As of June 30, 2024, we held total cash reserves of $63.0...

As of June 30, 2024, we held total cash reserves of $63.0 million. During the year ended June 30, 2024, we
executed on reprioritization of projects and operational streamlining activities and as a result have reduced net cash usage
for operating activities, which were $48.5 million for the year ended June 30, 2024, a reduction of 23% compared to the
prior period. As we prepare for a potential first product approval by the FDA, and in line with our commercial launch
plans, additional inflows from capital markets, strategic partnerships, product specific financing or royalty monetization
will be required to meet our projected expenditure consistent with our business strategy over at least the next 12 months.
As a result of these matters, there is material uncertainty related to events or conditions that may cast significant doubt (or
raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on our
ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our
liabilities in the normal course of business. Our consolidated financial statements do not include any adjustments that may
result from the outcome of this uncertainty. If we are unable to obtain adequate funding or partnerships beyond the 12-
month period we may not be able to continue as a going concern, and our shareholders and holders of the ADSs may lose
some or all of their investment in Mesoblast. See Note 1(i) of our accompanying financial statements.