Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in
allogeneic cellular medicines for inflammatory diseases, today
reported operational highlights and financial results for the
period ended December 31, 2022.
Dr. Silviu Itescu, Chief Executive of Mesoblast,
commenting on the results said, “There is an urgent need for a
therapy that improves the dismal survival outcomes in children with
steroid-refractory acute graft versus host disease (SR-aGVHD),1,2 a
potentially life-threatening complication of an allogeneic bone
marrow transplant for the treatment of blood cancers. With the
resubmission of the BLA filing for remestemcel-L we are one step
closer to bringing this important product candidate to the
market.”
“In addition, Mesoblast has been granted
Regenerative Medicine Advanced Therapy (RMAT) designation for
rexlemestrocel-L for chronic lower back pain (CLBP) associated with
degenerative disc disease and we look forward to further
interactions with FDA, aiming to enroll the first patients in the
pivotal trial by the middle of this year.
I am also pleased to announce that results from
our Phase 3 chronic heart failure trial, DREAM-HF, in patients with
reduced ejection fraction (HFrEF) was today published in the
world’s leading cardiology journal - the Journal of the American
College of Cardiology (JACC),4 highlighting the potential for
rexlemestrocel-L to make a key difference in patient outcomes
including mortality, heart attack or stroke.”
FINANCIAL HIGHLIGHTS
Revenue from royalties on sales
of TEMCELL® HS Inj.4,5 sold in Japan by our licensee were US$1.9
million for the quarter ended December 31, 2022. On a constant
currency basis, sales for the quarter ended December 31, 2022, were
US$2.1 million5, compared with US$2.3 million for the quarter ended
December 31, 2021.
Net cash usage for operating
activities was US$16.5 million for the quarter ended December 31,
2022. This represents a 9% reduction (US$1.7 million) from the
comparative quarter in FY2022, and a 46% reduction (US$14.1
million) from the comparative quarter in FY2021.
Cash on hand at the end of the
quarter was $67.6 million. Up to an additional US$40.0 million may
be drawn from existing financing facilities subject to achieving
certain milestones.
OPERATIONAL HIGHLIGHTS
Biologics License Application (BLA)
resubmitted for remestemcel-L in treatment of children
with steroid-refractory graft versus host disease (SR-aGVHD) to the
US Food and Drug Administration (FDA) on January 31, 2023.
Presentations of peer-reviewed studies
at Tandem Meeting of the American Society for
Transplantation and Cellular Therapy (ASTCT) and the Center for
International Blood and Marrow Transplant Research (CIBMTR). The
data from both studies formed key components of the BLA
resubmission
- Long-term survival in children treated
with remestemcel-L for SR-aGVHD
- The
immunomodulatory activity of remestemcel-L on T cell activation in
vitro is a direct measure of product potency and correlates with
clinical outcomes in pediatric patients with SR-aGVHD.
Regenerative Medicine Advanced Therapy
(RMAT) designation granted by FDA for
rexlemestrocel-L in the treatment of chronic low back pain (CLBP)
associated with disc degeneration, in combination with hyaluronic
acid (HA) as delivery agent for injection into the lumbar disc.
Preparations underway to commence pivotal study.
DREAM-HF Phase 3 trial results
published in the premier peer-reviewed journal for
cardiovascular medicine, the Journal of the American College of
Cardiology (JACC).
OPERATIONAL RESULTS AND NEAR-TERM
MILESTONES
Remestemcel-L
Activities regarding remestemcel-L for steroid
resistant acute graft versus host disease (SR-aGVHD) in
children
Mesoblast filed the Biologics License
Application (BLA) resubmission with the US Food and Drug
Administration (FDA) at the end of January. The resubmission
contains substantial new information in response to the Complete
Response Letter (CRL) received in September 2020 to the BLA for
remestemcel-L. Specifically, the resubmission contains the
following:
- new long-term
survival data for children enrolled in the Phase 3 trial showing
durability of treatment effect through at least four years,
- new data showing
remestemcel-L’s treatment benefit in high-risk disease activity and
on survival in propensity-matched studies of children in the Phase
3 trial and controls stratified by validated biomarkers for
high-risk disease,
- new analyses of
data obtained prospectively showing that the validated potency
assay which was in place and used to release product for the
54-patient Phase 3 clinical trial measures a key product attribute
which reflects the primary mechanism of action of remestemcel-L in
children with SR-aGVHD, correlates with the product’s in vivo
bioactivity, and predicts overall survival outcomes,
- new analyses of
data obtained prospectively relating to manufacturing changes
implemented during product development, prior to Phase 3, to
progressive increases in potency and to improved survival outcomes
in larger studies of remestemcel-L under expanded access in
children with SR-aGVHD,
- new data showing
that the validated potency assay has low variability and can
adequately demonstrate manufacturing consistency and
reproducibility, and
- establishment of a
new specification for release of commercial product based on
extensive clinical data which provides assurance that future
batches of remestemcel-L will have attributes supportive of
expected survival outcomes.
