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 March 31, 2023.
OPERATIONAL HIGHLIGHTS
Remestemcel-L BLA filing accepted by
FDA, PDUFA goal date set
US Food and Drug Administration (FDA) accepted
Mesoblast’s filing of the Biologics License Application (BLA) for
remestemcel-L in the treatment of children with steroid-refractory
graft versus host disease (SR-aGVHD) as being complete and has set
a Prescription Drug User Fee Act (PDUFA) goal date of August 2,
2023.
FDA pre-license inspection of
remestemcel-L manufacturing conducted
As part of its ongoing review of the BLA, FDA
has now conducted the Pre-License Inspection (PLI) of the
manufacturing process for remestemcel-L.
The FDA inspection did not result in the
issuance of a Form 483, which must be provided at the conclusion of
an inspection if investigators have observed any conditions that in
their judgment may constitute violations of the Food Drug and
Cosmetic Act and related Acts.
According to FDA procedures, an Establishment
Inspection Report (EIR) is expected to be issued by FDA in the
coming weeks providing a detailed summary and final assessment of
the inspection.
Key studies presented at 2023 Tandem
Meetings of the American Society for Transplantation and Cellular
Therapy (ASTCT) and the Center for Blood and Marrow Transplant
Research (CIBMTR) in support of remestemcel-L BLA
The presentations were titled “Long-Term
Survival in Children Treated with Remestemcel-L for SR-aGVHD” and
“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
Steroid-Refractory Acute GVHD”.
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. FDA
has cleared the pivotal trial protocol, and we expect enrolment to
commence during the third quarter of this year.
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).1
FINANCIAL HIGHLIGHTS
Successful completion of a global
private placement primarily to Mesoblast’s existing major
US, UK, and Australian shareholders raising approximately US$40.0
million, net of transaction costs.
Cash on hand at the end of the
quarter of US$48.8 million, pro-forma cash after adjusting for
US$40.0 million of proceeds raised in April is US$88.8 million,
with up to an additional US$40.0 million available to be drawn down
from existing financing facilities subject to certain
milestones.
Revenue from royalties on sales
of TEMCELL® HS Inj.2,3 sold in Japan by our licensee were US$1.8
million for the quarter ended March 31, 2023. On a constant
currency basis, royalties on sales grew 4% quarter on quarter to
US$2.0 million3 for the quarter ended March 31, 2023, compared with
US$1.9 million for the quarter ended March 31, 2022.
Net cash usage for operating
activities in the quarter was US$16.2 million; this represented an
increase of US$0.7 million, or 4%, on the comparative quarter in
FY2022, and a reduction of US$8.3 million, or 34%, on the
comparative quarter in FY2021.
OPERATIONAL RESULTS AND NEAR-TERM
MILESTONES
Remestemcel-L
Activities regarding remestemcel-L for
steroid-refractory acute graft versus host disease (SR-aGVHD) in
children
- Resubmitted to the FDA the BLA for approval of remestemcel-L in
the treatment of children with SR-aGVHD.
- The resubmission contains new information developed since the
Complete Response Letter (CRL) received in September 2020,
including the generation of new data and analyses which we believe
provide substantial evidence of remestemcel-L’s effectiveness in
pediatric SR-aGVHD.
- FDA accepted Mesoblast’s BLA resubmission for remestemcel-L,
considering the resubmission to be a complete response and set a
Prescription Drug User Fee Act (PDUFA) goal date of August 2,
2023.
- As part of its ongoing review of the BLA, FDA has now conducted
the Pre-License Inspection (PLI) of the manufacturing process for
remestemcel-L.
- The FDA inspection did not result in the issuance of a Form
483, which is provided at the conclusion of an inspection if
investigators have observed any conditions that in their judgment
may constitute violations of the Food Drug and Cosmetic Act and
related Acts.
- According to FDA procedures, an Establishment Inspection Report
(EIR) is expected to be issued by FDA in the coming weeks providing
a detailed summary and final assessment of the inspection.
- Two studies on the remestemcel-L development program for the
treatment of children with SR-aGVHD were selected by peer review
and presented at the 2023 Tandem Meetings of the American Society
for Transplantation and Cellular Therapy (ASTCT) and the Center for
Blood and Marrow Transplant Research (CIBMTR).
