0001345099-24-000063 | 20-F | XBRL Viewer

Loss before income tax (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Loss Before Income Tax [Abstract]


		Year Ended June 30,
(in U.S. dollars, in thousands)	Note	2024	2023	2022
Revenue
Commercialization revenue		5,902	7,501	9,039
Milestone revenue		—	—	1,172
Total Revenue		5,902	7,501	10,211

Clinical trial and research & development		(3,963)	(8,771)	(10,483)
Manufacturing production & development		(13,252)	(25,468)	(28,884)

Employee benefits
Salaries and employee benefits		(20,415)	(17,197)	(18,997)
Defined contribution superannuation expenses		(369)	(384)	(402)
Equity settled share-based payment transactions(1)		(5,870)	(3,655)	(5,536)
Total Employee benefits		(26,654)	(21,236)	(24,935)

Depreciation and amortization of non-current assets
Plant and equipment depreciation		(410)	(953)	(1,144)
Right of use asset depreciation		(2,771)	(1,661)	(1,717)
Intellectual property amortization		(1,485)	(1,493)	(1,519)
Total Depreciation and amortization of non-current assets		(4,666)	(4,107)	(4,380)

Other Management & administration expenses
Overheads & administration		(8,584)	(10,104)	(10,157)
Consultancy		(2,458)	(3,922)	(3,751)
Legal, patent and other professional fees		(2,342)	(3,695)	(5,571)
Intellectual property expenses (excluding the amount amortized above)		(2,777)	(2,993)	(2,621)
Total Other Management & administration expenses		(16,161)	(20,714)	(22,100)

Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration	5(g)(iii)	(9,693)	8,771	913
Total Fair value remeasurement of contingent consideration		(9,693)	8,771	913

Fair value remeasurement of warrant liability
Remeasurement of warrant liability	5(g)(vi)	779	(2,205)	5,896
Total Fair value remeasurement of warrant liability		779	(2,205)	5,896

Other operating income and expenses
Research and development tax incentive income(2)		859	3,506	—
Interest income		1,824	831	3
Foreign exchange (losses)/gains		(76)	(163)	(536)
Derecognition of right-of-use asset		—	76	—
Foreign withholding tax paid		(37)	—	(3)

Total Other operating income and expenses		2,570	4,250	(536)


		Year Ended June 30,
(in U.S. dollars, in thousands)	Note	2024	2023	2022
Finance (costs)/gains
Remeasurement of borrowing arrangements		(2,351)	(678)	(382)
Interest expense		(20,658)	(19,444)	(16,906)
Total Finance costs		(23,009)	(20,122)	(17,288)

Total loss before income tax		(88,147)	(82,101)	(91,586)

Capital management	12 Months Ended
Capital management	Jun. 30, 2024
Capital Management [Abstract]
Capital management	Capital management The Group’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. See Note 5(a) for the cash reserves of the Group as at the end of the financial reporting period.

Summary of material accounting policies - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of summary of significant accounting policies
Pre launch inventory recognized	$ 19.2	$ 22.4
Manufacturing and commercialization
Disclosure of summary of significant accounting policies
Pre launch inventory recognized	$ (3.2)	$ 3.5	$ 7.0

Parent entity financial information (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Parent Entity Financial Information [Abstract]

Summary Of Parent Entity Financial Information Explanatory

The individual financial statements for the parent entity show the following aggregate amounts:


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Balance Sheet
Current Assets	37,166	28,850
Total Assets	958,323	890,120

Current Liabilities	30,709	11,941
Total Liabilities	33,358	15,282

Shareholders' Equity
Issued Capital	1,310,813	1,249,123
Reserves
Foreign Currency Translation Reserve	(261,745)	(261,377)
Share Options Reserve	91,940	86,274
Warrant Reserve	12,969	12,969
(Accumulated losses)/retained earnings	(229,012)	(212,165)
	924,965	874,824

Loss for the period	(16,847)	(18,848)
Total comprehensive loss for the period	(16,847)	(18,848)

Interests in other entities (Details) - Ordinary Shares	12 Months Ended
Interests in other entities (Details) - Ordinary Shares	Jun. 30, 2024	Jun. 30, 2023
Mesoblast, Inc.
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Equity holding	100.00%	100.00%
Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch)
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Equity holding	100.00%	100.00%
Mesoblast Australia Pty Ltd
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Equity holding	100.00%	100.00%
Mesoblast UK Ltd
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Equity holding	100.00%	100.00%
BeiCell Ltd
Disclosure Of Significant Investments In Subsidiaries [Line Items]
Equity holding	100.00%	100.00%

Basis of preparation	12 Months Ended
Basis of preparation	Jun. 30, 2024
Basis Of Preparation [Abstract]
Basis of preparation	Basis of preparation The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. The financial statements cover Mesoblast Limited and its subsidiaries. The financial statements were authorized for issue by the board of directors on August 29, 2024. The directors have the power to amend and reissue the financial statements. (i) Going concern As of June 30, 2024, the Group held total cash reserves of $63.0 million. During the year ended June 30, 2024, the Group executed on reprioritization of projects and operational streamlining activities and as a result has reduced net cash usage for operating activities, which was $48.5 million for the year ended June 30, 2024, a reduction of 23% compared to the prior period. As the Group prepares for a potential first product approval by the United States Food and Drug Administration ("FDA"), and in line with its commercial launch plans, additional inflows from capital markets, strategic partnerships, product specific financing or royalty monetization will be required to meet the Group's projected expenditure consistent with the Group's business strategy over at least the next 12 months. As a result of these matters, there is material uncertainty related to events or conditions that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income and financial assets and liabilities (including derivative instruments) at fair value through profit or loss and investment property. (iii) New and amended standards adopted by the Group There were no new or amended standards adopted by the Group in the year ended June 30, 2024 that materially impacted the Group. These financial statements follow the same accounting policies as compared to the June 30, 2023 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (iv) New accounting standards and interpretations not yet adopted by the Group In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 “Presentation of Financial Statements”, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Group is currently assessing the impact of the new standard. There were no other new accounting standards and interpretations not yet adopted by the Group for the June 30, 2024 reporting period that are expected to materially impact the Group. (v) Use of estimates The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. (vi) Impact of after effects of COVID-19, geopolitical or economic instability and climate events Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the after effects of the COVID-19 pandemic, geopolitical and/or economic instability or the impact of climate events could have on the Group’s significant accounting estimates. The Group does not expect these areas to have a material impact on the Group's significant accounting estimates.

Non-financial assets and liabilities - Additional Information (Details)		12 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) acquisition segment	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2013 USD ($)	Jun. 30, 2010 USD ($)
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Interest expense for leases		$ 400,000	$ 500,000	$ 600,000
Payments associated with lease liabilities		3,900,000	3,200,000
Short term leases expense		300,000	1,100,000
Depreciation, right-of-use assets		$ 2,771,000	1,661,000	1,717,000
Number of reportable operating segment \| segment		1
Number of acquisitions \| acquisition		2
In process research and development recognized		$ 427,800,000	427,800,000
Employee benefits
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Current provisions for accrued annual leave		1,200,000	1,100,000
Current provisions for short term incentives		5,400,000	400,000
Current provisions for entitlements incentives		2,400,000	3,000,000
Osiris MSC in 2013
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Goodwill							$ 13,900,000
In process research and development recognized							$ 126,700,000
Osiris MSC in 2015
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Goodwill						$ 2,100,000
Angioblast Systems Inc in 2010
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Goodwill								$ 118,400,000
In process research and development recognized								$ 387,000,000.0
TEMCELL Asset \| Japan
Disclosure Of Non Financial Assets And Liabilities [Line Items]
In process research and development recognized						$ 24,000,000.0
MPC-MICRO-IO and MPC-CBE
Disclosure Of Non Financial Assets And Liabilities [Line Items]
In process research and development recognized					$ 61,900,000
In-process research and development acquired
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Impairment loss recognised in profit or loss	$ 0	0
Goodwill
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Impairment loss recognised in profit or loss	$ 0	$ 0
Lonza Bioscience Singapore Pte Ltd \| Manufacturing Service Agreement
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Non-cancellable term of lease and non lease components		2 years
Minimum financial commitment of the lease component		$ 1,900,000
Minimum financial commitment reduction amount on lease component		$ 1,000,000
Bottom of range \| Discounted cash flow
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Real post-tax discount rate		13.80%
Expected patent expiry		8 years
Bottom of range \| Licenses to Patents
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Useful life measured as period of time, intangible assets other than goodwill		7 years
Bottom of range \| Current Marketed Products
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Useful life measured as period of time, intangible assets other than goodwill		15 years
Top of range \| Discounted cash flow
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Real post-tax discount rate		15.50%
Expected patent expiry		24 years
Top of range \| Licenses to Patents
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Useful life measured as period of time, intangible assets other than goodwill		16 years
Top of range \| Current Marketed Products
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Useful life measured as period of time, intangible assets other than goodwill		20 years
Plant and Equipment \| Bottom of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		3 years
Plant and Equipment \| Top of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		15 years
Office Furniture and Equipment \| Bottom of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		5 years
Office Furniture and Equipment \| Top of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		20 years
Computer Hardware and Software \| Bottom of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		3 years
Computer Hardware and Software \| Top of range
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Estimated useful lives		5 years
Buildings
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Depreciation, right-of-use assets		$ 1,600,000	1,700,000	1,700,000
Manufacturing
Disclosure Of Non Financial Assets And Liabilities [Line Items]
Depreciation, right-of-use assets		$ 1,200,000	$ 700,000	$ 1,400,000

Financial Assets and Liabilities - Summary of Valuation Processes of Contingent Consideration at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Abstract]
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets	$ 26,236	$ 16,606
Fair value of royalty payments from commercialization of the intellectual property acquired	656	593
Contingent Consideration	$ 26,892	$ 17,199

