophy (DMD): An Inflammatory Disease with Unmet Need
Duchenne Muscular Dystrophy (DMD): An Inflammatory Disease with Unmet Need • DMD is a genetic X-linked muscle disease with lack of dystrophin (a stabilizing protein essential for muscle strength) which ~15,000 patients in US • Inflammation of skeletal muscle and fibrosis results in loss of ambulatio
Slide 62: DMD: Revenue Growth Opportunity Leveraging RYONCIL's Anti-Inflammatory Mechanism
DMD: Revenue Growth Opportunity Leveraging RYONCIL’s Anti-Inflammatory Mechanism of Action • RYONCIL has proven efficacy and safety in pediatric SR-aGvHD following steroid resistance, a disease of severe inflammation • RYONCIL has demonstrated benefit alone and with gene therapy in animal models of
Slide 63: Proprietary Mesoblast MSC Technology Improves Muscle Function in Duchenne Mice
Proprietary Mesoblast MSC Technology Improves Muscle Function in Duchenne Mice Ryoncil Reduces Serum Creatine Kinase (CK) Activity Serum CK Serum creatine kinase (CK) levels Administration of RYONCIL in mdx Mice 25 ✱ P=0.042 Results in: Serum CK (ng/ml) 20 • Down regulation of T cell, macrophage and
Slide 64: MSC Combined with Micro Dose of Dystrophin Gene Therapy Shows Additive Benefit
Mesoblast Proprietary MSC Combined with DMD Beagle - Control Micro Dose of Dystrophin Gene Therapy Shows Additive Benefit In Duchenne Dogs Grading score 25 Severe DMD Non-treated dog 1 20 15 DMD Non-treated dog 2 10 DMD Beagle 8 Months Post Treated DMD dog AAV+MSC 5 Mild 0 Healthy Control dog HC 2M
Slide 65: IND Clearance Received from FDA for Phase 3 Registration Trial in DMD
IND Clearance Received from FDA for Phase 3 Registration Trial in Children Aged 5-9 Years with Duchenne Muscular Dystrophy Clinical Development Plan Ryoncil 7 iv infusions (2M/kg) N=38 Inclusion & Exclusion Criteria • Patients 5-9yo Primary endpoint • All patients ongoing treatment RCT 1:1 9 month c
Slide 66: Next Generation MSC Therapies
Next Generation MSC Therapies Dan Devine Head of Special Projects 66 66
Slide 67: Next Generation Gene Modified MSCs – Enhanced Products for New Indications
Next Generation Gene Modified MSCs – Enhanced Products for New Indications ➢ Mesoblast is leveraging the only FDA-approved MSC platform to create genetically- modified next gen products ➢ Enhanced (a) potency via payload ( ) or triggered pathway ( ), and (b) targeting via antigen binding moiety ( )
Slide 68: CAR-MSC Platform
CAR-MSC Platform (A) (A) Chimeric antigen receptor (CAR) targeting specific disease-associated antigen (C) (B) Binding to antigen triggers selected intracellular pathway to enhance potency (B) (C) Retain native properties of MSCs • Leverage tech behind CAR-T therapies without issues re: (i) safety T
Slide 69: ECAD-CAR-MSC for Ulcerative Colitis/Crohn's
ECAD-CAR-MSC for Ulcerative Colitis/Crohn’s • Ulcerative Colitis and Crohn’s are significant unmet medical needs; US sales projected to reach total of $20 billion by 2030 • CAR modification will enhance the potency of and reduce dose requirements of Mesoblast’s unmodified MSCs, which have already pr
Slide 70: CD19-CAR-MSC for Lupus Nephritis
CD19-CAR-MSC for Lupus Nephritis • Lupus nephritis (LN) represents a significant unmet medical need, as current treatments are only effective in 30% of patients • CD19-CAR-MSCs have shown promise in animal models of Lupus by reducing key contributors to pathology and improving outcomes • * • Relativ
Slide 71: OV-MSC Platform
OV-MSC Platform • MSCs loaded with an oncolytic virus (OV) genetically engineered to produce (i) binary T-cell engager (BiTE) that engage tumor cells and CD3+ T cells; and (ii) anti-cancer payloads • MSCs protect payload as they navigate to targeted tissues • OV and payloads released at tumor site a
