Company Profile

Mesabi Trust Price & Performance (MSB)

Stock Performance

Updated May 12, 8:00 PM UTC

Mesabi Trust

$25.14USD

+$0.21 (+0.84%)

After Hours

-$0.23 (-0.91%)

Prev Close

$24.93

Market Cap

$329.84M

Day Range

$24.38 - $25.77

Open

$25.00

P/E Ratio

3.5

52W Range

$15.93 - $37.00

24H Volume

$2.16M

Dividend Yield

28.64%

EPS

7.11

Latest News

Shares of Mesabi Trust Slip Below Key Technical Level
May 1, 2025
Mesabi Trust stock has slipped below its 200-day moving average, a technical indicator often watched by traders for signs of momentum shifts. The move comes after a recent sharp drop of nearly 10%, placing the stock at risk of further declines if support levels fail to hold in upcoming sessions.12
Dividend Payout by Mesabi Trust Jumps Amid Higher Royalties
May 9, 2025
Mesabi Trust has announced a distribution of $0.56 per unit, nearly double last year’s payout for the same period. The increase reflects higher royalty payments from Cleveland-Cliffs, although the trustees cited ongoing industry volatility and economic uncertainties as factors influencing future distributions.34
Institutional Interest in Mesabi Trust Grows Despite Recent Downgrade
May 9, 2025
Raymond James Financial has acquired new shares in Mesabi Trust, signaling institutional confidence even after analysts downgraded the stock from 'strong-buy' to 'buy.' The stock recently reported robust earnings and a high dividend yield, but faces ongoing scrutiny due to industry headwinds.56

What's Happening

Peers

Earnings

Report Date

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Rev Estimate

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Avg 1d Change

1.75%

Report Period

H1 2025

EPS Estimate

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Implied Move 1d

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Transcript

15m 38s

Today, we're presenting our financial results and operational update. For the half year ended December 31, 2024. We could go to Slide four, please.

15m 55s

Mesoblast is the global leader in allogeneic cellular medicines for inflammatory diseases. We have one product already FDA approved [indiscernible] we have multiple locations globally were listed duly on the ASX and NASDAQ We have more than 1,000 patents and patent applications that support our products Beyond our first approved product Rionsel, we have two other major product in Phase three, and we have a whole pipeline sitting behind these. We have scalable manufacturing, that have been FDA inspected we have a supply chain capability that allows us to meet the global needs [indiscernible] Next slide please. Our platform technology is based on a shared mechanism of action across all of our products. Our Mesenchymal lineage precursor stromal cells, highly purified to very high concentrations in final cryopreserved vials. These cells have on their surface a range of receptors for inflammatory cytokines including interferon gamma TNF IL-seventeen, IL-six and IL-one and others And when the sales of [indiscernible] in regions of severe inflammation where these cytokines play major disease roles. They're able to respond to inflammation with a release of multiple antiemetic factors that act in concert turn off the damaging inflammation that results in severe diseases and potentially life threatening outcomes.

17m 44s

Next slide please. This slide provides a snapshot of our clinical product pipeline. Our platform technology based on RemiStem Cell, our first generation product, Trade name is Rionsel has now been approved by the FDA for the treatment of children with severe steroid refractory acute graft versus host disease. I'll be talking a lot more about this product which today we've announced pricing for. That physicians can access. This product is also being developed for adults steroid factory GBSD and will be developed for lifecycle extension into inflammatory bowel disease in both children and adults Our second generation technology platform is termed Rixlamis StroCell, These cells are immunosselected using monoclonal antibodies to high purity and Potency, This technology is being developed for inflammatory cardiovascular disease, and inflammatory back pain. More about that later.

18m 53s

Next slide please. Now to turn to Andrew Chapinelle, who's going to be discussing our financial results for the period ended 12/31/2024.

19m 4s

Thanks, Sylvie.

