Mesoblast Limited reports a 60% jump in Ryoncil sales for the December quarter, underpinned by a new $125 million financing facility that strengthens its balance sheet and strategic flexibility.
- Ryoncil sales rise 60% to US$35.1 million in Q2 2025
- New US$125 million five-year facility lowers cost of capital
- Full repayment of prior senior secured loan completed
- Adult steroid-refractory acute graft-versus-host disease trial planned
- Strong intellectual property portfolio protects market position through 2044
Robust Sales Growth in Ryoncil
Mesoblast Limited has revealed a significant 60% increase in sales of its flagship product, Ryoncil, reaching US$35.1 million in the December quarter of 2025. This surge follows the FDA’s approval of Ryoncil as the first mesenchymal stromal cell therapy for steroid-refractory acute graft-versus-host disease (SR-aGvHD) in children under 12, marking a milestone in cellular medicine.
The company’s success with Ryoncil not only reflects growing market acceptance but also sets the stage for expansion into adult indications, where the potential market is estimated to be three times larger. Mesoblast plans to initiate pivotal trials evaluating Ryoncil as a second-line treatment for adults with SR-aGvHD, signalling a strategic push to broaden its therapeutic footprint.
Strengthened Financial Position
Complementing its revenue growth, Mesoblast secured a new US$125 million five-year interest-only facility with its largest shareholder. This facility offers markedly improved terms, including a lower overall cost of capital, no early repayment penalties, and no encumbrance on the company’s key assets or intellectual property. The fresh capital enabled Mesoblast to fully repay its previous senior secured loan and partially reduce its subordinated royalty facility, which is expected to be fully repaid by mid-2026.
Chief Executive Dr Silviu Itescu emphasised that this strengthened balance sheet provides the company with enhanced flexibility to pursue strategic partnerships and accelerate label expansion for Ryoncil. The improved financing terms also reduce financial risk and free up resources to support ongoing commercialisation efforts globally.
Global Reach and Intellectual Property
Mesoblast’s proprietary manufacturing processes enable the production of off-the-shelf cellular medicines at industrial scale, with established commercial partnerships across Japan, Europe, and China. The company’s extensive intellectual property portfolio, comprising over 1,000 granted patents and applications, offers protection through at least 2044 in major markets, securing its competitive position in the burgeoning cell therapy sector.
Beyond Ryoncil, Mesoblast is advancing other cell therapy candidates, including rexlemestrocel-L for heart failure and chronic low back pain, underscoring its commitment to addressing severe inflammatory and degenerative conditions.
Looking Ahead
While the reported revenues are preliminary and subject to audit, the trajectory suggests strong momentum for Mesoblast’s commercial and clinical programmes. The company’s ability to leverage its improved financial footing and intellectual property will be critical as it navigates regulatory pathways and competitive pressures in the evolving cell therapy landscape.
Bottom Line?
Mesoblast’s robust sales and strategic financing set the stage for accelerated growth and expanded indications in 2026.
Questions in the middle?
- How will the adult SR-aGvHD trial results impact Ryoncil’s market potential?
- What strategic partnerships might Mesoblast pursue with its strengthened balance sheet?
- How will ongoing royalty repayments affect cash flow and profitability through 2026?