Mesoblast
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Mesoblast (MSB) investor relations material

Mesoblast Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary28 Jan, 2026

Executive summary

  • RyoncilⓇ net revenues reached US$30 million for the quarter ended December 31, 2025, a 60% increase over the prior quarter, driven by strong sales and expanded clinical use.

  • A new non-dilutive US$125 million credit line was established at a lower fixed interest rate, enhancing financial flexibility for strategic initiatives.

  • RyoncilⓇ remains the only FDA-approved MSC therapy for pediatric SR-aGvHD, with positive real-world outcomes and ongoing label expansion efforts.

Financial highlights

  • Gross sales for RyoncilⓇ were US$35 million, with net revenues of US$30 million, up 60% sequentially from the previous quarter.

  • Cash at quarter end was US$130 million; net operating cash spend for the quarter was US$16 million.

  • Net cash from operating activities for the quarter was negative US$15.6 million.

  • Estimated quarters of funding available is 11.6, based on current cash and financing facilities.

Outlook and guidance

  • Net cash spend is expected to decrease over the remainder of the fiscal period due to projected revenue receipts and tight expense control.

  • Pivotal trial for RyoncilⓇ in adults with SR-aGvHD to commence site enrollment this quarter, targeting a population three times larger than pediatric.

  • Confirmatory Phase 3 trial for rexlemestrocel-L in chronic low back pain is actively recruiting and expected to complete enrollment in three months.

Rexlemestrocel-L BLA filing strategy
New credit line's impact on strategic flexibility
Ryoncil® adult market penetration strategy
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Frequently asked questions

Mesoblast Limited is an Australian biotechnology company that develops cellular medicines based on mesenchymal lineage cells. The company’s pipeline targets inflammatory and cardiovascular diseases, with therapies in various stages of clinical development. Its operations include research, regulatory affairs, and strategic licensing. Mesoblast Limited is headquartered in Melbourne, Australia, and its shares are listed on the ASX.

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