19m 6s

Turning to Slide eight for the financial highlights for the year. Our cash balance at 12/31/2024 was US38 million dollars with pro form a cash of approximately US200 million dollars After the successful completion of a global private placement, which raised $161,000,000 Net operating cash spend Of FY 2024, As a result of FDA approval of Bri On Sol in December, a $23,000,000 provision against the value of inventory manufactured and expensed in prior periods was reversed is now recognized as an inventory asset on the balance sheet. Turning to the next slide, you will see our P and L statement. BLA approval in December resulted in non cash balance sheet adjustments including the write off of the value of inventory. Starting with the line items most affected by the non cash balance sheet adjustments, let's look at the results of both the revaluation of contingent consideration and the revaluation of the warrant liability. The increase in these line items in the current half year were as a result of FDA approval. Within contingent consideration on FDA approval, the probability of success of pediatric GVHD increased to one hundred percent resulted in a non cash remeasurement increasing by $4,000,000 to US4.3 million dollars for half one FY twenty twenty five.

21m 1s

Compared to 300,000.0 for half one FY twenty twenty four Within revaluation of warrant liability, as a result of FDA approval and the consequential share price appreciation, our warrant remeasurement increased by 6 US16 million dollars to US12 million dollars for half one FY 2025. Compared to a gain of US4.4 million dollars or half one FY 2024. Within manufacturing, as a result of the FDA approval, the US23 million dollars provision against the value of inventory manufactured and expensed in prior periods was reversed. And as a result, we are now recognizing US24 million dollars of inventory on our balance sheet. The increase in expenditure for both our R and D and management and admin was due to non cash share based payments primarily for STI in lieu of cash based payments. As described above, the BLA approval resulted in a number of non cash balance sheet adjustments. Which drove the loss after tax of US47.9 million dollars for the half year. Pleasingly, for the same half year period, our total operating cash flows only US20.7 million dollars a reduction of US5.9 million dollars on the comparative half year. Back to you for the call, Fareed. Thanks, Andrew. We can go to Slide I'd like to talk now about Ryansdal.

22m 44s

Launch strategy pricing, and other factors. Our answer is the first mesenchymal stromal cell therapy approved by the FDA. Next slide please. The first FDA approved off the shelf therapy for children aged two months and older including adolescents and teenagers with steroid refractory acute PBHD a life threatening condition with high mortality rates. Next slide. We have the opportunity to address a very critical unmet need in children two months and older. Across The U. S, approximately ten thousand allogeneic bone marrow transplants are performed [indiscernible] Acute graft versus host disease occurs in about fifty percent of patients. Approximately half of these fail to respond to steroids. For those who failed to respond to steroids, mortality is very high. There are significant extended hospital stay costs. We believe that the addressable market in The U. S. Is approximately three seventy five new children per year life threatening still refractory acute graft versus host disease. Next slide please. In our Phase three trial, that underpinned FDA approval, Brionsel delivered high overall response rates at day twenty eight which is a measure well established to predict long term survival in this disease. Overall response rates was seventy percent at day 28.

24m 28s

Significantly higher than is achievable other therapy for this disease. Importantly, eighty nine percent of the children enrolled in this trial have the most severe form of the disease, GRADE CD, which involves gastrointestinal tract in Lima in addition to skin. By answer treatment, not discontinued or interrupted in any patient for any laboratory abnormality. And the full course was completed without interruption in more than eighty five percent of This is very different from the profile in these children with very severe disease as well as in adults. With acute graft versus host disease. Next slide please. Now the cost of treating children with steroid refractory GVHD who subsequently die is very high. The cost of bringing a child who dies within twelve months of a transplant from steroid refractory GBHDs approximately $2,500,000 and notably, it's $1,800,000 higher than for those children with stereotrophic GVHD actually remain alive, Next slide please. For Ryonzo, has demonstrated long term survival free from acute GVHD. In a long term follow-up of Ryansel by the Center for International Blood and Marrow Transplant Research CIBMTR, the fifty one patients who were followed long term, notably eighty eight percent of whom had life threatening Grade CD disease.

26m 10s

Two year survival was fifty one percent and beyond that, survival was relatively plateaued with four year survival of forty nine percent. Notably, only fourteen percent seven children have died due to acute graft versus host disease through four years and beyond. One would have expected a much higher number to have died from acute GVHD if treated by other therapies.