Summary of material accounting policies (Policies)	12 Months Ended
Summary of material accounting policies (Policies)	Jun. 30, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Description of accounting policy for basis of preparation explanatory	Basis of preparation The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. The financial statements cover Mesoblast Limited and its subsidiaries. The financial statements were authorized for issue by the board of directors on August 29, 2024. The directors have the power to amend and reissue the financial statements. (i) Going concern As of June 30, 2024, the Group held total cash reserves of $63.0 million. During the year ended June 30, 2024, the Group executed on reprioritization of projects and operational streamlining activities and as a result has reduced net cash usage for operating activities, which was $48.5 million for the year ended June 30, 2024, a reduction of 23% compared to the prior period. As the Group prepares for a potential first product approval by the United States Food and Drug Administration ("FDA"), and in line with its commercial launch plans, additional inflows from capital markets, strategic partnerships, product specific financing or royalty monetization will be required to meet the Group's projected expenditure consistent with the Group's business strategy over at least the next 12 months. As a result of these matters, there is material uncertainty related to events or conditions that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income and financial assets and liabilities (including derivative instruments) at fair value through profit or loss and investment property. (iii) New and amended standards adopted by the Group There were no new or amended standards adopted by the Group in the year ended June 30, 2024 that materially impacted the Group. These financial statements follow the same accounting policies as compared to the June 30, 2023 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (iv) New accounting standards and interpretations not yet adopted by the Group In April 2024, IFRS 18, “Presentation and Disclosure in Financial Statements” was issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1 “Presentation of Financial Statements”, impacts the presentation of primary financial statements and notes, including the statement of earnings where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The standard will also require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim financial statements, and requires retrospective application. The Group is currently assessing the impact of the new standard. There were no other new accounting standards and interpretations not yet adopted by the Group for the June 30, 2024 reporting period that are expected to materially impact the Group. (v) Use of estimates The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. (vi) Impact of after effects of COVID-19, geopolitical or economic instability and climate events Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the after effects of the COVID-19 pandemic, geopolitical and/or economic instability or the impact of climate events could have on the Group’s significant accounting estimates. The Group does not expect these areas to have a material impact on the Group's significant accounting estimates.
Change in accounting policies	a. Change in accounting policies There were no new accounting policies adopted by the Group that materially impacted the Group in the year ended June 30, 2024.
Principles of consolidation	b. Principles of consolidation i. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2024 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group.
Segment reporting	c. Segment reporting The Group operates in one segment as set out in Note 21.
Foreign currency translation	d. Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is A$. The consolidated financial statements are presented in US$, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: •assets and liabilities for the consolidated balance sheets presented are translated at the closing rate at the date of that consolidated balance sheets; •income and expenses for the statements of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and •all resulting exchange differences are recognized in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate.
Revenue recognition	e. Revenue recognition Revenue from contracts with customers is measured and recognized in accordance with the five step model prescribed by IFRS 15 Revenue from Contracts with Customers. First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues from contracts with customers comprise commercialization and milestone revenue. (i) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable upfront license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheets, depending on the nature of arrangement. Amounts expected to be recognized as revenue within the 12 months following the consolidated balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the consolidated balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group include in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognize the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluate all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertake activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of our activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group apply the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). 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 received a milestone payment in December 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal. In June 2022, the Group amended the strategic partnership with Grünenthal and is eligible to receive payments up to US$112.5 million prior to product launch, inclusive of US$17.5 million already received, if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. Cumulative milestone payments could reach US$1 billion depending on the final outcome of Phase 3 studies and patient adoption. The Group will also receive tiered double-digit royalties on product sales as per the original agreement. The $2.5 million milestone payment received in December 2019 from Grünenthal was considered deferred consideration as of June 30, 2024, as the performance obligation has not been met. There was no milestone revenue recognized in relation to this strategic partnership with Grünenthal in the years ended June 30, 2024, 2023 and 2022. 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 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 upfront technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group recognized $10.0 million from this $20.0 million up-front technology access fee at closing in October 2018 and the remaining $10.0 million was recognized in revenue in February 2020. 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. For the years ended June 30, 2024, 2023 and 2022, no 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 MSC product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, 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 agreement, the Group received $5.9 million (€5.0 million) before withholding tax as a non-refundable up-front payment, a further payment of $5.9 million (€5.0 million) before withholding tax 12 months after the patent license agreement date, and a further $1.2 million (€1.0 million) product regulatory milestone payment in the year ended June 30, 2022. The Group is entitled to further payments up to €9.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group receive single digit royalties on net sales of Alofisel®. In the years ended June 30, 2024, 2023 and 2022, the Group earned $0.4 million, $0.4 million and $0.3 million, respectively, of royalty income on sales of Alofisel® by our licensee Takeda. No milestone revenue was recognized in the years ended June 30, 2024 and 2023 in relation to the Group's patent license agreement with Takeda entered into in December 2017. In the year ended June 30, 2022, $1.2 million milestone revenue was recognized with regards to the €1.0 million regulatory milestone payment receivable from Takeda given Takeda received approval to manufacture and market Alofisel® (darvadstrocel) in Japan for the treatment of complex perianal fistulas in patients with non-active or mildly active luminal Crohn’s Disease. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets from Osiris. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this agreement is limited to the amount of cash received or for which the Group is 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 in the twenties. 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 an approximately 50% profit share. The Group expanded our partnership with JCR in Japan for two new indications: for wound healing in patients with Epidermolysis Bullosa (“EB”) in October 2018, and for neonatal hypoxic ischemic encephalopathy (“HIE”), a condition suffered by newborns who lack sufficient blood supply and oxygen to the brain, in June 2019. The Group will receive royalties on TEMCELL product sales for licensed indications, if and when JCR begins selling TEMCELL for such indications in Japan. 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 years ended June 30, 2024, 2023 and 2022, the Group recognized $5.5 million, $7.1 million, and $8.7 million in commercialization revenue, respectively, relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest income Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive Tax incentives comprise payments from the Australian government’s Innovation Australia Research and Development Tax Incentive program for research and development activities conducted in relation to our qualifying research that meets the regulatory criteria. The research and development tax incentive credit is available for the Group's research and development activities in Australia. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. The research and development tax incentive credit is available for the Group’s research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, the tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 18.5% above the Company's tax rate. The Group recorded $0.9 million and $3.5 million and $nil in research and development tax incentive income for the years ended June 30, 2024, 2023 and 2022, respectively. Within the $3.5 million recognized in the year ended June 30, 2023, $1.2 million pertained to the year ended June 30, 2023, $1.1 million pertained to the year ended June 30, 2022 and $1.2 million pertained to the year ended June 30, 2021. Management concluded it's assessment of qualifying activities during the year ended June 30, 2023 and recognized the relevant income for the years ended June 30, 2023, 2022 and 2021. No income was recognized in the years ended June 30, 2022 and 2021 as management were yet to confirm if the Group's research and development activities were eligible under the incentive scheme.
Inventories	f. 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 in accordance with IAS 2 Inventories. Before that point, a provision is made against the carrying value to its recoverable amount in accordance with IAS 2 Inventories; 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. All inventory costs are currently fully provided for and are recognized within Manufacturing Commercialization expenses. Where it is determined that the pre-launch inventory will be used within a clinical trial, that amount is removed from the cost of pre-launch inventory. There is no impact on the consolidated income statement as the carrying value has been previously fully provided for. As of June 30, 2024 and June 30, 2023, there was $19.2 million and $22.4 million of pre-launch inventory recognized on the consolidated balance sheet that was fully provided for, respectively. The future commercial use of the remaining pre-launch inventory recognized on the consolidated balance sheet will be dependent on future discussions with the FDA and remains fully provided for. For the year ended June 30, 2024, $3.2 million of pre-launch inventory was used for chemistry and manufacturing controls ("CMC") and research and development activities. For the years ended June 30, 2023 and 2022, $3.5 million and $7.0 million of pre-launch inventory costs have been recognized within Manufacturing Commercialization expenses in relation to the provision against the carrying value of pre-launch inventory, respectively.
Research and development undertaken internally	g. Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life.
Income tax	h. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination or lease transaction that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Business combinations	i. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
Impairment of assets	j. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Management maintains internal valuations of each asset annually (or more frequently should indicators of impairment be identified) and valuations from independent experts are requested periodically, within every three year period. The internal valuations are continually reviewed by management and consideration is given as to whether there are indicators of impairment which would warrant impairment testing. An external valuation of our assets was carried out by an independent expert as at March 31, 2023 with the recoverable amount of each asset exceeding its carrying amount. In August 2023,the FDA issued a CRL to the Group's BLA for remestemcel-L for the treatment of pediatric SR-aGVHD and the Group considered this to be an impairment indicator that could cause the carrying amount of its intangible assets to exceed its recoverable amounts. As a result, the Group completed an impairment assessment on its MSC products and intangible asset and goodwill, which considered the impact of the FDA's CRL. An external valuation was also obtained for the MSC products for the impairment assessment performed as a result of the receipt of the CRL. No impairment of the in-process research and development and goodwill was identified. In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric SR-aGVHD, and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within the impairment assessment associated with SR-aGVHD that could cause the carrying amount of our intangible asset to exceed its recoverable amount.
Cash and cash equivalents	k. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Trade and other receivables	l. 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.
Investments and other financial assets	m. Investments and other financial assets (i) Classification The Group classifies its financial assets in the following measurement categories: •those to be measured subsequently at fair value (either through OCI or through profit or loss); and •those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 5(g). Equity instruments The group subsequently measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 5(b) for further details.
Derivatives	n. Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. As at June 30, 2024 and 2023, the Group did not have any derivative instruments that qualified for hedge accounting. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other income or other expenses.
Property, plant and equipment	o. Property, plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent cost are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associates with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred. Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives using the straight line method (see Note 6(a)). The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of plant and equipment are taken into account in determining the profit for the year.
Intangible assets	p. Intangible assets (i) Goodwill Goodwill is measured as described in Note 23(i). Goodwill on acquisition of subsidiaries is included in intangible assets (Note 6(c)). Goodwill is not amortized but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing be performed at any time during an annual period, provided the test is performed at the same time every year. The Group tests for impairment annually in the third quarter of each year. Additionally, assets must be tested for impairment if there is an indication that an asset may be impaired. The recoverable amounts of our assets and cash-generating units have been determined based on fair value less costs to sell calculations, which require the use of certain assumptions. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segments (Note 21). (ii) Acquired licenses to patents Acquired licenses have a finite useful life and are carried at cost less accumulated amortization and impairment losses. Each asset is amortized through to the estimated patent expiry date which is reviewed and adjusted as patent extensions are granted. Payments made to third parties to acquire licenses to patents, including initial upfront and subsequent milestone payments are capitalized. For subsequent payments under existing license agreements payments are capitalized if they meet the definition of an intangible asset. Management reviews the substance of the payment to determine its classification. Generally, payments made for a verifiable outcome, such as completion of a clinical trial, regulatory approvals and sales target milestones would be accumulated into the cost of the intangible. The Group periodically evaluates whether current facts or circumstances indicate that the carrying value of its acquired intangibles may not be recoverable. If such circumstances are determined to exist, an estimate of the undiscounted future cash flow of these assets, or appropriate assets grouping is compared to the carrying value to determine whether an impairment exists. If the asset is determined to be impaired, the loss is measured based on the differences between the carrying value of the intangible asset and its fair value, which is determined based on the net present value of estimated future cash flows. Royalty payments under license and sublicense agreements are expensed. (iii) In-process research and development acquired In-process research and development that has been acquired as part of a business acquisition is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form. Indefinite life intangible assets are not amortized but rather are tested for impairment annually in the third quarter of each year, or whenever events or circumstances present an indication of impairment. In-process research and development will continue to be tested for impairment until the related research and development efforts are either completed or abandoned. Upon completion of the related research and development efforts, management determines the remaining useful life of the intangible assets and amortizes them accordingly. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and various other relevant factors. At the time of completion, when the asset becomes available for use, all costs recognized in in-process research and development that related to the completed asset are transferred to the intangible asset category, current marketed products, at the asset’s historical cost. In the case of abandonment, the related research and development efforts are considered impaired and the asset is fully expensed. (iv) Current marketed products Current marketed products contain products that are currently being marketed. The assets are recognized on our consolidated balance sheet as a result of business acquisitions or reclassifications from In-process research and development upon completion. Upon completion, when assets become available for use, assets are reclassified from in-process research and development to current marketed products at the historical value that they were recognized at within the in-process research and development category. Upon reclassification to the current market products category management determines the remaining useful life of the intangible assets and amortizes them from the date they become available for use. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and any other relevant factors. Management have chosen to amortize all intangible assets with a finite useful life on a straight-line basis over the useful life of the asset. Current marketed products are tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing whenever there is an indication that an asset may be impaired.
Trade and other payables	q. Trade and other payables Payables represent the principal amounts outstanding at balance date plus, where applicable, any accrued interest. Liabilities for payables and other amounts are carried at cost which approximates fair value of the consideration to be paid in the future for goods and services received, whether or not billed. The amounts are unsecured and are usually paid within 30 to 60 days of recognition.
Borrowings	r. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the consolidated balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred of liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period Funds associated with Oaktree Capital Management, L.P. (“Oaktree”) In November 2021, the Group entered into a five-year senior debt facility provided by funds associated with Oaktree. The balance of funds drawn down is currently $50.0 million as of June 30, 2024. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which the principal amortizes 5% per quarter beginning December 2024 and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion (1.75% per annum) has been added to the outstanding loan balance and currently accrues further interest at a fixed rate of 9.75% per annum. On November 19, 2021, Oaktree were granted warrants to purchase 1,769,669 American Depositary Shares (“ADSs”) at US$7.26 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the debt facility was signed; consequently, a liability for the warrants was recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. On the issuance date of the Oaktree facility and the warrants, the warrants were initially measured at fair value and the Oaktree borrowing liability measured as the difference between the initial draw down of funds from the Oaktree facility and the fair value of the warrants. In December 2022, the Group amended the terms of the loan agreement with Oaktree and in connection with the loan amendment, Oaktree was granted warrants to purchase 455,000 ADSs at $3.70 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the first amendment to the loan agreement was signed; consequently, a liability for the warrants was recognized in December 2022. The warrants were legally issued on March 8, 2023 and may be exercised within 7 years of issuance. Refer to Note 5(g)(vi) for more details on warrants issued. On January 10, 2024, the ratio under Mesoblast's American Depository Receipt ("ADR") program was changed from 5 ordinary shares representing 1 ADS (5:1 ratio) to a new ratio of 10 ordinary shares representing 1 ADS (10:1 ratio). As a result of this ratio change and as a result of initiating the pro-rata accelerated non-renounceable rights issue in December 2023, the number and exercise price for the warrants was adjusted in accordance with the terms of these warrants. The warrants issued in November 2021 changed from 1,769,669 ADSs at $7.26 per ADS to 884,838 ADSs at $14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at $3.70 per ADS to 227,502 ADSs at $7.24 per ADS. In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized losses of $2.3 million, $1.6 million and a minimal gain in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our facility. Within the $1.6 million loss recognized in the year ended June 30, 2023, $1.0 million related to the remeasurement due to additional warrants being issued to Oaktree as a result of the first amendment to the loan agreement and $0.6 million related to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. The Group has pledged substantially all of its assets as collateral under the loan facility with Oaktree. NovaQuest Capital Management, L.L.C. On June 29, 2018, the Group entered into an eight-year, $40.0 million loan and security agreement with NovaQuest before drawing the first tranche of $30.0 million of the principal in July 2018. The loan term includes an interest only period of approximately four years through until July 8, 2022. All interest and principal payments (i.e. the amortization period) are deferred until the earlier of loan maturity or from after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD in the United States and other geographies excluding Asia ("remestemcel-L for pediatric SR-aGVHD"). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. If there are no net sales of remestemcel-L for pediatric SR-aGVHD, the loan is only repayable at maturity. The Group can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge. Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L 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. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made. In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized a loss of $0.1 million and gains of $0.9 million and $0.5 million in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of the Group's financial liability to reflect the revised estimated future cash flows as a net result of changes to the key assumptions in development timelines. The Group recognizes a liability as current based on repayments linked to estimates of sales of remestemcel-L. However, if sales of remestemcel-L are higher than estimated, actual repayments will exceed this amount, subject to the annual payment cap described above. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s fixed rate loan with the senior creditor, Oaktree. The Group have pledged a portion of our assets relating to the SR-aGVHD product candidate as collateral under the loan facility with NovaQuest.
Provisions	s. Provisions Provisions are recognized when the Group has a present legal obligation as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are recorded on acquisition of a subsidiary, to the extent they relate to a subsidiary’s contingent liabilities, if it relates to a past event, regardless of whether it is probable the amount will be paid.
Employee benefits	t. Employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, bonuses, annual leave and long service leave. Liabilities recognized in respect of employee benefits which are expected to be settled within 12 months after the end of the period in which the employees render the related services are measured at their nominal values using the remuneration rates expected to apply at the time of settlement. Liabilities recognized in respect of employee benefits which are not expected to be settled within 12 months after the end of the period in which the employees render the related services are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. The obligations are presented as current liabilities in the consolidated balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: when the Group can no longer withdraw the offer of those benefits and when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits.
Share-based payments	u. Share-based payments Share-based payments are provided to eligible employees, directors and consultants via the Employee Share Option Plan (“ESOP”). Equity-settled share-based payments with employees and others providing similar services are measured at the fair value of the equity instrument at acceptance date. Fair value is measured using the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. It does not make any allowance for the impact of any service and non-market performance vesting conditions. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in Note 17. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on management’s estimate of shares that will eventually vest, with a corresponding increase in equity. At the end of each period, the entity revises its estimates of the number of shared-based payments that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
Leases	v. Leases 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. 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 Consolidated Income Statement when incurred. There were no variable lease payments that were expensed in the Consolidated Income Statement for the years ended June 30, 2024, 2023 and 2022. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever there is a change to the lease terms or expected payments under the lease, or a modification that is not accounted for as a separate lease. 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 with a lease term of 12 months or less, contracts that contain lease and non-lease components that are cancellable within 12 months and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment, small items of office furniture or low-value storage costs.
Warrants	w. Warrants Warrants reserve is measured as described in Note 7(b). For details on warrant liability, see Note 5(g)(vi).
Contributed equity	x. Contributed equity Ordinary shares are classified as equity. Transaction costs arising on the issue of equity instruments are recognized separately in equity. Transaction costs are the costs that are incurred directly in connection with the issue of those equity instruments and which would not have been incurred had those instruments not been issued.
Loss per share	y. Loss per share (i) Basic losses per share Basic losses per share is calculated by dividing: •the loss attributable to equity holders of the Group, excluding any costs of servicing equity other than ordinary shares; •by the weighted average number of ordinary shares outstanding during the fiscal year, adjusted for bonus elements in ordinary shares issued during the year. (ii) Diluted losses per share Diluted losses per share adjusts the figures used in the determination of basic earnings per share to take into account •the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and •the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Goods and services tax ("GST")	z. Goods and services tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Consolidated Balance Sheet. Cash flows are included in the statement of cash flow on a gross basis. The GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows.
Rounding of amounts	aa. Rounding of amounts Our company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’ of amounts in the financial report. Unless mentioned otherwise, amounts within this report have been rounded off in accordance with that Legislative Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar.

Financial risk management - Summary of Borrowing to Price Rate Changes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure of Financial Risk Management [Line Items]
Current borrowings	$ 13,862	$ 5,952
Non-current borrowings	100,483	102,811
Total borrowings	114,345	108,763
Commodity price risk
Disclosure of Financial Risk Management [Line Items]
Current borrowings	1,869	336
Non-current borrowings	64,562	55,739
Total borrowings	$ 66,431	$ 56,075
Percent of current borrowings	2.00%	0.00%
Percent of non-current borrowings	56.00%	51.00%
Percent of total loans	58.00%	51.00%

Loss before income tax - Summary of Loss Before Income Tax (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Revenue
Commercialization revenue		$ 5,902	$ 7,501	$ 9,039
Milestone revenue	$ 2,500	0	0	1,172
Total Revenue		5,902	7,501	10,211
Clinical trial and research & development		(3,963)	(8,771)	(10,483)
Manufacturing production & development		(13,252)	(25,468)	(28,884)
Employee benefits
Salaries and employee benefits		(20,415)	(17,197)	(18,997)
Defined contribution superannuation expenses		(369)	(384)	(402)
Equity settled share-based payment transactions		(5,870)	(3,655)	(5,536)
Total Employee benefits		(26,654)	(21,236)	(24,935)
Depreciation and amortization of non-current assets
Plant and equipment depreciation		(410)	(953)	(1,144)
Right of use asset depreciation		(2,771)	(1,661)	(1,717)
Intellectual property amortization		(1,485)	(1,493)	(1,519)
Total Depreciation and amortization of non-current assets		(4,666)	(4,107)	(4,380)
Other Management & administration expenses
Overheads & administration		(8,584)	(10,104)	(10,157)
Consultancy		(2,458)	(3,922)	(3,751)
Legal, patent and other professional fees		(2,342)	(3,695)	(5,571)
Intellectual property expenses (excluding the amount amortized above)		(2,777)	(2,993)	(2,621)
Total Other Management & administration expenses		(16,161)	(20,714)	(22,100)
Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration		(9,693)	8,771	913
Total Fair value remeasurement of contingent consideration		(9,693)	8,771	913
Fair value remeasurement of warrant liability
Remeasurement of warrant liability		779	(2,205)	5,896
Total Fair value remeasurement of warrant liability		779	(2,205)	5,896
Other operating income and expenses
Research and development tax incentive income		859	3,506	0
Interest income		1,824	831	3
Foreign exchange (losses)/gains		(76)	(163)	(536)
Derecognition of right-of-use asset		0	76	0
Foreign withholding tax paid		(37)	0	(3)
Total Other operating income and expenses		2,570	4,250	(536)
Finance (costs)/gains
Remeasurement of borrowing arrangements		(2,351)	(678)	(382)
Interest expense		(20,658)	(19,444)	(16,906)
Total Finance costs		(23,009)	(20,122)	(17,288)
Loss before income tax		$ (88,147)	$ (82,101)	$ (91,586)

Share-based payments

12 Months Ended

Jun. 30, 2024

Disclosure Of Sharebased Payment Arrangements [Abstract]

Share-based payments

The Company has adopted an Employee Share Option Plan (“ESOP”) to foster an ownership culture within the Company and to motivate senior management and consultants to achieve performance targets. Selected directors, employees and consultants may be eligible to participate in ESOP at the absolute discretion of the board of directors, and in the case of directors, upon approval by shareholders.

Grant policy

In accordance with the Company’s policy, options are typically issued in three equal tranches. The length of time from grant date to expiry date is typically 7 years.

Options issued to employees generally vest based on performance or time conditions, or both. In the year ended June 30, 2024, senior executives were issued options that vest based on performance and time conditions. These options are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. For time-based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date.

The exercise price is determined by reference to the Company policy. Generally the exercise price is the higher of the volume weighted average share price of the five ASX trading days up to Board approval of the grant, and the last closing price of an ordinary share on the ASX at Board approval. In the case of options that have time-based vesting conditions only, the board of directors adds a 10% premium to the market price. Options with performance based vesting conditions are issued with no premium. The board of directors’ policy is not to issue options at a discount to the market price.

The aggregate number of options which may be issued pursuant to the ESOP must not exceed 10,000,000 with respect to US incentive stock options, and with respect to Australian residents, the limit imposed under the Australian Securities and Investments Commission Class Order 14/1000.

a. Reconciliation of outstanding share based payments


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)	Closing Balance	Vested and exercisable No (end of year)
35a	08-Jul-20	08-Jul-23	A$2.86	1,500,000		—	(1,500,000)	—	—
36	06-Dec-16	05-Dec-23	A$1.31	533,000		—	(533,000)	—	—
36a	06-Dec-16	05-Dec-23	A$1.19	1,950,730		—	(1,950,730)	—	—
38	16-Sep-17	15-Sep-24	A$1.52	50,000		—	—	50,000	50,000
39	13-Oct-17	12-Oct-24	A$1.92	975,000		—	(160,000)	815,000	815,000
39a	13-Oct-17	12-Oct-24	A$1.74	902,425		—	—	902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.39	750,000		—	—	750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.26	750,000		—	—	750,000	—
41	18-Jun-18	17-Jun-25	A$1.50	200,000		—	—	200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.54	200,000		—	—	200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.85	3,133,332		—	(135,000)	2,998,332	2,998,332
43b	18-Jul-18	17-Jul-25	A$1.85	350,000		—	—	350,000	350,000
45	30-Nov-18	29-Nov-25	A$1.31	590,000		—	—	590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.43	3,333		—	—	3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.43	150,000		—	—	150,000	150,000
48	04-Apr-19	03-Apr-26	A$1.46	300,000		—	—	300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.60	3,018,669		—	(310,000)	2,708,669	2,708,669
49a	20-Jul-19	19-Jul-26	A$1.45	2,833,332		—	—	2,833,332	1,883,332
49b	20-Jul-19	19-Jul-26	A$1.45	1,346,667		—	—	1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.45	538,667		—	—	538,667	538,667
50	20-Jul-19	19-Jul-26	A$1.45	700,000		—	—	700,000	175,000
54	25-Nov-19	24-Nov-26	A$1.96	20,000		—	—	20,000	20,000
55	29-May-19	28-May-26	A$1.46	350,000		—	—	350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.81	200,000		—	—	200,000	200,000
57	25-Nov-19	24-Nov-26	A$1.78	100,000		—	—	100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.96	150,000		—	—	150,000	150,000
59	24-Jan-20	23-Jan-27	A$3.36	10,000		—	—	10,000	10,000
63	18-May-20	17-May-27	A$4.00	1,200,000		—	—	1,200,000	1,200,000


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
63a	18-May-20	17-May-27	A$3.63	1,200,000		—	—		1,200,000	500,000
64	16-Jul-20	15-Jul-27	A$3.73	3,253,333		—	(213,333)		3,040,000	3,040,000
64a	16-Jul-20	15-Jul-27	A$3.39	1,735,000		—	—		1,735,000	478,334
64c	16-Jul-20	15-Jul-27	A$3.39	350,000		—	—		350,000	116,666
64d	16-Jul-20	15-Jul-27	A$3.39	300,000		—	—		300,000	200,000
64e	16-Jul-20	15-Jul-27	A$3.39	1,200,000		—	—		1,200,000	720,000
66	11-Sep-20	10-Sep-27	A$4.76	200,000		—	—		200,000	100,000
68	20-Nov-20	19-Nov-27	A$3.58	200,000		—	—		200,000	200,000
69	20-Nov-20	19-Nov-27	A$3.58	100,000		—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.65	250,000		—	—		250,000	250,000
72	15-Apr-21	14-Apr-28	A$2.26	200,000		—	—		200,000	200,000
74	08-Sep-21	07-Sep-28	A$1.93	3,186,333		—	(143,335)		2,929,666	1,942,003
74	08-Sep-21	07-Sep-28	A$1.93				(113,332)	*
74a	08-Sep-21	07-Sep-28	A$1.75	3,850,000		—	—		3,850,000	1,653,334
74b	08-Sep-21	07-Sep-28	A$1.75	1,550,000		—	—		1,550,000	620,000
75	23-Dec-21	22-Dec-28	A$1.40	200,000		—	—		200,000	200,000
76	17-Oct-22	16-Oct-29	A$1.01	1,250,000		—	—		1,250,000	416,667
77	23-May-22	22-May-29	A$0.99	200,000		—	—		200,000	133,334
78	24-Aug-22	23-Aug-29	A$0.83	200,000		—	—		200,000	66,667
79	17-Oct-22	16-Oct-29	A$1.11	5,754,500		—	(30,000)		5,054,500	1,668,167
79	17-Oct-22	16-Oct-29	A$1.11				(670,000)	*
79a	17-Oct-22	16-Oct-29	A$1.01	4,350,000		—	—		4,350,000	635,000
79b	17-Oct-22	16-Oct-29	A$1.11	225,000		—	—		225,000	75,000
79c	17-Oct-22	16-Oct-29	A$1.01	3,225,000		—	—		3,225,000	—
79d	17-Oct-22	16-Oct-29	A$1.01	1,200,000		—	—		1,200,000	390,000
80	08-Aug-22	07-Aug-29	A$0.91	100,000		—	—		100,000	100,000
81	11-Dec-20	10-Dec-27	A$4.58	100,000		—	—		100,000	100,000
82	21-Nov-22	20-Nov-29	A$1.10	100,000		—	—		100,000	33,334
83	30-Mar-23	29-Mar-30	A$1.01	150,000		—	(105,000)	*	45,000	15,000
84	30-Mar-23	29-Mar-30	A$0.92	—	600,000	—	—		600,000	100,000
85	12-Oct-23	11-Oct-30	A$0.36	—	2,493,835	—	—		2,493,835	831,279
86	12-Oct-23	11-Oct-30	A$0.36	—	1,853,889	—	—		1,853,889	617,965
87	16-Oct-23	15-Oct-30	A$0.39	—	5,459,500	—	(25,000)	*	5,434,500	—
87a	16-Oct-23	15-Oct-30	A$0.35	—	1,995,000	—	—		1,995,000	—
87b	16-Oct-23	15-Oct-30	A$0.35	—	3,160,000	—	—		3,160,000	—
87c	16-Oct-23	15-Oct-30	A$0.35	—	2,730,000	—	—		2,730,000	—
88	16-Oct-23	15-Oct-30	A$0.35	—	873,393	—	—		873,393	291,131
89	24-Oct-23	23-Oct-30	A$0.37	—	985,000	—	—		985,000	—
90	28-Feb-24	28-May-24	A$0.01	—	1,072,363	(1,072,363)	—		—	—
92	16-Oct-23	15-Oct-30	A$0.35	—	300,000	—	—		300,000	—
93	30-May-24	29-May-31	A$1.23	—	220,000	—	—		220,000	—
94	30-May-24	29-May-31	A$1.23	—	200,000	—	—		200,000	—
June 30, 2024				57,434,321	21,942,980	(1,072,363)	(5,888,730)		72,416,208	31,061,973
Weighted average share purchase price				A$1.85	A$0.38	A$0.01	A$1.79		A$1.43	A$1.98

