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MESO

Mesoblast Limited

MESO

Mesoblast Limited • NASDAQ
$17.23 ▼ -0.81% (-0.14)
Market Cap $2.12 B
52w High $22.00
52w Low $9.61
Dividend Yield 0%
P/E -17.58
Volume 108.56K
Outstanding Shares 122.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $1.578M $18.919M $-23.967M -1.519K% $-0.21 $-9.454M
Q1-2025 $1.578M ▲ $18.919M ▲ $-23.967M ▲ -1.519K% ▲ $-0.21 ▲ $-9.454M ▲
Q4-2024 $1.257M $12.425M $-27.709M -2.204K% $-0.25 $-15.258M
Q3-2024 $1.257M ▼ $12.425M ▲ $-27.709M ▼ -2.204K% ▼ $-0.25 ▼ $-15.258M ▼
Q2-2024 $1.694M $12.065M $-16.27M -960.419% $-0.19 $-12.78M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $161.158M ▲ $784.683M ▲ $187.241M ▼ $597.442M ▲
Q2-2025 $38.029M $653.318M $192.056M $461.262M
Q1-2025 $38.029M ▼ $653.318M ▼ $192.056M ▲ $461.262M ▼
Q4-2024 $62.563M ▼ $669.153M $188.798M $480.355M
Q3-2024 $62.96M $669.153M $188.798M $480.355M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $0 $0 ▲ $-441K ▼ $-4.834M ▼ $-20.51M ▼ $-17.115M ▼
Q3-2025 $0 ▲ $-12.683M ▼ $-66K ▼ $156.434M ▲ $144.032M ▲ $-12.808M ▼
Q2-2025 $-23.967M ▼ $-10.128M ▲ $604K ▲ $-2.328M ▼ $-13.09M ▼ $-10.38M ▲
Q1-2025 $0 $-10.328M ▼ $23K ▲ $-1.936M ▲ $-11.841M ▲ $-10.566M ▼
Q4-2024 $0 $0 $-28K $-3.017M $-13.404M $-86K

Five-Year Company Overview

Income Statement

Income Statement Mesoblast still looks very much like an R&D‑stage biotech on the income side. Revenue is tiny and has barely moved over the past several years, so the business is not yet commercially driven. Operating losses have been steady and sizable, though they have inched slightly better over time rather than sharply worsening. Margins remain deeply negative because research, clinical, and corporate costs far outweigh the small amount of sales or collaboration income. Overall, the income statement shows a company investing heavily in getting its products approved and adopted, with profitability still a distant goal and highly dependent on successful commercialization and pipeline progress.

Balance Sheet

Balance Sheet The balance sheet shows a modest asset base with a clear, but not extreme, level of financial risk. Cash has fluctuated, dipping in the middle of the period and then recovering somewhat, which points to periodic capital raises or partnering cash inflows. Debt is present but not dominant, and shareholders’ equity remains positive, suggesting the company is not heavily over‑levered. That said, the gradual decline in equity over time reflects ongoing losses being absorbed by the balance sheet. The company appears to have some financial flexibility, but its strength ultimately depends on continued access to new capital as development and commercialization continue.

Cash Flow

Cash Flow Cash flow patterns reinforce the picture of a development‑stage biotech. Operating cash flow has been consistently negative, reflecting ongoing spending on trials, regulatory work, and early commercialization efforts with limited offsetting revenue. Free cash flow is essentially the same as operating cash flow because capital spending is minimal; this is not a capital‑intensive manufacturing story yet, but rather a people and research intensive one. The cash burn has been relatively stable year to year, which suggests management is keeping spending under some control, but it still implies a recurring need for external funding. The key cash question is how quickly new products can scale and whether partnerships or financings can comfortably cover this ongoing burn.

Competitive Edge

Competitive Edge Mesoblast is positioned as a specialist in allogeneic, “off‑the‑shelf” cell therapies, which sets it apart from many autologous or more niche platforms. Its reported FDA approval for RYONCIL in pediatric graft‑versus‑host disease gives it a rare regulatory foothold in a complex area, offering brand and experience advantages over future entrants. A large patent estate and long‑dated protection underpin a legal moat, while scalable manufacturing from a small number of donors could offer cost and logistics benefits. Strategic partnerships in major regions further strengthen its reach and credibility. The flip side is that it operates in a highly competitive, rapidly evolving field where larger players and alternative modalities (such as gene therapies and biologics) are also pursuing overlapping indications, so sustaining this edge will require execution and continual innovation.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Mesoblast’s story. The company’s platform is built around mesenchymal lineage cells that can be produced in bulk and stored, aiming to provide immune‑modulating treatments for a wide range of inflammatory and degenerative diseases. The pipeline spans approved pediatric graft‑versus‑host disease, late‑stage programs in heart failure and chronic low back pain, and earlier efforts in inflammatory bowel and colitis‑like conditions. This breadth gives multiple chances for success and potential expansion into larger markets if trials and regulators cooperate. However, the strategy is high risk by nature: each major indication faces clinical, regulatory, reimbursement, and competitive hurdles, and the R&D load will likely remain heavy for years before the platform’s full commercial potential is clear.

Summary

Mesoblast’s financials reflect a classic late‑stage biotech profile: minimal revenue so far, steady and meaningful losses, and a persistent cash burn that will likely require ongoing outside funding. The balance sheet is not overly stretched, but it is gradually being eroded by these losses, making future capital access an important consideration. On the strategic side, the company appears to have built a differentiated cell‑therapy platform, backed by substantial intellectual property, an initial regulatory approval, and a pipeline aimed at serious, high‑value diseases. The main opportunities lie in scaling RYONCIL, securing further approvals for heart failure and back pain, and leveraging partnerships to expand globally. The main risks are the binary nature of clinical and regulatory outcomes, the challenge of translating scientific success into strong, predictable revenue, and the need to finance operations until the product portfolio can support the business on its own.

NEWS

November 24, 2025 · 6:39 PM UTC

Mesoblast Trading Update at Annual General Meeting Highlights Continued Strong Growth in Ryoncil® Revenue

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November 20, 2025 · 6:32 PM UTC

Mesoblast and BMT CTN to Initiate Pivotal Trial of Ryoncil® as Part of First-Line Regimen in Adults with Severe Acute GVHD Refractory to Steroids

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November 17, 2025 · 1:52 AM UTC

James M. O'Brien Appointed Chief Financial Officer at Mesoblast

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November 4, 2025 · 6:40 PM UTC

Mesoblast to Meet With FDA Next Month to Discuss Rexlemestrocel-L and Opioid Cessation

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October 19, 2025 · 7:48 PM UTC

Ryoncil® Net Revenues Increase 69% in Second Quarter Post Launch

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