26m 39s

Next slide please. What is the value of Ryanso in treating pediatric patients with acute GVHD? While the total benefits of patient outcomes using RAYONSELL range between 3,200,000.0 to $4,100,000 and this is based on health economic models for lifetime ultra rare disease and high impact short term therapies, including quality of life he has gained. And the benefits comprised long term survival, cost offsets and cost savings Next slide please.

27m 20s

So for treating pediatric patients, we're certainly acute GVHD, the recommended dosage of RAYONZAL based on our FDA approved label is two medium cells per kilogram body weight given intravenously twice per week for four consecutive weeks. The wholesale acquisition cost of Ryonsel 194,000 per intravenous infusion across all body weights. [indiscernible] This is the mandatory hub that has been established this is set up to assist patients with insurance coverage financial assistance, and access programs ensuring that no patient is left behind in receiving this potentially life saving therapy. A comprehensive patient services hub which provides access and helps both patients and families and institutions.

28m 30s

Next slide please. Rayonzo is being made available for pediatric GVHD in The United States in March. [indiscernible] approaching this a staged staged manner targeting post transplant centers with highest volume and with established experience using the Rounsel product. Establishing and have established already a targeted sales force with experience in bone marrow transplant centers 15 of the highest volume centers account for fifty percent of the patients, and the 45 highest volume centers account for eighty percent of patients. You'll hear more about this from Marcelo Santoro in the Q and A session.

29m 20s

Beyond acute GVHD, we have a strategy to expand the label and establish lifecycle for the product. Slide 21 please. In particular, we're focusing on inflammatory bowel disease, inflammatory Crohn's and ulcerative colitis. The pathology and the clinical aspects of these diseases are very similar to the inflammatory bowel complications of acute graft versus host disease. And the ability to respond to Rayonzo is similar and has been evaluated in previous studies. The unmet need is large in both adults and children and in particular more than sixty percent of patients fail to respond or subsequently lose response to anti PNF agents, which are the first line of biologics in this patient population. About twenty five percent of all inflammatory bowel disease patients pediatric age. And in these patients, an anti PF agent is the only approved therapy. This represents potentially as many as seven thousand children fifty percent to sixty percent of whom are likely to be refractory to antitumor therapies and we're potentially Ryonsel may have may make a difference. Next slide please. Recent pilot study in adults demonstrated positive outcomes as Ryonsel directly injected submucosal in biologic refractory patients.

31m 5s

Rounsel was delivered a direct endoscopic injection to areas of inflammation. In addition, we have data showing that remy stem cell induces early remission in Crohn's disease adults who failed a single anti TNF agent following a course of intravenous treatment Given the effectiveness of Ryansol, in treating children with gastrointestinal related GVHD with inflammation of the gut and the existing data in adult Crohn's disease patients We plan to further evaluate the immunomodulatory effects of in medically refractory pediatric Crohn's disease, ulcerative colitis patients.

31m 47s

Next slide please. In addition to inflammatory bowel disease, we have a strategy to expand Ryoncell use adult patients. With [indiscernible] This continues to be an unmet need particularly in patients who fail ruxolitinib, the only approved drug in adults with GVHD. This accounts for about forty percent to forty five percent of all ruxolitinib treated patients In addition, survival of these patients who failed ruxolitinib is very dismal.

32m 20s

Around twenty percent to thirty percent by one hundred days And for this patient population, there are no approved therapies. Treatment in a pilot study of third line agents using Rionsel demonstrated seventy three percent survival at day one hundred. And that provides us with the confidence to move forward into an appropriate pivotal study in adults. Of Ryansol for refractory to ruxolitinib We're collaborating with the blood and bone marrow transplant clinical trials network an NIH funded body responsible for approximately eighty percent of all U. S. Transplants to conduct this pivotal trial. You'll hear more about that in due course. Next slide please. Let's move forward to the second platform technology, Rex Lemmy StroCell, Immuno selected Stroke three positive cells that are expanded and used local delivery into areas of inflammatory tissues. Slide twenty five, we move to the use of Rex Lymistrocell for chronic inflammatory low back pain due to the degenerative disc disease. This is a disease that affects more than seven million patients across The U. S. Similar number of patients across the EU5. After failure of after failure of non steroidal agents and other conservative therapies there are minimal treatment options. And in fact, fifty percent of opioid prescriptions are for this particular indication.