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
34	27-Apr-16	06-Mar-23	A$2.80	1,678,979	—	—	(1,678,979)		—	—
34b	31-Oct-16	06-Mar-23	A$2.80	200,000	—	—	(200,000)		—	—
35a	08-Jul-20	08-Jul-23	A$2.86	1,500,000	—	—	—		1,500,000	1,500,000
36	06-Dec-16	05-Dec-23	A$1.31	533,000	—	—	—		533,000	533,000
36a	06-Dec-16	05-Dec-23	A$1.19	1,950,730	—	—	—		1,950,730	1,809,064
38	16-Sep-17	15-Sep-24	A$1.54	50,000	—	—	—		50,000	50,000
38a	16-Sep-17	15-Sep-24	A$1.40	150,000	—	—	(150,000)		—	—
39	13-Oct-17	12-Oct-24	A$1.94	975,000	—	—	—		975,000	975,000
39a	13-Oct-17	12-Oct-24	A$1.76	902,425	—	—	—		902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.41	750,000	—	—	—		750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.28	750,000	—	—	—		750,000	—
41	18-Jun-18	17-Jun-25	A$1.52	200,000	—	—	—		200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.56	200,000	—	—	—		200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.87	3,793,332	—	—	(660,000)		3,133,332	3,133,332
43b	18-Jul-18	17-Jul-25	A$1.87	350,000	—	—	—		350,000	350,000
45	30-Nov-18	29-Nov-25	A$1.33	590,000	—	—	—		590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.45	3,333	—	—	—		3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.45	150,000	—	—	—		150,000	150,000
48	04-Apr-19	03-Apr-26	A$1.48	300,000	—	—	—		300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.62	3,098,670	—	—	(66,667)		3,018,669	3,018,669
49	20-Jul-19	19-Jul-26	A$1.62		—	—	(13,334)	*
49a	20-Jul-19	19-Jul-26	A$1.47	3,499,998	—	—	(466,666)		2,833,332	1,883,332
49a	20-Jul-19	19-Jul-26	A$1.47		—	—	(200,000)	*
49b	20-Jul-19	19-Jul-26	A$1.47	1,346,667	—	—	—		1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.47	538,667	—	—	—		538,667	538,667
50	20-Jul-19	19-Jul-26	A$1.47	700,000	—	—	—		700,000	175,000
50a	20-Jul-19	19-Jul-26	A$1.47	400,000	—	—	(400,000)	*	—	—
52	29-Aug-19	28-Aug-26	A$1.62	400,000	—	—	(400,000)		—	—
53	29-Aug-19	28-Aug-26	A$1.47	800,000	—	—	(800,000)		—	—
54	25-Nov-19	24-Nov-26	A$1.98	153,334	—	—	(133,334)		20,000	20,000
55	29-May-19	28-May-26	A$1.48	350,000	—	—	—		350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.83	200,000	—	—	—		200,000	200,000
57	25-Nov-19	24-Nov-26	A$1.80	100,000	—	—	—		100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.98	450,000	—	—	(200,000)		150,000	150,000
58	25-Nov-19	24-Nov-26	A$1.98		—	—	(100,000)	*
59	24-Jan-20	23-Jan-27	A$3.38	10,000	—	—	—		10,000	10,000
63	18-May-20	17-May-27	A$4.02	1,200,000	—	—	—		1,200,000	1,200,000
63a	18-May-20	17-May-27	A$3.65	2,400,000	—	—	(800,000)		1,200,000	200,000
63a	18-May-20	17-May-27	A$3.65		—	—	(400,000)	*
64	16-Jul-20	15-Jul-27	A$3.75	3,498,333	—	—	(176,668)		3,253,333	2,160,009
64	16-Jul-20	15-Jul-27	A$3.75		—	—	(68,332)	*
64a	16-Jul-20	15-Jul-27	A$3.41	2,700,000	—	—	(965,000)	*	1,735,000	478,334
64c	16-Jul-20	15-Jul-27	A$3.41	350,000	—	—	—		350,000	116,666
64d	16-Jul-20	15-Jul-27	A$3.41	300,000	—	—	—		300,000	100,000
64e	16-Jul-20	15-Jul-27	A$3.41	1,200,000	—	—	—		1,200,000	720,000
65	26-Aug-20	25-Aug-27	A$5.76	5,000	—	—	(3,334)		—	—
65	26-Aug-20	25-Aug-27	A$5.76		—	—	(1,666)	*
66	11-Sep-20	10-Sep-27	A$4.78	200,000	—	—	—		200,000	100,000
68	20-Nov-20	19-Nov-27	A$3.60	200,000	—	—	—		200,000	133,333
69	20-Nov-20	19-Nov-27	A$3.60	100,000	—	—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.67	250,000	—	—	—		250,000	166,667
72	15-Apr-21	14-Apr-28	A$2.28	200,000	—	—	—		200,000	133,334


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
74	08-Sep-21	07-Sep-28	A$1.77	3,423,000	—	—	(50,001)		3,186,333	1,051,007
74	08-Sep-21	07-Sep-28	A$1.77		—	—	(186,666)	*
74a	08-Sep-21	07-Sep-28	A$1.77	4,150,000	—	—	(300,000)	*	3,850,000	923,334
74b	08-Sep-21	07-Sep-28	A$1.77	1,550,000	—	—	—		1,550,000	—
74c	08-Sep-21	07-Sep-28	A$1.77	650,000	—	—	(650,000)	*	—	—
75	23-Dec-21	22-Dec-28	A$1.42	200,000	—	—	—		200,000	100,000
76	17-Oct-22	16-Oct-29	A$1.03	—	1,250,000	—	—		1,250,000	—
77	23-May-22	22-May-29	A$1.01	—	200,000	—	—		200,000	66,667
78	24-Aug-22	23-Aug-29	A$0.85	—	200,000	—	—		200,000	—
79	17-Oct-22	16-Oct-29	A$1.13	—	5,844,500	—	(90,000)	*	5,754,500	—
79a	17-Oct-22	16-Oct-29	A$1.03	—	4,350,000	—	—		4,350,000	—
79b	17-Oct-22	16-Oct-29	A$1.13	—	225,000	—	—		225,000	—
79c	17-Oct-22	16-Oct-29	A$1.03	—	3,225,000	—	—		3,225,000	—
79d	17-Oct-22	16-Oct-29	A$1.03	—	1,200,000	—	—		1,200,000	—
80	08-Aug-22	07-Aug-29	A$0.93	—	100,000	—	—		100,000	100,000
81	11-Dec-20	10-Dec-27	A$4.60	—	100,000	—	—		100,000	100,000
82	21-Nov-22	20-Nov-29	A$1.12	—	100,000	—	—		100,000	—
83	30-Mar-23	29-Mar-30	A$1.03	—	180,000	—	(30,000)	*	150,000	—
June 30, 2023				49,650,468	16,974,500	—	(9,190,647)		57,434,321	26,464,507
Weighted average share purchase price				A$2.21	A$1.08	A$—	A$2.39		A$1.85	A$2.12

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)	Closing Balance	Vested and exercisable No (end of year)
32	10-Jul-15	30-Jun-22	US$4.20	1,753,334	—	—	(1,753,334)	—	—
33	26-Aug-15	16-Aug-22	A$4.05	75,000	—	—	(75,000)	—	—
34	27-Apr-16	6-Mar-23	A$2.80	1,858,979	—	—	(180,000)	1,678,979	1,678,979
34b	31-Oct-16	6-Mar-23	A$2.80	200,000	—	—	—	200,000	200,000
35a	8-Jul-20	8-Jul-23	A$2.86	1,500,000	—	—	—	1,500,000	1,500,000
36	6-Dec-16	5-Dec-23	A$1.31	623,000	—	(50,000)	(40,000)	533,000	533,000
36a	6-Dec-16	5-Dec-23	A$1.19	1,950,730	—	—	—	1,950,730	1,809,064
38	16-Sep-17	15-Sep-24	A$1.54	50,000	—	—	—	50,000	50,000
38a	16-Sep-17	15-Sep-24	A$1.40	150,000	—	—	—	150,000	150,000
39	13-Oct-17	12-Oct-24	A$1.94	1,090,000	—	—	(115,000)	975,000	975,000
39a	13-Oct-17	12-Oct-24	A$1.76	902,425	—	—	—	902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.41	750,000	—	—	—	750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.28	750,000	—	—	—	750,000	—
41	18-Jun-18	17-Jun-25	A$1.52	200,000	—	—	—	200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.56	200,000	—	—	—	200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.87	4,201,666	—	(20,000)	(388,334)	3,793,332	3,793,332
43b	18-Jul-18	17-Jul-25	A$1.87	350,000	—	—	—	350,000	350,000
44	15-Jul-18	14-Jul-25	A$1.72	150,000	—	—	(150,000)	—	—
45	30-Nov-18	29-Nov-25	A$1.33	590,000	—	—	—	590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.45	3,333	—	—	—	3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.45	150,000	—	—	—	150,000	150,000
48	4-Apr-19	3-Apr-26	A$1.48	300,000	—	—	—	300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.62	3,638,671	—	(113,334)	(277,999)	3,098,670	1,940,654


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
49	20-Jul-19	19-Jul-26	A$1.62		—		(148,668)	*
49a	20-Jul-19	19-Jul-26	A$1.47	3,999,998	—	—	(333,334)		3,499,998	1,316,665
49a	20-Jul-19	19-Jul-26	A$1.47		—		(166,666)	*
49b	20-Jul-19	19-Jul-26	A$1.47	1,346,667	—	—	—		1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.47	538,667	—	—	—		538,667	359,112
50	20-Jul-19	19-Jul-26	A$1.47	700,000	—	—	—		700,000	—
50a	20-Jul-19	19-Jul-26	A$1.47	400,000	—	—	—		400,000	—
51	29-Aug-19	28-Aug-26	A$1.47	150,000	—	—	(150,000)	*	—	—
52	29-Aug-19	28-Aug-26	A$1.62	400,000	—	—	—		400,000	266,666
53	29-Aug-19	28-Aug-26	A$1.47	800,000	—	—	—		800,000	533,334
54	25-Nov-19	24-Nov-26	A$1.98	295,000	—	—	(25,000)		153,334	146,668
54	25-Nov-19	24-Nov-26	A$1.98		—		(116,666)	*
55	29-May-19	28-May-26	A$1.48	350,000	—	—	—		350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.83	200,000	—	—	—		200,000	133,332
57	25-Nov-19	24-Nov-26	A$1.80	100,000	—	—	—		100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.98	450,000	—	—	—		450,000	300,000
59	24-Jan-20	23-Jan-27	A$3.38	10,000	—	—	—		10,000	10,000
61	17-Apr-20	16-Apr-27	A$2.51	50,000	—	—	(16,666)		—	—
61	17-Apr-20	16-Apr-27	A$2.51		—		(33,334)	*
63	18-May-20	17-May-27	A$4.02	1,200,000	—	—	—		1,200,000	800,000
63a	18-May-20	17-May-27	A$3.65	2,400,000	—	—	—		2,400,000	400,000
64	16-Jul-20	15-Jul-27	A$3.75	4,280,000	—	—	(225,003)		3,498,333	1,201,676
64	16-Jul-20	15-Jul-27	A$3.75				(556,664)	*
64a	16-Jul-20	15-Jul-27	A$3.41	3,050,000	—	—	(350,000)	*	2,700,000	133,334
64b	16-Jul-20	15-Jul-27	A$3.41	325,000	—	—	(325,000)	*	—	—
64c	16-Jul-20	15-Jul-27	A$3.41	350,000	—	—	—		350,000	—
64d	16-Jul-20	15-Jul-27	A$3.41	300,000	—	—	—		300,000	—
64e	16-Jul-20	15-Jul-27	A$3.41	1,200,000	—	—	—		1,200,000	—
65	26-Aug-20	25-Aug-27	A$5.76	5,000	—	—	—		5,000	1,667
66	11-Sep-20	10-Sep-27	A$4.78	200,000	—	—	—		200,000	100,000
67	8-Oct-20	7-Oct-27	A$3.84	200,000	—	—	(66,667)		—	—
67	8-Oct-20	7-Oct-27	A$3.84		—		(133,333)	*
68	20-Nov-20	19-Nov-27	A$3.60	200,000	—	—	—		200,000	66,666
69	20-Nov-20	19-Nov-27	A$3.60	100,000	—	—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.67	250,000	—	—	—		250,000	—
72	15-Apr-21	14-Apr-28	A$2.28	—	200,000	—	—		200,000	66,667
73	30-Jun-21	30-Aug-21	A$—	45,746	—	(45,746)	—		—	—
74	08-Sep-21	07-Sep-28	A$1.77	—	3,973,000	—	(550,000)	*	3,423,000	—
74a	08-Sep-21	07-Sep-28	A$1.77	—	4,150,000	—	—		4,150,000	—
74b	08-Sep-21	07-Sep-28	A$1.77	—	1,550,000	—	—		1,550,000	—
74c	08-Sep-21	07-Sep-28	A$1.77	—	650,000	—	—		650,000	—
75	23-Dec-21	22-Dec-28	A$1.42	—	200,000	—	—		200,000	—
June 30, 2022				45,333,216	10,723,000	(229,080)	(6,176,668)		49,650,468	23,084,908
Weighted average share purchase price				A$2.42	A$1.77	A$1.25	A$2.99		A$2.21	A$2.06

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).

The weighted average share price at the date of exercise of options exercised during the years ended June 30, 2024, 2023 and 2022 were A$0.93, N/A and A$1.82 respectively. The weighted average remaining contractual life of share options outstanding as of June 30, 2024, 2023 and 2022 were 4.24 years, 4.13 years and 4.16 years, respectively.

b. Existing share-based payment arrangements

General terms and conditions attached to share based payments

Share options pursuant to the employee share option plan are generally granted in three equal tranches. The length of time from grant date to expiry date is typically seven years. Vesting occurs based on achievement of performance conditions and/or progressively over the life of the option with the first tranche vesting one year from grant date, the second tranche two years from grant date, and the third tranche three years from grant date. On cessation of employment the Company’s board of directors determines if a leaver is a bad leaver or not. If a participant is deemed a bad leaver, all rights, entitlements and interests in any unexercised options held by the participant will be forfeited and will lapse immediately. If a leaver is not a bad leaver they may retain vested options, however, they must be exercised within 60 days of cessation of employment (or within a longer period if so determined by the Company’s board of directors), after which time they will lapse. Unvested options will normally be forfeited and lapse.

This policy applies to all issues shown in the above table with the exception of the following:


35a						Additional incentive rights granted pursuant to the Amendment Deed of the Equity Facility Agreement with Kentgrove Capital, dated July 30, 2019, had fully vested on the agreement date and will expire thirty six months after the date of the issue of the incentive right.

36a						Options were granted in two or three equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c, 79c, 84, 87a, 89, 94						Options were granted in two or three equal tranches and are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

38a, 40a, 57 & 66						Options were granted in one tranche and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

39a						Options were granted in one or two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

51 & 75						Options were granted in two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

55						Options were granted in five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

63a						Options were granted in three or eight tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

64a						Options were granted in one, two, three or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

69, 73, 80, 81 & 90						Options were granted in one tranche and vested on the date on which board approval was obtained


79a, 79d						Options were granted in two, three, four or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company's board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

85, 86, 88, 93						Options were granted in three equal tranches and are required to satisfy time-based vesting conditions. Time-based conditions restrict vesting to a maximum of one third at 6 months, two thirds at 9 months and full grant at 12 months.

87c						Options were granted in three tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

87b						Options were granted in four or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

92						Options were granted in four tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

Modifications to share-based payment arrangements

During the year ended June 30, 2024, as a result of a 1 for 4 pro-rata accelerated non-renounceable entitlement offer to existing eligible shareholders in December 2023, the exercise price of all outstanding options at the time was reduced by A$0.02 per option subject to the ESOP plan under clause 8.3. There were no further modifications made to share-based payment arrangements during the years ended June 30, 2024, June 30, 2023, and June 30, 2022.

c. Fair values of share based payments

The weighted average fair value of share options granted during the years ended June 30, 2024, 2023 and 2022 were A$0.39, A$0.66 and A$0.56, respectively.

The fair value of all shared-based payments made has been calculated using the Black-Scholes model. This model requires the following inputs:

Share price at acceptance date

The share price used in valuation is the share price at the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement or at shareholder approval date where this approval is required. This price is generally the volume weighted average share price for the five trading days leading up to the date.

Exercise price

The exercise price is a known value that is contained in the agreements.

Share price volatility

The model requires the Company’s share price volatility to be measured. In estimating the expected volatility of the underlying shares our objective is to approximate the expectations that would be reflected in a current market or negotiated exchange price for the option. Historical volatility data is considered in determining expected future volatility.

Life of the option

The life is generally the time period from grant date through to expiry. Certain assumptions have been made regarding “early exercise” i.e. options exercised ahead of the expiry date. These assumptions have been based on historical trends for option exercises within the Company and take into consideration exercise trends that are also evident as a result of local taxation laws.

