MESO

MKT CAP:$2B

Mesoblast Limited

Market Cap

$2B

Healthcare·Biotechnology·🇦🇺 Australia·NASDAQ

Healthcare·Biotechnology·🇦🇺·NASDAQ

Stock Price

$15.50-$2.66 (-14.65%)

Apr 23, 2026

Company Details

Mesoblast Limited, a biopharmaceutical company, develops and commercializes allogeneic cellular medicines in the United States, Australia, Singapore, the United Kingdom, and Switzerland. The company offers products in the areas of cardiovas...

CEO

Silviu Itescu

IPO Date

Jan 20, 2010

Website

www.mesoblast.com

Key Metrics TTM

Revenue

$12M

+59.8% YoY

Net Income

-$84M

EPS (Diluted)

-$0.80

Free Cash Flow

-$56M

Revenue / Share

$0.09

Gross Margin

-283.1%

Operating Margin

-793.5%

Net Margin

-697.5%

FCF Margin

-469.4%

P/S

166.5x

P/E

—

Earnings Reports

FY 2025

Aug 29, 2025

$17M+191.4%EPS -$0.84

Q4 2025

Aug 29, 2025

$7MEPS -$0.21

Q2 2025

Feb 27, 2025

$2M-6.8%EPS -$0.21

FY 2024

Aug 29, 2024

$6M-21.3%EPS -$0.89

Q2 2024

Dec 30, 2023

$2M-14.4%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$1M	-$27M	-$36M
Q2 21	$2M	-$18M	-$26M
Q3 21	$2M	-$18M	-$26M
Q4 21	$2M	-$12M	-$19M
Q1 22	$4M	-$13M	-$19M
Q2 22	$2M	-$14M	-$22M
Q3 22	$2M	-$12M	-$19M
Q4 22	$2M	-$14M	-$20M
Q1 23	$1M	-$9M	-$16M
Q2 23	$2M	-$14M	-$21M
Q3 23	$2M	-$11M	-$14M
Q4 23	$2M	-$13M	-$19M
Q1 24	$2M	-$8M	-$20M
Q2 24	$2M	-$8M	-$20M
Q2 25	$2M	-$2M	-$21M
Q4 25	$7M	-$16M	-$34M

Valuation

Quarter	P/S	P/E
Q1 21	124.5x	—
Q2 21	122.5x	—
Q3 21	325.6x	—
Q4 21	268.5x	—
Q1 22	204.9x	—
Q2 22	201.9x	—
Q3 22	199.9x	—
Q4 22	195.5x	—
Q1 23	247.6x	—
Q2 23	260.6x	—
Q3 23	263.1x	—
Q4 23	266.1x	—
Q1 24	257.5x	—
Q2 24	267.3x	—
Q2 25	280.9x	—
Q4 25	166.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$34M	$34M
Q4 21	-$21M	-$21M
Q1 22	-$18M	-$18M
Q2 22	-$18M	-$18M
Q3 22	-$15M	-$16M
Q4 22	-$14M	-$14M
Q1 23	-$14M	-$14M
Q2 23	-$16M	-$16M
Q3 23	-$16M	-$16M
Q4 23	-$16M	-$16M
Q1 24	-$14M	-$14M
Q2 24	-$13M	-$13M
Q2 25	-$10M	-$10M
Q4 25	-$15M	-$15M
Q1 26	-$15M	-$15M
Q2 26	-$16M	-$16M

