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Document and Entity Information	6 Months Ended
Document and Entity Information	Dec. 31, 2019
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	MESOBLAST LTD
Entity Central Index Key	0001345099
Current Fiscal Year End Date	--06-30
Entity Address, Address Line One	Level 38
Entity Address, Address Line Two	55 Collins Street
Entity Address, City or Town	Melbourne
Entity Address, Postal Zip Code	3000
Entity Address, Country	AU
Entity File Number	001-37626

Consolidated Income Statement (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenue	$ 2,206	$ 1,870	$ 19,254	$ 13,507
Research & development	(14,154)	(15,488)	(26,543)	(33,975)
Manufacturing commercialization	(5,145)	(5,401)	(7,843)	(9,717)
Management and administration	(6,766)	(5,126)	(12,230)	(10,742)
Fair value remeasurement of contingent consideration	(595)	(11)	(882)	(634)
Other operating income and expenses	583	(827)	414	(978)
Finance costs	(2,982)	(2,486)	(6,439)	(5,139)
Loss before income tax	(26,853)	(27,469)	(34,269)	(47,678)
Income tax benefit	2,269	2,865	4,202	3,575
Loss attributable to the owners of Mesoblast Limited	$ (24,584)	$ (24,604)	$ (30,067)	$ (44,103)
Losses per share from continuing operations attributable to the ordinary equity holders of the Group:
Basic - losses per share	$ (0.0460)	$ (0.0500)	$ (0.0582)	$ (0.0908)
Diluted - losses per share	$ (0.0460)	$ (0.0500)	$ (0.0582)	$ (0.0908)

Consolidated Statement of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement Of Comprehensive Income [Abstract]
Loss for the period	$ (24,584)	$ (24,604)	$ (30,067)	$ (44,103)
Items that may be reclassified to profit and loss
Financial assets at fair value through other comprehensive income	(280)	108	(645)	195
Exchange differences on translation of foreign operations	287	(160)	(45)	(183)
Other comprehensive income/(loss) for the period, net of tax	7	(52)	(690)	12
Total comprehensive losses attributable to the owners of Mesoblast Limited	$ (24,577)	$ (24,656)	$ (30,757)	$ (44,091)

Consolidated Statement of Changes in Equity (unaudited) - USD ($) $ in Thousands	Total	Issued Capital	Share Option Reserve	Investment Revaluation Reserve	Foreign Currency Translation Reserve	Retained Earnings
Beginning balance at Jun. 30, 2018	$ 546,008	$ 889,481	$ 75,974	$ 21	$ (39,276)	$ (380,192)
Loss for the period	(44,103)					(44,103)
Other comprehensive income/(loss)	12			195	(183)
Total comprehensive profit/(loss) for the period	(44,091)			195	(183)	(44,103)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	19,441	19,441
Transactions with owners in their capacity as owners	19,441	19,441
Transfer of exercised options		313	(313)
Fair value of share-based payments	3,195		3,195
Reclassification of modified options to/(from) liability	4		4
Increase (decrease) in equity	3,199	313	2,886
Ending balance at Dec. 31, 2018	524,557	909,235	78,860	216	(39,459)	(424,295)
Beginning balance at Sep. 30, 2018	527,599	889,980	76,500	108	(39,299)	(399,690)
Loss for the period	(24,605)					(24,605)
Other comprehensive income/(loss)	(52)			108	(160)
Total comprehensive profit/(loss) for the period	(24,657)			108	(160)	(24,605)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	19,229	19,229
Transactions with owners in their capacity as owners	19,229	19,229
Transfer of exercised options		26	(26)
Fair value of share-based payments	2,377		2,377
Reclassification of modified options to/(from) liability	9		9
Increase (decrease) in equity	2,386	26	2,360
Ending balance at Dec. 31, 2018	524,557	909,235	78,860	216	(39,459)	(424,295)
Beginning balance at Jun. 30, 2019	481,052	910,405	80,034	17	(39,413)	(469,991)
Adjustment on adoption of IFRS 16 (net of tax) at Jun. 30, 2019	(827)					(827)
Equity, adjusted opening balance at Jun. 30, 2019	480,225	910,405	80,034	17	(39,413)	(470,818)
Loss for the period	(30,067)					(30,067)
Other comprehensive income/(loss)	(690)			(645)	(45)
Total comprehensive profit/(loss) for the period	(30,757)			(645)	(45)	(30,067)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	48,889	48,889
Transactions with owners in their capacity as owners	48,889	48,889
Transfer of exercised options		341	(341)
Fair value of share-based payments	2,447		2,447
Increase (decrease) in equity	2,447	341	2,106
Ending balance at Dec. 31, 2019	500,804	959,635	82,140	(628)	(39,458)	(500,885)
Beginning balance at Sep. 30, 2019	475,148	910,942	80,600	(348)	(39,745)	(476,301)
Loss for the period	(24,584)					(24,584)
Other comprehensive income/(loss)	7			(280)	287
Total comprehensive profit/(loss) for the period	(24,577)			(280)	287	(24,584)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	48,590	48,590
Transactions with owners in their capacity as owners	48,590	48,590
Transfer of exercised options		103	(103)
Fair value of share-based payments	1,643		1,643
Increase (decrease) in equity	1,643	103	1,540
Ending balance at Dec. 31, 2019	$ 500,804	$ 959,635	$ 82,140	$ (628)	$ (39,458)	$ (500,885)

Consolidated Balance Sheet (unaudited) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Current Assets
Cash & cash equivalents	$ 81,348	$ 50,426
Trade & other receivables	3,091	4,060
Prepayments	8,868	8,036
Total Current Assets	93,307	62,522
Non-Current Assets
Property, plant and equipment	1,554	826
Right-of-use assets	8,042
Financial assets at fair value through other comprehensive income	1,672	2,317
Other non-current assets	3,324	3,324
Intangible assets	582,338	583,126
Total Non-Current Assets	596,930	589,593
Total Assets	690,237	652,115
Current Liabilities
Trade and other payables	19,241	13,060
Provisions	26,097	7,264
Borrowings	18,928	14,007
Lease liabilities	2,691
Deferred consideration	10,000	10,000
Total Current Liabilities	76,957	44,331
Lease liabilities	6,683	0
Non-Current Liabilities
Deferred tax liability	6,922	11,124
Provisions	30,375	48,329
Borrowings	65,996	67,279
Deferred consideration	2,500
Total Non-Current Liabilities	112,476	126,732
Total Liabilities	189,433	171,063
Net Assets	500,804	481,052
Equity
Issued Capital	959,635	910,405
Reserves	42,054	40,638
(Accumulated losses)/retained earnings	(500,885)	(469,991)
Total Equity	$ 500,804	$ 481,052

Consolidated Statement of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Commercialization revenue received	$ 3,610	$ 2,101
Upfront and milestone payments received	17,500	26,409
Research and development tax incentive received	1,499	1,654
Payments to suppliers and employees (inclusive of goods and services tax)	(37,119)	(46,186)
Interest received	413	293
Interest and other costs of finance paid	(2,788)	(1,783)
Income taxes (paid)/refunded	(3)	(3)
Net cash (outflows) in operating activities	(16,888)	(17,515)
Cash flows from investing activities
Investment in fixed assets	(612)	(112)
Payments for licenses	(100)
Net cash (outflows) in investing activities	(712)	(112)
Cash flows from financing activities
Proceeds from borrowings		28,950
Payments of transaction costs from borrowings		(1,546)
Proceeds from issue of shares	51,053	30,258
Payments for share issue costs	(2,164)	(607)
Payment of lease liabilities	(695)
Net cash inflows by financing activities	48,194	57,055
Net increase in cash and cash equivalents	30,594	39,428
Cash and cash equivalents at beginning of period	50,426	37,763
FX gains/(losses) on the translation of foreign bank accounts	328	(169)
Cash and cash equivalents at end of period	$ 81,348	$ 77,022

Basis of preparation

6 Months Ended

Dec. 31, 2019

Basis Of Preparation [Abstract]

Basis of Preparation

1. Basis of preparation

Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. The condensed financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Accounting Standard IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”), and are unaudited. These interim financial statements do not include all of the notes and disclosures required by International Financial Reporting Standards, as issued by the IASB, for annual consolidated financial statements and should therefore be read in conjunction with our annual report on Form 20-F for the year ended June 30, 2019.

Preparation of interim financial statements for users in multiple jurisdictions

The Company has prepared the interim financial statements to conform to the requirements and needs of users of the financial statements located in both Australia and the U.S.

U.S. users: The Company has prepared the interim financial statements to conform to the requirements of IAS 34 Interim Financial Reporting. Consistent with U.S. domestic registrants, the Company has labelled the interim financial information “unaudited” because the interim financial information is not subject to an audit by our independent registered public accounting firm. The auditor’s independence declaration and independent auditor’s review report are included within this filing to meet the requirements of Australian laws and regulations and are furnished, not filed, for the purposes of incorporation of the related financial statements in any U.S. registration document.

Australian users: The Company has prepared the interim financial statements to conform to the requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. A review of the interim financial information has been performed by the Company’s independent auditors to meet the requirements of Australian Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity and users should refer to the auditor’s independence declaration and independent auditor’s review report included within this filing.

(i) Going concern

For the six months ended December 31, 2019, the Group incurred a total comprehensive loss after income tax of $ 30.8 million and had net cash outflows from operations of $16.9 million. As of December 31, 2019, the Group held total cash and cash equivalents of $81.3 million.

Over the next 12 months the Group may receive up to an additional $27.5 million in milestone payments under the strategic partnership with Grünenthal and a further $35.0 million under the agreements with Hercules Capital, Inc. (“Hercules”) and NovaQuest Capital Management, L.L.C. (“NovaQuest”).

There is uncertainty related to the Group’s ability to access payments from the strategic partnership with Grünenthal or to draw down funds from Hercules and NovaQuest. The ability of the Group to continue as a going concern and meet its debts and commitments as they fall due are dependent upon meeting the milestones under our Grünenthal and NovaQuest agreements, and drawing on remaining funds under our Hercules agreement, or entering into additional strategic partnerships for our product candidates, or equity-based financings.

Management and the directors believe that the Group will be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis, notwithstanding that there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and that it may be unable to realize its assets and liabilities in the normal course of business.

References to matters that may cast significant doubt about the Group’s ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board standards.

(ii) New and amended standards adopted by the Group

In the opinion of management, the interim financial data includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. Other than the new and amended standards adopted by the Group below these interim financial statements follow the same accounting policies as compared to the June 30, 2019 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission.

Leases

The Group adopted IFRS 16 Leases on July 1, 2019. Our principal accounting policy from July 1, 2019, are that leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. For principal accounting policies relating to the comparative year, refer to our annual report on Form 20-F for the year ended June 30, 2019. In accordance with the transition provisions in IFRS 16 the new rules have been adopted retrospectively with the cumulative effect of initially applying the new standard recognized on July 1, 2019. Comparatives have not been restated as permitted under the specific transition provisions in the standard.

On adoption of IFRS16, the Group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate as of July 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on July 1, 2019 was 6.52%. A reconciliation between the operating lease commitments disclosed applying IAS 17 at June 30, 2019 and the lease liabilities recognized at July 1, 2019 is described in Note 13.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•

Fixed payments (including in-substance fixed payments), less any lease incentives receivable

•

variable lease payment that are based on an index or a rate

•

amounts expected to be payable by the lessee under residual value guarantees

•

the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and

•

payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

Variable lease payments that are not based on an index or a rate are not included in the initial measurement of the lease liability and are expensed in the Income Statement when incurred.

For certain contracts that contain lease and non-lease components, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group identifies a separate lease component if there is an explicit or implicit identified asset in the contract and if the Group controls use of the identified asset.

The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability

•

any lease payments made at or before the commencement date, less any lease incentives received

•

any initial direct costs, and

•

restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.

(iii) New accounting standards and interpretations not yet adopted by the Group

There were no new accounting standards and interpretations not yet adopted by the Group for the December 31, 2019 reporting period.

Significant changes in the current reporting period

6 Months Ended

Dec. 31, 2019

Disclosure Of Significant Changes In Current Reporting Period [Abstract]

Significant changes in the current reporting period

2. Significant changes in the current reporting period

(i) Significant events

The financial position and performance of the Group was affected by the following events during the six months ended December 31, 2019:

•

On September 10, 2019, the Group announced that it had entered into a strategic partnership with Grünenthal, to develop and commercialize MPC-06-ID, a Phase 3 allogeneic product candidate for the treatment of chronic low back pain due to degenerative disc disease. Under the partnership, Grünenthal will have exclusive commercialization rights to MPC-06-ID for Europe and Latin America. The Group has recognized revenue of $15.0 million and deferred revenue of $2.5 million in the current reporting period.

•

On October 3, 2019, the Group announced completion of a A$75.0 million (US$50.7 million) capital raise through the placement of 37.5 million new fully-paid ordinary shares at a price of A$2.00 per share to existing and new institutional investors.

•

On October 4, 2019, the Group satisfied the milestones required to defer the commencement of principal repayments of the Hercules borrowings to April 2020. Subsequent to December 31, 2019, as disclosed in Note 11, the Group amended the terms of the loan agreement to defer the principal repayments to July 2020. At December 31, 2019, the principal repayments that were due in April 2020 to December 2020 are classified as current given that the amendment to the loan agreement was not executed prior to the period end. Principal repayments can be further deferred to July 2021 if certain milestones are satisfied.

•

On October 17, 2019, the Group announced that it had entered into a manufacturing service agreement with Lonza Bioscience Singapore Pte. Ltd. for the supply of commercial product for the potential approval and launch of RYONCIL^TM (“RYONCIL^”) for the treatment of pediatric acute graft versus host disease in the US market. A right of use asset and lease liability was recognized at December 31, 2019 in relation to the lease component within this agreement.