- The data from these studies formed key components of
Mesoblast’s recent resubmission of its remestemcel-L BLA to FDA for
children with SR-aGVHD.
Rexlemestrocel-L
Activities regarding rexlemestrocel-L for discogenic chronic low
back pain (CLBP)
- FDA granted Mesoblast a Regenerative Medicine Advanced Therapy
(RMAT) designation for treatment of discogenic chronic low back
pain.
- FDA has confirmed that a 12-month reduction in pain alone is an
approvable indication. Key secondary endpoints will be improvement
in function and reduced opioid usage. Mesoblast will use this
primary endpoint of pain reduction in its next Phase 3 trial under
the RMAT designation.
- FDA has cleared the pivotal trial protocol, and we expect
enrolment to commence during the third quarter of this year.
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.
Activities regarding rexlemestrocel-L for chronic heart failure
with reduced ejection fraction (HFrEF)
- Publication of the DREAM-HF Phase 3
trial results in the premier peer-reviewed journal for
cardiovascular medicine, the Journal of the American College of
Cardiology (JACC). The results of the randomized, double-blind,
controlled study in 537 patients showed that Mesoblast’s
mesenchymal precursor cell therapy (MPCs; rexlemestrocel-L)
strengthened heart function at 12 months, as measured by left
ventricular ejection fraction (LVEF) and decreased cardiovascular
death, myocardial infarction (MI) or stroke in patients with
chronic heart failure (CHF) due to reduced ejection fraction
(HFrEF) over a mean follow-up of 30 months.1
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 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 MARCH 31, 2023
(THIRD QUARTER FY2023)
- Cash reserves on hand at the end of the
quarter of US$48.8 million, pro-forma cash after adjusting for
US$40.0 million of proceeds raised in April is US$88.8 million,
with up to an additional US$40.0 million available to be drawn down
from existing financing facilities subject to certain
milestones.
- Net cash usage for operating activities was
US$16.2 million for the third quarter FY2023. This represents a 4%
increase (US$0.7 million) from the third quarter FY2022, and a 34%
reduction (US$8.3 million) from the third quarter FY2021.
- Revenue from royalties on sales of TEMCELL® HS
Inj.2 sold in Japan by our licensee for the third quarter FY2023
were US$1.8 million. On a constant currency basis, sales for the
third quarter FY2023 grew 4% to US$2.0 million,3 compared with
US$1.9 million for the third quarter FY2022.
- Research & Development expenses reduced by
US$1.2 million (14%), down to US$7.0 million for the third quarter
FY2023 compared to US$8.2 million for the third 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$6.2 million for
the third quarter FY2023 compared to US$5.6 million for the third
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$31.0 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$1.2 million (15%), down to US$6.4 million for the third
quarter FY2023 compared to US$7.6 million for the third quarter
FY2022 primarily due to professional fees associated with a one-off
corporate activity incurred during the prior period.
- Remeasurement of Contingent Consideration
recognized gains of US$1.3 million in the third quarter FY2023
reflecting a reduction in future third party payments compared to a
gain of US$0.7 million in the third quarter FY2022.
- Fair value movement of warrants recognized a
loss of US$0.5 million in the third quarter FY2023 compared to a
gain of US$0.9 million in the third quarter FY2022.
- Other operating income in the third quarter
FY2023 includes R&D tax incentive income of US$3.1 million. The
income recorded in this quarter pertains to the eligible
expenditure refundable under the Australian governments incentive
program for the years ended June 30, 2021 and 2022 and the nine
months ended March 31, 2023.
- Finance Costs for borrowing arrangements
include US$3.8 million of non-cash expenditure for the third
quarter FY2023 comprising accruing interest and borrowing
costs.
Loss after tax for the third
quarter FY2023 was US$18.6 million compared to US$21.3 million for
the third quarter FY2022. The net loss attributable to ordinary
shareholders was 2.53 US cents per share for the third quarter
FY2023, compared with 3.28 US cents per share for the third quarter
FY2022.
