Mesoblast (MESO) financial statements
Mesoblast reported revenue of $17M in fiscal 2025, down 9.6% a year over 9 years.
Net income was -$102M.
Free cash flow was -$51M.
The diluted share count rose 232% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Mesoblast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43M | $2M | $17M | $17M | $32M | $7M | $10M | $8M | $6M | $17M |
| Cost of revenue | — | — | — | — | — | — | — | $0 | $0 | $5M |
| Gross profit | — | — | — | — | — | — | — | $8M | $6M | $12M |
| Research and development | $50M | $59M | $66M | $60M | $56M | $53M | $33M | $53M | $40M | $35M |
| Selling, general and admin | — | — | — | — | — | — | — | $27M | $25M | $39M |
| Interest expense | — | — | $2M | $12M | $15M | $16M | $17M | $19M | $21M | $22M |
| Pre-tax income | -$91M | -$90M | -$66M | -$99M | -$87M | -$100M | -$92M | -$82M | -$88M | -$102M |
| Income tax | -$87M | -$13M | -$31M | -$9M | -$9M | -$819,000 | -$239,000 | -$212,000 | -$191,000 | $330,000 |
| Net income | -$4M | -$77M | -$35M | -$90M | -$78M | -$99M | -$91M | -$82M | -$88M | -$102M |
| EPS (diluted) | -$0.01 | -$0.19 | -$0.08 | -$0.18 | -$0.15 | -$0.16 | -$0.13 | -$0.11 | -$0.09 | -$0.08 |
| Diluted shares | 364M | 399M | 466M | 494M | 529M | 605M | 683M | 778M | 987M | 1.21B |
| Gross margin | — | — | — | — | — | — | — | 100.0% | 100.0% | 70.2% |
| Net margin | -9.7% | -3184.7% | -203.5% | -537.0% | -242.4% | -1329.2% | -894.6% | -1091.7% | -1490.3% | -593.9% |
Balance sheet
Fiscal years, from Mesoblast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $81M | $46M | $38M | $50M | $129M | $137M | $60M | $71M | $63M | $162M |
| Receivables | — | $4M | $50M | $4M | $2M | $5M | $4M | $7M | $21M | $15M |
| Inventory | — | — | — | — | — | — | — | — | $0 | $22M |
| Total current assets | — | $64M | $101M | $63M | $137M | $148M | $70M | $82M | $86M | $204M |
| Property, plant and equipment | $3M | $2M | $1M | $826,000 | $2M | $3M | $2M | $1M | $1M | $2M |
| Total assets | — | $656M | $692M | $652M | $734M | $745M | $662M | $669M | $669M | $785M |
| Total current liabilities | — | $37M | $24M | $44M | $90M | $94M | $51M | $42M | $73M | $103M |
| Long-term debt | — | — | $59M | $67M | $57M | $41M | $92M | $103M | $100M | $68M |
| Total liabilities | — | $139M | $146M | $171M | $184M | $163M | $165M | $168M | $189M | $187M |
| Shareholders' equity | $528M | $517M | $546M | $481M | $549M | $581M | $497M | $502M | $480M | $597M |
| Net debt | -$81M | -$46M | $22M | $31M | -$40M | -$43M | $36M | $37M | $51M | -$40M |
Cash flow
Fiscal years, from Mesoblast's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$88M | -$95M | -$75M | -$58M | -$50M | -$101M | -$66M | -$63M | -$48M | -$50M |
| Capital spending | — | — | — | — | $150,000 | $0 | $75,000 | $314,000 | $331,000 | $730,000 |
| Free cash flow | — | — | — | — | -$51M | -$101M | -$66M | -$64M | -$49M | -$51M |
| Stock-based compensation | $3M | $5M | $6M | $4M | $8M | $13M | $6M | $4M | $6M | $22M |
| Net borrowing | — | — | $32M | $44M | $0 | $0 | -$4M | $0 | -$10M | -$8M |
| Free cash flow margin | — | — | — | — | -157.3% | -1355.2% | -645.0% | -847.7% | -826.7% | -294.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MESO.
Open MESO in InvestinglyQuestions
What was Mesoblast's revenue in 2025?
$17M in fiscal 2025, from its 10-K filing.
How much free cash flow does Mesoblast generate?
-$51M in fiscal 2025 (operating cash flow minus capital spending).
From Mesoblast's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.