Look I actually agree with @Sector here, we have not been...

Look I actually agree with @Sector here, we have not been provided any detailed updates on how the 3d manufacturing process has progressed apart from one liners saying "significant advancements in 3d manufacturing have been made".

This could be for many reasons including like others have stated, that currently there is no need for investing into 3d manufacturing until we have an approved product that needs to be manufactured at such scale. This also ties into the limited resources (capital, facilities, staff) that Mesoblast has and they can only work on so much at a time.

The focus over the past couple of years/this year has been on trials (CHF, CLBP, Covid-19 ARDS and pediatric SR-GvHD). Particularly on getting Ryoncil approved for SR-GvHD as we all believed there was/is sufficient data and a compelling case to support approval.

Approval of Ryoncil for pediatric SR-GvHD would/will not require scale up to 3d manufacturing as it is quite a small market compared to other indications (potential addressable market of about 500 patients annually).

My view is once a larger indication such as Covid-19 has a successful phase 3 readout or is approved, there will be a shift in priorities to develop and implement 3d manufacturing as demand requires it. Partnerships, such as the recently announced Novartis partnership and revenue from sales/royalties will provide the capital necessary to do this.

I am looking forward to the AGM tomorrow!