Yor, Just to be clear , I am not expecting R&D to change...

Yor, Just to be clear , I am not expecting R&D to change appreciably until a little after both P3 trials finish. Patients still need to be assessed at the end of the CHF trial ( secondary endpoints such as 6 minute walk test need to be evaluated,etc ) . Overall, costs may continue to nudge up owing to payments to our contract manufacturer and other charges associated with our BLA applications ( see previous post) . We also have to finish our CLBP trial ( 2Q Cal 20) Furthermore there are the costs associated with sales and marketing of our aGVHD product although I think this will involve recruiting less than 10 people.

Guidance on costs is pretty accurately forecast in the quarterly US filings but revenue assumptions are understandably cautious because the FDA will work according to their own schedules and nothing can be taken for granted ... unless and until the Company is told otherwise. The important point is that on completion of major phase 3 clinical trials, costs can be better contained, partnership deals will be on better terms (assuming good outcome) and analysts will completely reevaluate the prospects of the Company. The latter is particularly important to share price performance.
Having said all this , Mesoblast still has a whole range of therapies which have completed P2 and now need to undergo P3 or post marketing trials. I rather fancy that MSB would hope to secure further funding before undertaking any further P3 clinical trials !