Data related to the long-term survival benefit
and validated potency assay were presented at the 2023 Tandem
Meetings (ASTCT-CIBMTR) held this month. The new results come from
a four-year observational survival study performed by the Center
for International Blood and Marrow Transplant Research (CIBMTR) on
51 evaluable patients with SR-aGVHD who were enrolled in
Mesoblast’s phase 3 clinical trial of remestemcel-L.
Overall survival in the remestemcel-L cohort was
63% at 1 year, 51% at 2 years, and 49% at 4 years, while across
four recently published studies of children or adults with SR-aGVHD
who received best available therapy (BAT) or the only FDA-approved
agent for adults, survival rates of 40-49% at 1 year and 25%-38% at
2 years were seen.6-9
Rexlemestrocel-L
Activities regarding rexlemestrocel-L for discogenic chronic low
back pain (CLBP)
This month the FDA granted RMAT designation for
rexlemestrocel-L in the treatment of CLBP associated with
degenerative disc disease, in combination with hyaluronic acid (HA)
as delivery agent for injection into the lumbar disc.
RMAT designations aim to expedite the
development of regenerative medicine therapies intended to treat,
modify, reverse, or cure a serious or life-threatening disease or
condition where preliminary clinical evidence indicates that the
drug has the potential to address unmet medical needs for the
disease or condition. An RMAT designation for rexlemestrocel-L
provides all the benefits of Breakthrough and Fast Track
designations, including rolling review and eligibility for priority
review on filing of a BLA.
There is a significant need for a safe,
effective, and durable opioid-sparing treatment in patients with
CLBP associated with degenerative disc disease. Mesoblast has
previously gained alignment with the FDA on the key metrics for a
pivotal Phase 3 study of rexlemestrocel-L which seeks to replicate
the significant reduction in pain seen in the first Phase 3 trial.
FDA has confirmed that 12-month reduction in pain is an approvable
indication, with key secondary measures of improvement in function
and reduced opioid usage. Preparations underway to initiate a
pivotal Phase 3 trial by mid-CY2023.
Activities regarding rexlemestrocel-L for chronic heart failure
with reduced ejection fraction (HFrEF) 13
Today’s publication of the DREAM-HF Phase 3
trial results3 in the premier peer-reviewed journal for
cardiovascular medicine, the Journal of the American College of
Cardiology (JACC) showed that rexlemestrocel-L strengthened heart
function at 12 months, as measured by left ventricular ejection
fraction (LVEF), and decreased cardiovascular death, myocardial
infarction or stroke in patients with chronic HFrEF over a mean
follow-up of 30 months.
The study enrolled patients across 51 sites in
North America and the results showed that a single intra-myocardial
injection of 150 million cells of rexlemestrocel-L
- improved LVEF from
baseline to 12 months to a significantly greater extent than
controls across all patients with available echocardiograms
(p=0.021), with maximal benefit seen in patients with active
inflammation as measured by the presence of baseline hsCRP ≥2mg/L
(p=0.008)
- reduced risk of MI
or stroke by 57% (HR 0.43; 95% CI [0.23, 0.78]) in all treated
patients compared with controls
- reduced risk of MI
or stroke by 75% (HR 0.25; 95% CI [0.09, 0.68]) in patients with
inflammation (baseline hsCRP ≥2mg/L) compared with controls
- reduced risk for
time-to-first Major Adverse Cardiac Event (MACE), defined as
cardiovascular death, MI or stroke, by 28% (HR 0.72; 95% CI: [0.51,
1.03]) in all-treated patients compared with controls
- reduced risk for
time-to-first MACE by 37% (HF 0.63; 95% CI: [0.39, 1.02]) in
patients with inflammation (baseline hsCRP≥2mg/L) compared with
controls
Results from three randomized controlled trials
of rexlemestrocel-L in class II/III and in end-stage HFrEF with
left ventricular assist devices (LVADs) support the hypothesis that
rexlemestrocel-L acts by a common mechanism of action to reverse
inflammation-related endothelial dysfunction, thereby reducing
adverse clinical outcomes across the spectrum of HFrEF
patients.