Loss before income tax

6 Months Ended

Dec. 31, 2019

Disclosure Of Loss Before Income Tax [Abstract]

Loss before income tax

3. Loss before income tax

		Three Months Ended December 31,						Six Months Ended December 31,
(in U.S. dollars, in thousands)	Note	2019			2018			2019			2018
Revenue
Commercialization Revenue			1,969			1,217			3,841			2,223
Milestone Revenue			—			500			15,000			11,000
Interest Revenue			237			153			413			284
			2,206			1,870			19,254			13,507

Clinical trial and research & development			(8,225	)		(10,555	)		(13,827	)		(21,921	)
Manufacturing production & development			(3,661	)		(3,989	)		(4,956	)		(7,640	)

Employee benefits
Salaries and employee benefits			(6,498	)		(5,088	)		(11,228	)		(9,920	)
Defined contribution superannuation expenses			(91	)		—			(166	)		(184	)
Equity settled share-based payment transactions⁽¹⁾			(1,643	)		(1,208	)		(2,447	)		(2,026	)
Total Employee benefits			(8,232	)		(6,296	)		(13,841	)		(12,130	)

Depreciation and amortization of non-current assets
Plant and equipment depreciation			(115	)		(150	)		(220	)		(310	)
Right of use asset depreciation			(356	)		-			(707	)		-
Intellectual property amortization			(394	)		(395	)		(788	)		(788	)
Total Depreciation and amortization of non-current assets			(865	)		(545	)		(1,715	)		(1,098	)

Other Management & administration expenses
Overheads & administration			(2,321	)		(2,249	)		(4,885	)		(6,253	)
Consultancy			(1,016	)		(797	)		(2,161	)		(1,646	)
Legal, patent and other professional fees			(1,087	)		(881	)		(3,979	)		(2,451	)
Intellectual property expenses (excluding the amount amortized above)			(658	)		(703	)		(1,252	)		(1,295	)
Total Other Management & administration expenses			(5,082	)		(4,630	)		(12,277	)		(11,645	)

Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration	5(e)(iii)		(595	)		(11	)		(882	)		(634	)
Total Fair value remeasurement of contingent consideration			(595	)		(11	)		(882	)		(634	)

Other operating income and expenses
Remeasurement of borrowing arrangements			440			(752	)		39			(752	)
Foreign exchange gains/(losses)			143			(23	)		375			(174	)
Foreign withholding tax paid			—			(52	)		—			(52	)
Total Other operating income and expenses			583			(827	)		414			(978	)

Finance (costs)/gains
Remeasurement of borrowing arrangements			620			—			740			—
Interest expense			(3,602	)		(2,486	)		(7,179	)		(5,139	)
Total Finance costs			(2,982	)		(2,486	)		(6,439	)		(5,139	)

Total loss before income tax			(26,853	)		(27,469	)		(34,269	)		(47,678	)

(1)	Share-based payment transactions

For the three and six months ended December 31, 2019 and 2018, the share-based payment transactions have been reflected in the Consolidated Income Statement functional expense categories as follows:

	Three Months Ended December 31,				Six Months Ended December 31,
(in U.S. dollars)	2019		2018		2019		2018
Research and development		650,488		621,949		970,168		1,149,804
Manufacturing and commercialization		86,336		90,632		139,916		155,239
Management and administration		906,310		1,115,799		1,336,848		1,340,895
Equity settled share-based payment transactions		1,643,134		1,828,380		2,446,932		2,645,938

Revenue recognition

Grünenthal arrangement

In September 2019, the Group entered into a strategic partnership with Grünenthal for the development and commercialization in Europe and Latin America of the Group’s allogeneic mesenchymal precursor cell (“MPC”) product, MPC-06-ID, receiving exclusive rights to the Phase 3 allogeneic product candidate for the treatment of low back pain due to degenerative disc disease.

The Group received a non-refundable upfront payment of $15.0 million in October 2019, on signing of the contract with Grünenthal. The Group may receive up to an additional $132.5 million in payments if certain milestones are satisfied in relation to clinical, manufacturing, regulatory and reimbursement approval prior to product launch. The Group is further entitled to receive milestones payments based on regulatory and cumulative product sales milestones, as well as tiered double-digit royalties on product sales. The Group received a milestone payment on December 18, 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal.

The strategic partnership with Grünenthal includes a license of IP and the provision of development services. Under IFRS 15 Revenue from contracts with customers, the Group has identified three distinct performance obligations in the strategic partnership with Grünenthal. The three performance obligations identified are the right of use license of IP, research & development and chemistry, manufacturing and controls (“R&D and CMC”) services and other development services. The license of IP was considered distinct from the development services as it is capable of being granted separately and the development services do not significantly modify or customize the license nor are the license and development services significantly interrelated or interdependent. The Group also evaluated the promises in the development services and determined the R&D and CMC services were distinct from the other development services as they are not significantly interrelated or interdependent.

The standalone selling price for each performance obligation is not directly observable, so the Group has estimated the standalone selling price through the most appropriate method to ensure the estimate represents the price the Group would charge for the goods or services if they were sold separately. The Group considered the application and results of a combination of methods and utilized the cost plus a margin approach as the primary method. For R&D and CMC services, the Group estimated the standalone selling price to be $85.0 million. For the other development services the Group estimated the standalone selling price to be $10.0 million. Significant judgement was applied in determining the standalone selling price and the variable consideration that was allocated to each performance obligation. Based on this analysis, the $15.0 million upfront payment was allocated to the license of IP performance obligation. Upon signing of this strategic partnership in September 2019, the Group recognized $15.0 million in revenue for the right of use license of IP as this performance obligation was considered completely satisfied at this date.

The Group evaluated the constraint over the remaining variable consideration under the contract and determined that all of the milestone payments relating to the R&D and CMC services and other development services were considered constrained as at December 31, 2019. As part of this evaluation, the Group considered a variety of factors, including whether the receipt of the milestone payments is outside of the Group’s control or contingent on the outcome of clinical trials and the impact of certain repayment clauses. The Group will continue to evaluate the constraint over variable consideration in future periods. Additionally, the Group applies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore will recognize royalties and sales-based milestone payments as revenue when the subsequent sale or usage occurs.

The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of December 31, 2019. In future periods, additional milestone payments from Grünenthal may result in deferred consideration as revenue recognition of R&D and CMC services and other development services will be dependent upon the assessment of the constraint over variable consideration as well as the percentage of progress towards meeting the development service performance obligations over time.

For the comparative period, being the six months ended December 31, 2018, no milestone revenue was recognized in relation to this strategic partnership with Grünenthal.

Tasly arrangement

In July 2018, the Group entered into a strategic alliance with Tasly Pharmaceutical Group (“Tasly”) for the development, manufacture and commercialization in China of the Group’s allogeneic mesenchymal precursor cell (“MPC”) products, MPC-150-IM and MPC-25-IC. Tasly received all exclusive rights for MPC-150-IM and MPC-25-IC in China and Tasly will fund all development, manufacturing and commercialization activities in China.

The Group received a $20.0 million up-front technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group is also entitled to receive $25.0 million on product regulatory approvals in China, double-digit escalating royalties on net product sales and up to six escalating milestone payments when the product candidates reach certain sales thresholds in China.

Under IFRS 15, upon completion of this strategic alliance on September 14, 2018, the Group recognized $10.0 million in milestone revenue from the $20.0 million up-front technology access fee received from Tasly in October 2018 as this is the portion of revenue that control has been transferred to Tasly. The Group recognized the remaining $10.0 million from the $20.0 million up-front payment as deferred consideration on the consolidated balance sheet. The deferred consideration amount will be recognized in revenue when and if control transfers to Tasly based on the Group’s decision regarding the exercise of the Group’s rights in the terms and conditions of the agreement.

For the six months ended December 31, 2019, no milestone revenue was recognized in relation to this strategic alliance with Tasly.

TiGenix arrangement

In December 2017, the Group entered into a patent license agreement with TiGenix NV (“TiGenix”), now a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived mesenchymal stem cell (“MSC") product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, a product candidate of Takeda, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties.

As part of the license agreement, the Group received $5.9 million (€5.0 million) as a non-refundable up-front payment and recognized this amount in revenue in December 2017 upon receipt. In December 2018, the Group received a milestone payment of €5.0 million, the Group recognized revenue of €5.0 million ($5.9 million) pertaining to this milestone in December 2017 as all performance obligations had been satisfied at that time. The Group is entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group will receive single digit royalties on net sales of Alofisel®.

No milestone revenue was recognized in relation to the patent license agreement with Takeda in the six months ended December 31, 2019 and 2018.

JCR arrangement

In October 2013, the Group acquired all of the culture-expanded, MSC-based assets, from Osiris Therapeutics, Inc. (“Osiris”). These assets included assumption of a collaboration agreement (the “JCR Agreement”) with JCR Pharmaceuticals Co., Ltd. (“JCR”), a pharmaceutical company in Japan. Revenue recognized under this agreement is limited to the amount of cash received or for which the Group are entitled, as JCR has the right to terminate the agreement at any time.

Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, the Group are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, the Group are entitled to a double digit profit share. In October 2018, the Group expanded its partnership with JCR in Japan for wound healing in patients with Epidermolysis Bullosa (“EB”). The Group will receive royalties on TEMCELL® Hs. Inj. (“TEMCELL”), a registered trademark of JCR product sales for EB. The Group applies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognizes royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied.

In the six months ended December 31, 2019, the Group recognized $3.8 million in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR, compared with $2.2 million for the six months ended December 31, 2018. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items.

In the six months ended December 31, 2018, the Group recognized $1.0 million in milestone revenue upon our licensee, JCR, reaching cumulative net sales milestones for sales of TEMCELL in Japan. This amount was recorded in revenue as there are no further performance obligations required in regards to these items. There was no milestone revenue recognized in the six months ended December 31, 2019 as the Group recognized it’s final cumulative net sales milestone for sales of TEMCELL in Japan in the year ended June 30, 2019.

Inventories

Inventories are included in the financial statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realizable value. Pre-launch inventory is held as an asset when there is a high probability of regulatory approval for the product. Before that point a provision is made against the carrying value to its recoverable amount; the provision is then reversed at the point when a high probability of regulatory approval is determined.

The Group considers a number of factors in determining the probability of the product candidate realizing future economic benefit, including the product candidate’s current status in the regulatory approval process, results from the related pivotal clinical trial, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, the market need, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, commercialization and market trends.

When a provision is made against the carrying value of pre-launch inventory the costs are recognized within Manufacturing Commercialization expenses. When the high probability threshold is met, the provision will be reversed through Manufacturing Commercialization expenses. As of December 31, 2019, there was $3.1 million of pre-launch inventory recognized on the balance sheet that was fully provided for.

Income tax benefit/(expense)

6 Months Ended

Dec. 31, 2019

Major Components Of Tax Expense Income [Abstract]

Income tax benefit/(expense)

4. Income tax benefit/(expense)

		Three Months Ended December 31,						Six Months Ended December 31,
	(in U.S. dollars, in thousands)	2019			2018			2019			2018
(a)	Income tax expense
	Current tax
	Current tax		—			—			—			—
	Total current tax expense		—			—			—			—

	Deferred tax
	(Increase)/decrease in deferred tax assets		(5,394	)		(2,841	)		(7,424	)		(3,526	)
	(Decrease)/increase in deferred tax liabilities		3,125			(24	)		3,222			(49	)
	Total deferred tax expense/(benefit)		(2,269	)		(2,865	)		(4,202	)		(3,575	)
	Income tax expense/(benefit)		(2,269	)		(2,865	)		(4,202	)		(3,575	)

Deferred tax assets have been brought to account only to the extent that it is foreseeable that they are recoverable against future tax liabilities.

Deferred tax assets are recognized for unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. Deferred tax assets are offset against taxable temporary differences (deferred tax liabilities) when the deferred tax balances relate to the same tax jurisdiction in accordance with our accounting policy.

Deferred taxes are measured at the rate in which they are expected to settle within the respective jurisdictions, which can change based on factors such as new legislation or timing of utilization and reversal of associated assets and liabilities.

		As of		As of
	(in U.S. dollars, in thousands)	December 31, 2019		June 30, 2019
(b)	Deferred tax assets not brought to account
	Unused tax losses
	Potential tax benefit at local tax rates		51,243		51,807
	Other temporary differences
	Potential tax benefit at local tax rates		4,601		3,130
	Other tax credits
	Potential tax benefit at local tax rates		3,220		3,220
			59,065		58,157

As of December 31, 2019 and June 30, 2019, the Group has deferred tax assets not brought to account of $59.1 million and $58.2 million, respectively. Deferred tax assets have been brought to account only to the extent that it is foreseeable that they are recoverable against future tax liabilities.

Financial assets and liabilities

6 Months Ended

Dec. 31, 2019

Disclosure Of Financial Assets And Liabilities [Abstract]

Financial assets and liabilities

5. Financial assets and liabilities

This note provides information about the Group's financial instruments, including:

•

an overview of all financial instruments held by the Group;

•

specific information about each type of financial instrument;

•

accounting policies; and

•

information used to determine the fair value of the instruments, including judgments and estimation uncertainty involved.

The Group holds the following financial instruments:

Financial assets (in U.S. dollars, in thousands)	Notes	Assets at FVOCI⁽¹⁾		Assets at FVTPL⁽²⁾		Assets at amortized cost		Total
As of December 31, 2019
Cash & cash equivalents	5(a)		—		—		81,348		81,348
Trade & other receivables	5(b)		—		—		3,091		3,091
Financial assets at fair value through other comprehensive income	5(e)		1,672		—		—		1,672
Other non-current assets			—		—		3,324		3,324
			1,672		—		87,763		89,435
As of June 30, 2019
Cash & cash equivalents	5(a)		—		—		50,426		50,426
Trade & other receivables	5(b)		—		—		4,060		4,060
Financial assets at fair value through other comprehensive income	5(e)		2,317		—		—		2,317
Other non-current assets			—		—		3,324		3,324
			2,317		—		57,810		60,127

(1)	Fair value through other comprehensive income

(2)	Fair value through profit or loss

Financial liabilities (in U.S. dollars, in thousands)	Notes	Liabilities at FVOCI⁽¹⁾		Liabilities at FVTPL⁽²⁾		Liabilities at amortized cost		Total
As of December 31, 2019
Trade and other payables	5(c)		—		—		19,241		19,241
Borrowings	5(d)		—		—		84,924		84,924
Lease liabilities	5(f)		—		—		9,374		9,374
Contingent considerations	5(e)(iii)		—		47,833		—		47,833
			—		47,833		113,539		161,372
As of June 30, 2019
Trade and other payables	5(c)		—		—		13,060		13,060
Borrowings	5(d)		—		—		81,286		81,286
Contingent considerations	5(e)(iii)		—		47,534		—		47,534
			—		47,534		94,346		141,880

(1)	Fair value through other comprehensive income

(2)	Fair value through profit or loss

The Group’s exposure to various risks associated with the financial instruments is discussed in Note 9.

a.	Cash and cash equivalents


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Cash at bank		80,928		50,005
Deposits at call⁽¹⁾		420		421
		81,348		50,426

(1)	As of December 31, 2019 and June 30, 2019, interest-bearing deposits at call include amounts of $0.4 million and $0.4 million, respectively, held as security and restricted for use.

(i) Classification as cash equivalents

Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition.

b.	Trade and other receivables and prepayments

(i) Trade receivables


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Trade debtors		1,992		1,739
Income tax and tax incentives recoverable⁽¹⁾		—		1,511
Foreign withholding tax recoverable		471		471
Security deposit		250		250
Sundry debtors		19		2
Other recoverable taxes (Goods and services tax and value-added tax)		358		86
Interest receivables		1		1
Trade and other receivables		3,091		4,060

(1)

The Group’s research and development activities are not eligible for the refundable tax offset, under an Australian Government tax incentive as a result of the Group earning revenues in excess of A$20.0 million. For the six months ended December 31, 2019, the Group has recognized $Nil income from research and development tax incentives. The $1.5 million recognized as a receivable at June 30, 2019, related to revenue from research and development tax incentives for the July 1, 2017 to June 30, 2018 financial period, and was received in July 2019.

(ii) Prepayments

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Clinical trial research and development expenditure		5,076		6,042
Prepaid insurance and subscriptions		2,700		1,095
Other		1,092		899
Prepayments		8,868		8,036

(iii) Classification as trade and other receivables

Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement.

(iv) Other receivables

These amounts generally arise from transactions outside the usual operating activities of the Group.