Conference Call
There will be a webcast today, beginning at
8.30am AEST (Friday, May 26); 6.30pm EDT (Thursday, May 25). It can
be accessed via:
https://webcast.openbriefing.com/msb-qtr1-2023/
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
- 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:123.41
Yen for the 3 months ended March 31, 2022 to 1USD:134.54 Yen for
the 3 months ended March 31, 2023.
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 EndedMarch 31, |
|
Nine Months EndedMarch 31, |
(in U.S. dollars, in thousands, except per share
amount) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
1,939 |
|
|
2,011 |
|
|
5,362 |
|
|
7,987 |
|
Research &
development |
|
(7,066 |
) |
|
(8,250 |
) |
|
(20,496 |
) |
|
(27,776 |
) |
Manufacturing
commercialization |
|
(6,246 |
) |
|
(5,590 |
) |
|
(19,006 |
) |
|
(19,717 |
) |
Management and
administration |
|
(6,407 |
) |
|
(7,567 |
) |
|
(19,688 |
) |
|
(21,259 |
) |
Fair value remeasurement of
contingent consideration |
|
1,318 |
|
|
672 |
|
|
7,307 |
|
|
601 |
|
Fair value remeasurement of
warrant liability |
|
(517 |
) |
|
896 |
|
|
(1,229 |
) |
|
3,048 |
|
Other operating income and
expenses |
|
3,317 |
|
|
392 |
|
|
3,278 |
|
|
(12 |
) |
Finance costs |
|
(4,984 |
) |
|
(3,911 |
) |
|
(15,670 |
) |
|
(12,951 |
) |
Loss before income
tax |
|
(18,646 |
) |
|
(21,347 |
) |
|
(60,142 |
) |
|
(70,079 |
) |
Income tax
benefit/(expense) |
|
46 |
|
|
45 |
|
|
172 |
|
|
187 |
|
Loss attributable to
the owners of Mesoblast Limited |
|
(18,600 |
) |
|
(21,302 |
) |
|
(59,970 |
) |
|
(69,892 |
) |
|
|
|
|
|
|
|
|
|
Losses per share from
continuing operations attributable to the ordinary equity holders
of the Group: |
|
Cents |
|
Cents |
|
Cents |
|
Cents |
Basic - losses per share |
|
(2.53 |
) |
|
(3.28 |
) |
|
(8.29 |
) |
|
(10.78 |
) |
Diluted - losses per
share |
|
(2.53 |
) |
|
(3.28 |
) |
|
(8.29 |
) |
|
(10.78 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive
Income |
|
|
|
Three Months EndedMarch 31, |
|
Nine Months EndedMarch 31, |
(in U.S. dollars, in
thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Loss for the period |
|
(18,600 |
) |
|
(21,302 |
) |
|
(59,970 |
) |
|
(69,892 |
) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
|
Items that may be reclassified
to profit and loss |
|
|
|
|
|
|
|
|
Exchange differences on
translation of foreign operations |
|
152 |
|
|
(333 |
) |
|
252 |
|
|
(516 |
) |
Items that will not be
reclassified to profit and loss |
|
|
|
|
|
|
|
|
Financial assets at fair value
through other comprehensive income |
|
83 |
|
|
(314 |
) |
|
275 |
|
|
(48 |
) |
Other comprehensive
(loss)/income for the period, net of tax |
|
235 |
|
|
(647 |
) |
|
527 |
|
|
(564 |
) |
Total comprehensive
losses attributable to the owners of Mesoblast
Limited |
|
(18,365 |
) |
|
(21,949 |
) |
|
(59,443 |
) |
|
(70,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheet |
|
(in U.S. dollars, in
thousands) |
|
As of March 31,
2023 |
|
As of June 30,
2022 |
Assets |
|
|
|
|
Current
Assets |
|
|
|
|
Cash & cash equivalents |
|
48,799 |
|
|
60,447 |
|
Trade & other
receivables |
|
8,393 |
|
|
4,403 |
|
Prepayments |
|
4,173 |
|
|
4,987 |
|
Total Current
Assets |
|
61,365 |
|
|
69,837 |
|
|
|
|
|
|
Non-Current