Improvement in LVEF at 12 months in patients
with HFrEF may be an appropriate early surrogate endpoint for long
term reduction in major adverse cardiovascular events (MACE).
Mesoblast plans to meet with the FDA next
quarter under its existing RMAT designation for end-stage HFrEF
patients with LVADs to discuss common mechanisms- of-action across
the spectrum of HFrEF patients from NYHA class II/III to those with
an implanted LVAD, and potential pathway to marketing approval.
FINANCIAL RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2022
(SECOND QUARTER FY2023)
- Cash
reserves as of December 31, 2022 were US$67.6 million. Up
to an additional US$40.0 million may be drawn from existing
financing facilities subject to achieving certain milestones.
- Financing
Facilities, in December 2022 we announced that funds
managed by Oaktree Capital Management, L.P. (“Oaktree”) extended to
Mesoblast the availability of up to an additional US$30 million of
its US$90 million five-year facility subject to achieving certain
milestones on or before September 30, 2023.
- Net cash
usage for operating activities was US$16.5 million for the
second quarter FY2023. This represents a 9% reduction (US$1.7
million) from the second quarter FY2022, and a 46% reduction
(US$14.1 million) from the second quarter FY2021.
-
Revenue from royalties on sales of TEMCELL® HS
Inj.4 sold in Japan by our licensee for the second quarter FY2023
were US$1.9 million. On a constant currency basis, sales for the
second quarter FY2023, were US$2.1 million,5 compared with US$2.3
million for the second quarter FY2022.
- Research
& Development expenses reduced by US$2.5 million
(25%), down to US$7.7 million for the second quarter FY2023
compared to US$10.2 million for the second quarter FY2022. R&D
expenses primarily supported preparations for the remestemcel-L BLA
re-submission and preparations for pivotal studies for
rexlemestrocel-L, as clinical trial activities for our product
candidates are reduced since clinical trial recruitment and data
analysis are now complete.
-
Manufacturing expenses were US$7.9 million for the
second quarter FY2023 compared to US$6.6 million for the second
quarter FY2022. During the quarter we continued pre-launch
manufacturing activities and product testing for remestemcel-L to
support the potential commercial launch for SR-aGVHD.We expect to
recognize the US$30.4 million balance of remestemcel-L pre-launch
inventory, and the balance of any further production completed at
that time, on our balance sheet if we receive FDA approval.
- Management
and Administration expenses reduced by US$1.4 million
(18%), down to US$6.4 million for the second quarter FY2023
compared to US$7.8 million for the second quarter FY2022 primarily
due to decreased legal and professional fees associated with a
one-off adjustment in legal expenses during the period.
-
Remeasurement of Contingent Consideration
recognized gains of US$1.5 million in the second quarter FY2023
reflecting a reduction in future third party payments compared to a
loss of US$0.4 million in the second quarter FY2022.
- Fair value
movement of warrants recognized a loss of US$0.3 million
in the second quarter FY2023 compared to a gain of US$2.2 million
in the second quarter FY2022.
- Finance
Costs for borrowing arrangements include US$5.0 million of
non-cash expenditure for the second quarter FY2023 comprising
accruing interest and borrowing costs.
Loss after tax for the second
quarter FY2023 was US$24.5 million compared to US$25.9 million for
the second quarter FY2022. The net loss attributable to ordinary
shareholders was 3.32 US cents per share for the second quarter
FY2023, compared with 4.00 US cents per share for the second
quarter FY2022.
Conference CallThere will be a
webcast today, beginning at 8.30am AEDT (Tuesday, February 28);
4.30pm ET (Monday, February 27). It can be accessed via:
https://webcast.openbriefing.com/msb-qtr-2023/
The archived webcast will be available on the
Investor page of the Company’s website: www.mesoblast.com
About Mesoblast Mesoblast is a
world leader in developing allogeneic (off-the-shelf) cellular
medicines for the treatment of severe and life-threatening
inflammatory conditions. The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process.
