Activity Report for Quarter Ended September 30, 2026 (Appendix 4C)

Mesoblast Limited reported a 44% increase in net revenues to US$28 million for RYONCIL in Q1 FY2027, with an 86% improvement in net operational cash spend. The company completed patient enrollment in its Phase 3 pivotal trial for rexlemestrocel-L in chronic low back pain and received FDA alignment for a BLA filing for treatment of life-threatening GI bleeding in end-stage heart failure patients with LVADs. The company maintains US$99 million in cash and is expanding RYONCIL's use in adult steroid-refractory acute graft versus host disease.