@Madmanswer
First of all, note that Mesoblast raised $A75 million. The report you quoted is in US$. Not apple to apple comparison.
Secondly, accounting for the net cash used in operating activities, the amount did not change much from previous quarter (roughly around US$ 20 mil per quarter). This indicate that the money is still there and not yet being used. Potentially used to increase inventory, as you say, in the quarter that will end in 30 June 2020. So, lets wait for the next quarterly.
Lastly, I know that many poster here have financial background but just not that inclined to debate with you. But, please stop pretending that you are missing something. You are just misleading.
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