Assets |
|
|
|
|
Property, plant and
equipment |
|
1,484 |
|
|
2,045 |
|
Right-of-use assets |
|
5,641 |
|
|
7,920 |
|
Financial assets at fair value
through other comprehensive income |
|
2,032 |
|
|
1,758 |
|
Other non-current assets |
|
2,388 |
|
|
1,930 |
|
Intangible assets |
|
577,531 |
|
|
578,652 |
|
Total Non-Current
Assets |
|
589,076 |
|
|
592,305 |
|
Total
Assets |
|
650,441 |
|
|
662,142 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current
Liabilities |
|
|
|
|
Trade and other payables |
|
20,972 |
|
|
23,079 |
|
Provisions |
|
17,576 |
|
|
17,906 |
|
Borrowings |
|
7,314 |
|
|
5,017 |
|
Lease liabilities |
|
3,605 |
|
|
3,186 |
|
Warrant liability |
|
4,450 |
|
|
2,185 |
|
Total Current
Liabilities |
|
53,917 |
|
|
51,373 |
|
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
Provisions |
|
8,167 |
|
|
12,523 |
|
Borrowings |
|
99,043 |
|
|
91,617 |
|
Lease liabilities |
|
4,646 |
|
|
7,085 |
|
Deferred consideration |
|
2,500 |
|
|
2,500 |
|
Total Non-Current
Liabilities |
|
114,356 |
|
|
113,725 |
|
Total
Liabilities |
|
168,273 |
|
|
165,098 |
|
Net
Assets |
|
482,168 |
|
|
497,044 |
|
|
|
|
|
|
Equity |
|
|
|
|
Issued Capital |
|
1,207,500 |
|
|
1,165,309 |
|
Reserves |
|
73,554 |
|
|
70,651 |
|
(Accumulated losses)/retained
earnings |
|
(798,886 |
) |
|
(738,916 |
) |
Total
Equity |
|
482,168 |
|
|
497,044 |
|
|
|
|
|
|
|
|
Consolidated Statement of Cash Flows |
|
|
|
Nine Months EndedMarch 31, |
(in U.S. dollars, in
thousands) |
|
2023 |
|
2022 |
Cash flows from
operating activities |
|
|
|
|
Commercialization revenue received |
|
5,646 |
|
|
7,969 |
|
Government grants and tax
incentives received |
|
— |
|
|
24 |
|
Payments to suppliers and
employees (inclusive of goods and services tax) |
|
(53,032 |
) |
|
(59,855 |
) |
Interest received |
|
399 |
|
|
5 |
|
Income taxes paid |
|
(4 |
) |
|
(31 |
) |
Net cash (outflows) in
operating activities |
|
(46,991 |
) |
|
(51,888 |
) |
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
Investment in fixed
assets |
|
(227 |
) |
|
(110 |
) |
Receipts from investment in
sublease |
|
67 |
|
|
— |
|
Payments for intellectual
property |
|
(50 |
) |
|
(75 |
) |
Net cash (outflows) in
investing activities |
|
(210 |
) |
|
(185 |
) |
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
Proceeds from borrowings |
|
— |
|
|
51,919 |
|
Repayment of borrowings |
|
— |
|
|
(55,458 |
) |
Payment of transaction costs
from borrowings |
|
(412 |
) |
|
(5,513 |
) |
Interest and other costs of
finance paid |
|
(4,244 |
) |
|
(4,317 |
) |
Proceeds from issue of
shares |
|
45,065 |
|
|
209 |
|
Proceeds from issue of
warrants |
|
— |
|
|
8,081 |
|
Payments for share issue
costs |
|
(2,873 |
) |
|
(216 |
) |
Payments for lease
liabilities |
|
(1,791 |
) |
|
(2,359 |
) |
Net cash
inflows/(outflows) by financing activities |
|
35,745 |
|
|
(7,654 |
) |
|
|
|
|
|
Net increase/(decrease) in
cash and cash equivalents |
|
(11,456 |
) |
|
(59,727 |
) |
Cash and cash equivalents at
beginning of period |
|
60,447 |
|
|
136,881 |
|
FX gain/(losses) on the
translation of foreign bank accounts |
|
(192 |
) |
|
(394 |
) |
Cash and cash
equivalents at end of period |
|
48,799 |
|
|
76,760 |
|
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