(v) Fair values of trade and other receivables

Due to the short-term nature of the current receivables, their carrying amount is assumed to be the same as their fair value.

a.	Trade and other payables


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Trade payables and other payables		19,241		13,060
Trade and other payables		19,241		13,060

The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature.

b.	Borrowings

(in U.S. dollars, in thousands)	As of December 31, 2019			As of June 30, 2019
Current
Secured liabilities:
Borrowing arrangements		18,928			14,007
		18,928			14,007

Non-current
Secured liabilities:
Borrowing arrangements		61,472			65,601
Less: transaction costs		(6,738	)		(6,738	)
Amortization of carrying amount, net of payments made		11,262			8,416
		65,996			67,279

(i) Borrowing arrangements

Hercules Capital, Inc.

On March 6, 2018, the Group drew the first tranche of $35.0 million of the principal amount from the $75.0 million floating rate loan with Hercules. An additional tranche of $15.0 million was drawn by the Group on January 14, 2019.

An additional $25.0 million may be drawn by the Group, subject to certain conditions. The loan matures in March 2022. Subsequent to December 31, 2019, as disclosed in Note 11, the Group amended the terms of the loan agreement to defer the principal repayments to July 2020. At December 31, 2019, principal repayments were due to commence in April 2020 and as a result $17.6 million of the borrowings were recognized as a current liability given that the terms of the loan were not amended prior to the period end. Principal repayments can be further deferred to July 2021 if certain milestones are satisfied. Interest on the loan is payable monthly in arrears on the 1^st day of the month. At closing date, the interest rate was 9.45%. At June 30, 2019, in line with increases in the U.S prime rate, the interest rate was 10.45%. On August 1, September 19 and October 31, 2019, in line with the decreases in the U.S. prime rate, the interest rate on the loan decreased to 10.20%, 9.95% and 9.70%, respectively.

In the six months ended December 31, 2019, the Group recognized a $0.6 million gain in the Income Statement as remeasurement of borrowing arrangements within finance costs. This relates to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our existing credit facility.

The carrying amount of the loan is secured by a first charge over the assets of the Group, excluding $0.7 million of bank guarantees and $1.2 million of letters of credit included in other non-current assets (refer to Note 5(d) in “Item 18 Financial Statements” included in our Form 20-F), $0.4 million of interest-bearing deposits at call included in cash and cash equivalents (refer to Note 5(a)) and $0.3 million of cash held as security included in trade and other receivables (refer to Note 5(b)). These items have been used to secure liabilities other than the non-current loan.

NovaQuest Capital Management, L.L.C.

On June 29, 2018, we drew the first tranche of $30.0 million of the principal amount from the $40.0 million loan and security agreement with NovaQuest. There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. The loan matures in July 2026. Interest on the loan will accrue at a fixed rate of 15% per annum.

All interest and principal payments will be deferred until after the first commercial sale of RYONCIL for the treatment in pediatric patients with steroid refractory aGVHD, in the United States and other geographies excluding Asia (“pediatric SR-aGVHD”). We can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge, and may decide to do so if net sales of pediatric SR-aGVHD are significantly higher than current forecasts.

If there are no net sales of RYONCIL for pediatric SR-aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of RYONCIL for pediatric SR-aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of RYONCIL for pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of RYONCIL for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid.

Because of this relationship of net sales and repayments, changes in our estimated net sales may trigger an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate.

As at December 31, 2019, the Group has recognized $0.9 million of interest payable within twelve months and a $0.4 million loan administration fee which is payable annually in June as a current liability.

In the six months ended December 31, 2019, the Group recognized a $0.2 million remeasurement gain in the Income Statement as remeasurement of borrowing arrangements within finance costs and other operating income. This relates to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our existing credit facility with NovaQuest.

The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s floating rate loan with the senior creditor, Hercules.

(ii) Compliance with loan covenants

Our loan facilities with Hercules and NovaQuest contain a number of covenants that impose operating restrictions on us, which may restrict our ability to respond to changes in our business or take specified actions. In addition, under our loan and security agreement with Hercules we are obliged to maintain certain levels of cash in the United States, and a minimum unrestricted cash balance across the Group.

The Group has complied with the financial and other restrictive covenants of its borrowing facilities during the six months ended December 31, 2019 and during the year ended June 30, 2019.

(iii) Net debt reconciliation

(in U.S. dollars, in thousands)	As of December 31, 2019			As of June 30, 2019
Cash and cash equivalents		81,348			50,426
Borrowings Repayable within one year		(21,619	)		(14,007	)
Borrowings Repayable after one year		(72,679	)		(67,279	)
Net Debt⁽¹⁾		(12,950	)		(30,860	)

Cash and cash equivalents		81,348			50,426
Gross debt - fixed interest rates		(45,274	)		(33,060	)
Gross debt - variable interest rates		(49,024	)		(48,226	)
Net Debt⁽¹⁾		(12,950	)		(30,860	)

(1)	Net debt amount includes leases and borrowing arrangements.

		Liabilities from financing activities									Other assets
(in U.S. dollars, in thousands)	Notes	Borrowings			Leases			Sub-total			Cash and cash equivalents		Total
Net Debt as at 30 June 2019			(81,286	)		—			(81,286	)		50,426		(30,860	)
Recognized on adoption of IFRS 16	13		—			(5,775	)		(5,775	)		—		(5,775	)
			(81,286	)		(5,775	)		(87,061	)		50,426		(36,635	)
Cash Flows⁽¹⁾			—			896			896			30,594		31,490
Remeasurement of borrowing arrangements			701			—			701			—		701
Other Changes⁽²⁾			(4,339	)		—			(4,339	)		—		(4,339	)
Acquisition - leases			—			(4,467	)		(4,467	)		—		(4,467	)
Foreign exchange adjustments			—			(28	)		(28	)		328		300
Net Debt			(84,924	)		(9,374	)		(94,298	)		81,348		(12,950	)

(1)	Cash flows include the interest payments for leases which are presented as operating cash flows in the statement of cash flows.

(2)	Other changes include non-cash movements including accrued interest expense which will be presented as operating cash flows in the statement of cash flows when paid.

(iv) Fair values of borrowing arrangements

The carrying amount of the borrowings at amortized cost in accordance with our accounting policy is a reasonable approximation of fair value.

a.	Recognized fair value measurements

(i) Fair value hierarchy

The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of December 31, 2019 and June 30, 2019 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements:

As of June 30, 2019
(in U.S. dollars, in thousands)	Notes	Level 1		Level 2		Level 3		Total
Financial Assets
Financial assets at fair value through other comprehensive income:
Equity securities - biotech sector			—		—		2,317		2,317
Total Financial Assets			—		—		2,317		2,317

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(e)(iii)		—		—		47,534		47,534
Total Financial Liabilities			—		—		47,534		47,534

As of December 31, 2019
(in U.S. dollars, in thousands)	Notes	Level 1		Level 2		Level 3		Total
Financial Assets
Financial assets at fair value through other comprehensive income:
Equity securities - biotech sector			—		—		1,672		1,672
Total Financial Assets			—		—		1,672		1,672

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(e)(iii)		—		—		47,833		47,833
Total Financial Liabilities			—		—		47,833		47,833

There were no transfers between any of the levels for recurring fair value measurements during the period.

The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, trading and financial assets at fair value through other comprehensive income securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, foreign exchange contracts) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for provisions (contingent consideration) and equity securities (unlisted).

(ii) Valuation techniques used.

The Group used discounted cash flow analysis to determine the fair value measurements of level 3 instruments.

(iii) Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 instruments for the six months ended December 31, 2019 and the year ended June 30, 2019:

(in U.S. dollars, in thousands)	Contingent consideration provision
Opening balance - July 1, 2018		42,070
Amount used during the year		(800	)
Charged/(credited) to consolidated income statement:
Remeasurement⁽¹⁾		6,264
Closing balance - June 30, 2019		47,534

Opening balance - July 1, 2019		47,534
Amount used during the period		(583	)
Charged/(credited) to consolidated income statement:
Remeasurement⁽²⁾		882
Closing balance - December 31, 2019		47,833

(1)

In the year ended June 30, 2019 a loss of $6.3 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This loss is a net result of changes to the key assumptions of the contingent consideration valuation such as probability of success, market penetration, developmental timelines, product pricing and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration.

(2)

In the six months ended December 31, 2019 a loss of $0.9 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This loss is a net result of changes to the key assumptions of the contingent consideration valuation such as product pricing, development timelines, market penetration and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration.

(iv) Valuation inputs and relationship to fair value

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Range of inputs

(weighted average)

(in U.S. dollars, in thousands, except percent data)

Fair value as of

December 31,

Fair value as of

June 30,

Valuation

Unobservable

Six Months Ended December 31,

Year Ended

June 30,

Relationship of

unobservable inputs to

Description

2019

technique

inputs⁽¹⁾

2019

fair value

Contingent consideration provision

47,833

47,534

Discounted cash flows

Risk adjusted

discount rate

11%-13%

(12.5%)

11%-13%

(12.5%)

Six months ended December 31, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%.

Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%.

Expected unit

revenues

n/a

Six months ended December 31, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%.

Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%.

Expected sales volumes

n/a

Six months ended December 31, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%.

Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%.

(1)	There were no significant inter-relationships between unobservable inputs that materially affect fair values.

(v) Valuation processes

In connection with the Osiris acquisition, on October 11, 2013 (the “acquisition date”), an independent valuation of the contingent consideration was carried out by an independent valuer.

For the six months ended December 31, 2019 and the year ended June 30, 2019, the Group has adopted a process to value contingent consideration internally. This valuation has been completed by the Group’s internal valuation team and reviewed by the Chief Financial Officer (the "CFO"). The valuation team is responsible for the valuation model. The valuation team also manages a process to continually refine the key assumptions within the model. This is done with input from the relevant business units. The key assumptions in the model have been clearly defined and the responsibility for refining those assumptions has been assigned to the most relevant business units. The remeasurement charged to the consolidated income statement was a net result of changes to key assumptions such as developmental timelines, product pricing, market population, market penetration, probability of success and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration.


The fair value of contingent consideration (in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets		28,215		28,005
Fair value of royalty payments from commercialization of the intellectual property acquired		19,618		19,529
		47,833		47,534

The main level 3 inputs used by the Group are evaluated as follows:

Risk adjusted discount rate:		The discount rate used in the valuation has been determined based on required rates of returns of listed companies in the biotechnology industry (having regards to their stage of development, their size and number of projects) and the indicative rates of return required by suppliers of venture capital for investments with similar technical and commercial risks. This assumption is reviewed as part of the valuation process outlined above.

Expected unit revenues:		Expected market sale price of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above.
Expected sales volumes:		Expected sales volumes of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above.

b.	Lease liabilities

(in U.S. dollars, in thousands)	As of December 31, 2019
Current		2,691
Non-current		6,683
Lease liabilities included in the statement of financial position		9,374

The lease liability is measured at the present value of the fixed and variable lease payments net of cash lease incentives that are not paid at the balance date. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate to achieve a constant rate of interest on the remaining balance of the liability. Lease payments for buildings exclude service fees for cleaning and other costs.

Non-financial Assets and Liabilities

6 Months Ended

Dec. 31, 2019

Disclosure Of Non Financial Assets And Liabilities [Abstract]

Non-financial Assets and Liabilities

6. Non-financial assets and liabilities

b.	Intangible assets

(in U.S. dollars, in thousands)	Goodwill		Acquired licenses to patents			In-process research and development acquired			Current marketed products			Total
Year Ended June 30, 2019
Opening net book amount		134,453		1,770			427,779			20,604			584,606
Additions		—		100			—			—			100
Exchange differences		—		(4	)		—			1			(3	)
Amortization charge		—		(122	)		—			(1,455	)		(1,577	)
Closing net book amount		134,453		1,744			427,779			19,150			583,126

As of June 30, 2019
Cost		134,453		2,822			489,698			23,999			650,972
Accumulated amortization		—		(1,078	)		—			(4,849	)		(5,927	)
Accumulated impairment		—		—			(61,919	)		—			(61,919	)
Net book amount		134,453		1,744			427,779			19,150			583,126

Six Months Ended December 31, 2019
Opening net book amount		134,453		1,744			427,779			19,150			583,126
Exchange differences		—		—			—			—			—
Amortization charge		—		(62	)		—			(726	)		(788	)
Closing net book amount		134,453		1,682			427,779			18,424			582,338

As of December 31, 2019
Cost		134,453		2,822			489,698			23,999			650,972
Accumulated amortization		—		(1,140	)		—			(5,575	)		(6,715	)
Accumulated impairment		—		—			(61,919	)		—			(61,919	)
Net book amount		134,453		1,682			427,779			18,424			582,338

c.	Deferred tax balances

(i) Deferred tax balances

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Deferred tax assets
The balance comprises temporary differences attributable to:
Tax losses		67,935		61,742
Other temporary differences		4,918		3,687
Total deferred tax assets		72,853		65,429

Deferred tax liabilities
The balance comprises temporary differences attributable to:
Intangible assets		79,775		76,553
Total deferred tax liabilities		79,775		76,553
Net deferred tax liabilities		6,922		11,124

Deferred tax assets expected to be settled within 12 months		—		—
Deferred tax assets expected to be settled after 12 months		72,853		65,429

Deferred tax liabilities expected to be settled within 12 months		99		99
Deferred tax liabilities expected to be settled after 12 months		79,676		76,454

(ii) Movements

(in U.S. dollars, in thousands)	Tax losses⁽¹⁾ (DTA)			Other temporary differences⁽¹⁾ (DTA)			Intangible assets (DTL)			Total (DTL)
As of June 30, 2018		(55,904	)		(669	)		76,652			20,079
Charged/(credited) to:
- profit or loss		(5,838	)		(3,018	)		(99	)		(8,955	)
As of June 30, 2019		(61,742	)		(3,687	)		76,553			11,124
Charged/(credited) to:
- profit or loss		(6,193	)		(1,231	)		3,222			(4,202	)
As of December 31, 2019		(67,935	)		(4,918	)		79,775			6,922

(1)	Deferred tax assets are netted against deferred tax liabilities

a.	Deferred consideration

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Opening balance⁽¹⁾		10,000		—
Milestone consideration recognized during the period⁽²⁾		2,500		20,000
Amount recognized as revenue in the period		—		(10,000	)
Balance as of the end of the period		12,500		10,000

(1)

The $10.0 million opening balance in deferred consideration represents the portion of the up-front technology access fee receivable from Tasly that has not been recognized as revenue. In accordance with the Group’s accounting policy, revenue related to the licensing of intellectual property is only recognized to the extent that control has been transferred to the customer. The deferred consideration amount will be recognized in revenue when and if control transfers to Tasly based on the Group’s decision regarding the exercise of the Group’s rights in the terms and conditions of the agreement.

(2)

The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of December 31, 2019.

