Core Insights - Mesoblast Limited is transitioning to a revenue-generating commercial company, as announced during the recent Annual General Meeting [1] Board Changes - Ms. Jane Bell will retire as Chair but remain on the Board as a non-executive director; Mr. Philip Facchina has been appointed as the new non-executive Chair, and Ms. Lyn Cobley will chair the Audit and Risk Committee [2] - Mr. Facchina brings over 40 years of experience in corporate strategy, finance, and business development, while Ms. Cobley has extensive corporate finance and governance experience [3] Governance and Strategy - The changes in the Board reflect a commitment to maintaining a high-performing Board with the right mix of expertise and fresh perspectives, aiming to maximize commercial delivery and shareholder value [4] - Mesoblast plans to strengthen its U.S. commercial expertise over the next twelve months [4] Company Overview - Mesoblast is a leader in developing allogeneic cellular medicines for severe inflammatory conditions, utilizing a proprietary mesenchymal lineage cell therapy technology platform [5] - The company’s Ryoncil (remestemcel-L-rknd) is the first FDA-approved mesenchymal stromal cell therapy for treating steroid-refractory acute graft versus host disease in pediatric patients [6] Product Development - Mesoblast is developing additional cell therapies for various indications, including SR-aGvHD in adults and biologic-resistant inflammatory bowel disease, as well as rexlemestrocel-L for heart failure and chronic low back pain [7] - The company has established commercial partnerships in Japan, Europe, and China [7] Intellectual Property - Mesoblast holds a strong global intellectual property portfolio with over 1,000 granted patents or applications, providing commercial protection until at least 2044 in major markets [8] Manufacturing Capabilities - The company’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf cellular medicines, which are planned to be readily available to patients worldwide [9] Company Locations - Mesoblast operates in Australia, the United States, and Singapore, and is listed on both the Australian Securities Exchange and Nasdaq [10]

Financial Performance - Revenue from cell therapy products reached US$172 million, a 191% increase compared to the previous year[30] - Ryoncil's successful launch contributed US$132 million in gross sales and US$113 million in reported net sales after a 146% gross to net adjustment[30] - Net operating cash spend was US$50 million, a 3% increase on prior year[30] - Cash on hand at June 30, 2025, was US$162 million (A$247 million)[30] Ryoncil (remestemcel-L) - Ryoncil became the first FDA-approved MSC product in the US in December 2024 and commercially available on March 28, 2025[24] - The company onboarded 32 US transplant centers, aiming for the top 45 centers (80% of pediatric bone marrow transplants) by the end of the quarter[24] - Ryoncil demonstrated a 70% overall response rate at Day 28 in a Phase 3 trial for SR-aGvHD[41,43] - In children from GVHD001 trial, 49% survival at Year 4, with only 14% (N=7) died due to aGvHD through 4 years[44] Market Opportunities - Steroid-refractory acute GvHD for children & adults represents a ~US$1 billion market[21] - Biologic-refractory inflammatory bowel disease represents a >US$5 billion market[21] - Heart failure with reduced ejection fraction (HFrEF) represents a >US$10 billion market[21] - Chronic low back pain (CLBP) represents a >US$10 billion market[21]

Company Overview - Mesoblast is a global leader in developing allogeneic cellular medicines for severe inflammatory diseases, utilizing proprietary mesenchymal lineage cell therapy technology [4][6] - The company has received FDA approval for RYONCIL (remestemcel-L), the first mesenchymal stromal cell therapy for treating steroid-refractory acute graft versus host disease in pediatric patients [5][6] Recent Developments - Mesoblast appointed Lyn Cobley to its Board of Directors, who brings over 30 years of experience in the financial services industry, including senior roles at major banks [1][3] - Cobley expressed enthusiasm about Mesoblast's recent FDA approval and the company's potential for future growth, including commercialization and new indications for prevalent diseases [3] Strategic Initiatives - The company is focused on developing additional cell therapies for various indications, including adult SR-aGvHD and biologic-resistant inflammatory bowel disease, as well as rexlemestrocel-L for heart failure and chronic low back pain [6] - Mesoblast has established commercial partnerships in key markets such as Japan, Europe, and China [6] Intellectual Property and Manufacturing - Mesoblast holds a strong global intellectual property portfolio with over 1,000 granted patents or applications, providing commercial protection expected to last until at least 2041 in major markets [7] - The company utilizes proprietary manufacturing processes to produce industrial-scale, cryopreserved, off-the-shelf cellular medicines, ensuring availability for patients worldwide [8]