Dividend yield

The Company has yet to pay a dividend so it has been assumed the dividend yield on the shares underlying the options will be 0%.

Risk free interest rate

This has been sourced from the Reserve Bank of Australia historical interest rate tables for government bonds.

Model inputs

The model inputs for the valuations of options approved and granted during the year ended June 30, 2024 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
84	31-Jul-23	0.92	1.18	64.95%	6.1 yrs	0%	3.84%
85	28-Nov-23	0.36	0.39	69.82%	6.3 yrs	0%	4.21%
86	28-Nov-23	0.36	0.39	69.82%	6.3 yrs	0%	4.21%
87	09-Jan-24	0.39	0.29	70.10%	6.2 yrs	0%	3.79%
87a	03-Jun-24	0.35	1.17	72.84%	5.8 yrs	0%	4.07%
87b	12-Jan-24	0.35	0.29	70.07%	6.1 yrs	0%	3.74%
87c(3)	30-Jun-24	0.35	0.99	72.72%	5.7 yrs	0%	4.08%
88	15-Nov-23	0.35	0.37	69.82%	6.3 yrs	0%	4.23%
89	28-Nov-23	0.37	0.39	69.82%	6.3 yrs	0%	4.21%
90	28-Feb-24	0.01	0.30	69.97%	0.2 yrs	0%	3.80%
92	11-Apr-24	0.35	0.89	72.66%	5.9 yrs	0%	3.90%
93	03-Jun-24	1.23	1.17	72.84%	6.4 yrs	0%	4.07%
94(3)	30-Jun-24	1.23	0.99	72.72%	6.3 yrs	0%	4.08%

(1)Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement.

(2)Expected life after factoring likely early exercise.

(3)Fair value estimated at June 30, 2024 as the valuation date under AASB2 has not been met as of June 30, 2024.

The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2024 was A$0.99.

The model inputs for the valuations of options approved and granted during the year ended June 30, 2023 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
76	23-Nov-22	1.03	0.99	65.37%	6.3 yrs	0%	3.38%
77	23-Nov-22	1.01	0.99	65.37%	5.9 yrs	0%	3.38%
78	23-Nov-22	0.85	0.99	65.37%	6.1 yrs	0%	3.38%
79	09-Dec-22	1.13	1.04	65.43%	6.2 yrs	0%	3.11%
79a	21-Jun-23	1.03	1.18	65.04%	5.8 yrs	0%	3.88%
79b	16-Mar-23	1.13	0.97	65.29%	6.0 yrs	0%	2.99%
79c	23-Nov-22	1.03	0.99	65.37%	6.3 yrs	0%	3.38%
79d	07-Jul-23	1.01	1.15	64.98%	5.7 yrs	0%	4.19%
80	18-Nov-22	0.93	0.95	65.35%	6.1 yrs	0%	3.35%
81	18-Nov-22	4.60	0.95	65.35%	4.6 yrs	0%	3.35%
82	30-Dec-22	1.12	0.89	65.31%	6.3 yrs	0%	3.70%
83	06-Apr-23	1.03	0.97	65.17%	6.4 yrs	0%	2.90%

(2)Expected life after factoring likely early exercise.

The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2023 was A$1.14.

The model inputs for the valuations of options approved and granted during the year ended June 30, 2022 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
72	05-May-21	2.28	1.94	66.62%	6.3 yrs	0%	0.69%
74	10-Nov-21	1.95	1.69	65.85%	6.2 yrs	0%	1.31%
74a	07-Nov-22	1.77	0.93	65.41%	5.3 yrs	0%	3.55%
74b	07-Nov-22	1.77	0.93	65.41%	5.3 yrs	0%	3.55%
74c	15-Feb-22	1.77	1.16	65.89%	5.9 yrs	0%	1.91%
75	17-Mar-22	1.42	1.21	65.98%	6.1 yrs	0%	2.18%

(2)Expected life after factoring likely early exercise.

The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2022 was A$0.61.

Summary of material accounting policies - Research and Development Tax Incentive (Details) $ in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 AUD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Disclosure of summary of significant accounting policies
Research and development tax incentive income	$ 859		$ 3,506	$ 0
Tax incentive income, current			1,200	1,100	$ 1,200
Tax incentive income			$ 0	$ 0
Aggregated Turnover of A$20.0 Million or More \| Bottom of range
Disclosure of summary of significant accounting policies
Amount of annual aggregate turnover		$ 20.0
Percentage of research and development to receive a refundable tax offset	8.50%	8.50%
Aggregated Turnover of A$20.0 Million or More \| Top of range
Disclosure of summary of significant accounting policies
Percentage of research and development to receive a refundable tax offset	16.50%	16.50%
Aggregated Turnover Below A$20.0 Millions
Disclosure of summary of significant accounting policies
Percentage of research and development to receive a refundable tax offset	18.50%	18.50%
Aggregated Turnover Below A$20.0 Millions \| Top of range
Disclosure of summary of significant accounting policies
Amount of annual aggregate turnover		$ 20.0

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Jun. 30, 2024 segment
Disclosure of operating segments [abstract]
Number of operating segment	1

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	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
USD
Disclosure of Financial Risk Management [Line Items]
Effect on profit from change in interest rate increase or decrease	10.00%	10.00%
(in Australian dollars, in thousands, except percent data)
Disclosure of Financial Risk Management [Line Items]
Effect on profit from change in interest rate increase or decrease	10.00%	10.00%

Remuneration of auditors

12 Months Ended

Jun. 30, 2024

Auditor's remuneration [abstract]

Remuneration of auditors

During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms:


	Year Ended June 30,
(in U.S. dollars)	2024	2023	2022
a. PricewaterhouseCoopers Australia
Audit and other assurance services
Audit and review of financial reports	623,605	669,603	745,021
Other audit services(1)	33,180	180,339	67,238
Total remuneration of PricewaterhouseCoopers Australia	656,785	849,942	812,259

b. Network firms of PricewaterhouseCoopers Australia
Audit and other assurance services
Audit and review of financial reports	65,722	144,864	133,309
Total remuneration of Network firms of PricewaterhouseCoopers Australia	65,722	144,864	133,309
Total auditors' remuneration(2)	722,507	994,806	945,568

(1)Other audit services relates to services performed in connection with the filing of registration statements on the Form F-3.

(2)All services provided are considered audit fees for the purpose of SEC classification.

Summary of material accounting policies - Commercialization and Milestone Revenue (Details) € in Millions			1 Months Ended					12 Months Ended
	Oct. 31, 2019 USD ($)	Oct. 12, 2018 USD ($)	Jun. 30, 2022 USD ($)	Feb. 28, 2020 USD ($)	Dec. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Dec. 31, 2017 EUR (€)
Disclosure of summary of significant accounting policies
Revenue recognized from up-front payment as deferred consideration				$ 10,000,000.0
Receipt on non refundable up-front payment upon reaching product regulatory milestone								$ 25,000,000.0
Number of escalating milestone payments						6
Grunenthal
Disclosure of summary of significant accounting policies
Non-refundable upfront payment received	$ 15,000,000.0		$ 17,500,000
Milestone payment received					$ 2,500,000
Cumulative milestone payments reachable amount			1,000,000,000
Revenue recognized relation to patent license agreement								0	$ 0	$ 0
Grunenthal \| Top of range \| Clinical, Manufacturing, Regulatory and Reimbursement Approval
Disclosure of summary of significant accounting policies
Non-refundable upfront payments receivable			112,500,000
Tasly
Disclosure of summary of significant accounting policies
Deferred consideration milestone consideration recognized		$ 20,000,000.0				$ 20,000,000.0
Revenue recognized from up-front payment as deferred consideration		$ 10,000,000.0						0	0	0
TiGenix NV
Disclosure of summary of significant accounting policies
Milestone revenue in relation to patent license agreement							$ 5,900,000	0		1,200,000
Regulatory milestone payment receivable \| €											€ 1.0	€ 5.0
Royalty income								$ 400,000	400,000	300,000
TiGenix NV \| Top of range
Disclosure of summary of significant accounting policies
Milestone revenue relating to non-refundable up-front payment \| €												€ 9.0
J C R Pharmaceuticals Co L T D
Disclosure of summary of significant accounting policies
Profit sharing percentage								50.00%
Royalties receivable under sales-based milestones			$ 8,700,000					$ 5,500,000	$ 7,100,000	$ 8,700,000

Equity (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Schedule of Share Capital

(i) Share capital


	As of June 30,
	2024	2023	2022	2024	2023	2022
	Shares No.			(U.S. dollars, in thousands)
Contributed equity
(i) Share capital
Ordinary shares	1,141,784,114	814,204,825	650,454,551	1,310,813	1,249,123	1,165,309
Less: Treasury Shares	(542,903)	(542,903)	(542,903)	—	—	—
Total Contributed Equity	1,141,241,211	813,661,922	649,911,648	1,310,813	1,249,123	1,165,309

Summary of Movements in Ordinary Share Capital

(ii) Movements in ordinary share capital


	As of June 30,			As of June 30,
	2024	2023	2022	2024	2023		2022
	Shares No.			(U.S. dollars, in thousands)
Opening balance	814,204,825	650,454,551	648,696,070	1,249,123	1,165,309		1,163,153
Issues of ordinary shares during the period
Exercise of share options(1)	—	—	—	7	—		209
Transfer to employee share trust(1)	1,072,363	—	—	—	—		—
Share based compensation for services rendered	—	—	1,758,481	—	—		1,698
Entitlement offer to existing eligible shareholders and institutional placement(2)	326,506,926	—	—	64,399	—	—	—
Placement of shares under a share placement agreement(3)	—	163,750,274	—	—	89,141		—
Transaction costs arising on share issue	—	—	—	(3,920)	(5,327)		21
	327,579,289	163,750,274	1,758,481	60,486	83,814		1,928
Unissued ordinary shares during the period
Placement of shares under a share placement agreement(2)	—	—	—	1,000	—		—
	—	—	—	1,000	—		—
Total contributions of equity during the period	327,579,289	163,750,274	1,758,481	61,486	83,814		1,928
Share options reserve transferred to equity on exercise of options	—	—	—	204	—		228
Ending balance	1,141,784,114	814,204,825	650,454,551	1,310,813	1,249,123		1,165,309


(1)			Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. Unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee.


(2)			In December 2023 and March 2024, respectively, 201,137,412 and 125,369,514 shares were issued in a 1 for 4 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Mesoblast Limited to existing shareholders in Australia and certain other countries together with an institutional placement of new fully paid ordinary shares in Mesoblast Limited, at A$0.30 per share. As part of the placement in March 2024, Dr. Eric Rose, the Company's Chief Medical Offer and a director of Mesoblast, subscribed for 5,039,814 shares in Mesoblast Limited at A$0.30 per share, subject to shareholder approval, and therefore the shares remain in unissued capital until the shares are issued.


(3)			In August 2022, 86,666,667 shares were issued in an equity purchase of Mesoblast Limited at A$0.75 per share to existing and new institutional investors, representing a 5.00% discount to the thirty trading-day volume weighted average price. In April 2023, 77,083,607 shares were issued in an equity purchase of Mesoblast Limited at A$0.85 per share primarily to existing major shareholders, representing a 15.00% discount to the five trading-day volume weighted average price.

Summary of Movements of Shares in Share Trust

(iii) Movements of shares in share trust


	As of June 30			As of June 30
	2024	2023	2022	2024	2023	2022
	Shares No.			(U.S. dollars, in thousands)
Opening balance	542,903	542,903	771,983	—	—	—
Movement of shares in share trust
Transfer to employee share trust(1)	1,072,363	—	—	—	—	—
Exercise of share options(1)	(1,072,363)	—	(229,080)	—	—	—
Ending balance	542,903	542,903	542,903	—	—	—


(1)			Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. Unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee.

Summary of Reserves

(i) Reserves


	As at June 30,
(in U.S. dollars, in thousands)	2024	2023
Share-based payments reserve	106,842	101,367
Investment revaluation reserve	(1,286)	(543)
Foreign currency translation reserve	(40,222)	(40,273)
Warrants reserve	12,969	12,969
	78,303	73,520

Summary of Reconciliation of Reserves

(ii) Reconciliation of reserves


(in U.S. dollars, in thousands)	As at June 30,
Share-based payments reserve	2024	2023
Opening balance	101,367	97,924
Tax credited / (debited) to equity	(191)	(212)
Transfer to ordinary shares on exercise of options	(204)	—
Share-based payment expense for the year	5,870	3,655
Closing Balance	106,842	101,367

Investment revaluation reserve
Opening balance	(543)	(542)
Changes in the fair value of financial assets through other comprehensive income	(743)	(1)
Closing Balance	(1,286)	(543)

Foreign currency translation reserve
Opening balance	(40,273)	(39,700)
Currency gain/(loss) on translation of foreign operations net assets	51	(573)
Closing Balance	(40,222)	(40,273)

Warrant reserve
Opening balance	12,969	12,969
Movements during the period	—	—
Closing Balance	12,969	12,969

Summary of Warrant Assumptions Based on Observable Market Conditions Existed at Issue Date

The warrants granted are not traded in an active market and therefore the fair value has been estimated by using the Monte Carlo pricing model based on the following assumptions. Key terms of the warrants are included above. The following assumptions were based on observable market conditions that existed at the issue date.

(in U.S. dollars, except percent data and as otherwise noted)
Assumption

At Issue date - March

18, 2021

Rationale

Share Price

A$2.41

Closing share price on valuation date from external market source

Exercise Price(1)

A$2.88

As per subscription agreement

Expected Term

7 years

As per subscription agreement

Dividend Yield

Based on Company’s nil dividend history

Expected Volatility

66.88%

Based on historical volatility data for the Company

A$-US$ FX Spot Rate

0.7827

Closing FX rate on valuation date from the Reserve Bank of Australia historical foreign exchange rate tables

Risk Free Interest Rate

1.24%

Based on the mid-point of the Australian Government issued 5 year and 10 year bonds

Fair value per warrant

$0.863 (A$1.103)

Determined using Monte Carlo pricing models with the inputs above

Fair value

$12,968,583

Fair value of 15,027,327 warrants as at issue date


(1)			As a result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the exercise price for the warrants was adjusted from A$2.88 per share to A$2.86 per share with effect from January 5, 2024.

Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of cash and cash equivalents
Cash at bank	$ 62,563	$ 70,920	$ 60,034
Deposits at call	397	398	413
Cash and cash equivalents	62,960	71,318	60,447	$ 136,881
Cash flows from operating activities
Loss for the period	(87,956)	(81,889)	(91,347)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization	4,666	4,107	4,380
Foreign exchange losses/(gains)	78	62	536
Finance costs	22,792	20,122	17,288
Remeasurement of contingent consideration	9,693	(8,771)	(913)
Remeasurement of warrant liabilities	(779)	2,205	(5,896)
Equity settled share-based payment	5,870	3,655	5,536
Deferred tax benefit	(191)	(212)	(235)
Gain on derecognition of right-of-use assets	0	(76)	0
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables	(15,466)	(118)	140
Decrease/(increase) in prepayments	807	1,650	1,555
Increase/(decrease) in trade and other payables	(12,378)	(398)	4,777
Decrease/(increase) in tax incentive recoverable	1,490	(2,388)	0
Increase/(decrease) in provisions	22,916	(1,218)	(1,603)
Net cash (outflows) in operating activities	$ (48,458)	$ (63,269)	$ (65,782)

Non-financial assets and liabilities - Summary of Deferred Tax Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets
Tax losses	$ 74,602	$ 76,020
Other temporary differences	13,143	11,972
Total deferred tax assets	87,745	87,992
Deferred tax liabilities
Intangible assets	87,745	87,992
Total deferred tax liabilities	87,745	87,992
Net deferred tax liabilities	$ 0	$ 0

Share-based payments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Sharebased Payment Arrangements [Abstract]

Reconciliation of Outstanding Share Based Payments

a. Reconciliation of outstanding share based payments


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)	Closing Balance	Vested and exercisable No (end of year)
35a	08-Jul-20	08-Jul-23	A$2.86	1,500,000		—	(1,500,000)	—	—
36	06-Dec-16	05-Dec-23	A$1.31	533,000		—	(533,000)	—	—
36a	06-Dec-16	05-Dec-23	A$1.19	1,950,730		—	(1,950,730)	—	—
38	16-Sep-17	15-Sep-24	A$1.52	50,000		—	—	50,000	50,000
39	13-Oct-17	12-Oct-24	A$1.92	975,000		—	(160,000)	815,000	815,000
39a	13-Oct-17	12-Oct-24	A$1.74	902,425		—	—	902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.39	750,000		—	—	750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.26	750,000		—	—	750,000	—
41	18-Jun-18	17-Jun-25	A$1.50	200,000		—	—	200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.54	200,000		—	—	200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.85	3,133,332		—	(135,000)	2,998,332	2,998,332
43b	18-Jul-18	17-Jul-25	A$1.85	350,000		—	—	350,000	350,000
45	30-Nov-18	29-Nov-25	A$1.31	590,000		—	—	590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.43	3,333		—	—	3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.43	150,000		—	—	150,000	150,000
48	04-Apr-19	03-Apr-26	A$1.46	300,000		—	—	300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.60	3,018,669		—	(310,000)	2,708,669	2,708,669
49a	20-Jul-19	19-Jul-26	A$1.45	2,833,332		—	—	2,833,332	1,883,332
49b	20-Jul-19	19-Jul-26	A$1.45	1,346,667		—	—	1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.45	538,667		—	—	538,667	538,667
50	20-Jul-19	19-Jul-26	A$1.45	700,000		—	—	700,000	175,000
54	25-Nov-19	24-Nov-26	A$1.96	20,000		—	—	20,000	20,000
55	29-May-19	28-May-26	A$1.46	350,000		—	—	350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.81	200,000		—	—	200,000	200,000
57	25-Nov-19	24-Nov-26	A$1.78	100,000		—	—	100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.96	150,000		—	—	150,000	150,000
59	24-Jan-20	23-Jan-27	A$3.36	10,000		—	—	10,000	10,000
63	18-May-20	17-May-27	A$4.00	1,200,000		—	—	1,200,000	1,200,000


