Ann: COVID-19/GVHD Update, Quarterly Report and Appendix 4C, page-128

Why royalty? Didn’t Msb produce the drug?
JCR as part of the process and or the cells they use, have to pay a license to fee to the owners of the IP, that is now Mesoblast, who bought that IP as part of a larger purchase from Osiris. JCR produce Temcell themselves in Japan.

How do you value this stock while the earning was too tiny?
Maybe have a read through some of the Broker reports - and also some of the tomes on HC from ecoool2 and otherperspective among others to get an idea of how some value a biopharma not yet in profit.

Mesoblast have had agreements with Lonza, a Swiss company, since 2011 as a supply and manufacturing partner, they renewed or upgraded the agreement in 2019. Lonza make a lot of product for a lot of other biopharmas globally, they are quite large, maybe spend a couple of minutes on their web pages to get some idea if you intend Mesoblast to be a longer term hold.