Mesoblast Limited · ASX:MSB
Mesoblast — Investor Day (April 2026)
85 slides from Mesoblast's investor day presentation, Apr 8, 2026
Slide 1: Welcome to R&D Day
For personal use only 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 For personal use only 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 actu
Slide 3: Agenda
Presenting KOL Perspective Agenda Welcome Paul Hughes Overview Silviu Itescu, MD Ryoncil® For personal use only 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 F
Slide 4: Meet Today's Invited Experts – Key Opinion Leaders
Meet Today’s Invited Experts – Key Opinion Leaders For personal use only 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
Slide 5: Strategic Overview
For personal use only 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 For personal use only • Locations in United States, Australia, and Singapore
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) For personal use only MLCs Derived from healthy bone Unique Off-the-Shelf MLCs: Unique Cells Fighting Proven 1st and 2nd Gen Proprietary Scalable marrowInflammation (Allogen
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 For personal use only Inflammation IL-10 Breg TH1 Proliferation Proliferation Mesenchymal Precursor / Cytok
Slide 9: Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies
Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies For personal use only 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 progr
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 For personal use only • RYONCIL net revenue approaching US$100 million since launch last year • RYONCIL gross profit 1H FY26, excluding amortization expen
Slide 11: What We Have Built - Commercial Capability
What We Have Built - Commercial Capability ✓ Established commercial infrastructure to support product launches For personal use only ✓ Built specialized sales and marketing teams focused on hospitals and transplant centers ✓ Implemented market access and payer engagement strategies to support reimbu
Slide 12: Pipeline with Multiple Blockbuster Opportunities
Pipeline with Multiple Blockbuster Opportunities For personal use only 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
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 For personal use only remestemcel-L Adult SR-aGvHD RYONCIL® Duchenne’s remestemcel-L Adult HFrEF REVASCOR® Class II/III rexlemestrocel-L Adult HFrEF (STRO3+) End-stage SR-a
Slide 14: Anticipated Major Upcoming Milestones
Anticipated Major Upcoming Milestones Blockbuster CLBP • Complete enrollment of pivotal trial end of April For personal use only • 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 f
Slide 15: Innovation in Technology & Manufacturing Drives Next Generation Products
Innovation in Technology & Manufacturing Drives Next Generation Products For personal use only New technologies Genetically Multiple New Blockbuster Manufacturing Modifying Our MLCs Opportunities Efficiencies • Chimeric antigen receptors • Ulcerative colitis and Crohn’s • Second generation media wit
Slide 16: Key Takeaways
Key Takeaways • MSCs safe and effective treatments to transform outcomes • First-in-class platform technology approved by FDA, unlocks many For personal use only opportunities • Massive barriers to entry include dominant IP, clinical trial outcomes, robust manufacturing, proprietary potency assays a
Slide 17: Pediatric Steroid Refractory Acute Graft versus Host Disease
For personal use only 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 For personal use only 18
Slide 19: Successful First Year of RYONCIL
Successful First Year of RYONCIL For personal use only • 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 th
Slide 20: Key Accomplishments So Far
Key Accomplishments So Far For personal use only 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 receiv
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 For personal use only Key Account Medical Science Field Executives (8) Liaisons (3) Reimbursement (3) Digital Ecosystem TC quarterback – fully Scientific exchange - Reimbursem
Slide 22: Revenue Growth Plan
Revenue Growth Plan Next target: Doubling net revenue For personal use only 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
Slide 23: Three Strategic Priorities for Continued Growth in FY 2027
Three Strategic Priorities for Continued Growth in FY 2027 For personal use only 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 For personal use only • 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
Slide 25: Ryoncil in Adult GvHD
For personal use only 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 For personal use only 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 pe
Slide 27: Grade III/IV Adult SR-aGvHD is a Major Unmet Need
Grade III/IV Adult SR-aGvHD is a Major Unmet Need For personal use only 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 a
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 For personal use only treated with other agents Adults with
Slide 29: Registrational Adult SR-aGvHD Trial with BMT-CTN