Cash flow information

6 Months Ended

Dec. 31, 2019

Statement Of Cash Flows [Abstract]

Cash flow information

7. Cash flow information

(in U.S. dollars, in thousands)
(a) Reconciliation of cash and cash equivalents	As of December 31, 2019		As of June 30, 2019
Cash at bank		80,928		50,005
Deposits at call		420		421
		81,348		50,426

(in U.S. dollars, in thousands)
(b) Reconciliation of net cash flows used in operations with loss after income tax	Six months ended December 31, 2019			Six months ended December, 2018
Loss for the period		(30,067	)		(44,103	)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization		1,715			1,098
Foreign exchange (gains)/losses		(375	)		(179	)
Finance costs		4,343			3,333
Remeasurement of borrowing arrangements		(779	)		752
Remeasurement of contingent consideration		882			634
Equity settled share-based payment		2,447			2,026
Deferred tax benefit		(4,202	)		(3,575	)
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables		(620	)		5,185
(Increase)/decrease in prepayments		(778	)		(3,553	)
Decrease/(increase) in tax assets		1,499			1,654
Increase/(decrease) in trade creditors and accruals		5,910			8,474
Increase/(decrease) in provisions		637			739
Increase/(decrease) in deferred consideration		2,500			10,000
Net cash outflows used in operations		(16,888	)		(17,515	)

Issued capital

6 Months Ended

Dec. 31, 2019

Disclosure Of Classes Of Share Capital [Abstract]

Issued capital

8. Issued capital

	As of December 31,				As of December 31,
	2019		2018		2019			2018
	Shares No.				(U.S. dollars, in thousands)
Opening balance		498,626,208		482,639,654		910,405			889,481
Issues of ordinary shares during the period
Exercise of share options⁽¹⁾		653,226		313,108		390			258
Placement of shares under a share placement agreement ⁽²⁾		37,500,000		14,464,259		50,663			20,000
Transaction costs arising on share issue		—		—		(2,164	)		(817	)
		38,153,226		14,777,367		48,889			19,441
Share options reserve transferred to equity on exercise of options		—		—		341			313
Ending balance		536,779,434		497,417,021		959,635			909,235

(1)	Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. The shares issued and share capital received on the exercise of options are recorded above.

(2)

During the six months ended December 31, 2019, 37,500,000 shares were issued in an equity purchase of Mesoblast Limited at A$2.00 per share to existing and new institutional investors, representing a 3.15% discount to the 10 day volume weighted average price calculated at the close of trading September 30, 2019.

Financial Risk Management

6 Months Ended

Dec. 31, 2019

Disclosure Of Financial Risk Management [Abstract]

Financial Risk Management

9. Financial risk management

This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. Current year profit and loss information has been included where relevant to add further context.

Risk	Exposure arising from	Measurement	Management
Market risk – currency risk	Future commercial transactions Recognized financial assets and liabilities not denominated in the functional currency of each entity within the Group	Cash flow forecasting Sensitivity analysis	The future cash flows of each currency are forecast and the quantum of cash reserves held for each currency are managed in line with future forecasted requirements. Cross currency swaps are undertaken as required.

Market risk – interest rate risk	Long-term borrowings at floating rates	Sensitivity analysis	The facility can be refinanced and/or repaid. Interest rate swaps can be entered into to convert the floating interest rate to a fixed interest rate as required.
	Term deposits at fixed rates	Sensitivity analysis	Vary length of term deposits, utilize interest bearing accounts and periodically review interest rates available to ensure we earn interest at market rates.

Market risk – price risk	Long-term borrowings	Sensitivity analysis	Forecasts of net sales of the product underlying the NovaQuest borrowing arrangement are updated on a quarterly basis to evaluate the impact on the carrying amount of the financial liability.

Credit risk	Cash and cash equivalents, and trade and other receivables	Aging analysis Credit ratings	Only transact with the best risk rated banks available in each region giving consideration to the products required.

Liquidity risk	Cash and cash equivalents Borrowings	Rolling cash flow forecasts	Future cash flows requirements are forecasted and capital raising strategies are planned to ensure sufficient cash balances are maintained to meet the Group’s future commitments

a.	Market risk

(i) Currency risk

The Group has foreign currency amounts owing primarily in the Group’s Australian based entity, whose functional currency is the A$ relating to clinical, regulatory and overhead activities. The Group also has foreign currency amounts owing in the Group’s Swiss and Singapore based entities, whose functional currencies are the US$. The Group also has foreign currency amounts owing in various other non-US$ currencies in A$ and US$ functional currency entities in the Group relating to clinical, regulatory and overhead activities. These foreign currency balances give rise to a currency risk, which is the risk of the exchange rate moving, in either direction, and the impact it may have on the Group’s financial performance.

Currency risk is minimized by ensuring the proportion of cash reserves held in each currency matches the expected rate of spend of each currency.

(ii) Cash flow and fair value interest rate risk

The Group’s main interest rate risk arises from long-term borrowings with a floating interest rate, which exposes the Group to cash flow interest rate risk. As interest rates fluctuate, the amount of interest payable on financing where the interest rate is not fixed will also fluctuate. This interest rate risk is managed by interest rate swaps which can be entered into to convert the floating interest rate to a fixed interest rate as required. Additionally, the Group can repay its loan facility at its discretion and can also refinance if the terms are suitable in the marketplace or from the existing lender.

The Group did not enter into any interest rate swaps during the six months ended December 31, 2019.

The exposure of the Group’s borrowing to interest rate changes are as follows:

	As of					As of
	December 31, 2019					June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Total		% of total loans			Total		% of total loans
Financial liabilities
Current borrowings
Variable rate borrowings - Hercules		17,568		21	%		13,607		17	%
Non-current borrowings
Variable rate borrowings - Hercules		31,456		37	%		34,619		43	%
		49,024		58	%		48,226		60	%

An analysis by maturities is provided in Note 9(c) below. The percentage of total loans shows the proportion of loans that are currently at variable rates in relation to the total amount of borrowings.

The borrowings which expose the Group to interest rate risk are described in the table below, together with the maximum and minimum interest rates being earned as of December 31, 2019 and June 30, 2019. The effect on profit is shown if interest rates change by 5%, in either direction, is as follows:

	As of									As of
	December 31, 2019									June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Low			High			USD			Low			High			USD
Borrowings - USD		9.70	%		9.70	%	49,024⁽¹⁾				10.45	%		10.45	%	48,226⁽¹⁾
Rate increase by 5%		10.19	%		10.19	%		243			10.97	%		10.97	%		261
Rate decrease by 5%		9.22	%		9.22	%		(243	)		9.93	%		9.93	%		(261	)

(1)	Effect on profit/loss of interest rate changes is based on the loan principal amount of $50.0 million as of December 31, 2019, and June 30, 2019.

The Group is also exposed to interest rate movements which impacts interest income earned on its deposits and at call accounts. The interest income derived from these balances can fluctuate due to interest rate changes. This interest rate risk is managed by periodically reviewing interest rates available for suitable interest bearing accounts to ensure we earn interest at market rates. The Group ensures that sufficient funds are available, in at call accounts, to meet the working capital requirements of the Group.

The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of December 31, 2019 and June 30, 2019. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows:

	As of									As of
	December 31, 2019									June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Low			High			USD			Low			High			USD
Funds invested - USD		1.26	%		1.26	%		60,701			1.76	%		1.76	%		45,051
Rate increase by 10%		1.39	%		1.39	%		76			1.94	%		1.94	%		81
Rate decrease by 10%		1.13	%		1.13	%		(76	)		1.58	%		1.58	%		(81	)


AUD	Low			High			AUD			Low			High			AUD
Funds invested - AUD		1.70	%		1.70	%		600			2.23	%		2.23	%		600
Rate increase by 10%		1.87	%		1.87	%		1			2.45	%		2.45	%		1
Rate decrease by 10%		1.53	%		1.53	%		(1	)		2.01	%		2.01	%		(1	)

(iii) Price risk

Price risk is the risk that future cash flows derived from financial instruments will be altered as a result of a market price movement, which is defined as movements other than foreign currency rates and interest rates. The Group is exposed to price risk which arises from long-term borrowings under its facility with NovaQuest, where the timing and amounts of principal and interest payments is dependent on net sales of RYONCIL for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia. As net sales of RYONCIL for the treatment of SR-aGVHD in pediatric patients in these territories increase/decrease, the timing and amount of principal and interest payments relating to this type of financing arrangement will also fluctuate, resulting in an adjustment to the carrying amount of the financial liability. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within other operating income and expenses in the period the revision is made.

The exposure of the Group’s borrowing to price rate changes are as follows:

	As of					As of
	December 31, 2019					June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Total		% of total loans			Total		% of total loans
Financial liabilities
Current borrowings
Borrowings - NovaQuest		1,360		2	%		400		0	%
Non-current borrowings
Borrowings - NovaQuest		34,540		40	%		32,660		40	%
		35,900		42	%		33,060		40	%

As at December 31, 2019, all other factors held constant, a 20% increase in the forecast net sales of RYONCIL for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia would increase non-current borrowing and decrease profit by $4.7 million, whereas a 20% decrease in the net sales of RYONCIL for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia would decrease non-current borrowings and increase profit by $2.6 million.

The Group does not consider it has any exposure to price risk other than those already described above.

b.	Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets as mentioned in Note 5.

c.	Liquidity risk

Liquidity risk is the risk that the Group will not be able to pay its debts as and when they fall due. Liquidity risk has been assessed in Note 1(i).

All financial liabilities, excluding contingent consideration, borrowings and lease liabilities, held by the Group as of December 31, 2019 and June 30, 2019 are non-interest bearing and mature within 6 months. The total contractual cash flows associated with these liabilities equate to the carrying amount disclosed within the financial statements.

As of December 31, 2019 the maturity profile of the anticipated future contractual cash flows, on an undiscounted basis and which, therefore differs from the carrying value, is as follows:

(in U.S. dollars, in thousands)	Within 1 year			Between 1-2 years			Between 2-5 years			Over 5 years			Total contractual cash flows			Carrying amount
Borrowings⁽¹⁾⁽²⁾		(23,289	)		(36,006	)		(56,750	)		(27,347	)		(143,392	)		(84,924	)
Trade payables		(19,242	)		—			—			—			(19,242	)		(19,242	)
Lease liabilities		(3,258	)		(2,055	)		(4,408	)		(903	)		(10,624	)		(9,374	)
		(45,789	)		(38,061	)		(61,158	)		(28,250	)		(173,258	)		(113,540	)

(1)	Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at December 31, 2019 without taking into account drawdowns of further tranches.

(2)	In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of RYONCIL for pediatric SR-aGVHD.

Purchase commitments

In the six months ended December 31, 2019, the Group entered into a manufacturing service agreement with Lonza for the supply of commercial product for the potential approval and launch of RYONCIL for the treatment of pediatric acute graft versus host disease in the US market. This agreement contains lease and non-lease components with a non-cancellable term of 4.5 years. The agreement contains a minimum financial commitment of $44.3 million. The Group has accounted for the lease component within the agreement as a lease liability separately from the non-lease components. As of December 31, 2019, the minimum financial commitment of the lease component is $4.3 million, disclosed within the total contractual cash flows on an undiscounted basis as lease liabilities. The minimum financial commitment of the non-lease component in the agreement is $40.0 million. If there is a significant delay in the expected approval date of the Biologics License Application (“BLA”) for RYONCIL by the United States Food and Drug Administration (“FDA”) then the minimum financial commitment under this manufacturing services agreement will reduce by $31.4 million, with $3.0 million of this reduction relating to the lease component and $28.4 million relating to the non-lease component of the agreement.

The Group did not have any other purchase commitments as of December 31, 2019.

(Losses)/earnings per share

6 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

(Losses)/earnings per share

10. (Losses)/earnings per share

	Three Months Ended						Six Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019 Cents			December 31, 2018 Cents
Losses per share
(in cents)
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)
Total basic (losses) per share attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)

(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)
Total basic (losses) per share attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)

(c) Reconciliation of (losses) used in calculating (losses) per share
(in U.S. dollars, in thousands)
Basic (losses) per share
(Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share:
From continuing operations		(24,584	)		(24,604	)		(30,067	)		(44,103	)

Diluted (losses) per share
(Losses) from continuing operations attributable to the ordinary equity holders of the company:
Used in calculating basic (losses) per share		(24,584	)		(24,604	)		(30,067	)		(44,103	)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share		(24,584	)		(24,604	)		(30,067	)		(44,103	)


	Three Months Ended						Six Months Ended
	December 31, 2019 (in shares)			December 31, 2018 (in shares)			December 31, 2019 (in shares)			December 31, 2018 (in shares)
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share		534,410,263			491,760,046			516,855,836			485,602,719
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share		534,410,263			491,760,046			516,855,836			485,602,719

Options granted to employees are considered to be potential ordinary shares. These securities have been excluded from the determination of basic losses per share in the three and six months ended December 31, 2019 and 2018. Shares that may be paid as contingent consideration have also been excluded from basic losses per share. They have been excluded from the calculation of diluted losses per share because they are anti-dilutive for the three and six months ended December 31, 2019 and 2018.

Events occurring after the reporting period

6 Months Ended

Dec. 31, 2019

Disclosure Of Nonadjusting Events After Reporting Period [Abstract]

Events occurring after the reporting period

11. Events occurring after the reporting period

On February 26, 2020, the Group amended the terms of the loan agreement with Hercules to defer the commencement of principal repayments to July 2020. Principal repayments can be further deferred to July 2021 if certain milestones are met. Given the amendment to the loan agreement was executed after the reporting period, the principal repayments that were due to be paid in April to December 2020 are classified as current as at the reporting date.

There were no other events that have occurred after December 31, 2019 and prior to the signing of this financial report that would likely have a material impact on the financial results presented.

Segment information

6 Months Ended

Dec. 31, 2019

Disclosure Of Operating Segments [Abstract]

Segment information

12. Segment information

Operating segments are identified on the basis of whether the allocation of resources and/or the assessment of performance of a particular component of the Company’s activities are regularly reviewed by the Company’s chief operating decision maker as a separate operating segment. By these criteria, the activities of the Company are considered to be one segment being the development of adult stem cell technology platform for commercialization, and the segmental analysis is the same as the analysis for the Company as a whole. The chief operating decision maker (Chief Executive Officer) reviews the consolidated income statement, balance sheet, and statement of cash flows regularly to make decisions about the Company’s resources and to assess overall performance.

Change in accounting policies

6 Months Ended

Dec. 31, 2019

Disclosure Of Initial Application Of Standards Or Interpretations [Abstract]

Change in accounting policies

13. Change in accounting policies

(in U.S. dollars, in thousands)	2019
Operating lease commitments disclosed as at June 30, 2019		7,460
Discounted using the group's average incremental borrowing rate of 6.52%		6,146
(Less): Short term leases recognized on a straight line basis as expense		(371	)
Lease liability recognized as at July 1, 2019		5,775

The associated right-of-use assets for property leases were measured on a retrospective basis as if the new rules had always been applied. Right-of-use assets increased by $4.7 million and lease liabilities increased by $5.6 million on July 1, 2019. The net impact on retained earnings on July 1, 2019 was $0.9m.