33m 56s

So we all know the problems with opioid addiction and the epidemic of opioid over usage and overprescription We have established that there's durable improvement in pain on single injection of our cells in prior studies. And currently are in a confirmatory Phase three trial If we go to the next slide, Slide 26, is the patient journey.

34m 22s

And really the point of this slide is to demonstrate how rapidly patients go through conservative approaches go through opioids and then really what's left are interventional therapies with all of the related adverse complications. We aim to be establishing a best in care class best in class approach to the treatment of inflammatory back pain as soon as conservative treatments have failed. Slide 27 summarizes the outcomes in the first Phase three trial where as you can see here, the comparison was the change in pain from baseline in red of our product Rex LumiStrocell in combination with the carrier and comparison at month twelve, which was primary endpoint, of the study in terms of pain reduction against placebo control in green. That difference is highly significant And just to put this into context, [indiscernible] minimal pain reduction that is seen in the green at twelve months is roughly what you would expect to see with opioid usage.

35m 42s

The difference between the two is a very large difference in terms of mean pain reduction But I think it's important to note that this is mean pain reduction for the group as a whole and that fifty percent of patients treated with Rexlyme StroCell showed complete remission with no pain at all. At twelve months. And these patients who were improved with pain in twelve months showed very durable long term maintenance of pain free outcomes through thirty six months. Moreover, forty percent of patients were on opioids. At commencement of the study. And despite the fact that they were told and their physicians were told not to change medications, Almost thirty percent of patients In the treated arms, we're able to completely come off opioids versus mid single digits in the control arm and this was a significant outcome. [indiscernible] we're currently enrolling this trial We're increasing the enrollment rates through various interventions including increasing sites from 15 to 40 sites and we'll be updating the market shortly in two course.

37m 7s

Next slide please. Slide 29. Let's move to Rex Lemistrocell ischemic heart failure. Half a with low ejection fraction, due to underlying ischemia continues to be a major problem in the Western world in The U. S. More broadly increasing in prevalence and associated with the high risk of death, heart attacks and strokes occurs in about fifty percent of all patients with heart failure, but sixty percent of these patients have heart failure due to ischemia.

37m 50s

They are at highest risk of cardiac events including death The target market is very large in The U. S. Likely to be around one million patients with ischemic heart failure and inflammation.

38m 5s

Slide 30 please. This is a complex slide. We have shown this previously where the patient journey for heart failure is on the left hand side new card association Class one and Class two the bulk of heart failure patients These patients are on a whole range of different oral medications but inexorably over five years to ten years of the disease, they move into the Class three Class four and end stage spectrum despite being on maximal oral therapy, they move into this area of high risk or progression to death We have performed two large randomized controlled studies in this patient population The DREAM trial five thirty seven patients in class [indiscernible] LVAD MPC trial of one hundred and fifty nine patients both randomized controlled studies that is in end stage patients being kept alive by an artificial device. Next slide please. Slide 31. This slide shows the effect on cardiovascular death of a single MPC injection in our Phase three trial on the left hand side in patients who were categorized on the basis, pre specified of a simple blood test for inflammation called CRP And on the right hand side, slightly more fancy measurement of inflammation measuring the cytokine called interleukin six.

39m 39s

What you see in both the left and the right panels is that control patients have a very high risk of cardiovascular death over a five year follow-up period. And in both analyses, a single interim cardiac injection of 150,000,000 MPCs or Rex Lemistro cells significantly reduced the risk of cardiovascular death by approximately eighty percent in the CRP categorization on the left, and by about sixty percent in patients determined by high or low IL-six levels. What this demonstrates is that despite the fact apparently well treated with a range of approved drugs for heart failure, which improves their symptoms and reduces their hospitalizations due to symptomatic shortness of breath they remain particularly in the if they've got measurable inflammation they remain at high risk of death which is over the subsequent three, four, five years of follow-up.

