Mesoblast Limited · ASX:MSB
Mesoblast — Shareholder Meeting (November 2026)
26 slides from Mesoblast's shareholder meeting presentation, Nov 10, 2026
Slide 1: Global Leader in Allogeneic Cellular Medicines for Inflammatory Diseases
rsonal use only Global Leader in Allogeneic Cellular Medicines for Inflammatory Diseases Annual General Meeting 2026 November 2026 ASX: MSB; Nasdaq: MESO
Slide 2: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements rsonal 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 actual res
Slide 3: Corporate Vision
Corporate Vision rsonal use only To be the world’s leading and most innovative cellular medicines company To use our proprietary technologies to develop cellular medicines that are life-saving and that transform lives To be an organisation that displays efficiency and attracts highly motivated profe
Slide 4: FY2026: Highlights for the Year and Delivery of Major Milestones
FY2026: Highlights for the Year and Delivery of Major Milestones Successful first year for U.S. commercial launch of RYONCIL • FY2026 net revenue US$115M rsonal use only • Gross profit on total sales, excluding amortization expense, was US$110M Major milestones achieved ✓ Completed 350 patients trea
Slide 5: Our 'MOAT' – Our Market Leadership Position
Our ‘MOAT’ – Our Market Leadership Position ✓ Global IP portfolio >1,100 patents and patent applications provide protection through >2044 ✓ Dominant IP underpins a scalable commercial business model for cell therapy products rsonal use only ✓ First mover advantage – RYONCIL is the first and only MSC
Slide 6: Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies
Mesoblast First-In-Class Leader in Allogeneic Cellular Therapies rsonal use only Ryoncil® Only FDA Approved Rexlemesteocel-L the Engine for Commercial Capability MSC, Successful First US Launch Blockbuster Opportunities Net revenue US$115M in FY2026 – Infrastructure to support product Rexlemestrocel
Slide 7: Management and Board
Management and Board Expanding operational management to augment commercial preparedness of our second-generation product rexlemestrocel-L in the blockbuster indications of inflammatory chronic low back pain and cardiovascular disease Operational Management rsonal use only • Search for US-based Chie
Slide 8: Mesoblast Worldwide Leader Allogeneic Mesenchymal Stromal Cell Portfolio
Mesoblast Worldwide Leader Allogeneic Mesenchymal Stromal Cell Portfolio Assets Wholly Owned and Unencumbered in U.S. Markets TAM ~US$1B rsonal use only TAM >US$1B TAM >US$1B TAM >US$10B TAM >US$10B This chart is figurative and does not purport to show individual trial progress within a clinical pro
Slide 9: RYONCIL: Steroid-Refractory Acute Graft Versus Host Disease
rsonal use only RYONCIL® Steroid-Refractory Acute Graft Versus Host Disease (SR-aGVHD) 9
Slide 10: Potential Market for RYONCIL Label Extension in Adults with Grade III/IV aGvHD
Potential Market for RYONCIL Label Extension as Part of Second-line Regimen Combined with Ruxolitinib in Adults with Grade III/IV aGvHD • >2,000 adults annually in U.S. with SR-aGvHD of which ~50% have Grade III/IV disease rsonal use only • Registration trial: 180 Grade III/IV SR-aGvHD adults random
Slide 11: Rexlemestrocel-L: Chronic Low Back Pain due to Degenerative Disc Disease
rsonal use only Rexlemestrocel-L Chronic Low Back Pain due to Degenerative Disc Disease (CLBP)
Slide 12: Phase 3 Trial to Reduce Inflammation & Pain in Degenerative Disc Disease
Phase 3 trial to Reduce Inflammation & Pain in Degenerative Disc Disease Targeted, minimally invasive delivery of rexlemestrocel-L to the degenerated disc rsonal use only Major Milestones to Commercial Launch 1 P3 trial 350 patients fully enrolled 2 Primary endpoint: 12-month pain reduction Secondar
Slide 13: The Patient Treatment Journey
