Mesoblast’s (ASX:MSB) net loss falls to US$91.3M in FY22

August 31, 2022 10:59 AM AEST | By Sonal Goyal

Mesoblast’s (ASX:MSB) net loss falls to US$91.3M in FY22 — Image source: © Wavebreakmediamicro | Megapixl.com

Key financial highlights from FY22 results:

During the year, total revenue increased to US$10.2 million, up by 37% on the previous year. Growth in royalties and milestone revenue from Takeda drove the revenue growth.
Mesoblast reported a loss after tax of US$91.3 million.
Net cash usage from the operating activities declined by 35% to US$65.8 million.
The company ended the financial year with a cash balance of US$60.4 million and US$105.5 million in pro-forma as the company raised gross proceeds of US$45 million through private placement in 2022.
Mesoblast informed that it has access to up to US$40 million available, which would be drawn down from a financial facility. The access to US$40 million is subject to certain milestones.
In FY22, the research and development expense decreased by 38% to US$32.8 million, compared to US$53 million in FY21.

Near-term milestones of Mesoblast

In this quarter, the company expects to fill the BLA resubmission for remestemcel-L in children with SR-aGVHD. The potential US approval is expected by the first quarter of CY2023.

In the next quarter, the company plans to meet FDA under RMAT (regenerative medicine advanced therapy) designation to discuss pathways for getting marketing approvals and a common mechanism of action in HFrEF.

By the year end of 2022, the company plans for FDA approval to begin a pivotal study for marketing approval of rexlemestrocel-L in severe lower back pain because of degenerative disc disease.

Share performance of Mesoblast

Shares of Mesoblast traded at AU$0.84, up 6.37% at 10:51 AM (AEST). In the last five trading sessions, Mesoblast’s share price has dropped 2.37% and by 24.77% in the past six months. On a year-to-date basis, it has declined by 40.36%, and yearly fall is 50%.

Meanwhile, the benchmark index, ASX 200 Health Care (INDEXASX:XHJ) was 0.028% up at 42,775.80.

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