Registrational Adult Steroid Refractory Acute GVHD Trial In Partnership With NIH-Funded Blood & Marrow Transplant Clinical Trial Network (BMT-CTN) For personal use only 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
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 For personal use only • DSMB approval and NMDP Central IRB clearance • Patients to be recruited across 45 U.S. centers (representing ≈5,000 annual allo transplants) • First
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- For personal use only user awareness for market adoption • Potential to shorten time to launch by six months through successful interim analysis • Label e
Slide 32: KOL Perspective
KOL Perspective For personal use only 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 Hos
Slide 33: Rexlemestrocel-L for Chronic Lower Back Pain
For personal use only 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 For personal use only ~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 exp
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 For personal use only 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 (mill
Slide 36: Inflammation is at the Core of Pain in Degenerative Disc Disease
Inflammation is at the Core of Pain in Degenerative Disc Disease For personal use only 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 For personal use only Rexlemestrocel-L targeting moderate-to-severe CLBP Conservative Opioid Interventional Treatments Surgery Analgesics Therap
Slide 38: Rexlemestrocel-L+HA Demonstrated Significant Pain Reduction Through 36 Months
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) For personal use only Duration < Median Rexlemestrocel-L +HA Demonstrated significant reductions in pain over 36-months 38
Slide 39: 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 For personal use only * = nominal p-value Treatment Group Rexlemestrocel-L (n=63) Rexlemestrocel-L + HA (n=52
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 For personal use only Patient • Physical exam Primary Care Physician Pres
Slide 41: 85% of Pain Specialists are 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 For personal use only 8% 8% 15% 18% 8% 9% 31% 23% 15% 69% 31% 55% 31% 31% 8% 8% 18% 8% 8% Anesthe
Slide 42: Rexlemestrocel-L: Potential Mega-Blockbuster in CLBP in U.S. Alone
Rexlemestrocel-L: Potential Mega-Blockbuster in CLBP in U.S. Alone For personal use only • 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 2
Slide 43: Launch timeline for rexlemestrocel-L in CLBP
Launch timeline for rexlemestrocel-L in CLBP For personal use only 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 Priori
Slide 44: Go To Market - Phased Launch Based on Milestones Achievement
Go To Market - Phased Launch Based on Milestones Achievement Higher investments For personal use only 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 selecte
Slide 45: Chronic Lower Back Pain KOL Perspective
For personal use only 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
For personal use only 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 For personal use only 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. A
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 For personal use only REX targets HFrEF NYHA REX targets HFrEF NYHA class II/IIIA patients with class III/IV patients with worsening heart failu
Slide 49: DREAM-HF and LVAD Trials
Same formulation, dose and potency DREAM-HF Trial assay for product in both indications • 565 patient Phase 2b/3 randomized clinical For personal use only trial (RCT) in NYHA II/IIIA HFrEF • Rexlemestrocel-L reduced myocardial infarctions (MIs), strokes and cardiovascular death. LVAD Study • 159 pat
Slide 50: DREAM-HF: Rexlemestrocel-L Significantly Reduced CV Deaths
DREAM-HF: Rexlemestrocel-L Significantly Reduced CV Deaths In Patients With Inflammation (p=0.003) For personal use only 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 For personal use only Perin EC, Borow KM, Henry TD, et al. Mesenchymal precursor cel
Slide 52: Investigational Agents Evaluated for Cardiovascular Risk Reduction
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 For personal use only Wang CCL, et al. Circulation; 2019; 139: 1741-1743; McGuire DK, et al. J
Slide 53: Reducing 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 For personal use only Pts. with Heart Failure 6.7M • Sales price of $150,000 would be supported Pts. with HFrEF 3.3M based on phase 3 study result
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 For personal use only (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
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) For personal use only 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 For personal use only • Reduced circulating inflammatory cytokines • Reduced major GI bleeding events caused by hepatic venous congest
Slide 57: CHF Franchise: Tactics & Strategy
CHF Franchise: Tactics & Strategy • File with FDA for full approval for rex-L in patients with LVADs For personal use only • 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
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 For personal use only Pts. with Heart Failure 6,700,000 • Sales price of $200,000 would be supported based on phase 3 results and reduction in card