Mesoblast has a strong and extensive global
intellectual property portfolio with protection extending through
to at least 2041 in all major markets. The Company’s proprietary
manufacturing processes yield industrial-scale, cryopreserved,
off-the-shelf, cellular medicines. These cell therapies, with
defined pharmaceutical release criteria, are planned to be readily
available to patients worldwide.
Mesoblast is developing product candidates for
distinct indications based on its remestemcel-L and
rexlemestrocel-L allogeneic stromal cell technology platforms.
Remestemcel-L is being developed for inflammatory diseases in
children and adults including steroid refractory acute graft versus
host disease, biologic-resistant inflammatory bowel disease, and
acute respiratory distress syndrome. Rexlemestrocel-L is in
development for advanced chronic heart failure and chronic low back
pain. Two products have been commercialized in Japan and Europe by
Mesoblast’s licensees, and the Company has established commercial
partnerships in Europe and China for certain Phase 3 assets.
Mesoblast has locations in Australia, the United
States and Singapore and is listed on the Australian Securities
Exchange (MSB) and on the Nasdaq (MESO). For more information,
please see www.mesoblast.com, LinkedIn: Mesoblast Limited and
Twitter: @Mesoblast
References / Footnotes
- Westin, J., Saliba, RM., Lima, M. (2011) Steroid-refractory
acute GVHD: predictors and outcomes. Advances in Hematology.
- Axt L, Naumann A, Toennies J (2019) Retrospective single center
analysis of outcome, risk factors and therapy in steroid refractory
graft-versus-host disease after allogeneic hematopoietic cell
transplantation. Bone Marrow Transplantation.
- Perin EC. Et al. Randomized Trial of Targeted Transendocardial
Mesenchymal Precursor Cell Therapy in Patients With Heart Failure.
JACC Vol. 81, No. 9, 2023.
https://doi.org/10.1016/j.jacc.2022.11.061
- TEMCELL® HS Inj. is a registered trademark of JCR
Pharmaceuticals Co. Ltd.
- TEMCELL sales by our Licensee are recorded in Japanese Yen
before being translated into USD for the purposes of calculating
the royalty paid to Mesoblast. Results have been adjusted for the
movement of the USD to Japanese Yen exchange rate from 1USD:116.02
Yen for the 3 months ended December 31, 2021 to 1USD:133.70 Yen for
the 3 months ended December 31, 2022.
- Rashidi A et al. Outcomes and
predictors of response in steroid-refractory acute
graft-versus-host disease: single-center results from a cohort of
203 patients. Biol Blood Bone Marrow Transplant 2019;
25(11):2297-2302
- MacMillan ML et al. Pediatric acute
GVHD: clinical phenotype and response to upfront steroids. Bone
Marrow Transplant 2020; 55(1): 165-171
- Zeiser R et al. Ruxolitinib for
Glucocorticoid-Refractory Acute Graft-versus-Host Disease. N Engl J
Med 2020;382:1800-10
- Jagasia M et al. Ruxolitinib for
the treatment of steroid-refractory acute GVHD (REACH1): a
multicenter, open-label phase 2 trial. Blood. 2020 May 14; 135(20):
1739–1749
Forward-Looking StatementsThis
press release includes forward-looking statements 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 results, levels of activity, performance or achievements
to differ materially from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements. We make such forward-looking statements
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and other federal securities laws.
Forward-looking statements should not be read as a guarantee of
future performance or results, and actual results may differ from
the results anticipated in these forward-looking statements, and
the differences may be material and adverse. Forward-looking
statements include, but are not limited to, statements about: the
initiation, timing, progress and results of Mesoblast’s preclinical
and clinical studies, and Mesoblast’s research and development
programs; Mesoblast’s ability to advance product candidates into,
enroll and successfully complete, clinical studies, including
multi-national clinical trials; Mesoblast’s ability to advance its
manufacturing capabilities; the timing or likelihood of regulatory
filings and approvals, manufacturing activities and product
marketing activities, if any; the commercialization of Mesoblast’s
product candidates, if approved; regulatory or public perceptions
and market acceptance surrounding the use of stem-cell based
therapies; the potential for Mesoblast’s product candidates, if any
are approved, to be withdrawn from the market due to patient
adverse events or deaths; the potential benefits of strategic
collaboration agreements and Mesoblast’s ability to enter into and
maintain established strategic collaborations; Mesoblast’s ability
to establish and maintain intellectual property on its product
candidates and Mesoblast’s ability to successfully defend these in
cases of alleged infringement; the scope of protection Mesoblast is
able to establish and maintain for intellectual property rights
covering its product candidates and technology; estimates of
Mesoblast’s expenses, future revenues, capital requirements and its
needs for additional financing; Mesoblast’s financial performance;
developments relating to Mesoblast’s competitors and industry; and
the pricing and reimbursement of Mesoblast’s product candidates, if
approved. You should read this press release together with our risk
factors, in our most recently filed reports with the SEC or on our
website. Uncertainties and risks that may cause Mesoblast’s actual
results, performance or achievements to be materially different
from those which may be expressed or implied by such statements,
and accordingly, you should not place undue reliance on these
forward-looking statements. We do not undertake any obligations to
publicly update or revise any forward-looking statements, whether
as a result of new information, future developments or
otherwise.