In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:

•

the use of a single discount rate to a portfolio of leases with reasonably similar characteristics

•

the accounting for operating leases with a remaining lease term of less than 12 months as at July 1, 2019 as short term leases

•

the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application

•

the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the group relied on its assessment made applying IAS 17 and Interpretation 4 Determining whether an Arrangement contains a Lease.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2019

Basis Of Preparation [Abstract]

Basis of Preparation

1. Basis of preparation

Preparation of interim financial statements for users in multiple jurisdictions

The Company has prepared the interim financial statements to conform to the requirements and needs of users of the financial statements located in both Australia and the U.S.

(i) Going concern

(ii) New and amended standards adopted by the Group

Leases

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

•

Fixed payments (including in-substance fixed payments), less any lease incentives receivable

•

variable lease payment that are based on an index or a rate

•

amounts expected to be payable by the lessee under residual value guarantees

•

the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and

•

payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

Variable lease payments that are not based on an index or a rate are not included in the initial measurement of the lease liability and are expensed in the Income Statement when incurred.

The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate.

Right-of-use assets are measured at cost comprising the following:

•

the amount of the initial measurement of lease liability

•

any lease payments made at or before the commencement date, less any lease incentives received

•

any initial direct costs, and

•

restoration costs.

(iii) New accounting standards and interpretations not yet adopted by the Group

There were no new accounting standards and interpretations not yet adopted by the Group for the December 31, 2019 reporting period.

Loss Before Income Tax (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Loss Before Income Tax [Abstract]

Summary of Loss Before Income Tax

		Three Months Ended December 31,						Six Months Ended December 31,
(in U.S. dollars, in thousands)	Note	2019			2018			2019			2018
Revenue
Commercialization Revenue			1,969			1,217			3,841			2,223
Milestone Revenue			—			500			15,000			11,000
Interest Revenue			237			153			413			284
			2,206			1,870			19,254			13,507

Clinical trial and research & development			(8,225	)		(10,555	)		(13,827	)		(21,921	)
Manufacturing production & development			(3,661	)		(3,989	)		(4,956	)		(7,640	)

Employee benefits
Salaries and employee benefits			(6,498	)		(5,088	)		(11,228	)		(9,920	)
Defined contribution superannuation expenses			(91	)		—			(166	)		(184	)
Equity settled share-based payment transactions⁽¹⁾			(1,643	)		(1,208	)		(2,447	)		(2,026	)
Total Employee benefits			(8,232	)		(6,296	)		(13,841	)		(12,130	)

Depreciation and amortization of non-current assets
Plant and equipment depreciation			(115	)		(150	)		(220	)		(310	)
Right of use asset depreciation			(356	)		-			(707	)		-
Intellectual property amortization			(394	)		(395	)		(788	)		(788	)
Total Depreciation and amortization of non-current assets			(865	)		(545	)		(1,715	)		(1,098	)

Other Management & administration expenses
Overheads & administration			(2,321	)		(2,249	)		(4,885	)		(6,253	)
Consultancy			(1,016	)		(797	)		(2,161	)		(1,646	)
Legal, patent and other professional fees			(1,087	)		(881	)		(3,979	)		(2,451	)
Intellectual property expenses (excluding the amount amortized above)			(658	)		(703	)		(1,252	)		(1,295	)
Total Other Management & administration expenses			(5,082	)		(4,630	)		(12,277	)		(11,645	)

Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration	5(e)(iii)		(595	)		(11	)		(882	)		(634	)
Total Fair value remeasurement of contingent consideration			(595	)		(11	)		(882	)		(634	)

Other operating income and expenses
Remeasurement of borrowing arrangements			440			(752	)		39			(752	)
Foreign exchange gains/(losses)			143			(23	)		375			(174	)
Foreign withholding tax paid			—			(52	)		—			(52	)
Total Other operating income and expenses			583			(827	)		414			(978	)

Finance (costs)/gains
Remeasurement of borrowing arrangements			620			—			740			—
Interest expense			(3,602	)		(2,486	)		(7,179	)		(5,139	)
Total Finance costs			(2,982	)		(2,486	)		(6,439	)		(5,139	)

Total loss before income tax			(26,853	)		(27,469	)		(34,269	)		(47,678	)

(1)	Share-based payment transactions

For the three and six months ended December 31, 2019 and 2018, the share-based payment transactions have been reflected in the Consolidated Income Statement functional expense categories as follows:

	Three Months Ended December 31,				Six Months Ended December 31,
(in U.S. dollars)	2019		2018		2019		2018
Research and development		650,488		621,949		970,168		1,149,804
Manufacturing and commercialization		86,336		90,632		139,916		155,239
Management and administration		906,310		1,115,799		1,336,848		1,340,895
Equity settled share-based payment transactions		1,643,134		1,828,380		2,446,932		2,645,938

Income Tax Benefit/(Expense) (Tables)

6 Months Ended

Dec. 31, 2019

Major Components Of Tax Expense Income [Abstract]

Summary of Income tax benefit/(expense)

		Three Months Ended December 31,						Six Months Ended December 31,
	(in U.S. dollars, in thousands)	2019			2018			2019			2018
(a)	Income tax expense
	Current tax
	Current tax		—			—			—			—
	Total current tax expense		—			—			—			—

	Deferred tax
	(Increase)/decrease in deferred tax assets		(5,394	)		(2,841	)		(7,424	)		(3,526	)
	(Decrease)/increase in deferred tax liabilities		3,125			(24	)		3,222			(49	)
	Total deferred tax expense/(benefit)		(2,269	)		(2,865	)		(4,202	)		(3,575	)
	Income tax expense/(benefit)		(2,269	)		(2,865	)		(4,202	)		(3,575	)

Summary of Deferred Tax Assets Not Brought to Account

		As of		As of
	(in U.S. dollars, in thousands)	December 31, 2019		June 30, 2019
(b)	Deferred tax assets not brought to account
	Unused tax losses
	Potential tax benefit at local tax rates		51,243		51,807
	Other temporary differences
	Potential tax benefit at local tax rates		4,601		3,130
	Other tax credits
	Potential tax benefit at local tax rates		3,220		3,220
			59,065		58,157

Financial assets and liabilities (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Financial Assets And Liabilities [Abstract]

Summary of Financial Instruments

The Group holds the following financial instruments:

Financial assets (in U.S. dollars, in thousands)	Notes	Assets at FVOCI⁽¹⁾		Assets at FVTPL⁽²⁾		Assets at amortized cost		Total
As of December 31, 2019
Cash & cash equivalents	5(a)		—		—		81,348		81,348
Trade & other receivables	5(b)		—		—		3,091		3,091
Financial assets at fair value through other comprehensive income	5(e)		1,672		—		—		1,672
Other non-current assets			—		—		3,324		3,324
			1,672		—		87,763		89,435
As of June 30, 2019
Cash & cash equivalents	5(a)		—		—		50,426		50,426
Trade & other receivables	5(b)		—		—		4,060		4,060
Financial assets at fair value through other comprehensive income	5(e)		2,317		—		—		2,317
Other non-current assets			—		—		3,324		3,324
			2,317		—		57,810		60,127

(1)	Fair value through other comprehensive income

(2)	Fair value through profit or loss

Financial liabilities (in U.S. dollars, in thousands)	Notes	Liabilities at FVOCI⁽¹⁾		Liabilities at FVTPL⁽²⁾		Liabilities at amortized cost		Total
As of December 31, 2019
Trade and other payables	5(c)		—		—		19,241		19,241
Borrowings	5(d)		—		—		84,924		84,924
Lease liabilities	5(f)		—		—		9,374		9,374
Contingent considerations	5(e)(iii)		—		47,833		—		47,833
			—		47,833		113,539		161,372
As of June 30, 2019
Trade and other payables	5(c)		—		—		13,060		13,060
Borrowings	5(d)		—		—		81,286		81,286
Contingent considerations	5(e)(iii)		—		47,534		—		47,534
			—		47,534		94,346		141,880

(1)	Fair value through other comprehensive income

(2)	Fair value through profit or loss

Summary of Cash and Cash Equivalents

a.	Cash and cash equivalents


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Cash at bank		80,928		50,005
Deposits at call⁽¹⁾		420		421
		81,348		50,426

(1)	As of December 31, 2019 and June 30, 2019, interest-bearing deposits at call include amounts of $0.4 million and $0.4 million, respectively, held as security and restricted for use.

Summary of Trade and Other Receivables and Prepayments

b.	Trade and other receivables and prepayments

(i) Trade receivables


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Trade debtors		1,992		1,739
Income tax and tax incentives recoverable⁽¹⁾		—		1,511
Foreign withholding tax recoverable		471		471
Security deposit		250		250
Sundry debtors		19		2
Other recoverable taxes (Goods and services tax and value-added tax)		358		86
Interest receivables		1		1
Trade and other receivables		3,091		4,060

(1)

(ii) Prepayments

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Clinical trial research and development expenditure		5,076		6,042
Prepaid insurance and subscriptions		2,700		1,095
Other		1,092		899
Prepayments		8,868		8,036

Summary of Trade and Other Payables

a.	Trade and other payables


(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Trade payables and other payables		19,241		13,060
Trade and other payables		19,241		13,060

Summary of Borrowings

b.	Borrowings

(in U.S. dollars, in thousands)	As of December 31, 2019			As of June 30, 2019
Current
Secured liabilities:
Borrowing arrangements		18,928			14,007
		18,928			14,007

Non-current
Secured liabilities:
Borrowing arrangements		61,472			65,601
Less: transaction costs		(6,738	)		(6,738	)
Amortization of carrying amount, net of payments made		11,262			8,416
		65,996			67,279

Summary of Net Debt

(iii) Net debt reconciliation

(in U.S. dollars, in thousands)	As of December 31, 2019			As of June 30, 2019
Cash and cash equivalents		81,348			50,426
Borrowings Repayable within one year		(21,619	)		(14,007	)
Borrowings Repayable after one year		(72,679	)		(67,279	)
Net Debt⁽¹⁾		(12,950	)		(30,860	)

Cash and cash equivalents		81,348			50,426
Gross debt - fixed interest rates		(45,274	)		(33,060	)
Gross debt - variable interest rates		(49,024	)		(48,226	)
Net Debt⁽¹⁾		(12,950	)		(30,860	)

(1)	Net debt amount includes leases and borrowing arrangements.

Summary of Net Debt Reconciliation

		Liabilities from financing activities									Other assets
(in U.S. dollars, in thousands)	Notes	Borrowings			Leases			Sub-total			Cash and cash equivalents		Total
Net Debt as at 30 June 2019			(81,286	)		—			(81,286	)		50,426		(30,860	)
Recognized on adoption of IFRS 16	13		—			(5,775	)		(5,775	)		—		(5,775	)
			(81,286	)		(5,775	)		(87,061	)		50,426		(36,635	)
Cash Flows⁽¹⁾			—			896			896			30,594		31,490
Remeasurement of borrowing arrangements			701			—			701			—		701
Other Changes⁽²⁾			(4,339	)		—			(4,339	)		—		(4,339	)
Acquisition - leases			—			(4,467	)		(4,467	)		—		(4,467	)
Foreign exchange adjustments			—			(28	)		(28	)		328		300
Net Debt			(84,924	)		(9,374	)		(94,298	)		81,348		(12,950	)

(1)	Cash flows include the interest payments for leases which are presented as operating cash flows in the statement of cash flows.

(2)	Other changes include non-cash movements including accrued interest expense which will be presented as operating cash flows in the statement of cash flows when paid.

Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value

As of June 30, 2019
(in U.S. dollars, in thousands)	Notes	Level 1		Level 2		Level 3		Total
Financial Assets
Financial assets at fair value through other comprehensive income:
Equity securities - biotech sector			—		—		2,317		2,317
Total Financial Assets			—		—		2,317		2,317

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(e)(iii)		—		—		47,534		47,534
Total Financial Liabilities			—		—		47,534		47,534

As of December 31, 2019
(in U.S. dollars, in thousands)	Notes	Level 1		Level 2		Level 3		Total
Financial Assets
Financial assets at fair value through other comprehensive income:
Equity securities - biotech sector			—		—		1,672		1,672
Total Financial Assets			—		—		1,672		1,672

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(e)(iii)		—		—		47,833		47,833
Total Financial Liabilities			—		—		47,833		47,833

Summary of Changes in Fair Value of Level 3 Instruments

The following table presents the changes in level 3 instruments for the six months ended December 31, 2019 and the year ended June 30, 2019:

(in U.S. dollars, in thousands)	Contingent consideration provision
Opening balance - July 1, 2018		42,070
Amount used during the year		(800	)
Charged/(credited) to consolidated income statement:
Remeasurement⁽¹⁾		6,264
Closing balance - June 30, 2019		47,534

Opening balance - July 1, 2019		47,534
Amount used during the period		(583	)
Charged/(credited) to consolidated income statement:
Remeasurement⁽²⁾		882
Closing balance - December 31, 2019		47,833

(1)

(2)

Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements:

Range of inputs

(weighted average)

(in U.S. dollars, in thousands, except percent data)

Fair value as of

December 31,

Fair value as of

June 30,

Valuation

Unobservable

Six Months Ended December 31,

Year Ended

June 30,

Relationship of

unobservable inputs to

Description

2019

technique

inputs⁽¹⁾

2019

fair value

Contingent consideration provision

47,833

47,534

Discounted cash flows

Risk adjusted

discount rate

11%-13%

(12.5%)

11%-13%

(12.5%)

Six months ended December 31, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%.

Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%.

Expected unit

revenues

n/a

Six months ended December 31, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%.

Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%.

Expected sales volumes

n/a

Six months ended December 31, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%.

Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%.

(1)	There were no significant inter-relationships between unobservable inputs that materially affect fair values.