40m 50s

And that a single injection of Rexlemeid StroCell substantially reduces that long term risk of death. Next slide, 32. Also from the recently published paper in the European Journal of Heart Failure, we analyzed composite endpoints, which were pre specified from the DREAM trial of either two point maze on the left or three point maze on the right Maes being defined as time to either cardiovascular death or heart attack DuPont MACE is just time to heart attack or stroke. And what you see in both analyses is that overall patients showed a significant reduction in heart attacks or stroke that was notable particularly in the setting of ischemia particularly in the setting of inflammation and most notably the greatest risk reduction ninety percent risk reduction of heart attacks or stroke and almost fifty percent risk reduction in heart attack, stroke or death in those patients who had both ischemia and inflammation. And that represents clearly the highest risk population and the population most likely to respond to a single treatment of our cells. We can go to Slide 33 please. So based on meetings with the FDA, we have a clear pathway towards accelerated approval for Revascor. In adults with heart failure with low ejection fraction.

42m 30s

I've highlighted the outcomes from the dream trial of a minimum of median follow-up of thirty months and beyond We also have results from the second LVAD study MPC two which demonstrated that a twelve months of follow-up there was a significant increase in the proportion of LVAD patients with ischemic failure, heart failure, who was successfully wind and then had a reduction in both hospitalizations and mortality. Based on the data from both of these trials, when we met with the FDA, we were informed the totality of the trial results from these studies may support an accelerated approval pathway in ischemic heart failure patients with low ejection fraction. On that basis, we intend to meet with the FDA further get clarification on our various components of the one needs to go into a VLA filing to discuss clinical data, particularly data that would be required for a confirmatory study order to file for accelerated approval. In ischemic patients with heart failure.

43m 36s

Slide 34.

43m 38s

So I want talk in a lot more detail on additional areas of focus in cardiovascular disease, but as I previously highlighted, we have awesome TANT data in children with congenital heart disease and the hyperplastic left heart syndrome where we have both an RMAT orphan drug designation and a rare pediatric disease designation based on the data that's been accrued to date. And we will be having meetings with the FDA to discuss whether the controlled study can be used to support regulatory approval for this life threatening condition using Revascor.

44m 22s

And my final if we can go now to Slide 36. Is where we see our key objectives for each of our programs over the coming six to twelve months. And really, we have three major programs and products and objectives For IONSI, which is developed for pediatric and adult inflammatory diseases, Rounsel will be available for use in steroid refractory acute GVHD at U. S. Hospitals Studies will commence in both pediatric and adult label extension indications as I've talked about including adult GBHD, and pediatric adult inflammatory bowel disease.

45m 2s

Revascor for heart failure in adults with low ejection fraction heart failure and in children with congenital heart disease, are being prepared for meetings with the agency for accelerated approval filing. [indiscernible] for chronic low back pain We have a Phase III trial that is that we have we'll continue to actively progress and invest in order to accelerate enrollment across multiple sites across The U. S. This has a twelve month primary endpoint of pain reduction subsequent to which we could be in a position to file for approval. On that note, I'll stop and thank you very much. I'd like to open it up to [indiscernible] Thank you. We have the first question from the line of Edward Tenthoff from Piper Sandler. Please go ahead.

46m 17s

And a lot of really exciting success going on here.

46m 21s

I wanted to get a sense just with respect to the Rianso launch. And I appreciate the color on the Pricing, how large is the sales force? And because you've sort of had the expanded access program in place, how many centers are already trained on using [indiscernible] [indiscernible] just trying to get a sense of how quickly this could really be launched in The U. S? And then I have quick follow-up question. Thank you. I'll just say that my answer is already standard of care, in children with neurofractic GVHD. We have been providing it as you mentioned, under a standard access Most physicians and most transplant centers are very familiar. With the product and are waiting literally waiting for this product to be commercially available so they can use it freely. I'll ask Marcella Santoro to talk a little bit about his commercial team, which is already in place. As I mentioned earlier, 80% of the transplants that performed across 45 sites. And Marcelo maybe you can talk about your strategy to get it across all our sites. That's great. So thank you very much, Silvio. Thank you for the question. It's a good one. So I think as Silber mentioned, right, so we've built and we continue to build a world class sales force with transference experience It's a small, a property size sales force of nine total key accounts managers along with the head of sales force that will be focusing on this 45 key transplant centers.