Capital Expenditures

Quarter	CapEx
Q3 21	$448.0K
Q4 21	$223.0K
Q1 22	$99.0K
Q2 22	$30.0K
Q3 22	$56.0K
Q4 22	$47.0K
Q1 23	$203.0K
Q2 23	$34.0K
Q3 23	$40.0K
Q4 23	$37.0K
Q1 24	$185.0K
Q2 24	$19.0K
Q2 25	$53.0K
Q4 25	$287.0K
Q1 26	$349.0K
Q2 26	$133.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-92.4%	+80.9%
Q2 21	+13.6%	+11.2%
Q3 21	-84.2%	+0.8%
Q4 21	+188.4%	-34.9%
Q1 22	+178.8%	-38.1%
Q2 22	+6.5%	-13.8%
Q3 22	+5.1%	-23.3%
Q4 22	+11.4%	+3.5%
Q1 23	-59.8%	-23.5%
Q2 23	-16.9%	-6.1%
Q3 23	-3.6%	-23.2%
Q4 23	-3.8%	-3.7%
Q1 24	+17.4%	+24.7%
Q2 24	-14.4%	-5.8%
Q2 25	-18.6%	+35.3%
Q4 25	+228.2%	+95.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$2M	105.5%
Q4 21	$2M	103.7%
Q1 22	$1M	29.9%
Q2 22	$1M	62.1%
Q3 22	$2M	93.9%
Q4 22	$1M	49.1%
Q1 23	$350.0K	24.3%
Q2 23	$1M	71.1%
Q3 23	$791.0K	40.8%
Q4 23	$1M	51.8%
Q1 24	$1M	64.8%
Q2 24	$1M	64.8%
Q2 25	$8M	484.4%
Q4 25	$3M	49.3%
Q1 26	$0	—
Q2 26	$0	—

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 21	$19M	$8M	$12M
Q2 21	$14M	$8M	$6M
Q3 21	$12M	$8M	$7M
Q4 21	$7M	$7M	$7M
Q1 22	$9M	$6M	$8M
Q2 22	$10M	$8M	$7M
Q3 22	$8M	$8M	$6M
Q4 22	$5M	$6M	$11M
Q1 23	$6M	$7M	$5M
Q2 23	$8M	$6M	$8M
Q3 23	$7M	$6M	$6M
Q4 23	$7M	$6M	$9M
Q1 24	$6M	$6M	—
Q2 24	$6M	$6M	—
Q2 25	$10M	$9M	—
Q4 25	$7M	$9M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$94M	$0	$94M
Q3 22	$76M	$0	$76M
Q4 22	$60M	$0	$60M
Q1 23	$85M	$0	$85M
Q2 23	$67M	$0	$67M
Q3 23	$48M	$191.0K	$49M
Q4 23	$71M	$0	$71M
Q1 24	$78M	$0	$78M
Q2 24	$77M	$0	$77M
Q3 24	$63M	$0	$63M
Q4 24	$63M	$0	$63M
Q1 25	$38M	$0	$38M
Q2 25	$38M	$0	$38M
Q3 25	$162M	$0	$162M
Q4 25	$161M	$0	$161M
Q2 26	$130M	$0	$130M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	58M	+7.1%	+16.7%
Q2 21	59M	+0.7%	+9.7%
Q3 21	60M	+3.1%	+12.4%
Q4 21	65M	+7.1%	+19.0%
Q1 22	65M	+0.1%	+11.3%
Q2 22	65M	+0.0%	+10.5%
Q3 22	65M	+0.2%	+7.5%
Q4 22	65M	+0.1%	+0.4%
Q1 23	70M	+7.1%	+7.4%
Q2 23	77M	+10.7%	+18.9%
Q3 23	74M	-4.4%	+13.4%
Q4 23	94M	+27.9%	+44.9%
Q1 24	85M	-9.6%	+22.3%
Q2 24	85M	0.0%	+10.5%
Q2 25	114M	+34.2%	+55.1%
Q4 25	127M	+11.5%	+35.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$12.6K	102
Q2 21	$21.9K	102
Q3 21	$18.8K	102
Q4 21	$24.0K	83
Q1 22	$43.3K	83
Q2 22	$28.7K	83
Q3 22	$24.2K	83
Q4 22	$28.9K	77
Q1 23	$18.7K	77
Q2 23	$25.7K	77
Q3 23	$25.2K	77
Q4 23	$25.8K	83
Q1 24	$20.4K	83
Q2 24	$20.4K	83
Q2 25	$21.6K	73
Q4 25	$86.7K	81

Revenue / Employee