Disclosure of Detailed Information About Valuation Processes of Contingent Consideration at Fair Value Explanatory


The fair value of contingent consideration (in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets		28,215		28,005
Fair value of royalty payments from commercialization of the intellectual property acquired		19,618		19,529
		47,833		47,534

Summary of Lease Liabilities

b.	Lease liabilities

(in U.S. dollars, in thousands)	As of December 31, 2019
Current		2,691
Non-current		6,683
Lease liabilities included in the statement of financial position		9,374

Non-financial Assets and Liabilities (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Non Financial Assets And Liabilities [Abstract]

Summary of Intangible Assets

b.	Intangible assets

(in U.S. dollars, in thousands)	Goodwill		Acquired licenses to patents			In-process research and development acquired			Current marketed products			Total
Year Ended June 30, 2019
Opening net book amount		134,453		1,770			427,779			20,604			584,606
Additions		—		100			—			—			100
Exchange differences		—		(4	)		—			1			(3	)
Amortization charge		—		(122	)		—			(1,455	)		(1,577	)
Closing net book amount		134,453		1,744			427,779			19,150			583,126

As of June 30, 2019
Cost		134,453		2,822			489,698			23,999			650,972
Accumulated amortization		—		(1,078	)		—			(4,849	)		(5,927	)
Accumulated impairment		—		—			(61,919	)		—			(61,919	)
Net book amount		134,453		1,744			427,779			19,150			583,126

Six Months Ended December 31, 2019
Opening net book amount		134,453		1,744			427,779			19,150			583,126
Exchange differences		—		—			—			—			—
Amortization charge		—		(62	)		—			(726	)		(788	)
Closing net book amount		134,453		1,682			427,779			18,424			582,338

As of December 31, 2019
Cost		134,453		2,822			489,698			23,999			650,972
Accumulated amortization		—		(1,140	)		—			(5,575	)		(6,715	)
Accumulated impairment		—		—			(61,919	)		—			(61,919	)
Net book amount		134,453		1,682			427,779			18,424			582,338

Summary of Deferred Tax Balances

(i) Deferred tax balances

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Deferred tax assets
The balance comprises temporary differences attributable to:
Tax losses		67,935		61,742
Other temporary differences		4,918		3,687
Total deferred tax assets		72,853		65,429

Deferred tax liabilities
The balance comprises temporary differences attributable to:
Intangible assets		79,775		76,553
Total deferred tax liabilities		79,775		76,553
Net deferred tax liabilities		6,922		11,124

Deferred tax assets expected to be settled within 12 months		—		—
Deferred tax assets expected to be settled after 12 months		72,853		65,429

Deferred tax liabilities expected to be settled within 12 months		99		99
Deferred tax liabilities expected to be settled after 12 months		79,676		76,454

Schedule of Movements Related to Deferred Tax Assets and Liabilities

(ii) Movements

(in U.S. dollars, in thousands)	Tax losses⁽¹⁾ (DTA)			Other temporary differences⁽¹⁾ (DTA)			Intangible assets (DTL)			Total (DTL)
As of June 30, 2018		(55,904	)		(669	)		76,652			20,079
Charged/(credited) to:
- profit or loss		(5,838	)		(3,018	)		(99	)		(8,955	)
As of June 30, 2019		(61,742	)		(3,687	)		76,553			11,124
Charged/(credited) to:
- profit or loss		(6,193	)		(1,231	)		3,222			(4,202	)
As of December 31, 2019		(67,935	)		(4,918	)		79,775			6,922

(1)	Deferred tax assets are netted against deferred tax liabilities

Schedule of Deferred Consideration

(in U.S. dollars, in thousands)	As of December 31, 2019		As of June 30, 2019
Opening balance⁽¹⁾		10,000		—
Milestone consideration recognized during the period⁽²⁾		2,500		20,000
Amount recognized as revenue in the period		—		(10,000	)
Balance as of the end of the period		12,500		10,000

(1)

(2)

The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of December 31, 2019.

Cash flow information (Tables)

6 Months Ended

Dec. 31, 2019

Statement Of Cash Flows [Abstract]

Summary of Cash Flow Information

(in U.S. dollars, in thousands)
(a) Reconciliation of cash and cash equivalents	As of December 31, 2019		As of June 30, 2019
Cash at bank		80,928		50,005
Deposits at call		420		421
		81,348		50,426

(in U.S. dollars, in thousands)
(b) Reconciliation of net cash flows used in operations with loss after income tax	Six months ended December 31, 2019			Six months ended December, 2018
Loss for the period		(30,067	)		(44,103	)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization		1,715			1,098
Foreign exchange (gains)/losses		(375	)		(179	)
Finance costs		4,343			3,333
Remeasurement of borrowing arrangements		(779	)		752
Remeasurement of contingent consideration		882			634
Equity settled share-based payment		2,447			2,026
Deferred tax benefit		(4,202	)		(3,575	)
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables		(620	)		5,185
(Increase)/decrease in prepayments		(778	)		(3,553	)
Decrease/(increase) in tax assets		1,499			1,654
Increase/(decrease) in trade creditors and accruals		5,910			8,474
Increase/(decrease) in provisions		637			739
Increase/(decrease) in deferred consideration		2,500			10,000
Net cash outflows used in operations		(16,888	)		(17,515	)

Issued capital (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Classes Of Share Capital [Abstract]

Summary of Movements in Ordinary Share Capital

	As of December 31,				As of December 31,
	2019		2018		2019			2018
	Shares No.				(U.S. dollars, in thousands)
Opening balance		498,626,208		482,639,654		910,405			889,481
Issues of ordinary shares during the period
Exercise of share options⁽¹⁾		653,226		313,108		390			258
Placement of shares under a share placement agreement ⁽²⁾		37,500,000		14,464,259		50,663			20,000
Transaction costs arising on share issue		—		—		(2,164	)		(817	)
		38,153,226		14,777,367		48,889			19,441
Share options reserve transferred to equity on exercise of options		—		—		341			313
Ending balance		536,779,434		497,417,021		959,635			909,235

(1)	Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. The shares issued and share capital received on the exercise of options are recorded above.

(2)

Financial Risk Management (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Financial Risk Management [Abstract]

Summary of Borrowings of Interest Rate Changes

The exposure of the Group’s borrowing to interest rate changes are as follows:

	As of					As of
	December 31, 2019					June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Total		% of total loans			Total		% of total loans
Financial liabilities
Current borrowings
Variable rate borrowings - Hercules		17,568		21	%		13,607		17	%
Non-current borrowings
Variable rate borrowings - Hercules		31,456		37	%		34,619		43	%
		49,024		58	%		48,226		60	%

Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned

The effect on profit is shown if interest rates change by 5%, in either direction, is as follows:

	As of									As of
	December 31, 2019									June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Low			High			USD			Low			High			USD
Borrowings - USD		9.70	%		9.70	%	49,024⁽¹⁾				10.45	%		10.45	%	48,226⁽¹⁾
Rate increase by 5%		10.19	%		10.19	%		243			10.97	%		10.97	%		261
Rate decrease by 5%		9.22	%		9.22	%		(243	)		9.93	%		9.93	%		(261	)

(1)	Effect on profit/loss of interest rate changes is based on the loan principal amount of $50.0 million as of December 31, 2019, and June 30, 2019.

Schedule of Deposits Held which Derive Interest Revenue with Maximum and Minimum Interest Rates Being Earned

	As of									As of
	December 31, 2019									June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Low			High			USD			Low			High			USD
Funds invested - USD		1.26	%		1.26	%		60,701			1.76	%		1.76	%		45,051
Rate increase by 10%		1.39	%		1.39	%		76			1.94	%		1.94	%		81
Rate decrease by 10%		1.13	%		1.13	%		(76	)		1.58	%		1.58	%		(81	)


AUD	Low			High			AUD			Low			High			AUD
Funds invested - AUD		1.70	%		1.70	%		600			2.23	%		2.23	%		600
Rate increase by 10%		1.87	%		1.87	%		1			2.45	%		2.45	%		1
Rate decrease by 10%		1.53	%		1.53	%		(1	)		2.01	%		2.01	%		(1	)

Summary of Borrowing to Price Rate Changes

The exposure of the Group’s borrowing to price rate changes are as follows:

	As of					As of
	December 31, 2019					June 30, 2019
(in U.S. dollars, in thousands, except percent data)	Total		% of total loans			Total		% of total loans
Financial liabilities
Current borrowings
Borrowings - NovaQuest		1,360		2	%		400		0	%
Non-current borrowings
Borrowings - NovaQuest		34,540		40	%		32,660		40	%
		35,900		42	%		33,060		40	%

Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Carrying Value

As of December 31, 2019 the maturity profile of the anticipated future contractual cash flows, on an undiscounted basis and which, therefore differs from the carrying value, is as follows:

(in U.S. dollars, in thousands)	Within 1 year			Between 1-2 years			Between 2-5 years			Over 5 years			Total contractual cash flows			Carrying amount
Borrowings⁽¹⁾⁽²⁾		(23,289	)		(36,006	)		(56,750	)		(27,347	)		(143,392	)		(84,924	)
Trade payables		(19,242	)		—			—			—			(19,242	)		(19,242	)
Lease liabilities		(3,258	)		(2,055	)		(4,408	)		(903	)		(10,624	)		(9,374	)
		(45,789	)		(38,061	)		(61,158	)		(28,250	)		(173,258	)		(113,540	)

(1)	Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at December 31, 2019 without taking into account drawdowns of further tranches.

(2)	In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of RYONCIL for pediatric SR-aGVHD.

(Losses)/earnings per share (Tables)

6 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Summary of (Loss) Earnings Per Share

	Three Months Ended						Six Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019 Cents			December 31, 2018 Cents
Losses per share
(in cents)
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)
Total basic (losses) per share attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)

(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)
Total basic (losses) per share attributable to the ordinary equity holders of the company		(4.60	)		(5.00	)		(5.82	)		(9.08	)

(c) Reconciliation of (losses) used in calculating (losses) per share
(in U.S. dollars, in thousands)
Basic (losses) per share
(Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share:
From continuing operations		(24,584	)		(24,604	)		(30,067	)		(44,103	)

Diluted (losses) per share
(Losses) from continuing operations attributable to the ordinary equity holders of the company:
Used in calculating basic (losses) per share		(24,584	)		(24,604	)		(30,067	)		(44,103	)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share		(24,584	)		(24,604	)		(30,067	)		(44,103	)


	Three Months Ended						Six Months Ended
	December 31, 2019 (in shares)			December 31, 2018 (in shares)			December 31, 2019 (in shares)			December 31, 2018 (in shares)
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share		534,410,263			491,760,046			516,855,836			485,602,719
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share		534,410,263			491,760,046			516,855,836			485,602,719

Change in accounting policies (Tables)

6 Months Ended

Dec. 31, 2019

Disclosure Of Initial Application Of Standards Or Interpretations [Abstract]

Summary of Operating Lease

(in U.S. dollars, in thousands)	2019
Operating lease commitments disclosed as at June 30, 2019		7,460
Discounted using the group's average incremental borrowing rate of 6.52%		6,146
(Less): Short term leases recognized on a straight line basis as expense		(371	)
Lease liability recognized as at July 1, 2019		5,775

Basis of Preparation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jul. 01, 2019	Jun. 30, 2019	Jun. 30, 2018
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Comprehensive gain (loss) after income tax	$ (24,577,000)	$ (24,656,000)	$ (30,757,000)	$ (44,091,000)
Net cash (outflows) in operating activities			16,888,000	17,515,000
Cash & cash equivalents	81,348,000	$ 77,022,000	$ 81,348,000	$ 77,022,000		$ 50,426,000	$ 37,763,000
Incremental borrowing rate					6.52%
Term of short term leases			12 months or less
Grunenthal
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Maximum additional receivable in milestone payments	27,500,000		$ 27,500,000
Hercules and Nova Quest
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Maximum additional receivable in milestone payments	$ 35,000,000		$ 35,000,000

Significant Changes in the Current Reporting Period - Additional Information (Details) shares in Millions, $ in Millions					6 Months Ended
	Oct. 04, 2019	Oct. 03, 2019 USD ($) $ / shares shares	Oct. 03, 2019 AUD ($) $ / shares shares	Sep. 10, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Revenue recognized					$ 0	$ 0
Proceeds from issuance of shares		$ 50,700,000	$ 75.0
Number of shares issued and fully paid \| shares		37.5	37.5
Fully-paid ordinary shares price \| $ / shares		2.00	2.00
Description of principal repayment					On October 4, 2019, the Group satisfied the milestones required to defer the commencement of principal repayments of the Hercules borrowings to April 2020. Subsequent to December 31, 2019, as disclosed in Note 11, the Group amended the terms of the loan agreement to defer the principal repayments to July 2020. At December 31, 2019, the principal repayments that were due in April 2020 to December 2020 are classified as current given that the amendment to the loan agreement was not executed prior to the period end. Principal repayments can be further deferred to July 2021 if certain milestones are satisfied.
Bottom of Range
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Principal repayment due term	2020-04
Top of Range
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Principal repayment due term	2020-12
Grunenthal
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Revenue recognized				$ 15,000,000		$ 0
Deferred revenue				$ 2,500,000

Loss Before Income Tax - Summary of Loss Before Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Revenue
Commercialization Revenue	$ 1,969	$ 1,217	$ 3,841	$ 2,223
Milestone Revenue		500	15,000	11,000
Interest Revenue	237	153	413	284
Total Revenue	2,206	1,870	19,254	13,507
Clinical trial and research & development	(8,225)	(10,555)	(13,827)	(21,921)
Manufacturing production & development	(3,661)	(3,989)	(4,956)	(7,640)
Employee benefits
Salaries and employee benefits	(6,498)	(5,088)	(11,228)	(9,920)
Defined contribution superannuation expenses	(91)		(166)	(184)
Equity settled share-based payment transactions	(1,643)	(1,208)	(2,447)	(2,026)
Total Employee benefits	(8,232)	(6,296)	(13,841)	(12,130)
Depreciation and amortization of non-current assets
Plant and equipment depreciation	(115)	(150)	(220)	(310)
Right of use asset depreciation	(356)		(707)
Intellectual property amortization	(394)	(395)	(788)	(788)
Total Depreciation and amortization of non-current assets	(865)	(545)	(1,715)	(1,098)
Other Management & administration expenses
Overheads & administration	(2,321)	(2,249)	(4,885)	(6,253)
Consultancy	(1,016)	(797)	(2,161)	(1,646)
Legal, patent and other professional fees	(1,087)	(881)	(3,979)	(2,451)
Intellectual property expenses (excluding the amount amortized above)	(658)	(703)	(1,252)	(1,295)
Total Other Management & administration expenses	(5,082)	(4,630)	(12,277)	(11,645)
Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration	(595)	(11)	(882)	(634)
Total Fair value remeasurement of contingent consideration	(595)	(11)	(882)	(634)
Other operating income and expenses
Remeasurement of borrowing arrangements	440	(752)	39	(752)
Foreign exchange gains/(losses)	143	(23)	375	(174)
Foreign withholding tax paid		(52)		(52)
Total Other operating income and expenses	583	(827)	414	(978)
Finance (costs)/gains
Remeasurement of borrowing arrangements	620		740
Interest expense	(3,602)	(2,486)	(7,179)	(5,139)
Total Finance costs	(2,982)	(2,486)	(6,439)	(5,139)
Loss before income tax	$ (26,853)	$ (27,469)	$ (34,269)	$ (47,678)

Loss Before Income Tax - Summary of Loss Before Income Tax (Parenthetical) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	$ 1,643,000	$ 1,208,000	$ 2,447,000	$ 2,026,000
Income Statement Functional Expense Categories
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	1,643,134	1,828,380	2,446,932	2,645,938
Income Statement Functional Expense Categories \| Research and Development
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	650,488	621,949	970,168	1,149,804
Income Statement Functional Expense Categories \| Manufacturing and Commercialization
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	86,336	90,632	139,916	155,239
Income Statement Functional Expense Categories \| Management and Administration
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	$ 906,310	$ 1,115,799	$ 1,336,848	$ 1,340,895