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
63a	18-May-20	17-May-27	A$3.63	1,200,000		—	—		1,200,000	500,000
64	16-Jul-20	15-Jul-27	A$3.73	3,253,333		—	(213,333)		3,040,000	3,040,000
64a	16-Jul-20	15-Jul-27	A$3.39	1,735,000		—	—		1,735,000	478,334
64c	16-Jul-20	15-Jul-27	A$3.39	350,000		—	—		350,000	116,666
64d	16-Jul-20	15-Jul-27	A$3.39	300,000		—	—		300,000	200,000
64e	16-Jul-20	15-Jul-27	A$3.39	1,200,000		—	—		1,200,000	720,000
66	11-Sep-20	10-Sep-27	A$4.76	200,000		—	—		200,000	100,000
68	20-Nov-20	19-Nov-27	A$3.58	200,000		—	—		200,000	200,000
69	20-Nov-20	19-Nov-27	A$3.58	100,000		—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.65	250,000		—	—		250,000	250,000
72	15-Apr-21	14-Apr-28	A$2.26	200,000		—	—		200,000	200,000
74	08-Sep-21	07-Sep-28	A$1.93	3,186,333		—	(143,335)		2,929,666	1,942,003
74	08-Sep-21	07-Sep-28	A$1.93				(113,332)	*
74a	08-Sep-21	07-Sep-28	A$1.75	3,850,000		—	—		3,850,000	1,653,334
74b	08-Sep-21	07-Sep-28	A$1.75	1,550,000		—	—		1,550,000	620,000
75	23-Dec-21	22-Dec-28	A$1.40	200,000		—	—		200,000	200,000
76	17-Oct-22	16-Oct-29	A$1.01	1,250,000		—	—		1,250,000	416,667
77	23-May-22	22-May-29	A$0.99	200,000		—	—		200,000	133,334
78	24-Aug-22	23-Aug-29	A$0.83	200,000		—	—		200,000	66,667
79	17-Oct-22	16-Oct-29	A$1.11	5,754,500		—	(30,000)		5,054,500	1,668,167
79	17-Oct-22	16-Oct-29	A$1.11				(670,000)	*
79a	17-Oct-22	16-Oct-29	A$1.01	4,350,000		—	—		4,350,000	635,000
79b	17-Oct-22	16-Oct-29	A$1.11	225,000		—	—		225,000	75,000
79c	17-Oct-22	16-Oct-29	A$1.01	3,225,000		—	—		3,225,000	—
79d	17-Oct-22	16-Oct-29	A$1.01	1,200,000		—	—		1,200,000	390,000
80	08-Aug-22	07-Aug-29	A$0.91	100,000		—	—		100,000	100,000
81	11-Dec-20	10-Dec-27	A$4.58	100,000		—	—		100,000	100,000
82	21-Nov-22	20-Nov-29	A$1.10	100,000		—	—		100,000	33,334
83	30-Mar-23	29-Mar-30	A$1.01	150,000		—	(105,000)	*	45,000	15,000
84	30-Mar-23	29-Mar-30	A$0.92	—	600,000	—	—		600,000	100,000
85	12-Oct-23	11-Oct-30	A$0.36	—	2,493,835	—	—		2,493,835	831,279
86	12-Oct-23	11-Oct-30	A$0.36	—	1,853,889	—	—		1,853,889	617,965
87	16-Oct-23	15-Oct-30	A$0.39	—	5,459,500	—	(25,000)	*	5,434,500	—
87a	16-Oct-23	15-Oct-30	A$0.35	—	1,995,000	—	—		1,995,000	—
87b	16-Oct-23	15-Oct-30	A$0.35	—	3,160,000	—	—		3,160,000	—
87c	16-Oct-23	15-Oct-30	A$0.35	—	2,730,000	—	—		2,730,000	—
88	16-Oct-23	15-Oct-30	A$0.35	—	873,393	—	—		873,393	291,131
89	24-Oct-23	23-Oct-30	A$0.37	—	985,000	—	—		985,000	—
90	28-Feb-24	28-May-24	A$0.01	—	1,072,363	(1,072,363)	—		—	—
92	16-Oct-23	15-Oct-30	A$0.35	—	300,000	—	—		300,000	—
93	30-May-24	29-May-31	A$1.23	—	220,000	—	—		220,000	—
94	30-May-24	29-May-31	A$1.23	—	200,000	—	—		200,000	—
June 30, 2024				57,434,321	21,942,980	(1,072,363)	(5,888,730)		72,416,208	31,061,973
Weighted average share purchase price				A$1.85	A$0.38	A$0.01	A$1.79		A$1.43	A$1.98

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
34	27-Apr-16	06-Mar-23	A$2.80	1,678,979	—	—	(1,678,979)		—	—
34b	31-Oct-16	06-Mar-23	A$2.80	200,000	—	—	(200,000)		—	—
35a	08-Jul-20	08-Jul-23	A$2.86	1,500,000	—	—	—		1,500,000	1,500,000
36	06-Dec-16	05-Dec-23	A$1.31	533,000	—	—	—		533,000	533,000
36a	06-Dec-16	05-Dec-23	A$1.19	1,950,730	—	—	—		1,950,730	1,809,064
38	16-Sep-17	15-Sep-24	A$1.54	50,000	—	—	—		50,000	50,000
38a	16-Sep-17	15-Sep-24	A$1.40	150,000	—	—	(150,000)		—	—
39	13-Oct-17	12-Oct-24	A$1.94	975,000	—	—	—		975,000	975,000
39a	13-Oct-17	12-Oct-24	A$1.76	902,425	—	—	—		902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.41	750,000	—	—	—		750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.28	750,000	—	—	—		750,000	—
41	18-Jun-18	17-Jun-25	A$1.52	200,000	—	—	—		200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.56	200,000	—	—	—		200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.87	3,793,332	—	—	(660,000)		3,133,332	3,133,332
43b	18-Jul-18	17-Jul-25	A$1.87	350,000	—	—	—		350,000	350,000
45	30-Nov-18	29-Nov-25	A$1.33	590,000	—	—	—		590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.45	3,333	—	—	—		3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.45	150,000	—	—	—		150,000	150,000
48	04-Apr-19	03-Apr-26	A$1.48	300,000	—	—	—		300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.62	3,098,670	—	—	(66,667)		3,018,669	3,018,669
49	20-Jul-19	19-Jul-26	A$1.62		—	—	(13,334)	*
49a	20-Jul-19	19-Jul-26	A$1.47	3,499,998	—	—	(466,666)		2,833,332	1,883,332
49a	20-Jul-19	19-Jul-26	A$1.47		—	—	(200,000)	*
49b	20-Jul-19	19-Jul-26	A$1.47	1,346,667	—	—	—		1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.47	538,667	—	—	—		538,667	538,667
50	20-Jul-19	19-Jul-26	A$1.47	700,000	—	—	—		700,000	175,000
50a	20-Jul-19	19-Jul-26	A$1.47	400,000	—	—	(400,000)	*	—	—
52	29-Aug-19	28-Aug-26	A$1.62	400,000	—	—	(400,000)		—	—
53	29-Aug-19	28-Aug-26	A$1.47	800,000	—	—	(800,000)		—	—
54	25-Nov-19	24-Nov-26	A$1.98	153,334	—	—	(133,334)		20,000	20,000
55	29-May-19	28-May-26	A$1.48	350,000	—	—	—		350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.83	200,000	—	—	—		200,000	200,000
57	25-Nov-19	24-Nov-26	A$1.80	100,000	—	—	—		100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.98	450,000	—	—	(200,000)		150,000	150,000
58	25-Nov-19	24-Nov-26	A$1.98		—	—	(100,000)	*
59	24-Jan-20	23-Jan-27	A$3.38	10,000	—	—	—		10,000	10,000
63	18-May-20	17-May-27	A$4.02	1,200,000	—	—	—		1,200,000	1,200,000
63a	18-May-20	17-May-27	A$3.65	2,400,000	—	—	(800,000)		1,200,000	200,000
63a	18-May-20	17-May-27	A$3.65		—	—	(400,000)	*
64	16-Jul-20	15-Jul-27	A$3.75	3,498,333	—	—	(176,668)		3,253,333	2,160,009
64	16-Jul-20	15-Jul-27	A$3.75		—	—	(68,332)	*
64a	16-Jul-20	15-Jul-27	A$3.41	2,700,000	—	—	(965,000)	*	1,735,000	478,334
64c	16-Jul-20	15-Jul-27	A$3.41	350,000	—	—	—		350,000	116,666
64d	16-Jul-20	15-Jul-27	A$3.41	300,000	—	—	—		300,000	100,000
64e	16-Jul-20	15-Jul-27	A$3.41	1,200,000	—	—	—		1,200,000	720,000
65	26-Aug-20	25-Aug-27	A$5.76	5,000	—	—	(3,334)		—	—
65	26-Aug-20	25-Aug-27	A$5.76		—	—	(1,666)	*
66	11-Sep-20	10-Sep-27	A$4.78	200,000	—	—	—		200,000	100,000
68	20-Nov-20	19-Nov-27	A$3.60	200,000	—	—	—		200,000	133,333
69	20-Nov-20	19-Nov-27	A$3.60	100,000	—	—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.67	250,000	—	—	—		250,000	166,667
72	15-Apr-21	14-Apr-28	A$2.28	200,000	—	—	—		200,000	133,334


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
74	08-Sep-21	07-Sep-28	A$1.77	3,423,000	—	—	(50,001)		3,186,333	1,051,007
74	08-Sep-21	07-Sep-28	A$1.77		—	—	(186,666)	*
74a	08-Sep-21	07-Sep-28	A$1.77	4,150,000	—	—	(300,000)	*	3,850,000	923,334
74b	08-Sep-21	07-Sep-28	A$1.77	1,550,000	—	—	—		1,550,000	—
74c	08-Sep-21	07-Sep-28	A$1.77	650,000	—	—	(650,000)	*	—	—
75	23-Dec-21	22-Dec-28	A$1.42	200,000	—	—	—		200,000	100,000
76	17-Oct-22	16-Oct-29	A$1.03	—	1,250,000	—	—		1,250,000	—
77	23-May-22	22-May-29	A$1.01	—	200,000	—	—		200,000	66,667
78	24-Aug-22	23-Aug-29	A$0.85	—	200,000	—	—		200,000	—
79	17-Oct-22	16-Oct-29	A$1.13	—	5,844,500	—	(90,000)	*	5,754,500	—
79a	17-Oct-22	16-Oct-29	A$1.03	—	4,350,000	—	—		4,350,000	—
79b	17-Oct-22	16-Oct-29	A$1.13	—	225,000	—	—		225,000	—
79c	17-Oct-22	16-Oct-29	A$1.03	—	3,225,000	—	—		3,225,000	—
79d	17-Oct-22	16-Oct-29	A$1.03	—	1,200,000	—	—		1,200,000	—
80	08-Aug-22	07-Aug-29	A$0.93	—	100,000	—	—		100,000	100,000
81	11-Dec-20	10-Dec-27	A$4.60	—	100,000	—	—		100,000	100,000
82	21-Nov-22	20-Nov-29	A$1.12	—	100,000	—	—		100,000	—
83	30-Mar-23	29-Mar-30	A$1.03	—	180,000	—	(30,000)	*	150,000	—
June 30, 2023				49,650,468	16,974,500	—	(9,190,647)		57,434,321	26,464,507
Weighted average share purchase price				A$2.21	A$1.08	A$—	A$2.39		A$1.85	A$2.12

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)	Closing Balance	Vested and exercisable No (end of year)
32	10-Jul-15	30-Jun-22	US$4.20	1,753,334	—	—	(1,753,334)	—	—
33	26-Aug-15	16-Aug-22	A$4.05	75,000	—	—	(75,000)	—	—
34	27-Apr-16	6-Mar-23	A$2.80	1,858,979	—	—	(180,000)	1,678,979	1,678,979
34b	31-Oct-16	6-Mar-23	A$2.80	200,000	—	—	—	200,000	200,000
35a	8-Jul-20	8-Jul-23	A$2.86	1,500,000	—	—	—	1,500,000	1,500,000
36	6-Dec-16	5-Dec-23	A$1.31	623,000	—	(50,000)	(40,000)	533,000	533,000
36a	6-Dec-16	5-Dec-23	A$1.19	1,950,730	—	—	—	1,950,730	1,809,064
38	16-Sep-17	15-Sep-24	A$1.54	50,000	—	—	—	50,000	50,000
38a	16-Sep-17	15-Sep-24	A$1.40	150,000	—	—	—	150,000	150,000
39	13-Oct-17	12-Oct-24	A$1.94	1,090,000	—	—	(115,000)	975,000	975,000
39a	13-Oct-17	12-Oct-24	A$1.76	902,425	—	—	—	902,425	902,425
40	24-Nov-17	23-Nov-24	A$1.41	750,000	—	—	—	750,000	750,000
40a	24-Nov-17	23-Nov-24	A$1.28	750,000	—	—	—	750,000	—
41	18-Jun-18	17-Jun-25	A$1.52	200,000	—	—	—	200,000	200,000
42	11-Jul-18	10-Jul-25	A$1.56	200,000	—	—	—	200,000	200,000
43	18-Jul-18	17-Jul-25	A$1.87	4,201,666	—	(20,000)	(388,334)	3,793,332	3,793,332
43b	18-Jul-18	17-Jul-25	A$1.87	350,000	—	—	—	350,000	350,000
44	15-Jul-18	14-Jul-25	A$1.72	150,000	—	—	(150,000)	—	—
45	30-Nov-18	29-Nov-25	A$1.33	590,000	—	—	—	590,000	590,000
46	19-Jan-19	18-Jan-26	A$1.45	3,333	—	—	—	3,333	3,333
47	19-Jan-19	18-Jan-26	A$1.45	150,000	—	—	—	150,000	150,000
48	4-Apr-19	3-Apr-26	A$1.48	300,000	—	—	—	300,000	300,000
49	20-Jul-19	19-Jul-26	A$1.62	3,638,671	—	(113,334)	(277,999)	3,098,670	1,940,654


Series	Grant Date(1)	Expiry Date	Exercise Price	Opening Balance	Granted No. (during the year)	Exercised No. (during the year)	Lapsed/Forfeited* No. (during the year)		Closing Balance	Vested and exercisable No (end of year)
49	20-Jul-19	19-Jul-26	A$1.62		—		(148,668)	*
49a	20-Jul-19	19-Jul-26	A$1.47	3,999,998	—	—	(333,334)		3,499,998	1,316,665
49a	20-Jul-19	19-Jul-26	A$1.47		—		(166,666)	*
49b	20-Jul-19	19-Jul-26	A$1.47	1,346,667	—	—	—		1,346,667	673,334
49c	20-Jul-19	19-Jul-26	A$1.47	538,667	—	—	—		538,667	359,112
50	20-Jul-19	19-Jul-26	A$1.47	700,000	—	—	—		700,000	—
50a	20-Jul-19	19-Jul-26	A$1.47	400,000	—	—	—		400,000	—
51	29-Aug-19	28-Aug-26	A$1.47	150,000	—	—	(150,000)	*	—	—
52	29-Aug-19	28-Aug-26	A$1.62	400,000	—	—	—		400,000	266,666
53	29-Aug-19	28-Aug-26	A$1.47	800,000	—	—	—		800,000	533,334
54	25-Nov-19	24-Nov-26	A$1.98	295,000	—	—	(25,000)		153,334	146,668
54	25-Nov-19	24-Nov-26	A$1.98		—		(116,666)	*
55	29-May-19	28-May-26	A$1.48	350,000	—	—	—		350,000	300,000
56	18-Nov-19	17-Nov-26	A$1.83	200,000	—	—	—		200,000	133,332
57	25-Nov-19	24-Nov-26	A$1.80	100,000	—	—	—		100,000	100,000
58	25-Nov-19	24-Nov-26	A$1.98	450,000	—	—	—		450,000	300,000
59	24-Jan-20	23-Jan-27	A$3.38	10,000	—	—	—		10,000	10,000
61	17-Apr-20	16-Apr-27	A$2.51	50,000	—	—	(16,666)		—	—
61	17-Apr-20	16-Apr-27	A$2.51		—		(33,334)	*
63	18-May-20	17-May-27	A$4.02	1,200,000	—	—	—		1,200,000	800,000
63a	18-May-20	17-May-27	A$3.65	2,400,000	—	—	—		2,400,000	400,000
64	16-Jul-20	15-Jul-27	A$3.75	4,280,000	—	—	(225,003)		3,498,333	1,201,676
64	16-Jul-20	15-Jul-27	A$3.75				(556,664)	*
64a	16-Jul-20	15-Jul-27	A$3.41	3,050,000	—	—	(350,000)	*	2,700,000	133,334
64b	16-Jul-20	15-Jul-27	A$3.41	325,000	—	—	(325,000)	*	—	—
64c	16-Jul-20	15-Jul-27	A$3.41	350,000	—	—	—		350,000	—
64d	16-Jul-20	15-Jul-27	A$3.41	300,000	—	—	—		300,000	—
64e	16-Jul-20	15-Jul-27	A$3.41	1,200,000	—	—	—		1,200,000	—
65	26-Aug-20	25-Aug-27	A$5.76	5,000	—	—	—		5,000	1,667
66	11-Sep-20	10-Sep-27	A$4.78	200,000	—	—	—		200,000	100,000
67	8-Oct-20	7-Oct-27	A$3.84	200,000	—	—	(66,667)		—	—
67	8-Oct-20	7-Oct-27	A$3.84		—		(133,333)	*
68	20-Nov-20	19-Nov-27	A$3.60	200,000	—	—	—		200,000	66,666
69	20-Nov-20	19-Nov-27	A$3.60	100,000	—	—	—		100,000	100,000
71	17-Feb-21	16-Feb-28	A$2.67	250,000	—	—	—		250,000	—
72	15-Apr-21	14-Apr-28	A$2.28	—	200,000	—	—		200,000	66,667
73	30-Jun-21	30-Aug-21	A$—	45,746	—	(45,746)	—		—	—
74	08-Sep-21	07-Sep-28	A$1.77	—	3,973,000	—	(550,000)	*	3,423,000	—
74a	08-Sep-21	07-Sep-28	A$1.77	—	4,150,000	—	—		4,150,000	—
74b	08-Sep-21	07-Sep-28	A$1.77	—	1,550,000	—	—		1,550,000	—
74c	08-Sep-21	07-Sep-28	A$1.77	—	650,000	—	—		650,000	—
75	23-Dec-21	22-Dec-28	A$1.42	—	200,000	—	—		200,000	—
June 30, 2022				45,333,216	10,723,000	(229,080)	(6,176,668)		49,650,468	23,084,908
Weighted average share purchase price				A$2.42	A$1.77	A$1.25	A$2.99		A$2.21	A$2.06

(1)The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c).

Summary of Valuations of Options Approved and Granted

The model inputs for the valuations of options approved and granted during the year ended June 30, 2024 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
84	31-Jul-23	0.92	1.18	64.95%	6.1 yrs	0%	3.84%
85	28-Nov-23	0.36	0.39	69.82%	6.3 yrs	0%	4.21%
86	28-Nov-23	0.36	0.39	69.82%	6.3 yrs	0%	4.21%
87	09-Jan-24	0.39	0.29	70.10%	6.2 yrs	0%	3.79%
87a	03-Jun-24	0.35	1.17	72.84%	5.8 yrs	0%	4.07%
87b	12-Jan-24	0.35	0.29	70.07%	6.1 yrs	0%	3.74%
87c(3)	30-Jun-24	0.35	0.99	72.72%	5.7 yrs	0%	4.08%
88	15-Nov-23	0.35	0.37	69.82%	6.3 yrs	0%	4.23%
89	28-Nov-23	0.37	0.39	69.82%	6.3 yrs	0%	4.21%
90	28-Feb-24	0.01	0.30	69.97%	0.2 yrs	0%	3.80%
92	11-Apr-24	0.35	0.89	72.66%	5.9 yrs	0%	3.90%
93	03-Jun-24	1.23	1.17	72.84%	6.4 yrs	0%	4.07%
94(3)	30-Jun-24	1.23	0.99	72.72%	6.3 yrs	0%	4.08%

(2)Expected life after factoring likely early exercise.