Release authorized by the Chief Executive.
For more information, please contact:
Corporate Communications / Investors |
Media |
Paul Hughes |
BlueDot Media |
T: +61 3 9639 6036 |
Steve Dabkowski |
E: investors@mesoblast.com |
T: +61 419 880 486 |
|
E: steve@bluedot.net.au |
|
|
|
Rubenstein |
|
Tali Mackay |
|
E: tmackay@rubenstein.com |
Consolidated Income Statement
|
Three Months EndedDecember
31, |
|
Six Months EndedDecember 31, |
(in U.S. dollars, in thousands, except per share
amount) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
2,134 |
|
|
2,383 |
|
|
3,636 |
|
|
5,977 |
|
Research &
development |
(7,683 |
) |
|
(10,198 |
) |
|
(13,430 |
) |
|
(19,526 |
) |
Manufacturing
commercialization |
(7,894 |
) |
|
(6,590 |
) |
|
(12,760 |
) |
|
(14,127 |
) |
Management and
administration |
(6,386 |
) |
|
(7,814 |
) |
|
(13,281 |
) |
|
(13,692 |
) |
Fair value remeasurement of
contingent consideration |
1,520 |
|
|
(351 |
) |
|
5,989 |
|
|
(71 |
) |
Fair value remeasurement of
warrant liability |
(311 |
) |
|
2,152 |
|
|
(712 |
) |
|
2,152 |
|
Other operating income and
expenses |
251 |
|
|
(227 |
) |
|
(253 |
) |
|
(405 |
) |
Finance costs |
(6,188 |
) |
|
(5,380 |
) |
|
(10,685 |
) |
|
(9,040 |
) |
Loss before income
tax |
(24,557 |
) |
|
(26,025 |
) |
|
(41,496 |
) |
|
(48,732 |
) |
Income tax
benefit/(expense) |
71 |
|
|
80 |
|
|
126 |
|
|
142 |
|
Loss attributable to
the owners of Mesoblast Limited |
(24,486 |
) |
|
(25,945 |
) |
|
(41,370 |
) |
|
(48,590 |
) |
|
|
|
|
|
|
|
|
Losses per share from
continuing operations attributable to the ordinary equity holders
of the Group: |
Cents |
|
Cents |
|
Cents |
|
Cents |
Basic - losses per share |
(3.32 |
) |
|
(4.00 |
) |
|
(5.78 |
) |
|
(7.50 |
) |
Diluted - losses per
share |
(3.32 |
) |
|
(4.00 |
) |
|
(5.78 |
) |
|
(7.50 |
) |
Consolidated Statement of Comprehensive
Income
|
Three Months EndedDecember
31, |
|
Six Months EndedDecember 31, |
(in U.S. dollars, in thousands) |
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Loss for the
period |
(24,486 |
) |
|
(25,945 |
) |
|
(41,370 |
) |
|
(48,590 |
) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
Items that may be reclassified
to profit and loss |
|
|
|
|
|
|
|
Exchange differences on
translation of foreign operations |
259 |
|
|
166 |
|
|
100 |
|
|
(183 |
) |
Items that will not be
reclassified to profit and loss |
|
|
|
|
|
|
|
Financial assets at fair value
through other comprehensive income |
106 |
|
|
112 |
|
|
192 |
|
|
266 |
|
Other comprehensive
(loss)/income for the period, net of tax |
365 |
|
|
278 |
|
|
292 |
|
|
83 |
|
Total comprehensive
losses attributable to the owners of Mesoblast
Limited |
(24,121 |
) |
|
(25,667 |
) |
|
(41,078 |
) |
|
(48,507 |
) |
Consolidated Balance Sheet
(in U.S. dollars, in
thousands) |
As of December 31,
2022 |
|
As of June 30,
2022 |
Assets |
|
|
|
Current
Assets |
|
|
|
Cash & cash equivalents |
67,619 |
|
|
60,447 |
|
Trade & other
receivables |
5,115 |
|
|
4,403 |
|
Prepayments |
5,399 |
|
|
4,987 |
|
Total Current
Assets |
78,133 |
