Mesoblast is a commercial-stage biotechnology company that develops and commercializes off-the-shelf cell therapies derived from mesenchymal lineage stromal cells (MSCs). These cells, harvested from healthy adult bone marrow donors, modulate immune responses and repair tissue without requiring donor-recipient matching. Mesoblast's primary commercial product is Ryoncil, an FDA-approved therapy for pediatric steroid-refractory acute graft-versus-host disease. Mesoblast sells Ryoncil directly to specialized bone marrow transplant centers across the U.S. through an internal commercial team. The company generates revenue through per-infusion kit sales of Ryoncil as well as milestone and royalty payments from commercial partners licensing its cell therapy platform. Mesoblast outsources all product manufacturing to Lonza under a long-term supply contract. Mesoblast's growth strategy centers on broadening Ryoncil's label to treat adult patients and other inflammatory conditions, while advancing a second-generation cell platform targeting chronic low back pain and heart failure.