The Patient Treatment Journey ~7M US patients have moderate / severe DDD within 5 years of diagnosis that is refractory to medical therapies including opioids rsonal use only Rexlemestrocel-L targeting moderate-to-severe CLBP Conservative Opioid Interventional Treatments Surgery Analgesics Therapies
Slide 14: Pain Specialists are the Dominant Caregivers Seen by Patients with CLBP
Pain Specialists are the Dominant Caregivers Seen by Patients with CLBP Stakeholder Diagnostic Modalities rsonal use only Patient • Physical exam Primary Care Physician Presents • Pain scales (50%) With Symptoms • Imaging (MRIs, X- rays) Pain Specialist or Anesthesiologist • Imaging (40%) • Facet jo
Slide 15: 85% of Pain Specialists More Likely to Recommend Rexlemestrocel-L for CLBP
85% of Pain Specialists are More Likely to Recommend Rexlemestrocel-L for CLBP Based on Outcomes from First Phase 3 Trial Likelihood of Recommendation Irrespective of Price: Pain and Function Data at 12 Months rsonal use only 8% 8% 15% 18% 8% 9% 31% 23% 15% 69% 31% 55% 31% 31% 8% 8% 18% 8% 8% Anesth
Slide 16: Rexlemestrocel-L: Heart Failure
rsonal use only Rexlemestrocel-L Heart Failure
Slide 17: Cardiopulmonary Indications Leveraging Rexlemestrocel-L Mechanism
Cardiopulmonary Indications Leveraging Rexlemestrocel-L Mechanism LVAD BLA approval for rexlemestrocel-L can open label extension potential in two additional blockbuster indications with same mechanism of action Group 2 Pulmonary rsonal use only End-Stage HFrEF NYHA Class II/III Hypertension with LV
Slide 18: Rexlemestrocel-L Reduces GI Bleeding in End-stage HFrEF Patients with LVADs
Rexlemestrocel-L Reduces GI Bleeding in End-stage HFrEF Patients with LVADs by Reversing Endothelial Dysfunction of GI Blood Vessels Due to Inflammation LVAD II: 6-Month Rate of Major Mucosal Bleeding Events (MMBE) rsonal use only Control Rexlemestrocel-L Subjects from LVAD II Study Nominal (MMBE ra
Slide 19: Group 2 Pulmonary Hypertension (Due to LV Dysfunction)
Group 2 Pulmonary Hypertension (Due to LV Dysfunction) Left-heart disease raises pulmonary pressure and right ventricular load Left-heart disease Pulmonary venous Right ventricular strain rsonal use only hypertension LV or valve disease raises Pressure backs up into Higher pulmonary left atrial pres
Slide 20: Rexlemestrocel-L Improved Survival in HFrEF with Group 2 Pulmonary Hypertension
Rexlemestrocel-L Improved Survival in HFrEF with Group 2 Pulmonary Hypertension in DREAM-HF Trial • In the DREAM-HF population with HFrEF, 219 patients had established Group 2 Pulmonary rsonal use only Hypertension, defined by pulmonary artery systolic pressure (PASP) >35 mmHg, • Across all 219 pati
Slide 21: Group 2 PH: A Large Unmet Need with No Approved Drugs
Group 2 PH: A Large Unmet Need with No Approved Drugs Left heart disease is the most common cause of pulmonary hypertension, creating a substantial addressable population Total Addressable Market for Rexlemestrocel-L rsonal use only 2 GROUP 2 PH - CLINICAL CONTEXT Illustrative patient funnel | Unite
Slide 22: Next Generation Technologies: CAR-MSC
rsonal use only Next Generation Technologies CAR-MSC mesoblast 22 22
Slide 23: The Future: Genetically-Modified CAR-MSC Platform
The Future: Genetically-Modified CAR-MSC Platform (A) (A) Chimeric antigen receptor (CAR) targeting specific disease-associated antigen rsonal use only (C) (B) Binding to antigen triggers selected intracellular pathway to enhance potency (B) (C) Retain native properties of MSCs • Leverage technology
Slide 24: In Summary
rsonal use only In Summary 24
Slide 25: Summary of Major Milestones
Summary of Major Milestones Commercial growth and label expansion for RYONCIL, alongside advancement of rexlemestrocel-L blockbuster programs COMMERCIAL + LABEL BLOCKBUSTER PROGRAM BLOCKBUSTER PROGRAM rsonal use only 1 2 3 EXPANSION RYONCIL® Chronic low back pain Advanced & End-stage heart (remestem
Slide 26: Thank You
rsonal use only Thank You