48m 25s

Obviously, we'll treat each transplant center as a key target, a key customer for us that represents 80% of the potential. Onboarding has already started, actually started before we even hired the sales force. We've been in discussions with a lot of the centers at the moment.

48m 46s

So that by the time the product is available, at the end of the month, we're ready to roll.

48m 53s

Yes. And I would say the other point that's important is we've already had inquiries, inbound inquiries. From at least five to 10 for at least five to 10 children who are very sick, who are waiting for product as we speak.

49m 9s

Well, that's great. Well, shows you how important a product this really is and life saving product is My second question was kind of due with respect to the chronic lower back ongoing trial. And again, this being another really important product How far are you guys along in terms of enrollment when do you anticipate actually reporting data from that Phase three trial? Is your goal to launch that yourselves in The U. S. Or seek a partner? Thanks.

49m 42s

Well, I would say that if we're successful, this is a huge market opportunity. I mentioned earlier, there's about 7,000,000 people in The U. S. Same type of number in EU5 to meet the criteria that patients are being enrolled at.

49m 58s

This trial. And if successful, a single injectable will be a major immunomodulatory pain management therapeutic You can imagine that the sales force required for targeting this patient population is substantial. In Europe, we already have a commercial partner in Grundfel the largest number one company in the paint space have the expertise across the major jurisdictions there, both in terms of regulatory and reimbursement.

50m 35s

We would presumably enter into a similar partnership in The U. S. Rather than invest our own in the distribution. You're going to see a ramp up of enrollment in short order. We've invested substantially [indiscernible] the number of centers [indiscernible] is approximately 15 We expect over the coming four weeks to get up to about 40. And what happens is that as the physicians have more and more experience in terms of [indiscernible] evaluating churning through the backlog of patients it becomes easier and you get that sort of hockey stick [indiscernible] So we have something like 20 patients currently in screening and that on a weekly basis that turned into an additional 15 to 20 So these numbers are rapidly increasing. So we have a target enrollment by towards the end of this year, but if we can compress it and bring it faster in, then we'll certainly try to do That's really helpful. I know a lot of my friends are interested in a product like that. So keep up the good work. Thanks for answering the question. Thank you.

52m 8s

Thank you. Have the next question on the line of Michael Okovich from Maxim Group. Please go ahead.

52m 17s

Hey, guys. Thank you so much for taking my Thank you.

52m 26s

I guess just to kick things off, quickly looking at the math, with the WACC price of $194,000 per injection, eight injections that's one and about 1,500,000.0 per quarter of treatment. Am I getting that right? And then just what sort of feedback have you gotten from payers on this pricing level?

52m 48s

Well, again, let me start by saying that based on healthy economic models, reflect net positive benefits of treatment with Ryongsolab between $3,200,000 to $4,100,000 we have set the price per infusion at $194,000 The recommended dose for a child with stent refractory GVHDs, twice weekly infusions of two million cells per kilogram, for four weeks So really the price that we've set for infusion is based on the economic value of the treatment and [indiscernible] available this quarter The question around how physicians see the the product here is entirely based on the clinical efficacy and on the results delivered to date and on the long term survival benefit Given the high mortality rate of this disease, and the absence of any other treatment other than brionsel for children 12. So I think everybody's pretty keen to get hold of the product. Marcella, you might want to chime in. You were at tandem, you led the our clinical commercial interactions with all the payers and with the various So let's address both. Thank you, Sibos. So first of all, Tandem, we saw Tandem as our scientific launch We had multiple activities during the convention. I think we could see the the enthusiasm for the products and the level of questions asked terms of availability, when people can actually start prescribing the products, For us it was very, very encouraging.

54m 33s

And the feedback that we received from most centers was also very well, very important for us, right? So Tandem was a successful scientific launch. Now in terms of engagement with payers, obviously, we've been engaging with For quite some time now, I think there is an appreciation for the low number of kids that is affected by this transition, right? So it's three seventy five kids and also like this as Silvan mentioned this price is fair when you consider the benefits that Ryans provides to these kids. So overall, I think the discussions have been very positive. I think there is an appreciation for the burden of the disease. And there is also an appreciation for the long term survival of the Toronto offers these patients.