Loss Before Income Tax - Additional Information (Details) € in Millions					1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 18, 2019 USD ($)	Sep. 10, 2019 USD ($)	Oct. 12, 2018 USD ($)	Sep. 14, 2018 USD ($)	Dec. 31, 2019 USD ($)	Oct. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) Obligation	Dec. 31, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 21, 2019 EUR (€)
Disclosure Of Loss Before Income Tax Line Item
Revenue recognized relation to patent license agreement													$ 0	$ 0
Deferred consideration up-front milestone receivable recognized													2,500,000		$ 20,000,000
Receipt on non refundable up-front payment upon reaching product regulatory milestone													25,000,000
Revenue recognized from up-front payment as deferred consideration			$ 10,000,000
Revenue											$ 2,206,000	$ 1,870,000	19,254,000	13,507,000
Revenue recognized relation from final cumulative net sales													0
Pre-launch inventory recognized					$ 3,100,000						3,100,000		$ 3,100,000
Grunenthal
Disclosure Of Loss Before Income Tax Line Item
Non-refundable upfront payment received						$ 15,000,000
Milestone payment received	$ 2,500,000				2,500,000
Upfront payment received and allocated						$ 15,000,000
Revenue recognized for right of use license of IP							$ 15,000,000
Revenue recognized relation to patent license agreement		$ 15,000,000												0
Grunenthal \| IFRS 15
Disclosure Of Loss Before Income Tax Line Item
Number of performance obligations \| Obligation													3
Grunenthal \| R&D and CMC services
Disclosure Of Loss Before Income Tax Line Item
Standalone selling price													$ 85,000,000
Grunenthal \| Other Development Services
Disclosure Of Loss Before Income Tax Line Item
Standalone selling price													10,000,000
Grunenthal \| Clinical, Manufacturing, Regulatory and Reimbursement Approval \| Top of Range
Disclosure Of Loss Before Income Tax Line Item
Non-refundable upfront payments receivable													132,500,000
Tasly
Disclosure Of Loss Before Income Tax Line Item
Deferred consideration up-front milestone receivable recognized			$ 20,000,000										20,000,000
Revenue recognized from up-front payment as deferred consideration				$ 10,000,000
Proceeds from closing of strategic alliance													0
TiGenix NV
Disclosure Of Loss Before Income Tax Line Item
Non-refundable upfront payment received									$ 5,900,000	€ 5.0
Milestone payment received \| €								€ 5.0
Revenue									$ 5,900,000	€ 5.0
TiGenix NV \| Top of Range
Disclosure Of Loss Before Income Tax Line Item
Milestone revenue relating to non-refundable up-front payment \| €																€ 10.0
JCR Pharmaceuticals Co. Ltd
Disclosure Of Loss Before Income Tax Line Item
Revenue recognized relation to patent license agreement														1,000,000
Royalties receivable under sales-based milestones					$ 3,800,000						$ 3,800,000	$ 2,200,000	$ 3,800,000	$ 2,200,000

Income Tax Benefit/(Expense) - Summary of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Deferred tax
(Increase)/decrease in deferred tax assets	$ (5,394)	$ (2,841)	$ (7,424)	$ (3,526)
(Decrease)/increase in deferred tax liabilities	3,125	(24)	3,222	(49)
Total deferred tax expense/(benefit)	(2,269)	(2,865)	(4,202)	(3,575)
Income tax expense/(benefit)	$ (2,269)	$ (2,865)	$ (4,202)	$ (3,575)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Tax Benefit/(Expense) - Summary of Deferred Tax Assets Not Brought to Account (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Unused tax losses
Potential tax benefit at local tax rates ,Unused tax losses	$ 51,243	$ 51,807
Other temporary differences
Potential tax benefit at local tax rates ,Other temporary differences	4,601	3,130
Other tax credits
Potential tax benefit at local tax rates ,Other tax credit	3,220	3,220
Deferred tax assets not brought to account	$ 59,065	$ 58,157

Income Tax Benefit/(Expense) - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Abstract]
Deferred tax assets not brought to account	$ 59,065	$ 58,157

Financial Assets and Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 01, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Disclosure Of Financial Assets And Liabilities [Line Items]
Cash & cash equivalents	$ 81,348		$ 50,426	$ 77,022	$ 37,763
Trade & other receivables	3,091		4,060
Financial assets at fair value through other comprehensive income	1,672		2,317
Other non-current assets	3,324		3,324
Financial assets, Total	89,435		60,127
Trade and other payables	19,241		13,060
Borrowings	84,924		81,286
Lease liabilities	9,374	$ 5,775	7,460
Contingent considerations	47,833		47,534
Financial liabilities, Total	161,372		141,880
Liabilities at Amortized Cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Trade and other payables	19,241		13,060
Borrowings	84,924		81,286
Lease liabilities	9,374
Financial liabilities, Total	113,539		94,346
Liabilities at FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Contingent considerations	47,833		47,534
Financial liabilities, Total	47,833		47,534
Assets at Amortized Cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Cash & cash equivalents	81,348		50,426
Trade & other receivables	3,091		4,060
Other non-current assets	3,324		3,324
Financial assets, Total	87,763		57,810
Assets at FVOCI
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets at fair value through other comprehensive income	1,672		2,317
Financial assets, Total	$ 1,672		$ 2,317

Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Disclosure Of Financial Assets And Liabilities [Abstract]
Cash at bank	$ 80,928	$ 50,005
Deposits at call	420	421
Cash and cash equivalents	$ 81,348	$ 50,426	$ 77,022	$ 37,763

Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Financial Assets And Liabilities [Abstract]
Interest-bearing deposits at call held as security	$ 0.4	$ 0.4

Financial Assets and Liabilities - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Financial Assets And Liabilities [Abstract]
Trade debtors	$ 1,992	$ 1,739
Income tax and tax incentives recoverable		1,511
Foreign withholding tax recoverable	471	471
Security deposit	250	250
Sundry debtors	19	2
Other recoverable taxes (Goods and services tax and value-added tax)	358	86
Interest receivables	1	1
Trade and other receivables	$ 3,091	$ 4,060

Financial Assets and Liabilities - Summary of Trade and Other Receivables (Parenthetical) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 AUD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2019 USD ($)
Disclosure Of Financial Assets And Liabilities [Line Items]
Revenue	$ 2,206,000	$ 1,870,000	$ 19,254,000		$ 13,507,000
Research and Development Tax Incentive \| Australian Government
Disclosure Of Financial Assets And Liabilities [Line Items]
Revenue				$ 20.0
Other income			$ 0
Other receivables						$ 1,500,000

- Definition

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

Financial Assets and Liabilities - Summary of Prepayments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Financial Assets And Liabilities [Abstract]
Clinical trial research and development expenditure	$ 5,076	$ 6,042
Prepaid insurance and subscriptions	2,700	1,095
Other	1,092	899
Prepayments	$ 8,868	$ 8,036

Financial Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Oct. 31, 2019	Sep. 19, 2019	Aug. 01, 2019	Jun. 30, 2019	Jan. 14, 2019	Jun. 29, 2018	Mar. 06, 2018
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings	$ 84,924	$ 84,924				$ 81,286
Current portion of borrowings	18,928	18,928				14,007
Remeasurement of borrowing arrangements within finance gains	620	740
Other non-current assets	3,324	3,324				3,324
Interest-bearing deposits at call held as security	400	400				400
Security deposit	250	250				250
Bank Guarantee
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	700	700
Letter of Credit
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	1,200	1,200
Floating Interest Rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings	49,024	49,024				48,226
Fixed interest rate [member]
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings	$ 45,274	45,274				$ 33,060
Hercules Capital, Inc.
Disclosure Of Financial Assets And Liabilities [Line Items]
Remeasurement of borrowing arrangements within finance gains		$ 600
Hercules Capital, Inc. \| Floating Interest Rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings principal amount									$ 75,000
Borrowings, interest rate	9.45%	9.45%	9.70%	9.95%	10.20%	10.45%
Remaining available borrowings	$ 25,000	$ 25,000
Borrowings, maturity		March 2022
Current portion of borrowings	17,600	$ 17,600
Principal repayment date		2020-07
Hercules Capital, Inc. \| Tranche One
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings	50,000	$ 50,000				$ 50,000
Hercules Capital, Inc. \| Tranche One \| Floating Interest Rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings									$ 35,000
Hercules Capital, Inc. \| Potential Ordinary Share Transactions \| Tranche Two \| Floating Interest Rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings							$ 15,000
NovaQuest Capital Management, L.L.C.
Disclosure Of Financial Assets And Liabilities [Line Items]
Description of repayment of borrowings		If there are no net sales of RYONCIL for pediatric SR-aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of RYONCIL for pediatric SR-aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of RYONCIL for pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of RYONCIL for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid.
Interest payable	900	$ 900
Loan administration fee payable, current	$ 400	400
Remeasurement of borrowing arrangements within finance costs and other operating income		$ 200
NovaQuest Capital Management, L.L.C. \| Fixed interest rate [member]
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings principal amount								$ 40,000
Borrowings, interest rate								15.00%
Borrowings, maturity		July 2026
Borrowings, interest rate basis		There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. The loan matures in July 2026. Interest on the loan will accrue at a fixed rate of 15% per annum.
NovaQuest Capital Management, L.L.C. \| Tranche One \| Fixed interest rate [member]
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings								$ 30,000
Top of Range
Disclosure Of Financial Assets And Liabilities [Line Items]
Trade receivables settlement period		60 days

Financial Assets and Liabilities - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Financial Assets And Liabilities [Abstract]
Trade payables and other payables	$ 19,241	$ 13,060
Trade and other payables	$ 19,241	$ 13,060

Financial Assets and Liabilities - Summary of Borrowings (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Current
Borrowing arrangements	$ 18,928	$ 14,007
Current borrowings	18,928	14,007
Non-current
Borrowing arrangements	61,472	65,601
Less: transaction costs	(6,738)	(6,738)
Amortization of carrying amount, net of payments made	11,262	8,416
Borrowings	$ 65,996	$ 67,279

Financial Assets and Liabilities - Summary of Net Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Cash & cash equivalents	$ 81,348	$ 50,426	$ 77,022	$ 37,763
Borrowings Repayable within one year	(21,619)	(14,007)
Borrowings Repayable after one year	(72,679)	(67,279)
Net Debt	(12,950)	(30,860)
Gross debt	(84,924)	(81,286)
Fixed interest rate [member]
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Gross debt	(45,274)	(33,060)
Floating Interest Rate
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Gross debt	$ (49,024)	$ (48,226)

Financial Assets and Liabilities - Summary of Net Debt Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jul. 01, 2019	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Borrowings	$ (84,924)			$ (81,286)
Leases	(9,374)		$ (5,775)	(7,460)
Sub-total	94,298			(81,286)
Cash and cash equivalents	81,348	$ 77,022		50,426	$ 37,763
Net Debt	(12,950)			$ (30,860)
Cash Flows	31,490
Increase (decrease) through financing cash flows, liabilities from financing activities	896
Net increase/(decrease) in cash and cash equivalents	30,594	39,428
Remeasurement of borrowing arrangements	701
Other Changes	(4,339)
Acquisition - leases	(4,467)
Foreign exchange adjustments	328	$ (169)
Foreign exchange adjustments	(28)
Foreign exchange adjustments	$ 300
Previously Reported
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Borrowings			(81,286)
Leases			(5,775)
Sub-total			(87,061)
Cash and cash equivalents			50,426
Net Debt			(36,635)
Recognized on adoption of IFRS 16
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Leases			(5,775)
Sub-total			(5,775)
Net Debt			$ (5,775)

Financial Assets and Liabilities - Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Financial assets at fair value through other comprehensive income:
Total Financial Assets	$ 1,672	$ 2,317
Financial liabilities at fair value through profit or loss:
Contingent consideration	47,833	47,534
Total Financial Liabilities	47,833	47,534
Level 3
Financial assets at fair value through other comprehensive income:
Total Financial Assets	1,672	2,317
Financial liabilities at fair value through profit or loss:
Contingent consideration	47,833	47,534
Total Financial Liabilities	47,833	47,534
Equity Securities
Financial assets at fair value through other comprehensive income:
Total Financial Assets	1,672	2,317
Equity Securities \| Level 3
Financial assets at fair value through other comprehensive income:
Total Financial Assets	$ 1,672	$ 2,317

Financial Assets and Liabilities - Summary of Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019
Disclosure Of Financial Instruments [Line Items]
Remeasurement	$ 595	$ 11	$ 882	$ 634
Level 3
Disclosure Of Financial Instruments [Line Items]
Opening balance			47,534	$ 42,070	$ 42,070
Amount used during the year			(583)		(800)
Remeasurement			882		6,264
Closing balance	$ 47,833		$ 47,833		$ 47,534

Financial Assets and Liabilities - Summary of Changes in Fair Value of Level 3 Instruments (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Level 3
Disclosure Of Financial Instruments [Line Items]
Gain loss on re-measurement of contingent consideration provision	$ (0.9)	$ (6.3)

Financial Assets and Liabilities - Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Financial Instruments [Line Items]
Contingent consideration provision	$ 47,833	$ 47,534	$ 42,070
Unobservable inputs	Expected unit revenues
Relationship of unobservable inputs to fair value	Six months ended December 31, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%.
Discounted cash flow [member]
Disclosure Of Financial Instruments [Line Items]
Contingent consideration provision	$ 47,833	$ 47,534
Valuation technique	Discounted cash flows
Unobservable inputs	Risk adjusted discount rate
Relationship of unobservable inputs to fair value	Six months ended December 31, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%.
Discounted cash flow [member] \| Weighted Average
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	(12.50%)	(12.50%)
Discounted cash flow [member] \| Bottom of Range
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	11.00%	11.00%
Discounted cash flow [member] \| Top of Range
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	13.00%	13.00%
Expected Sales Volume
Disclosure Of Financial Instruments [Line Items]
Unobservable inputs	Expected sales volumes
Relationship of unobservable inputs to fair value	Six months ended December 31, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%.

