The investment case FOR Mesoblast, page-371

It's such a low price at the moment..... but there is still a lot of risk because basically nothing is confirmed off the back of the phase 3 trials or the GvHD talks.Novartis deal would be the first step up in price in the near term I believe.then GVHD or CHF or Back pain.Impossible to know the order or which comes first, or which announcements will be good vs bad.Almost certain that if ( that's big IF ) EUA is awarded for something ( it is in the realms of possibility ), then all other programs will stall as company leaps into commercialization mode as fast as possible. I would expect probably 9 - 12 months of stalling for most other programs in that case - using the big IF scenario...IF not.... the worst that could happen is Novartis walk away, NIH doesn't want any more involvement in ARDS. FDA continue to demand another GvHD trial, another Covid ARDS trial and another Back pain and another CHF trial ( Which was always the plan anyway ). In that case, I'm not sure what would happen. MSB has plenty of inventory now to support more ARDS and GvHD trials.....Maybe they would initiate the final one themselves.Given most of their products are competing against Novartis products....... it really doesn't make sense for Novartis to walk away here IMO.I think we are all thinking the same thing.... long term it's a winner..... long term like superannuation long term ( That is not financial advice ). They have never ever had problems raising capital in the last 15 years, so if they need to self fund more trials for success I dare say they will get them accomplished. COVID ARDS phase 3b probably makes the most sense in the current circumstances.