55m 22s

So we are very optimistic and we're looking forward to the next steps.

55m 28s

All right. Thank you for that additional color. And then just one more from me. I wanted to see if you had any thoughts regarding December's FDA draft guidance on accelerated approvals, in particular, how that could [indiscernible] is there an expectation that you'll need to start up the Class twothree confirmatory ahead of that filing? And then just what are your thoughts on timing and next steps to get that confirmatory study going?

55m 58s

Yes, I think this is the key, the right key question and we expect to be meeting with the FDA in the coming month or so or two months or so. [indiscernible] To clarify exactly that, we've put into the so called breeding ball that reviewed by FDA clinical trial design and the components of the confirmatory study that we would want to do post accelerated approval. And so the details of that are really what we want to discuss the FDA. We would expect that given the severity of the patients with advanced and end stage heart failure and the mortality benefits that we've shown that the FDA would want us to put the product on market as soon as possible. And the arrangements or the discussions with the FDA around the startup and the agreement on the on the confirmatory trial design itself, I think would be a gating event.

57m 11s

I'll I'll come back to the street as soon as we we have more clarity on that.

57m 18s

All right. Thank you very much once again for taking my questions today.

57m 26s

Thank you. There are no further questions at this time.

57m 31s

I'll now hand back to Doctor. Etzkew for closing comments.

57m 35s

Great.

57m 36s

Look, I want to thank everybody on the line who's listened to our presentation today, we couldn't be more excited about how rapidly we're delivering this product to the children who need it. There's a lot of work that is going on behind the scenes at every level in the company commercial to manufacturing to regulatory and the amount of effort that's going to doing this right and doing it in a way that that we will save lives and we're going to work with our partners to position the institutions and the families to make sure that we deliver a top quality product that is going to save a lot of lives. Today was a summary of the activities in the last six months. I think you're going to hear a lot more from us in short order as we move forward to putting up our product, making it available in the marketplace to physicians and healthcare providers. Thank you all.

58m 47s

Thank you.

58m 48s

That does conclude the conference for today. Thank you for participating. You may now disconnect. Your participation in the conference has been terminated by the host.

Key Insights

Mesoblast reported a cash balance of $38 million as of December 31, 2024, with pro forma cash of approximately $200 million after a successful global private placement raising $161 million; net operating cash spend for FY 2024 was $20.7 million, a reduction of $5.9 million year-over-year.
The company received FDA approval for Ryoncil (Rionsel), the first mesenchymal stromal cell therapy for children with steroid-refractory acute graft versus host disease (GVHD); the wholesale acquisition cost is set at $194,000 per infusion, with a recommended course of eight infusions.
Ryoncil launch in the U.S. is imminent, targeting 45 key transplant centers (covering 80% of patients) with a dedicated sales force; strong physician and payer interest reported, and a comprehensive patient services hub established to support access.
Mesoblast is pursuing label expansion for Ryoncil into adult GVHD (especially ruxolitinib-refractory cases) and pediatric/adult inflammatory bowel disease, with pivotal studies planned or underway; positive pilot data in Crohn’s disease and adult GVHD support these efforts.
The company’s second-generation platform, Rexlemestrocel-L, is in Phase 3 trials for chronic low back pain and has shown significant pain reduction and opioid-sparing effects; accelerated approval discussions with the FDA are ongoing for heart failure indications, with confirmatory study plans to be clarified in upcoming agency meetings.

Recent Transcripts

FDA approval of Ryoncell drives Mesoblast's financial and strategic progress.

Income Statement

Revenue

	2021	2022	2023	2024	2025
Revenue	$26M	$71M	$7.7M	$23M	$25M
Cost of Revenue	$215K	$291K	$332K	$257K	$257K
Gross Profit	$26M	$71M	$7.4M	$23M	$25M
Gross Profit %	99%	100%	96%	99%	99%
R&D Expenses	$0.9	$0.96	$0.69	$0	$0