Financial Assets and Liabilities - Summary of Valuation Processes of Contingent Consideration at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Financial Instruments [Abstract]
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets	$ 28,215	$ 28,005
Fair value of royalty payments from commercialization of the intellectual property acquired	19,618	19,529
Contingent Consideration	$ 47,833	$ 47,534

Financial Assets and Liabilities - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 01, 2019	Jun. 30, 2019
Lease Liabilities [Abstract]
Current	$ 2,691
Non-current	6,683		$ 0
Lease liabilities included in the statement of financial position	$ 9,374	$ 5,775	$ 7,460

Non-financial Assets and Liabilities - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	$ 583,126	$ 584,606
Additions		100
Exchange differences		(3)
Amortization charge	(788)	(1,577)
Closing net book amount	582,338	583,126
Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	650,972
Closing net book amount	650,972	650,972
Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(5,927)
Closing net book amount	(6,715)	(5,927)
Accumulated Impairment
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(61,919)
Closing net book amount	(61,919)	(61,919)
Goodwill
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	134,453	134,453
Closing net book amount	134,453	134,453
Goodwill \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	134,453
Closing net book amount	134,453	134,453
Acquired Licenses to Patents
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	1,744	1,770
Additions		100
Exchange differences		(4)
Amortization charge	(62)	(122)
Closing net book amount	1,682	1,744
Acquired Licenses to Patents \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	2,822
Closing net book amount	2,822	2,822
Acquired Licenses to Patents \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(1,078)
Closing net book amount	(1,140)	(1,078)
In-process Research and Development Acquired
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	427,779	427,779
Closing net book amount	427,779	427,779
In-process Research and Development Acquired \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	489,698
Closing net book amount	489,698	489,698
In-process Research and Development Acquired \| Accumulated Impairment
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(61,919)
Closing net book amount	(61,919)	(61,919)
Current Marketed Products
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	19,150	20,604
Exchange differences		1
Amortization charge	(726)	(1,455)
Closing net book amount	18,424	19,150
Current Marketed Products \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	23,999
Closing net book amount	23,999	23,999
Current Marketed Products \| Accumulated Amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(4,849)
Closing net book amount	$ (5,575)	$ (4,849)

Non-financial Assets and Liabilities - Summary of Deferred Tax Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Deferred tax assets
Tax losses	$ 67,935	$ 61,742
Other temporary differences	4,918	3,687
Total deferred tax assets	72,853	65,429
Deferred tax liabilities
Intangible assets	79,775	76,553
Total deferred tax liabilities	79,775	76,553
Net deferred tax liabilities	6,922	11,124
Deferred tax assets expected to be settled after 12 months	72,853	65,429
Deferred tax liabilities expected to be settled within 12 months	99	99
Deferred tax liabilities expected to be settled after 12 months	$ 79,676	$ 76,454

Non-financial Assets and Liabilities - Schedule of Movements Related to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	$ 11,124	$ 20,079
Charged/(credited) to:
- profit or loss	(4,202)	(8,955)
Ending balance	6,922	11,124
Tax losses (DTA)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	(61,742)	(55,904)
Charged/(credited) to:
- profit or loss	(6,193)	(5,838)
Ending balance	(67,935)	(61,742)
Other Temporary Differences (DTA)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	(3,687)	(669)
Charged/(credited) to:
- profit or loss	(1,231)	(3,018)
Ending balance	(4,918)	(3,687)
Intangible Assets (DTL)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	76,553	76,652
Charged/(credited) to:
- profit or loss	3,222	(99)
Ending balance	$ 79,775	$ 76,553

Non-financial Assets and Liabilities - Schedule of Deferred Consideration (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Disclosure Of Non Financial Assets And Liabilities [Abstract]
Opening balance	$ 10,000
Milestone consideration recognized during the period	2,500	$ 20,000
Amount recognized as revenue in the period		(10,000)
Balance as of the end of the period	$ 12,500	$ 10,000

Non-financial Assets and Liabilities - Schedule of Deferred Consideration (Parenthetical) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Oct. 12, 2018	Dec. 31, 2019	Jun. 30, 2019
Deferred Tax Assets And Liabilities [Line Items]
Deferred consideration		$ 10,000	$ 10,000
Milestone consideration recognized during the period		2,500	20,000
Tasly
Deferred Tax Assets And Liabilities [Line Items]
Deferred consideration			$ 10,000
Milestone consideration recognized during the period	$ 20,000	20,000
Grunenthal
Deferred Tax Assets And Liabilities [Line Items]
Milestone consideration recognized during the period		$ 2,500

Cash Flow Information - Summary of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of cash and cash equivalents
Cash at bank	$ 80,928		$ 80,928		$ 50,005
Deposits at call	420		420		421
Cash and cash equivalents	81,348	$ 77,022	81,348	$ 77,022	$ 50,426	$ 37,763
Loss for the period	$ (24,584)	$ (24,604)	(30,067)	(44,103)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization			1,715	1,098
Foreign exchange (gains)/losses			(375)	(179)
Finance costs			4,343	3,333
Remeasurement of borrowing arrangements			(779)	752
Remeasurement of contingent consideration			882	634
Equity settled share-based payment			2,447	2,026
Deferred tax benefit			(4,202)	(3,575)
Change in operating assets and liabilities:
(Increase)/decrease in trade and other receivables			(620)	5,185
(Increase)/decrease in prepayments			(778)	(3,553)
Decrease/(increase) in tax assets			1,499	1,654
Increase/(decrease) in trade creditors and accruals			5,910	8,474
Increase/(decrease) in provisions			637	739
Increase/(decrease) in deferred consideration			2,500	10,000
Net cash (outflows) in operating activities			$ (16,888)	$ (17,515)

Issued Capital - Summary of Movements in Ordinary Share Capital (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance	$ 475,148	$ 527,599	$ 481,052	$ 546,008
Transactions with owners in their capacity as owners:
Ending balance	$ 500,804	$ 524,557	$ 500,804	$ 524,557
Issued Capital
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance, Shares \| shares			498,626,208	482,639,654
Beginning balance			$ 910,405	$ 889,481
Transactions with owners in their capacity as owners:
Exercise of share options ,shares \| shares			653,226	313,108
Exercise of share options			$ 390	$ 258
Placement of shares under a share placement agreement, shares \| shares			37,500,000	14,464,259
Placement of shares under a share placement agreement			$ 50,663	$ 20,000
Transaction costs arising on share issue			$ (2,164)	$ (817)
Total contributions of equity during the period, shares \| shares			38,153,226	14,777,367
Total contributions of equity during the period			$ 48,889	$ 19,441
Share options reserve transferred to equity on exercise of options			$ 341	$ 313
Ending balance, Shares \| shares	536,779,434	497,417,021	536,779,434	497,417,021
Ending balance	$ 959,635	$ 909,235	$ 959,635	$ 909,235

Issued Capital - Summary of Movements in Ordinary Share Capital (Parenthetical) (Details) - Issued Capital - $ / shares	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Classes Of Share Capital [Line Items]
Placement of shares under a share placement agreement, shares	37,500,000	14,464,259
Sale of equity price per share	$ 2.00
Discount percentage used to calculate equity purchase price per share	3.15%

Financial Risk Management - Summary of Borrowings of Interest Rate Changes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure of Financial Risk Management [Line Items]
Variable rate borrowings	$ 161,372	$ 141,880
Interest Rate Risk
Disclosure of Financial Risk Management [Line Items]
Variable rate borrowings	$ 49,024	$ 48,226
Percentage of loans	58.00%	60.00%
Interest Rate Risk \| Hercules Capital, Inc.
Disclosure of Financial Risk Management [Line Items]
Variable rate borrowings	$ 17,568	$ 13,607
Variable rate borrowings	$ 31,456	$ 34,619
Interest Rate Risk \| Hercules Capital, Inc. \| Current borrowings
Disclosure of Financial Risk Management [Line Items]
Percentage of loans	21.00%	17.00%
Interest Rate Risk \| Hercules Capital, Inc. \| Non-current borrowings
Disclosure of Financial Risk Management [Line Items]
Percentage of loans	37.00%	43.00%

- Definition

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]

+ References + Details

Financial Risk Management - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Disclosure of Financial Risk Management [Line Items]
Change in interest rate effect on profit loss	5.00%
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Percentage of forecast net sales	20.00%
Increase non-current borrowing	$ 4.7
Decrease in profit	4.7
Decrease non-current borrowings	2.6
Increase in profit	$ 2.6
Percentage of decrease in net sales	20.00%
Lonza Bioscience Singapore Pte. Ltd \| Manufacturing Service Agreement
Disclosure of Financial Risk Management [Line Items]
Non-cancellable term of lease and non-lease components	4 years 6 months
Minimum financial commitment amount	$ 44.3
Minimum financial commitment of the lease component	4.3
Minimum financial commitment of the non-lease component	40.0
Conditional reduction in minimum financial commitment	31.4
Conditional reduction in minimum financial commitment of the lease component	3.0
Conditional reduction in minimum financial commitment of the non-lease component	$ 28.4
Interest Rate Risk
Disclosure of Financial Risk Management [Line Items]
Effect on profit from change in interest rates	10.00%	10.00%
Liquidity Risk
Disclosure of Financial Risk Management [Line Items]
Non-interest bearing financial liabilities maturing period	6 months	6 months

Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Details) - Interest Rate Risk - USD - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
Disclosure of Financial Risk Management [Line Items]
Borrowings	$ 49,024	$ 48,226
Rate increase on borrowings	243	261
Rate decrease on borrowings	$ (243)	$ (261)
Bottom of Range
Disclosure of Financial Risk Management [Line Items]
Borrowings Interest rate	9.70%	10.45%
Rate increase	1.39%	1.94%
Rate decrease	1.13%	1.58%
Bottom of Range \| Borrowings
Disclosure of Financial Risk Management [Line Items]
Rate increase	10.19%	10.97%
Rate decrease	9.22%	9.93%
Top of Range
Disclosure of Financial Risk Management [Line Items]
Borrowings Interest rate	9.70%	10.45%
Rate increase	1.39%	1.94%
Rate decrease	1.13%	1.58%
Top of Range \| Borrowings
Disclosure of Financial Risk Management [Line Items]
Rate increase	10.19%	10.97%
Rate decrease	9.22%	9.93%

Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure of Financial Risk Management [Line Items]
Borrowings	$ 84,924	$ 81,286
Hercules Capital, Inc. \| Tranche One
Disclosure of Financial Risk Management [Line Items]
Borrowings	$ 50,000	$ 50,000

Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Details) - Interest Rate Risk $ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 AUD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 AUD ($)
USD
Disclosure of Financial Risk Management [Line Items]
Funds invested	$ 60,701		$ 45,051
Rate increase on funds invested	76		81
Rate decrease on funds invested	$ (76)		$ (81)
USD \| Bottom of Range
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.26%	1.26%	1.76%	1.76%
Rate increase	1.39%	1.39%	1.94%	1.94%
Rate decrease	1.13%	1.13%	1.58%	1.58%
USD \| Top of Range
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.26%	1.26%	1.76%	1.76%
Rate increase	1.39%	1.39%	1.94%	1.94%
Rate decrease	1.13%	1.13%	1.58%	1.58%
AUD
Disclosure of Financial Risk Management [Line Items]
Funds invested		$ 600		$ 600
Rate increase on funds invested		1		1
Rate decrease on funds invested		$ (1)		$ (1)
AUD \| Bottom of Range
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.70%	1.70%	2.23%	2.23%
Rate increase	1.87%	1.87%	2.45%	2.45%
Rate decrease	1.53%	1.53%	2.01%	2.01%
AUD \| Top of Range
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.70%	1.70%	2.23%	2.23%
Rate increase	1.87%	1.87%	2.45%	2.45%
Rate decrease	1.53%	1.53%	2.01%	2.01%

Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - Interest Rate Risk	6 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019
USD
Disclosure of Financial Risk Management [Line Items]
Effect on profit from change in interest rate increase or decrease	10.00%	10.00%
AUD
Disclosure of Financial Risk Management [Line Items]
Effect on profit from change in interest rate increase or decrease	10.00%	10.00%

Financial Risk Management - Summary of Borrowing to Price Rate Changes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jun. 30, 2019
Disclosure of Financial Risk Management [Line Items]
Current borrowings	$ 18,928	$ 14,007
Borrowings	65,996	67,279
Borrowings	84,924	81,286
Commodity price risk [member]
Disclosure of Financial Risk Management [Line Items]
Current borrowings	1,360	400
Borrowings	34,540	32,660
Borrowings	$ 35,900	$ 33,060
Percent of current borrowings	2.00%	0.00%
Percent of non-current borrowings	40.00%	40.00%
Percent of total loans	42.00%	40.00%

Financial Risk Management - Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Carrying Value (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	$ (173,258)
Carrying amount	(113,540)
Within 1 year [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(45,789)
Between 1-2 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(38,061)
Between 2-5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(61,158)
Over 5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(28,250)
Borrowings
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(143,392)
Carrying amount	(84,924)
Borrowings \| Within 1 year [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(23,289)
Borrowings \| Between 1-2 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(36,006)
Borrowings \| Between 2-5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(56,750)
Borrowings \| Over 5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(27,347)
Trade Payables [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(19,242)
Carrying amount	(19,242)
Trade Payables [Member] \| Within 1 year [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(19,242)
Lease Liabilities [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(10,624)
Carrying amount	(9,374)
Lease Liabilities [Member] \| Within 1 year [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(3,258)
Lease Liabilities [Member] \| Between 1-2 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(2,055)
Lease Liabilities [Member] \| Between 2-5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(4,408)
Lease Liabilities [Member] \| Over 5 years [Member]
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	$ (903)

(Losses)/Earnings Per Share - Summary of (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	$ (0.0460)	$ (0.0500)	$ (0.0582)	$ (0.0908)
Total basic (losses) per share attributable to the ordinary equity holders of the company	(0.0460)	(0.0500)	(0.0582)	(0.0908)
(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	(0.0460)	(0.0500)	(0.0582)	(0.0908)
Total basic (losses) per share attributable to the ordinary equity holders of the company	$ (0.0460)	$ (0.0500)	$ (0.0582)	$ (0.0908)
(c) Reconciliation of (losses) used in calculating (losses) per share
From continuing operations	$ (24,584)	$ (24,604)	$ (30,067)	$ (44,103)
Used in calculating basic (losses) per share	(24,584)	(24,604)	(30,067)	(44,103)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share	$ (24,584)	$ (24,604)	$ (30,067)	$ (44,103)
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share	534,410,263	491,760,046	516,855,836	485,602,719
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share	534,410,263	491,760,046	516,855,836	485,602,719

Events Occurring After the Reporting Period - Additional Information (Details)			6 Months Ended
	Feb. 26, 2020	Oct. 04, 2019	Dec. 31, 2019
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Description of principal repayment			On October 4, 2019, the Group satisfied the milestones required to defer the commencement of principal repayments of the Hercules borrowings to April 2020. Subsequent to December 31, 2019, as disclosed in Note 11, the Group amended the terms of the loan agreement to defer the principal repayments to July 2020. At December 31, 2019, the principal repayments that were due in April 2020 to December 2020 are classified as current given that the amendment to the loan agreement was not executed prior to the period end. Principal repayments can be further deferred to July 2021 if certain milestones are satisfied.
Bottom of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Principal repayment due term		2020-04
Top of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Principal repayment due term		2020-12
Loan Agreement
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Description of principal repayment			On February 26, 2020, the Group amended the terms of the loan agreement with Hercules to defer the commencement of principal repayments to July 2020. Principal repayments can be further deferred to July 2021 if certain milestones are met. Given the amendment to the loan agreement was executed after the reporting period, the principal repayments that were due to be paid in April to December 2020 are classified as current as at the reporting date.
Loan Agreement \| Bottom of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Principal repayment due term	2020-07		2020-04
Loan Agreement \| Top of Range
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Principal repayment due term	2021-07		2020-12

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2019 Segment
Disclosure Of Operating Segments [Abstract]
Number of operating segment	1

Change in Accounting Policies - Summary of Operating Lease (Details) $ in Thousands	Jul. 01, 2019 USD ($)
Lease Liabilities [Abstract]
Operating lease commitments disclosed as at June 30, 2019	$ 7,460
Discounted using the group's average incremental borrowing rate of 6.52%	6,146
(Less): Short term leases recognized on a straight line basis as expense	(371)
Lease liability recognized as at July 1, 2019	$ 5,775

Change in Accounting Policies - Summary of Operating Lease (Parenthetical) (Details)	Jul. 01, 2019
Lease Liabilities [Abstract]
Incremental borrowing rate	6.52%

Change in Accounting Policies - Additional Information (Details) $ in Millions	Jul. 01, 2019 USD ($)
Disclosure Of Changes In Accounting Estimates [Line Items]
Increase in right-of-use assets	$ 4.7
Increase in lease liabilities	5.6
Net impact on retained earnings	$ 0.9
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Disclosure Of Changes In Accounting Estimates [Line Items]
Operating leases remaining lease term	12 months