Slide 59: Inflammatory Heart Failure KOL Perspective
Inflammatory Heart Failure For personal use only 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 Medi
Slide 60: Leveraging FDA Approval for Ryoncil for New Pediatric Label Extension Indications
For personal use only Leveraging FDA Approval for Ryoncil for New Pediatric Label Extension Indications Michael Schuster Head of Business Development 60 60
Slide 61: Duchenne Muscular Dystrophy: An Inflammatory Disease with Unmet Need
Duchenne Muscular Dystrophy (DMD): An Inflammatory Disease with Unmet Need For personal use only • 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 result
Slide 62: DMD: Revenue Growth Opportunity Leveraging RYONCIL's Mechanism of Action
DMD: Revenue Growth Opportunity Leveraging RYONCIL’s Anti-Inflammatory Mechanism of Action For personal use only • 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 therap
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 For personal use only 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
Slide 64: MSC Combined with Micro Dose Gene Therapy Shows Additive Benefit in Duchenne Dogs
Mesoblast Proprietary MSC Combined with DMD Beagle - Control Micro Dose of Dystrophin Gene Therapy Shows Additive Benefit In Duchenne Dogs Grading score For personal use only 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 Heal
Slide 65: IND Clearance Received from FDA for Phase 3 Trial in DMD
IND Clearance Received from FDA for Phase 3 Registration Trial in Children Aged 5-9 Years with Duchenne Muscular Dystrophy For personal use only Clinical Development Plan Ryoncil 7 iv infusions (2M/kg) N=38 Inclusion & Exclusion Criteria • Patients 5-9yo Primary endpoint • All patients ongoing treat
Slide 66: Next Generation MSC Therapies
For personal use only 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 For personal use only ➢ Enhanced (a) potency via payload ( ) or triggered pathway ( ), and (b) targeting via antig
Slide 68: CAR-MSC Platform
CAR-MSC Platform (A) (A) Chimeric antigen receptor (CAR) targeting specific disease-associated antigen For personal use only (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 i
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 For personal use only billion by 2030 • CAR modification will enhance the potency of and reduce dose requirements of Mesoblast’s unmodified MSCs,
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 For personal use only patients • CD19-CAR-MSCs have shown promise in animal models of Lupus by reducing key contributors to pathology and improving
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 For personal use only CD3+ T cells; and (ii) anti-cancer payloads • MSCs protect payload as they navigate to targeted tissues • OV and payloads re
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 safety and local efficacy intratumorally* For personal use only PDL1 inhibitor (OV/IL12/PDL1) responses in 5 of 7 patients (intr
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 For personal use only enhance pipeline • Maintains leading competitive position well into the future (IP, technology, product performance) • Opens promising/valuable new co
Slide 74: Next Generation MSC Platforms KOL Perspective
For personal use only 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
For personal use only Manufacturing Justin Horst Head of Manufacturing 75 75
Slide 76: Cutting Edge Innovations in Manufacturing
Cutting Edge Innovations in Manufacturing: Drivers of Increased Yield, Capacity & Reduced COGS For personal use only 3D BioReactor • Ensures long-term Expansion to US CDMO autonomy Downstream • Scale out • Further reduce COGSs Generation 2 • Secure / diversify • Increase flexibility and Automation G
Slide 77: Manufacturing activities adequately funded internally
Manufacturing activities adequately funded internally to support projected demand and further drive down COGS Manufacturing Activity & Strategic Initiatives Timeframe For personal use only • Ensure RYONCIL commercial inventory supply meets projected growth CDMO contracts in place for projected 3- in
Slide 78: Financial
For personal use only 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 For personal use only 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 spen
Slide 80: Internal Revenue Supports Existing Operations, 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% For personal use only RYONCIL • Target to double revenue in SR-aGvHD Sales Ongoing: • Target Large Pha
Slide 81: Wrap-Up
For personal use only 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 For personal use only • Inert and self-regulating in absence of inflammation equals excellent safety profile • These fea
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 For personal use only • Dominant IP protects a cell type whose unique properties underpin a scalable commercial business model • First mover adva
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 For personal use only • Strategy in place to strongly grow revenue base market vs pediatric • Well-funded to execute on o
Slide 85: Thank You
For personal use only Thank You 85