I also came across this today - Julia Lees Burman Invest update newsletter:

Stock in Focus - Mesoblast (MSB)

The best performing stock in our portfolio this reporting season has been Mesoblast (MSB). This is a company undergoing a transformation from a biotech company at the trial/research stage to a healthcare company building revenues.

Biotech companies are notorious for consuming money. It is expensive to go through phase 1, phase 2, phase 3 trials and then look to regulatory approval in the US. Mesoblast has now completed or is in the final stages of phase 3 for many of its products. The company is reaching an inflexion point, moving away from consuming huge amounts of capital and starting to focus on generating revenue.

Its first approval in the US is potentially Remestemcel-L to treat steroid-refractory acute graft vs host in children. The Food & Drug Administrative is due to decide by 30th September 2020. If approved, it would be the first allogeneic stem cell product to be approved in the US and Mesoblast would look to begin selling the product soon after.

Remstemcel-L also has expanded access status for compassionate use in children with inflammatory syndrome associated with Covid-19.
In addition, trials for Mesoblast’s products for heart failure and lower back pain are both in phase 3 trials.

It is a long road for a biotech product to hit commercialisation. For Mesoblast, many of its products have completed most of the hard journey and there are several changing catalysts for the company, in the next 6-12 months.

https://www.asx.com.au/asx/share-price-research/company/MSB
https://mailchi.mp/354d1c5d4b1f/burman-invest-updates-9353024?e=3461db51fa