(3)Fair value estimated at June 30, 2024 as the valuation date under AASB2 has not been met as of June 30, 2024.

The model inputs for the valuations of options approved and granted during the year ended June 30, 2023 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
76	23-Nov-22	1.03	0.99	65.37%	6.3 yrs	0%	3.38%
77	23-Nov-22	1.01	0.99	65.37%	5.9 yrs	0%	3.38%
78	23-Nov-22	0.85	0.99	65.37%	6.1 yrs	0%	3.38%
79	09-Dec-22	1.13	1.04	65.43%	6.2 yrs	0%	3.11%
79a	21-Jun-23	1.03	1.18	65.04%	5.8 yrs	0%	3.88%
79b	16-Mar-23	1.13	0.97	65.29%	6.0 yrs	0%	2.99%
79c	23-Nov-22	1.03	0.99	65.37%	6.3 yrs	0%	3.38%
79d	07-Jul-23	1.01	1.15	64.98%	5.7 yrs	0%	4.19%
80	18-Nov-22	0.93	0.95	65.35%	6.1 yrs	0%	3.35%
81	18-Nov-22	4.60	0.95	65.35%	4.6 yrs	0%	3.35%
82	30-Dec-22	1.12	0.89	65.31%	6.3 yrs	0%	3.70%
83	06-Apr-23	1.03	0.97	65.17%	6.4 yrs	0%	2.90%

(2)Expected life after factoring likely early exercise.

The model inputs for the valuations of options approved and granted during the year ended June 30, 2022 are as follows:


Series	Valuation date(1)	Exercise price per share A$	Share price at valuation date A$	Expected share price volatility	Life(2)	Dividend yield	Risk-free interest rate
72	05-May-21	2.28	1.94	66.62%	6.3 yrs	0%	0.69%
74	10-Nov-21	1.95	1.69	65.85%	6.2 yrs	0%	1.31%
74a	07-Nov-22	1.77	0.93	65.41%	5.3 yrs	0%	3.55%
74b	07-Nov-22	1.77	0.93	65.41%	5.3 yrs	0%	3.55%
74c	15-Feb-22	1.77	1.16	65.89%	5.9 yrs	0%	1.91%
75	17-Mar-22	1.42	1.21	65.98%	6.1 yrs	0%	2.18%

(2)Expected life after factoring likely early exercise.

Summary of Policies Related To Valuations of Options Approved and Granted

This policy applies to all issues shown in the above table with the exception of the following:


35a						Additional incentive rights granted pursuant to the Amendment Deed of the Equity Facility Agreement with Kentgrove Capital, dated July 30, 2019, had fully vested on the agreement date and will expire thirty six months after the date of the issue of the incentive right.

36a						Options were granted in two or three equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c, 79c, 84, 87a, 89, 94						Options were granted in two or three equal tranches and are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

38a, 40a, 57 & 66						Options were granted in one tranche and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

39a						Options were granted in one or two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

51 & 75						Options were granted in two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

55						Options were granted in five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives.

63a						Options were granted in three or eight tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

64a						Options were granted in one, two, three or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

69, 73, 80, 81 & 90						Options were granted in one tranche and vested on the date on which board approval was obtained


79a, 79d						Options were granted in two, three, four or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company's board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

85, 86, 88, 93						Options were granted in three equal tranches and are required to satisfy time-based vesting conditions. Time-based conditions restrict vesting to a maximum of one third at 6 months, two thirds at 9 months and full grant at 12 months.

87c						Options were granted in three tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

87b						Options were granted in four or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

92						Options were granted in four tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met.

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Commercialization revenue received	$ 6,776	$ 7,480	$ 9,980
Government grants and tax incentives and credits received	3,819	1,118	24
Payments to suppliers and employees (inclusive of goods and services tax)	(60,835)	(72,683)	(75,769)
Interest received	1,778	796	7
Income taxes received /(paid)	4	20	(24)
Net cash (outflows) in operating activities	(48,458)	(63,269)	(65,782)
Cash flows from investing activities
Investment in fixed assets	(271)	(264)	(157)
Receipts from investment in sublease	234	120	0
Payments for licenses	(60)	(50)	(75)
Net cash (outflows) in investing activities	(97)	(194)	(232)
Cash flows from financing activities
Proceeds from borrowings	0	0	51,919
Repayment of borrowings	(10,000)	0	(55,458)
Payment of transaction costs from borrowings	(1,559)	(574)	(5,527)
Interest and other costs of finance paid	(5,717)	(6,014)	(6,084)
Proceeds from issue of shares	65,406	88,635	209
Proceeds from issue of warrants	0	0	8,081
Payments for share issue costs	(4,356)	(4,889)	(222)
Payments for lease liabilities	(3,522)	(2,656)	(2,788)
Net cash inflows/(outflows) by financing activities	40,252	74,502	(9,870)
Net increase/(decrease) in cash and cash equivalents	(8,303)	11,039	(75,884)
Cash and cash equivalents at beginning of period	71,318	60,447	136,881
FX (loss)/gain on the translation of foreign bank accounts	(55)	(168)	(550)
Cash and cash equivalents at end of period	$ 62,960	$ 71,318	$ 60,447

Summary of material accounting policies	12 Months Ended
Summary of material accounting policies	Jun. 30, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of material accounting policies This note provides the principal accounting policies adopted in the preparation of these consolidated financial statements as set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of Mesoblast Limited and its subsidiaries. a. Change in accounting policies There were no new accounting policies adopted by the Group that materially impacted the Group in the year ended June 30, 2024. b. Principles of consolidation i. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2024 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group. c. Segment reporting The Group operates in one segment as set out in Note 21. d. Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is A$. The consolidated financial statements are presented in US$, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: •assets and liabilities for the consolidated balance sheets presented are translated at the closing rate at the date of that consolidated balance sheets; •income and expenses for the statements of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and •all resulting exchange differences are recognized in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. e. Revenue recognition Revenue from contracts with customers is measured and recognized in accordance with the five step model prescribed by IFRS 15 Revenue from Contracts with Customers. First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues from contracts with customers comprise commercialization and milestone revenue. (i) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable upfront license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheets, depending on the nature of arrangement. Amounts expected to be recognized as revenue within the 12 months following the consolidated balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the consolidated balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group include in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognize the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluate all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertake activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of our activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group apply the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). 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 received a milestone payment in December 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal. In June 2022, the Group amended the strategic partnership with Grünenthal and is eligible to receive payments up to US$112.5 million prior to product launch, inclusive of US$17.5 million already received, if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. Cumulative milestone payments could reach US$1 billion depending on the final outcome of Phase 3 studies and patient adoption. The Group will also receive tiered double-digit royalties on product sales as per the original agreement. The $2.5 million milestone payment received in December 2019 from Grünenthal was considered deferred consideration as of June 30, 2024, as the performance obligation has not been met. There was no milestone revenue recognized in relation to this strategic partnership with Grünenthal in the years ended June 30, 2024, 2023 and 2022. 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 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 upfront technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group recognized $10.0 million from this $20.0 million up-front technology access fee at closing in October 2018 and the remaining $10.0 million was recognized in revenue in February 2020. 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. For the years ended June 30, 2024, 2023 and 2022, no 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 MSC product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, 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 agreement, the Group received $5.9 million (€5.0 million) before withholding tax as a non-refundable up-front payment, a further payment of $5.9 million (€5.0 million) before withholding tax 12 months after the patent license agreement date, and a further $1.2 million (€1.0 million) product regulatory milestone payment in the year ended June 30, 2022. The Group is entitled to further payments up to €9.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group receive single digit royalties on net sales of Alofisel®. In the years ended June 30, 2024, 2023 and 2022, the Group earned $0.4 million, $0.4 million and $0.3 million, respectively, of royalty income on sales of Alofisel® by our licensee Takeda. No milestone revenue was recognized in the years ended June 30, 2024 and 2023 in relation to the Group's patent license agreement with Takeda entered into in December 2017. In the year ended June 30, 2022, $1.2 million milestone revenue was recognized with regards to the €1.0 million regulatory milestone payment receivable from Takeda given Takeda received approval to manufacture and market Alofisel® (darvadstrocel) in Japan for the treatment of complex perianal fistulas in patients with non-active or mildly active luminal Crohn’s Disease. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets from Osiris. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this agreement is limited to the amount of cash received or for which the Group is 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 in the twenties. 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 an approximately 50% profit share. The Group expanded our partnership with JCR in Japan for two new indications: for wound healing in patients with Epidermolysis Bullosa (“EB”) in October 2018, and for neonatal hypoxic ischemic encephalopathy (“HIE”), a condition suffered by newborns who lack sufficient blood supply and oxygen to the brain, in June 2019. The Group will receive royalties on TEMCELL product sales for licensed indications, if and when JCR begins selling TEMCELL for such indications in Japan. 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 years ended June 30, 2024, 2023 and 2022, the Group recognized $5.5 million, $7.1 million, and $8.7 million in commercialization revenue, respectively, relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest income Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive Tax incentives comprise payments from the Australian government’s Innovation Australia Research and Development Tax Incentive program for research and development activities conducted in relation to our qualifying research that meets the regulatory criteria. The research and development tax incentive credit is available for the Group's research and development activities in Australia. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. The research and development tax incentive credit is available for the Group’s research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, the tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 18.5% above the Company's tax rate. The Group recorded $0.9 million and $3.5 million and $nil in research and development tax incentive income for the years ended June 30, 2024, 2023 and 2022, respectively. Within the $3.5 million recognized in the year ended June 30, 2023, $1.2 million pertained to the year ended June 30, 2023, $1.1 million pertained to the year ended June 30, 2022 and $1.2 million pertained to the year ended June 30, 2021. Management concluded it's assessment of qualifying activities during the year ended June 30, 2023 and recognized the relevant income for the years ended June 30, 2023, 2022 and 2021. No income was recognized in the years ended June 30, 2022 and 2021 as management were yet to confirm if the Group's research and development activities were eligible under the incentive scheme. f. 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 in accordance with IAS 2 Inventories. Before that point, a provision is made against the carrying value to its recoverable amount in accordance with IAS 2 Inventories; 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. All inventory costs are currently fully provided for and are recognized within Manufacturing Commercialization expenses. Where it is determined that the pre-launch inventory will be used within a clinical trial, that amount is removed from the cost of pre-launch inventory. There is no impact on the consolidated income statement as the carrying value has been previously fully provided for. As of June 30, 2024 and June 30, 2023, there was $19.2 million and $22.4 million of pre-launch inventory recognized on the consolidated balance sheet that was fully provided for, respectively. The future commercial use of the remaining pre-launch inventory recognized on the consolidated balance sheet will be dependent on future discussions with the FDA and remains fully provided for. For the year ended June 30, 2024, $3.2 million of pre-launch inventory was used for chemistry and manufacturing controls ("CMC") and research and development activities. For the years ended June 30, 2023 and 2022, $3.5 million and $7.0 million of pre-launch inventory costs have been recognized within Manufacturing Commercialization expenses in relation to the provision against the carrying value of pre-launch inventory, respectively. g. Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life. h. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination or lease transaction that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Pillar Two legislation has been enacted or substantially enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue is less than the threshold of €750 million. i. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. j. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Management maintains internal valuations of each asset annually (or more frequently should indicators of impairment be identified) and valuations from independent experts are requested periodically, within every three year period. The internal valuations are continually reviewed by management and consideration is given as to whether there are indicators of impairment which would warrant impairment testing. An external valuation of our assets was carried out by an independent expert as at March 31, 2023 with the recoverable amount of each asset exceeding its carrying amount. In August 2023,the FDA issued a CRL to the Group's BLA for remestemcel-L for the treatment of pediatric SR-aGVHD and the Group considered this to be an impairment indicator that could cause the carrying amount of its intangible assets to exceed its recoverable amounts. As a result, the Group completed an impairment assessment on its MSC products and intangible asset and goodwill, which considered the impact of the FDA's CRL. An external valuation was also obtained for the MSC products for the impairment assessment performed as a result of the receipt of the CRL. No impairment of the in-process research and development and goodwill was identified. In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric SR-aGVHD, and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within the impairment assessment associated with SR-aGVHD that could cause the carrying amount of our intangible asset to exceed its recoverable amount. k. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. l. 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. m. Investments and other financial assets (i) Classification The Group classifies its financial assets in the following measurement categories: •those to be measured subsequently at fair value (either through OCI or through profit or loss); and •those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 5(g). Equity instruments The group subsequently measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 5(b) for further details. n. Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. As at June 30, 2024 and 2023, the Group did not have any derivative instruments that qualified for hedge accounting. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other income or other expenses. o. Property, plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent cost are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associates with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred. Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives using the straight line method (see Note 6(a)). The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of plant and equipment are taken into account in determining the profit for the year. p. Intangible assets (i) Goodwill Goodwill is measured as described in Note 23(i). Goodwill on acquisition of subsidiaries is included in intangible assets (Note 6(c)). Goodwill is not amortized but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing be performed at any time during an annual period, provided the test is performed at the same time every year. The Group tests for impairment annually in the third quarter of each year. Additionally, assets must be tested for impairment if there is an indication that an asset may be impaired. The recoverable amounts of our assets and cash-generating units have been determined based on fair value less costs to sell calculations, which require the use of certain assumptions. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segments (Note 21). (ii) Acquired licenses to patents Acquired licenses have a finite useful life and are carried at cost less accumulated amortization and impairment losses. Each asset is amortized through to the estimated patent expiry date which is reviewed and adjusted as patent extensions are granted. Payments made to third parties to acquire licenses to patents, including initial upfront and subsequent milestone payments are capitalized. For subsequent payments under existing license agreements payments are capitalized if they meet the definition of an intangible asset. Management reviews the substance of the payment to determine its classification. Generally, payments made for a verifiable outcome, such as completion of a clinical trial, regulatory approvals and sales target milestones would be accumulated into the cost of the intangible. The Group periodically evaluates whether current facts or circumstances indicate that the carrying value of its acquired intangibles may not be recoverable. If such circumstances are determined to exist, an estimate of the undiscounted future cash flow of these assets, or appropriate assets grouping is compared to the carrying value to determine whether an impairment exists. If the asset is determined to be impaired, the loss is measured based on the differences between the carrying value of the intangible asset and its fair value, which is determined based on the net present value of estimated future cash flows. Royalty payments under license and sublicense agreements are expensed. (iii) In-process research and development acquired In-process research and development that has been acquired as part of a business acquisition is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form. Indefinite life intangible assets are not amortized but rather are tested for impairment annually in the third quarter of each year, or whenever events or circumstances present an indication of impairment. In-process research and development will continue to be tested for impairment until the related research and development efforts are either completed or abandoned. Upon completion of the related research and development efforts, management determines the remaining useful life of the intangible assets and amortizes them accordingly. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and various other relevant factors. At the time of completion, when the asset becomes available for use, all costs recognized in in-process research and development that related to the completed asset are transferred to the intangible asset category, current marketed products, at the asset’s historical cost. In the case of abandonment, the related research and development efforts are considered impaired and the asset is fully expensed. (iv) Current marketed products Current marketed products contain products that are currently being marketed. The assets are recognized on our consolidated balance sheet as a result of business acquisitions or reclassifications from In-process research and development upon completion. Upon completion, when assets become available for use, assets are reclassified from in-process research and development to current marketed products at the historical value that they were recognized at within the in-process research and development category. Upon reclassification to the current market products category management determines the remaining useful life of the intangible assets and amortizes them from the date they become available for use. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and any other relevant factors. Management have chosen to amortize all intangible assets with a finite useful life on a straight-line basis over the useful life of the asset. Current marketed products are tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing whenever there is an indication that an asset may be impaired. q. Trade and other payables Payables represent the principal amounts outstanding at balance date plus, where applicable, any accrued interest. Liabilities for payables and other amounts are carried at cost which approximates fair value of the consideration to be paid in the future for goods and services received, whether or not billed. The amounts are unsecured and are usually paid within 30 to 60 days of recognition. r. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the consolidated balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred of liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period Funds associated with Oaktree Capital Management, L.P. (“Oaktree”) In November 2021, the Group entered into a five-year senior debt facility provided by funds associated with Oaktree. The balance of funds drawn down is currently $50.0 million as of June 30, 2024. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which the principal amortizes 5% per quarter beginning December 2024 and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion (1.75% per annum) has been added to the outstanding loan balance and currently accrues further interest at a fixed rate of 9.75% per annum. On November 19, 2021, Oaktree were granted warrants to purchase 1,769,669 American Depositary Shares (“ADSs”) at US$7.26 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the debt facility was signed; consequently, a liability for the warrants was recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. On the issuance date of the Oaktree facility and the warrants, the warrants were initially measured at fair value and the Oaktree borrowing liability measured as the difference between the initial draw down of funds from the Oaktree facility and the fair value of the warrants. In December 2022, the Group amended the terms of the loan agreement with Oaktree and in connection with the loan amendment, Oaktree was granted warrants to purchase 455,000 ADSs at $3.70 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the first amendment to the loan agreement was signed; consequently, a liability for the warrants was recognized in December 2022. The warrants were legally issued on March 8, 2023 and may be exercised within 7 years of issuance. Refer to Note 5(g)(vi) for more details on warrants issued. On January 10, 2024, the ratio under Mesoblast's American Depository Receipt ("ADR") program was changed from 5 ordinary shares representing 1 ADS (5:1 ratio) to a new ratio of 10 ordinary shares representing 1 ADS (10:1 ratio). As a result of this ratio change and as a result of initiating the pro-rata accelerated non-renounceable rights issue in December 2023, the number and exercise price for the warrants was adjusted in accordance with the terms of these warrants. The warrants issued in November 2021 changed from 1,769,669 ADSs at $7.26 per ADS to 884,838 ADSs at $14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at $3.70 per ADS to 227,502 ADSs at $7.24 per ADS. In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized losses of $2.3 million, $1.6 million and a minimal gain in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our facility. Within the $1.6 million loss recognized in the year ended June 30, 2023, $1.0 million related to the remeasurement due to additional warrants being issued to Oaktree as a result of the first amendment to the loan agreement and $0.6 million related to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. The Group has pledged substantially all of its assets as collateral under the loan facility with Oaktree. NovaQuest Capital Management, L.L.C. On June 29, 2018, the Group entered into an eight-year, $40.0 million loan and security agreement with NovaQuest before drawing the first tranche of $30.0 million of the principal in July 2018. The loan term includes an interest only period of approximately four years through until July 8, 2022. All interest and principal payments (i.e. the amortization period) are deferred until the earlier of loan maturity or from after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD in the United States and other geographies excluding Asia ("remestemcel-L for pediatric SR-aGVHD"). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. If there are no net sales of remestemcel-L for pediatric SR-aGVHD, the loan is only repayable at maturity. The Group can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge. Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L 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. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made. In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized a loss of $0.1 million and gains of $0.9 million and $0.5 million in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of the Group's financial liability to reflect the revised estimated future cash flows as a net result of changes to the key assumptions in development timelines. The Group recognizes a liability as current based on repayments linked to estimates of sales of remestemcel-L. However, if sales of remestemcel-L are higher than estimated, actual repayments will exceed this amount, subject to the annual payment cap described above. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s fixed rate loan with the senior creditor, Oaktree. The Group have pledged a portion of our assets relating to the SR-aGVHD product candidate as collateral under the loan facility with NovaQuest. s. Provisions Provisions are recognized when the Group has a present legal obligation as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are recorded on acquisition of a subsidiary, to the extent they relate to a subsidiary’s contingent liabilities, if it relates to a past event, regardless of whether it is probable the amount will be paid. t. Employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, bonuses, annual leave and long service leave. Liabilities recognized in respect of employee benefits which are expected to be settled within 12 months after the end of the period in which the employees render the related services are measured at their nominal values using the remuneration rates expected to apply at the time of settlement. Liabilities recognized in respect of employee benefits which are not expected to be settled within 12 months after the end of the period in which the employees render the related services are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. The obligations are presented as current liabilities in the consolidated balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: when the Group can no longer withdraw the offer of those benefits and when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. u. Share-based payments Share-based payments are provided to eligible employees, directors and consultants via the Employee Share Option Plan (“ESOP”). Equity-settled share-based payments with employees and others providing similar services are measured at the fair value of the equity instrument at acceptance date. Fair value is measured using the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. It does not make any allowance for the impact of any service and non-market performance vesting conditions. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in Note 17. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on management’s estimate of shares that will eventually vest, with a corresponding increase in equity. At the end of each period, the entity revises its estimates of the number of shared-based payments that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. v. Leases 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. 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 Consolidated Income Statement when incurred. There were no variable lease payments that were expensed in the Consolidated Income Statement for the years ended June 30, 2024, 2023 and 2022. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever there is a change to the lease terms or expected payments under the lease, or a modification that is not accounted for as a separate lease. 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 with a lease term of 12 months or less, contracts that contain lease and non-lease components that are cancellable within 12 months and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment, small items of office furniture or low-value storage costs. w. Warrants Warrants reserve is measured as described in Note 7(b). For details on warrant liability, see Note 5(g)(vi). x. Contributed equity Ordinary shares are classified as equity. Transaction costs arising on the issue of equity instruments are recognized separately in equity. Transaction costs are the costs that are incurred directly in connection with the issue of those equity instruments and which would not have been incurred had those instruments not been issued. y. Loss per share (i) Basic losses per share Basic losses per share is calculated by dividing: •the loss attributable to equity holders of the Group, excluding any costs of servicing equity other than ordinary shares; •by the weighted average number of ordinary shares outstanding during the fiscal year, adjusted for bonus elements in ordinary shares issued during the year. (ii) Diluted losses per share Diluted losses per share adjusts the figures used in the determination of basic earnings per share to take into account •the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and •the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. z. Goods and services tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Consolidated Balance Sheet. Cash flows are included in the statement of cash flow on a gross basis. The GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows. aa. Rounding of amounts Our company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’ of amounts in the financial report. Unless mentioned otherwise, amounts within this report have been rounded off in accordance with that Legislative Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar.