Slide 72: OV/IL12/PDL1 and CD44v6-OV-MSC for Cancer
OV/IL12/PDL1 (First Gen OV) and CD44v6-OV-MSC for Cancer First Generation oncolytic virus (OV) encoded for IL12 and • Microdose of 1st Generation OV/IL12/PDL1 demonstrated PDL1 inhibitor (OV/IL12/PDL1) responses in 5 of 7 patients safety and local efficacy intratumorally* (intratumoral admin) in Pha
Slide 73: Next-Gen MSC Technology Securing the Future
Next-Gen MSC Technology Securing the Future While Aligned with Current Priorities Next-Gen MSCs protect leadership position and enhance pipeline • Maintains leading competitive position well into the future (IP, technology, product performance) • Opens promising/valuable new commercial opportunities
Slide 74: Next Generation MSC Platforms KOL Perspective
Next Generation MSC Platforms KOL Perspective Saad Kenderian, MD, ChB Mayo Clinic Assistant Professor of Oncology, Medicine and Immunology at Mayo Clinic 74 74
Slide 75: Manufacturing
Manufacturing Justin Horst Head of Manufacturing 75 75
Slide 76: Cutting Edge Innovations in Manufacturing: Increased Yield, Capacity & Reduced COGS
Cutting Edge Innovations in Manufacturing: Drivers of Increased Yield, Capacity & Reduced COGS 3D BioReactor • Ensures long-term Expansion to US CDMO autonomy Downstream • Scale out • Further reduce COGSs Generation 2 • Secure / diversify • Increase flexibility and Automation Generation 1 supply con
Slide 77: Manufacturing activities adequately funded internally to support projected demand
Manufacturing activities adequately funded internally to support projected demand and further drive down COGS Manufacturing Activity & Strategic Initiatives Timeframe • Ensure RYONCIL commercial inventory supply meets projected growth CDMO contracts in place for projected 3- in demand for pediatric
Slide 78: Financial
Financial James O’Brien Chief Financial Officer 78 78
Slide 79: Strong Financial Position
Strong Financial Position • Gross revenue Q3 FY26 was US$35.3M, with net revenue US$30.3M • RYONCIL gross profit for H1 FY26 was US$44.2M, with US$7.7M direct selling costs • Net operating cash usage for H1 FY26 was US$30.3M • Mesoblast expects to see reduction in net cash spend over Cash balance th
Slide 80: Internal Revenue Supports Existing Operations, Various Non-Dilutive Sources of Capital
Internal Revenue Supports Existing Operations, Various Non-Dilutive Sources of Capital For Growth Existing: Cash • FY2026 US$110M to 120M net revenue Generating • COGS + Direct selling costs c. 25% RYONCIL • Target to double revenue in SR-aGvHD Sales Ongoing: • Target Large Pharma Partnership Multi-
Slide 81: Wrap-Up
Wrap-Up Silviu Itescu Chief Executive 81 81
Slide 82: MSC Magic – What Makes These Cells Special
MSC Magic – What Makes These Cells Special • Multi-modal anti-inflammatory mechanism of action – means can act concurrently on multiple pathways of the immune system, not just one • Inert and self-regulating in absence of inflammation equals excellent safety profile • These features result in superi
Slide 83: Our 'MOAT' – What Sets Mesoblast Apart
Our ‘MOAT’ – What Sets Mesoblast Apart and Protects Our Market Leadership Position • Globally IP portfolio >1,100 patents provide protection through >2044 • Dominant IP protects a cell type whose unique properties underpin a scalable commercial business model • First mover advantage – the first and
Slide 84: Anticipated Major Upcoming Milestones
Anticipated Major Upcoming Milestones RYONCIL – Commercial RYONCIL - Label Extension • Net revenue approaching US$100M since launch • Label extension to adult SR-aGvHD; 3x larger • Strategy in place to strongly grow revenue base market vs pediatric • Well-funded to execute on operational plans, • Ad
Slide 85: Thank You
Thank You Smesoblast |