Ann: Mesoblast Update on Chronic Low Back Pain Program, page-205

@Cato, all your concerns are those of a short term trader. I can identify with that, given my options plays.

But to long term holders, the answer to everything you say is, who cares? Yes, they understand opportunity cost, but many of us believe that the share will skyrocket at some point in the future, and we want to be holding when that happens. If we are right about this, we could see the share price multiply very rapidly and make up for any losses in the interim. If the share goes up more gradually, we believe we will eventually make up any difference. We believe that in the medium to long term, there is very little downside. There is just too much good data there, the approvals will eventually come. Yes, the SP could drop if we end up having to wait a long time. But it will eventually recover and more than make up for any short term opportunity costs.