Basis of preparation (Details) - USD ($) $ in Thousands	12 Months Ended
Basis of preparation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Basis Of Preparation [Abstract]
Cash & cash equivalents	$ 62,960	$ 71,318	$ 60,447	$ 136,881
Maximum amount paid in cash outflows from operating activities	$ 48,500
Percentage of reduction in cash outflows from operating activities	23.00%

Losses per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company (in dollars per share)	$ (0.0891)	$ (0.1053)	$ (0.1338)
Total basic (losses) per share attributable to the ordinary equity holders of the company (in dollars per share)	(0.0891)	(0.1053)	(0.1338)
(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company (in dollars per share)	(0.0891)	(0.1053)	(0.1338)
Total basic (losses) per share attributable to the ordinary equity holders of the company (in dollars per share)	$ (0.0891)	$ (0.1053)	$ (0.1338)
(c) Reconciliation of (losses) used in calculating (losses) per share
From continuing operations	$ (87,956)	$ (81,889)	$ (91,347)
Used in calculating basic (losses) per share	(87,956)	(81,889)	(91,347)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share	$ (87,956)	$ (81,889)	$ (91,347)
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share (in shares)	986,702,919	777,719,091	682,861,425
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share (in shares)	986,702,919	777,719,091	682,861,425

Summary of material accounting policies - Trade and Other Receivables (Details)	12 Months Ended
	Jun. 30, 2024
Disclosure of voluntary change in accounting policy [abstract]
Trade and other receivables due for settlement term	60 days

Financial risk management (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Financial Risk Management [Abstract]

Disclosure of Exposure to Financial Risks

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

Term deposits at fixed rates
Cash deposits at variable 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.

Market risk - share price risk

Warrant liability

Sensitivity analysis

The future exercise of warrants will not impact the Group's future cash flows significantly given the warrants will be paid in shares upon exercise. Therefore there are no significant cashflow risks associated with these warrants. The Group monitors the profit or loss impact that share price movements have on the valuation of the warrant liability each period.

Credit risk

Cash and cash equivalents, trade and other receivables and other non-current assets

Aging analysis
Credit ratings

Transact primarily with the best risk rated banks available in each region giving consideration to the products required, the quantum of cash reserves held and future forecasted requirements

Liquidity risk

Cash and cash equivalents, borrowings, trade payables, lease liabilities and contingent consideration

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.

Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate

The balances held at the end of the year that give rise to currency risk exposure are presented in US$ in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2024 and June 30, 2023 would have had on the Group’s reported net profits/(losses) and/or equity balance. The bank balances held at the end of the year that are presented in the following table give rise to currency risk exposure as they are not in the functional currency of the entity in which it is held.


		+20%		-20%
(in U.S. dollars, in thousands, unless otherwise noted) As of June 30, 2024	Foreign currency balance held	Profit/(Loss) US$		Profit/(Loss) US$
Bank accounts – USD	US$819	$	164	$	(164)
Bank accounts – CHF	CHF96	$	21	$	(21)
Bank accounts – SGD	S$62	$	9	$	(9)
Bank accounts – EUR	EUR151	$	32	$	(32)
Trade and other receivables - USD	US$400	$	80	$	(80)
Trade and other receivables - SGD	S$396	$	58	$	(58)
Trade and other receivables - CHF	CHF4	$	1	$	(1)
Trade and other receivables - EUR	EUR175	$	37	$	(37)
Trade payables and accruals - USD	(US$1,024)	$	(204)	$	204
Trade payables and accruals - AUD	(A$130)	$	(17)	$	17
Trade payables and accruals - SGD	(S$217)	$	(32)	$	32
Trade payables and accruals - GBP	(GBP60)	$	(15)	$	15
Trade payables and accruals - EUR	(EUR36)	$	(8)	$	8
Trade payables and accruals - CHF	(CHF19)	$	(4)	$	4
Provisions – USD	(US$1,750)	$	(350)	$	350
		$	(228)	$	228


		+20%		-20%
(in U.S. dollars, in thousands, unless otherwise noted) As of June 30, 2023	Foreign currency balance held	Profit/(Loss) US$		Profit/(Loss) US$
Bank accounts – USD	US$60	$	12	$	(12)
Bank accounts – CHF	CHF79	$	18	$	(18)
Bank accounts – SGD	S$80	$	12	$	(12)
Bank accounts – EUR	EUR4	$	1	$	(1)
Trade and other receivables - USD	US$400	$	80	$	(80)
Trade and other receivables - SGD	S$106	$	16	$	(16)
Trade and other receivables - CHF	CHF3	$	1	$	(1)
Trade and other receivables - EUR	EUR292	$	63	$	(63)
Trade payables and accruals - USD	(US$1,361)	$	(272)	$	272
Trade payables and accruals - AUD	(A$1,064)	$	(141)	$	141
Trade payables and accruals - SGD	(S$422)	$	(62)	$	62
Trade payables and accruals - GBP	(GBP45)	$	(11)	$	11
Trade payables and accruals - EUR	(EUR26)	$	(6)	$	6
Trade payables and accruals - CHF	(CHF40)	$	(9)	$	9
Provisions – USD	(US$1,750)	$	(350)	$	350
		$	(648)	$	648

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

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 June 30, 2024 and June 30, 2023. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows:


	As of Jun 30, 2024					As of June 30, 2023
(in U.S. dollars, in thousands, except percent data)	Low		High		US$	Low		High		US$
Funds invested – US$	1.84	%	1.84	%	25,123	1.79	%	1.79	%	40,569
Rate increase by 10%	2.02	%	2.02	%	46	1.97	%	1.97	%	73
Rate decrease by 10%	1.66	%	1.66	%	(46)	1.61	%	1.61	%	(73)

	As of Jun 30, 2024					As of June 30, 2023 (1)
(in Australian dollars, in thousands, except percent data)	Low		High		A$	Low		High		A$
Funds invested – A$	3.85	%	4.86	%	22,169	3.60	%	4.59	%	35,707
Rate increase by 10%	4.24	%	5.35	%	95	3.96	%	5.05	%	143
Rate decrease by 10%	3.47	%	4.37	%	(95)	3.24	%	4.13	%	(143)


(1)			A$ deposits held as of June 30, 2023 have been updated to reflect the increasing impact of higher interest rates.

Summary of Borrowing to Price Rate Changes

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


	As of Jun 30, 2024			As of June 30, 2023
(in U.S. dollars, in thousands, except percent data)	Total	% of total borrowings		Total	% of total borrowings
Financial liabilities
Current borrowings
Borrowings – NovaQuest	1,869	2	%	336	0	%
Non-current borrowings
Borrowings – NovaQuest	64,562	56	%	55,739	51	%
	66,431	58	%	56,075	51	%

Schedule of Group's Receivables

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. The Group’s receivables are tabled below.


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash and cash equivalents
Deposits at call (Note 5(a)) - minimum A rated	397	398
Cash at bank (Note 5(a)) - minimum A rated	62,563	70,920
Trade and other receivables
Receivable from other parties (non-rated)	1,403	2,276
Receivable from the Australian Government (Income Tax)	854	2,363
Receivable from the United States Government (U.S. tax credits)	—	1,473
Receivable from the Australian Government (Foreign Withholding Tax)	400	400
Receivable from the Australian Government (Goods and Services Tax)	126	121
Receivable from the Singapore Government (Goods and Services Tax)	292	78
Receivable from the United States Government (Foreign Withholding Tax)	71	71
Receivable from minimum A rated bank deposits (interest)	23	18
Receivable from the Swiss Government (Value-Added Tax)	5	3
Receivable from the United States Government (Income Tax)	—	—
Other non-current assets
Minimum A rated bank deposits (held as security)	1,912	1,912

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

As of June 30, 2024, the maturity profile of the anticipated future contractual cash flows, on an undiscounted basis and removing probability adjustments as applicable for contingent consideration, 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)	(15,763)	(140,716)	—	—	(156,479)	(114,345)
Trade payables	(7,071)	—	—	—	(7,071)	(7,070)
Lease liabilities	(2,819)	(1,797)	(206)	—	(4,822)	(4,578)
Contingent consideration(3)	(5,500)	(1,604)	—	—	(7,104)	(656)
	(31,153)	(144,117)	(206)	—	(175,476)	(126,649)

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	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Financial Instruments [Line Items]
Contingent consideration provision	$ 26,892	$ 17,199	$ 23,284
Expected unit sales price
Disclosure Of Financial Instruments [Line Items]
Percentage of reasonably possible increase (decrease) in unobservable input, liabilities	0.10	0.10
Percentage of reasonably possible increase (decrease) in fair value measurement due to change in unobservable input, liabilities	0.001	0.001
Discounted cash flow
Disclosure Of Financial Instruments [Line Items]
Contingent consideration provision	$ 26,892	$ 17,199
Discounted cash flow \| Discounted cash flows
Disclosure Of Financial Instruments [Line Items]
Percentage of reasonably possible increase (decrease) in unobservable input, liabilities	0.005	0.005
Percentage of reasonably possible increase (decrease) in fair value measurement due to change in unobservable input, liabilities		0.0001
Weighted Average \| Discounted cash flow
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	(12.50%)	(12.50%)
Bottom of range \| Discounted cash flow
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	11.00%	11.00%
Top of range \| Discounted cash flow
Disclosure Of Financial Instruments [Line Items]
Range of inputs (weighted average)	13.00%	13.00%
Expected Sales Volume \| Expected sales volumes
Disclosure Of Financial Instruments [Line Items]
Percentage of reasonably possible increase (decrease) in unobservable input, liabilities	0.10	0.10
Percentage of reasonably possible increase (decrease) in fair value measurement due to change in unobservable input, liabilities	0.001	0.001
Probability of Success \| Probability of success measurement input
Disclosure Of Financial Instruments [Line Items]
Percentage of reasonably possible increase (decrease) in unobservable input, liabilities	0.10	0.10
Percentage of reasonably possible increase (decrease) in fair value measurement due to change in unobservable input, liabilities	0.10	0.08
Probability of Success \| Payment assumptions measurement input
Disclosure Of Financial Instruments [Line Items]
Percentage of reasonably possible increase (decrease) in unobservable input, liabilities	0.20	0.20
Percentage of reasonably possible increase (decrease) in fair value measurement due to change in unobservable input, liabilities	0.201	0.16

Non-financial assets and liabilities - Schedule of Deferred Consideration (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Non Financial Assets And Liabilities [Abstract]
Milestone revenue	$ 2,500	$ 0	$ 0	$ 1,172

Financial Assets and Liabilities - Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Financial Instruments [Line Items]
Remeasurement of contingent consideration	$ 9,693	$ (8,771)	$ (913)
Level 3
Disclosure Of Financial Instruments [Line Items]
Opening balance	17,199	23,284
Reclassification during the period		2,686
Remeasurement of contingent consideration	9,693	(8,771)
Closing balance	$ 26,892	$ 17,199	$ 23,284

Cover Page	12 Months Ended
Cover Page	Jun. 30, 2024 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--06-30
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-37626
Entity Address Address Line1	Level 38
Entity Address Address Line2	55 Collins Street
Entity Address City Or Town	Melbourne
Entity Address Postal Zip Code	3000
Entity Address Country	AU
Title of 12(b) Security	American Depositary Shares, each representing ten Ordinary Shares
Trading Symbol	MESO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	1,141,784,114
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Incorporation, State or Country Code	C3
Entity Filer Category	Accelerated Filer
Entity Central Index Key	0001345099
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
EntityRegistrantName	MESOBLAST LTD
Business Contact
Document Information [Line Items]
Entity Address Address Line1	Level 38
Entity Address Address Line2	55 Collins Street
Entity Address City Or Town	Melbourne
Entity Address Postal Zip Code	3000
Entity Address Country	AU
Contact Personnel Name	Silviu Itescu
City Area Code	+61 (3)
Local Phone Number	9639 6036
Contact Personnel Fax Number	+61 (3) 9639 6030

Financial Assets and Liabilities - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Abstract]
Trade and other payables	$ 7,070	$ 20,145
Trade and other payables	$ 7,070	$ 20,145

Parent Entity Financial Information - Summary of Parent Entity Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Parent Entity Financial Information [Line Items]
Current Assets	$ 86,463	$ 81,658
Total Assets	669,153	669,415
Current Liabilities	73,243	41,982
Total Liabilities	188,798	167,577
Shareholders' Equity
Issued Capital	1,310,813	1,249,123
Reserves
Accumulated losses	(908,761)	(820,805)
Total Equity	480,355	501,838	$ 497,044	$ 581,397
Loss for the period	(87,956)	(81,889)	(91,347)
Total comprehensive income/(loss) for the period	(88,648)	(82,463)	$ (91,578)
Parent
Disclosure Of Parent Entity Financial Information [Line Items]
Current Assets	37,166	28,850
Total Assets	958,323	890,120
Current Liabilities	30,709	11,941
Total Liabilities	33,358	15,282
Shareholders' Equity
Issued Capital	1,310,813	1,249,123
Reserves
Foreign Currency Translation Reserve	(261,745)	(261,377)
Share Options Reserve	91,940	86,274
Warrant Reserve	12,969	12,969
Accumulated losses	(229,012)	(212,165)
Total Equity	924,965	874,824
Loss for the period	(16,847)	(18,848)
Total comprehensive income/(loss) for the period	$ (16,847)	$ (18,848)

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Loss for the period	$ (87,956)	$ (81,889)	$ (91,347)
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations	51	(573)	91
Items that will not be reclassified to profit and loss
Financial assets at fair value through other comprehensive income	(743)	(1)	(322)
Other comprehensive (loss)/income for the period, net of tax	(692)	(574)	(231)
Total comprehensive losses attributable to the owners of Mesoblast Limited	$ (88,648)	$ (82,463)	$ (91,578)

Loss before income tax

12 Months Ended

Jun. 30, 2024

Disclosure Of Loss Before Income Tax [Abstract]

Loss before income tax


		Year Ended June 30,
(in U.S. dollars, in thousands)	Note	2024	2023	2022
Revenue
Commercialization revenue		5,902	7,501	9,039
Milestone revenue		—	—	1,172
Total Revenue		5,902	7,501	10,211

Clinical trial and research & development		(3,963)	(8,771)	(10,483)
Manufacturing production & development		(13,252)	(25,468)	(28,884)

Employee benefits
Salaries and employee benefits		(20,415)	(17,197)	(18,997)
Defined contribution superannuation expenses		(369)	(384)	(402)
Equity settled share-based payment transactions(1)		(5,870)	(3,655)	(5,536)
Total Employee benefits		(26,654)	(21,236)	(24,935)

Depreciation and amortization of non-current assets
Plant and equipment depreciation		(410)	(953)	(1,144)
Right of use asset depreciation		(2,771)	(1,661)	(1,717)
Intellectual property amortization		(1,485)	(1,493)	(1,519)
Total Depreciation and amortization of non-current assets		(4,666)	(4,107)	(4,380)

Other Management & administration expenses
Overheads & administration		(8,584)	(10,104)	(10,157)
Consultancy		(2,458)	(3,922)	(3,751)
Legal, patent and other professional fees		(2,342)	(3,695)	(5,571)
Intellectual property expenses (excluding the amount amortized above)		(2,777)	(2,993)	(2,621)
Total Other Management & administration expenses		(16,161)	(20,714)	(22,100)

Fair value remeasurement of contingent consideration
Remeasurement of contingent consideration	5(g)(iii)	(9,693)	8,771	913
Total Fair value remeasurement of contingent consideration		(9,693)	8,771	913

