Mesoblast Limited

Hello and welcome to the Mesoblast financial results for the half year ended December 31st, 2025. An announcement and presentation have been lodged for the ASX and are also available on the home and investor pages at www.mesoblast.com. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. Before we begin, let me remind you that during today's conference call, the company will be making forward-looking statements that represent the company's intentions, expectations, or beliefs concerning future events. These forward-looking statements are qualified by important factors set forth in today's announcement and the company's filings with the SEC, which could cause actual results to differ materially from those in such forward-looking statements. In addition, any forward-looking statements represent the company's views only at the date of this webcast and should not be relied upon as representing the company's views of any subsequent date. The company specifically disclaims any obligations to update such statements. With that, I would like to turn the call over to Paul Hughes.

Thank you. Welcome, everyone, to the Municipal House Financial Results Call, the period ending 31 December 2025. My name is Paul Hughes. I'm Head of Corporate Finance and Investor Relations. In the room with me today is our CEO, Silvio Tescu, our CFO, Jim O'Brien, and our CCO, Marcelo Santoro. We have a presentation to run through highlighting the financial results and the operations for the period, and then we'll have some time for questions at the end. So now I'll hand over to Silvio to begin.

Okay, Paul. We can go to slide four, please. highlights the corporate priorities for 2026. We intend to continue to show strong growth in Rionsell sales driven by market adoption. We will build a strong cash flow with judicious use of funds for operations and an optimal capital structure. Cultural transition is critical so that we can move to an efficient commercial organisation. We will expand Rionsell label indications and obtain approval, seek to obtain approval for REC7's show cell products, our second-generation platform. Our manufacturing focus will seek to increase diversification, capacity, and cost efficiency for our platforms, and we will continue to focus on appropriate commercial partnering backed by demonstrable value drivers, including FDA approval, strong revenues, and advanced clinical programs. Next slide, please. This year was marked by a very successful product launch. We initially received FDA approval for Ryonsol in December 2024. Ryonsol is the first and only FDA-approved allogeneic mesenchymal stromal cell product. The product was launched in April of 2025 with revenues growing quarter on quarter. There is significant unmet need for continued update and increasing market adoption. And our net revenue from Ryonsol was $49 million in the first half of FY26. Next slide, please.