Quarterly Activities/Appendix 4C Cash Flow Report

• 44% increase in net revenues
• 86% improvement in net operational cash spend
• Completion of MSB-DR004 Phase 3 trial for CLBP
• Positive FDA meeting for BLA filing for rexlemestrocel-L
• US$99 million of cash at quarter end

Mesoblast Ltd, a global leader in allogeneic cellular medicines, has released its activity report for the first fiscal quarter ended September 30, 2026. The company reported a 44% increase in net revenues and an 86% improvement in net operational cash spend compared to the prior year period. Operational highlights include the completion of all patients treated in the MSB-DR004 pivotal randomized controlled Phase 3 trial of rexlemestrocel-L for inflammatory chronic low back pain (CLBP) and a positive meeting with the U.S. Food and Drug Administration (FDA) regarding the planned Biologics License Application (BLA) filing for rexlemestrocel-L in prevention of life-threatening gastrointestinal (GI) bleeding in end-stage heart failure patients with a left ventricular assist device (LVAD). Mesoblast had US$99 million of cash at September 30, 2026, with US$2.1 million operating cash spend for the first fiscal quarter, an 86% improvement compared with US$14.9 million for the prior year period.