2021

2022

2023

2024

2025

Revenue

$26M

$71M

$7.7M

$23M

$25M

Cost of Revenue

$215K

$291K

$332K

$257K

Gross Profit

$26M

$71M

$7.4M

$23M

$25M

Gross Profit %

99%

100%

96%

99%

R&D Expenses

$0.9

$0.96

$0.69

Cash Flow

Net Income

	2021	2022	2023	2024	2025
Net Income	$23M	$69M	$5.3M	$19M	$93M
Dep. & Amort.	$0	$0	$0	$0	$0
Def. Tax	$0	$0	$0	$0	$0
Stock Comp.	$0	$0	$0	$0	$0
Chg. in WC	-$2.6M	-$5.9M	$8.6M	-$4.4M	$662K

Balance Sheet

Cash

	2021	2022	2023	2024	2025
Cash	$13M	$48M	$14M	$24M	$100M
ST Investments	$9.9M	$0	$0	$0	$0
Cash & ST Inv.	$22M	$48M	$14M	$24M	$100M
Receivables	$427K	$6.1M	$24K	$2.4M	$1.4M
Inventory	$23M	$0	$14M	$0	$0

2021

2022

2023

2024

2025

Cash

$13M

$48M

$14M

$24M

$100M

ST Investments

$9.9M

Cash & ST Inv.

$22M

$48M

$14M

$24M

$100M

Receivables

$427K

$6.1M

$24K

$2.4M

$1.4M

Inventory

$23M

$14M

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Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

Overview
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Mesabi Trust Stock Price: Quote, Forecast, Splits & News (MSB)

Earnings

Report Date

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Rev Estimate

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Avg 1d Change

1.75%

Report Period

H1 2025

EPS Estimate

—

Implied Move 1d

—

Transcript

15m 38s

Today, we're presenting our financial results and operational update. For the half year ended December 31, 2024. We could go to Slide four, please.

15m 55s

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18m 53s

Next slide please. Now to turn to Andrew Chapinelle, who's going to be discussing our financial results for the period ended 12/31/2024.

19m 4s

Thanks, Sylvie.

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They are at highest risk of cardiac events including death The target market is very large in The U. S. Likely to be around one million patients with ischemic heart failure and inflammation.

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43m 36s

Slide 34.

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And a lot of really exciting success going on here.

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So that by the time the product is available, at the end of the month, we're ready to roll.

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52m 8s

Thank you. Have the next question on the line of Michael Okovich from Maxim Group. Please go ahead.

52m 17s

Hey, guys. Thank you so much for taking my Thank you.

52m 26s

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55m 22s

So we are very optimistic and we're looking forward to the next steps.

55m 28s

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57m 11s

I'll I'll come back to the street as soon as we we have more clarity on that.

57m 18s

All right. Thank you very much once again for taking my questions today.

57m 26s

Thank you. There are no further questions at this time.

57m 31s

I'll now hand back to Doctor. Etzkew for closing comments.

57m 35s

Great.

57m 36s

58m 47s

Thank you.

58m 48s

That does conclude the conference for today. Thank you for participating. You may now disconnect. Your participation in the conference has been terminated by the host.

Key Insights

Mesoblast reported a cash balance of $38 million as of December 31, 2024, with pro forma cash of approximately $200 million after a successful global private placement raising $161 million; net operating cash spend for FY 2024 was $20.7 million, a reduction of $5.9 million year-over-year.
The company received FDA approval for Ryoncil (Rionsel), the first mesenchymal stromal cell therapy for children with steroid-refractory acute graft versus host disease (GVHD); the wholesale acquisition cost is set at $194,000 per infusion, with a recommended course of eight infusions.
Ryoncil launch in the U.S. is imminent, targeting 45 key transplant centers (covering 80% of patients) with a dedicated sales force; strong physician and payer interest reported, and a comprehensive patient services hub established to support access.
Mesoblast is pursuing label expansion for Ryoncil into adult GVHD (especially ruxolitinib-refractory cases) and pediatric/adult inflammatory bowel disease, with pivotal studies planned or underway; positive pilot data in Crohn’s disease and adult GVHD support these efforts.
The company’s second-generation platform, Rexlemestrocel-L, is in Phase 3 trials for chronic low back pain and has shown significant pain reduction and opioid-sparing effects; accelerated approval discussions with the FDA are ongoing for heart failure indications, with confirmatory study plans to be clarified in upcoming agency meetings.

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