|
|
69,837 |
|
|
|
|
|
Non-Current
Assets |
|
|
|
Property, plant and
equipment |
1,556 |
|
|
2,045 |
|
Right-of-use assets |
6,598 |
|
|
7,920 |
|
Financial assets at fair value
through other comprehensive income |
1,949 |
|
|
1,758 |
|
Other non-current assets |
1,922 |
|
|
1,930 |
|
Intangible assets |
577,902 |
|
|
578,652 |
|
Total Non-Current
Assets |
589,927 |
|
|
592,305 |
|
Total
Assets |
668,060 |
|
|
662,142 |
|
|
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Trade and other payables |
22,992 |
|
|
23,079 |
|
Provisions |
17,853 |
|
|
17,906 |
|
Borrowings |
5,938 |
|
|
5,017 |
|
Lease liabilities |
3,860 |
|
|
3,186 |
|
Warrant liability |
3,933 |
|
|
2,185 |
|
Total Current
Liabilities |
54,576 |
|
|
51,373 |
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
Provisions |
8,998 |
|
|
12,523 |
|
Borrowings |
96,984 |
|
|
91,617 |
|
Lease liabilities |
5,000 |
|
|
7,085 |
|
Deferred consideration |
2,500 |
|
|
2,500 |
|
Total Non-Current
Liabilities |
113,482 |
|
|
113,725 |
|
Total
Liabilities |
168,058 |
|
|
165,098 |
|
Net
Assets |
500,002 |
|
|
497,044 |
|
|
|
|
|
Equity |
|
|
|
Issued Capital |
1,207,714 |
|
|
1,165,309 |
|
Reserves |
72,574 |
|
|
70,651 |
|
(Accumulated losses)/retained
earnings |
(780,286 |
) |
|
(738,916 |
) |
Total
Equity |
500,002 |
|
|
497,044 |
|
Consolidated Statement of Cash Flows
|
Six Months EndedDecember 31, |
(in U.S. dollars, in thousands) |
2022 |
|
|
2021 |
|
Cash flows from
operating activities |
|
|
|
Commercialization revenue
received |
3,667 |
|
|
5,531 |
|
Government grants and tax
incentives received |
18 |
|
|
24 |
|
Payments to suppliers and
employees (inclusive of goods and services tax) |
(34,633 |
) |
|
(41,977 |
) |
Interest received |
207 |
|
|
4 |
|
Net cash (outflows) in
operating activities |
(30,741 |
) |
|
(36,418 |
) |
|
|
|
|
Cash flows from
investing activities |
|
|
|
Investment in fixed
assets |
(187 |
) |
|
(103 |
) |
Payments for intellectual
property |
(50 |
) |
|
(26 |
) |
Net cash (outflows) in
investing activities |
(237 |
) |
|
(129 |
) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Proceeds from borrowings |
— |
|
|
51,919 |
|
Repayment of borrowings |
— |
|
|
(55,458 |
) |
Payment of transaction costs
from borrowings |
(217 |
) |
|
(5,453 |
) |
Interest and other costs of
finance paid |
(2,807 |
) |
|
(2,951 |
) |
Proceeds from issue of
shares |
45,065 |
|
|
209 |
|
Proceeds from issue of
warrants |
— |
|
|
8,081 |
|
Payments for share issue
costs |
(2,646 |
) |
|
(216 |
) |
Payments for lease
liabilities |
(1,109 |
) |
|
(1,214 |
) |
Net cash
inflows/(outflows) by financing activities |
38,286 |
|
|
(5,083 |
) |
|
|
|
|
Net increase/(decrease) in
cash and cash equivalents |
7,308 |
|
|
(41,630 |
) |
Cash and cash equivalents at
beginning of period |
60,447 |
|
|
136,881 |
|
FX gain/(losses) on the
translation of foreign bank accounts |
(136 |
) |
|
(402 |
) |
Cash and cash
equivalents at end of period |
67,619 |
|
|
94,849 |
|
Mesoblast (NASDAQ:MESO)
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