Fair value remeasurement of warrant liability
Remeasurement of warrant liability	5(g)(vi)	779	(2,205)	5,896
Total Fair value remeasurement of warrant liability		779	(2,205)	5,896

Other operating income and expenses
Research and development tax incentive income(2)		859	3,506	—
Interest income		1,824	831	3
Foreign exchange (losses)/gains		(76)	(163)	(536)
Derecognition of right-of-use asset		—	76	—
Foreign withholding tax paid		(37)	—	(3)

Total Other operating income and expenses		2,570	4,250	(536)


		Year Ended June 30,
(in U.S. dollars, in thousands)	Note	2024	2023	2022
Finance (costs)/gains
Remeasurement of borrowing arrangements		(2,351)	(678)	(382)
Interest expense		(20,658)	(19,444)	(16,906)
Total Finance costs		(23,009)	(20,122)	(17,288)

Total loss before income tax		(88,147)	(82,101)	(91,586)

Legal proceedings (Details)	Jun. 30, 2024 lawsuit
Legal proceedings provision [abstract]
Number of action lawsuits	1

Financial Assets and Liabilities - Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Financial assets at fair value through other comprehensive income:
Total Financial Assets	$ 1,014	$ 1,757
Financial liabilities at fair value through profit or loss:
Contingent consideration	26,892	17,199
Warrant liabilities	4,647	5,426	$ 2,185
Total Financial Liabilities	31,539	22,625
Level 1
Financial assets at fair value through other comprehensive income:
Total Financial Assets	0	0
Financial liabilities at fair value through profit or loss:
Contingent consideration	0	0
Warrant liabilities	0	0
Total Financial Liabilities	0	0
Level 2
Financial assets at fair value through other comprehensive income:
Total Financial Assets	0	0
Financial liabilities at fair value through profit or loss:
Contingent consideration	0	0
Warrant liabilities	0	0
Total Financial Liabilities	0	0
Level 3
Financial assets at fair value through other comprehensive income:
Total Financial Assets	1,014	1,757
Financial liabilities at fair value through profit or loss:
Contingent consideration	26,892	17,199
Warrant liabilities	4,647	5,426
Total Financial Liabilities	31,539	22,625
Equity securities
Financial assets at fair value through other comprehensive income:
Total Financial Assets	1,014	1,757
Equity securities \| Level 1
Financial assets at fair value through other comprehensive income:
Total Financial Assets	0	0
Equity securities \| Level 2
Financial assets at fair value through other comprehensive income:
Total Financial Assets	0	0
Equity securities \| Level 3
Financial assets at fair value through other comprehensive income:
Total Financial Assets	$ 1,014	$ 1,757

Non-financial assets and liabilities - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Right Of Use Assets Line Item
Beginning balance	$ 5,134
Depreciation charge	(2,771)	$ (1,661)	$ (1,717)
Ending balance	2,732	5,134
Buildings
Disclosure Of Right Of Use Assets Line Item
Depreciation charge	(1,600)	(1,700)	(1,700)
Manufacturing
Disclosure Of Right Of Use Assets Line Item
Depreciation charge	(1,200)	(700)	(1,400)
Right-of-use Assets
Disclosure Of Right Of Use Assets Line Item
Beginning balance	5,134	7,920
Additions/(derecognition)		(649)
Additions	0
Remeasurement	369	224
Exchange differences	0	(15)
Depreciation charge	(2,771)	(2,346)
Ending balance	2,732	5,134	7,920
Right-of-use Assets \| Adjustment On Adoption Of I F R S16
Disclosure Of Right Of Use Assets Line Item
Beginning balance	5,134
Ending balance		5,134
Right-of-use Assets \| Cost
Disclosure Of Right Of Use Assets Line Item
Beginning balance	16,135
Ending balance	15,373	16,135
Right-of-use Assets \| Accumulated depreciation
Disclosure Of Right Of Use Assets Line Item
Beginning balance	(11,001)
Ending balance	(12,641)	(11,001)
Right-of-use Assets \| Buildings
Disclosure Of Right Of Use Assets Line Item
Beginning balance	3,297	5,096
Additions/(derecognition)		(649)
Additions	0
Remeasurement	0	526
Exchange differences	0	(15)
Depreciation charge	(1,570)	(1,661)
Ending balance	1,727	3,297	5,096
Right-of-use Assets \| Buildings \| Adjustment On Adoption Of I F R S16
Disclosure Of Right Of Use Assets Line Item
Beginning balance	3,297
Ending balance		3,297
Right-of-use Assets \| Buildings \| Cost
Disclosure Of Right Of Use Assets Line Item
Beginning balance	9,957
Ending balance	9,128	9,957
Right-of-use Assets \| Buildings \| Accumulated depreciation
Disclosure Of Right Of Use Assets Line Item
Beginning balance	(6,660)
Ending balance	(7,401)	(6,660)
Right-of-use Assets \| Manufacturing
Disclosure Of Right Of Use Assets Line Item
Beginning balance	1,837	2,824
Remeasurement	369
Remeasurement		(302)
Depreciation charge	(1,201)	(685)
Ending balance	1,005	1,837	$ 2,824
Right-of-use Assets \| Manufacturing \| Adjustment On Adoption Of I F R S16
Disclosure Of Right Of Use Assets Line Item
Beginning balance	1,837
Ending balance		1,837
Right-of-use Assets \| Manufacturing \| Cost
Disclosure Of Right Of Use Assets Line Item
Beginning balance	6,178
Ending balance	6,245	6,178
Right-of-use Assets \| Manufacturing \| Accumulated depreciation
Disclosure Of Right Of Use Assets Line Item
Beginning balance	(4,341)
Ending balance	$ (5,240)	$ (4,341)

Related party transactions

12 Months Ended

Jun. 30, 2024

Disclosure Of Key Management Personnel Compensation [Abstract]

Related party transactions

a. Parent entity

The parent entity within the Group is Mesoblast Limited.

b. Subsidiaries

Details of interests in subsidiaries are disclosed in Note 12 to the financial statements.

c. Key management personnel compensation

The aggregate compensation made to Directors and other members of key management personnel ("KMP") of the Group is set out below:


	Year Ended June 30,
(in U.S. dollars)	2024	2023
Short-term employee benefits	2,762,736	2,153,181
Long-term employee benefits	11,124	11,326
Post-employment benefits	18,900	23,935
Share based payments	1,704,995	881,342
	4,497,755	3,069,784

The aggregate other service payments made to Directors and other members of key management personnel of the Group is set out below:

Philip Krause has been a non-executive director of Mesoblast since March 2022. Philip Krause was appointed to a formal strategic advisory role on June 4, 2023 where he was remunerated at an hourly rate and the agreement was able to be terminated on 15 written days notice. The consulting agreement was in addition to Philip Krause's existing role as non-executive director. Philip Krause was determined not to be independent on August 28, 2023 and his director fees ceased from August 1, 2023. On October 1, 2023, Philip Krause's consulting agreement was amended, where he is now remunerated via a monthly retainer of $20,000 for strategic advisory services and his role as non-executive director and these fees are included in the table above. The agreement is ongoing, with either party able to terminate on 90 written days notice. The total aggregate fees paid to Philip Krause through the original consulting agreement for the year ended June 30, 2024 and 2023 was $220,900 and $110,383, respectively.

There were no loans or other related transactions with KMP during the financial year.

d. Transactions with other related parties

Accounts receivable from revenues, accounts payable to expenses and loans from subsidiaries as at the end of the fiscal year have been eliminated on consolidation of the Group.

e. Terms and conditions

All other transactions were made on normal commercial terms and conditions and at market rates, except that there are no fixed terms for the repayment of loans between the parties.

Outstanding balances are unsecured and are repayable in cash.

Legal proceedings	12 Months Ended
Legal proceedings	Jun. 30, 2024
Legal proceedings provision [abstract]
Legal proceedings	Legal proceedingsA class action proceeding in the Federal Court of Australia was served on the Company in May 2022 by the law firm William Roberts Lawyers on behalf of persons who, between February 22, 2018, and December 17, 2020, acquired an interest in Mesoblast shares, American Depository Receipts, and/or related equity swap arrangements. In June 2022, the firm Phi Finney McDonald commenced a second shareholder class action against the Company in the Federal Court of Australia asserting similar claims arising during the same period. The Australian class actions relate to the Complete Response Letter released by the FDA in September 2020 in relation to the Company's GvHD product candidate; they also relate to certain representations made by the Company in relation to our COVID-19 product candidate and the decline in the market price of the Company's ordinary shares in December 2020. The Australian class actions have been consolidated into one lawsuit. On August 21, 2024, the Company announced that the class action had been resolved subject to Federal Court approval and includes no admission of liability. In relation to the settlement of the class action, which was assessed as an adjusting subsequent event, the Group recognized a provision for litigation settlement as of June 30, 2024 in the consolidated balance sheet (inclusive of interest and costs), refer to Note 6(d). Given the settlement will be funded entirely by Mesoblast's insurers, the Group has also recognized an insurance asset within trade and other receivables in the consolidated balance sheet as of June 30, 2024, refer to Note 5(b)(i).

Financial risk management - Summary of Group's Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Trade And Other Receivables [Line Items]
Deposits at call	$ 397	$ 398	$ 413
Cash at bank	62,563	70,920	$ 60,034
Other recoverable taxes (Goods and services tax and value-added tax)	423	202
U.S. Tax credits	0	1,473
Credit Risk \| Minimum A Rated
Disclosure Of Trade And Other Receivables [Line Items]
Deposits at call	397	398
Cash at bank	62,563	70,920
Receivable from minimum A rated bank deposits (interest)	23	18
Credit Risk \| Non-Rated
Disclosure Of Trade And Other Receivables [Line Items]
Receivable from other parties (non-rated)	1,403	2,276
Credit Risk \| Australian Government
Disclosure Of Trade And Other Receivables [Line Items]
Receivable from the Government (Income Tax)	854	2,363
Receivable from the Australian Government (Foreign Withholding Tax)	400	400
Other recoverable taxes (Goods and services tax and value-added tax)	126	121
Credit Risk \| United States Government
Disclosure Of Trade And Other Receivables [Line Items]
Receivable from the Government (Income Tax)	0	0
Other recoverable taxes (Goods and services tax and value-added tax)	71	71
U.S. Tax credits	0	1,473
Minimum A rated bank deposits (held as security)	1,912	1,912
Credit Risk \| Swiss Government
Disclosure Of Trade And Other Receivables [Line Items]
Receivable from the Swiss Government (Value-Added Tax)	5	3
Credit Risk \| SGD
Disclosure Of Trade And Other Receivables [Line Items]
Other recoverable taxes (Goods and services tax and value-added tax)	$ 292	$ 78

Losses per share (Tables)

12 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Summary of Loss Per Share


	Years Ended June 30,
	2024	2023	2022
(Losses) per share
(in cents)
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)
Total basic (losses) per share attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)

(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)
Total basic (losses) per share attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)

(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	(87,956)	(81,889)	(91,347)

Diluted (losses) per share
(Losses) from continuing operations attributable to the ordinary equity holders of the company:
Used in calculating basic (losses) per share	(87,956)	(81,889)	(91,347)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share	(87,956)	(81,889)	(91,347)

	2024 Number	2023 Number	2022 Number
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share	986,702,919	777,719,091	682,861,425
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share	986,702,919	777,719,091	682,861,425

Remuneration of auditors (Details) - USD ($)	12 Months Ended
Remuneration of auditors (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Auditors Remuneration [Line Items]
Total auditors' remuneration	$ 722,507	$ 994,806	$ 945,568
Price Water House Coopers \| Australia
Disclosure Of Auditors Remuneration [Line Items]
Audit and review of financial reports	623,605	669,603	745,021
Other audit services	33,180	180,339	67,238
Total auditors' remuneration	656,785	849,942	812,259
Network Firms Of Price Water House Coopers \| Australia
Disclosure Of Auditors Remuneration [Line Items]
Audit and review of financial reports	65,722	144,864	133,309
Total auditors' remuneration	$ 65,722	$ 144,864	$ 133,309

Income tax benefit/(expense) - Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Amounts that would be recognized directly in equity if brought to account
Current tax recorded in equity (if brought to account)	$ (1,329)	$ (1,716)	$ (142)
Deferred tax recorded in equity (if brought to account)	1,029	839	715
Current and deferred tax relating to items credited (charged) directly to equity	$ (300)	$ (877)	$ 573

Income tax benefit/(expense) (Tables)

12 Months Ended

Jun. 30, 2024

Major components of tax expense (income) [abstract]

Summary of Reconciliation of Income Tax to Prima Facie Tax Payable


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(a)	Reconciliation of income tax to prima facie tax payable
	Loss from continuing operations before income tax	(88,147)	(82,101)	(91,586)
	Tax benefit at the Australian tax rate of 30% (2023: 30%, 2022: 30%)	(26,444)	(24,630)	(27,476)
	Tax effect of amounts which are not deductible/(exempt) in calculating taxable income:
	Share-based payments expense	1,752	1,089	1,588
	Research and development tax concessions	324	(730)	(869)
	Foreign exchange translation (losses)/gains	(103)	501	159
	Contingent consideration	2,908	(2,631)	(274)
	Other sundry items	(231)	695	(2,036)
	Subtotal	(21,794)	(25,706)	(28,908)
	Adjustments for current tax of prior periods	198	274	(923)
	Differences in overseas tax rates	6,051	8,537	8,407
	Tax benefit not recognized	15,354	16,683	21,185
	Change in tax rate on Deferred tax assets(1)	—	—	(8,326)
	Change in tax rate on Deferred tax liability(1)	—	—	8,326
	Income tax benefit attributable to loss before income tax	(191)	(212)	(239)


(1)			On June 30, 2022, there was a change in the expected tax rate applicable on future taxable profits in Singapore. The Group was expecting to benefit from concessionary tax rates (tax holiday) in Singapore under the tax incentives granted to the Group by the Singapore Economic Development Board, however at June 30, 2022 the Group had not met the conditions under the agreement to access the concessionary tax rates and therefore have recognized a change in the expected tax rate in Singapore to reflect the statutory tax rate of 17%. The Group is in current discussions with the Singapore Economic Development Board to amend the conditions of the incentive agreement and access these concessionary tax rates in the future.

Summary of income tax expense/(benefit)


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(b)	Income tax (benefit)/expense
	Current tax
	Current tax	—	—	—
	Total current tax (benefit)/expense	—	—	—

	Deferred tax
	(Increase)/decrease in deferred tax assets	56	38	(8,317)
	(Decrease)/increase in deferred tax liabilities	(247)	(250)	8,078
	Total deferred tax (benefit)/expense	(191)	(212)	(239)
	Income tax (benefit)/expense	(191)	(212)	(239)

Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(c)	Amounts that would be recognized directly in equity if brought to account
	Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account:
	Current tax recorded in equity (if brought to account)	(1,329)	(1,716)	(142)
	Deferred tax recorded in equity (if brought to account)	1,029	839	715
		(300)	(877)	573

Summary of Amounts That Would Be Recognized Directly in Equity


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(d)	Amounts recognized directly in equity
	Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity
	Current tax recorded in equity	—	—	—
	Deferred tax recorded in equity	191	212	239
		191	212	239

Summary of Deferred Tax Assets Not Brought to Account


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(e)	Deferred tax assets not brought to account
	Unused tax losses
	Potential tax benefit at local tax rates	140,129	125,728	111,283
	Other temporary differences
	Potential tax benefit at local tax rates	14,204	12,318	11,046
	Other tax credits
	Potential tax benefit at local tax rates	3,220	3,220	3,220
		157,553	141,266	125,549

Equity - Summary of Movements of Shares in Share Trust (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Movements Of Shares In Share Trust [Line Items]
Exercise of share options, (in shares)	(1,072,363)
Mesoblast Employee Share Trust
Disclosure Of Movements Of Shares In Share Trust [Line Items]
Opening balance, (in shares)	542,903	542,903	771,983
Transfer to employee share trust, (in shares)	1,072,363	0	0
Exercise of share options, (in shares)	(1,072,363)	0	(229,080)
Ending balance, (in shares)	542,903	542,903	542,903
Opening balance	$ 0	$ 0	$ 0
Transfer to employee share trust	0	0	0
Exercise of share options	0	0	0
Ending balance	$ 0	$ 0	$ 0

Cash flow information (Tables)

12 Months Ended

Jun. 30, 2024

Statement of cash flows [abstract]

Summary of Cash Flow Information


(in U.S. dollars, in thousands)	As of June 30,
(a) Reconciliation of cash and cash equivalents	2024	2023	2022
Cash at bank	62,563	70,920	60,034
Deposits at call	397	398	413
	62,960	71,318	60,447

(in U.S. dollars, in thousands)	As of June 30,
(b) Reconciliation of net cash flows used in operations with loss after income tax	2024	2023	2022
Loss for the period	(87,956)	(81,889)	(91,347)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization	4,666	4,107	4,380
Foreign exchange losses/(gains)	78	62	536
Finance costs	22,792	20,122	17,288
Remeasurement of contingent consideration	9,693	(8,771)	(913)
Remeasurement of warrant liabilities	(779)	2,205	(5,896)
Equity settled share-based payment	5,870	3,655	5,536
Deferred tax benefit	(191)	(212)	(235)
Gain on derecognition of right-of-use assets	—	(76)	—
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables	(15,466)	(118)	140
Decrease/(increase) in prepayments	807	1,650	1,555
Increase/(decrease) in trade and other payables	(12,378)	(398)	4,777
Decrease/(increase) in tax incentive recoverable	1,490	(2,388)	—
Increase/(decrease) in provisions	22,916	(1,218)	(1,603)
Net cash outflows used in operations	(48,458)	(63,269)	(65,782)

Loss Before Income Tax - Summary of Loss Before Income Tax (Parenthetical) (Details) - Income Statement Functional Expense Categories - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	$ 5,870,168	$ 3,655,346	$ 5,535,845
Research and development
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	2,797,830	1,669,514	3,547,182
Manufacturing and commercialization
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	176,907	(1,136)	378,096
Management and administration
Disclosure Of Loss Before Income Tax Line Item
Equity settled share-based payment transactions	$ 2,895,431	$ 1,986,968	$ 1,610,567

Non-financial assets and liabilities

12 Months Ended

Jun. 30, 2024

Disclosure Of Non Financial Assets And Liabilities [Abstract]

Non-financial assets and liabilities

6. Non-financial assets and liabilities

a. Property, plant and equipment


(in U.S. dollars, in thousands)	Plant and Equipment	Office Furniture and Equipment	Computer Hardware and Software	Total
Year Ended June 30, 2023
Opening net book amount	1,208	692	145	2,045
Additions	171	43	60	274
Exchange differences	(104)	113	(18)	(9)
Depreciation charge	(818)	(45)	(90)	(953)
Closing net book value	457	803	97	1,357

As of June 30, 2023
Cost	6,910	2,074	3,353	12,337
Accumulated depreciation	(6,453)	(1,271)	(3,256)	(10,980)
Net book value	457	803	97	1,357

Year Ended June 30, 2024
Opening net book amount	457	803	97	1,357
Additions	38	—	120	158
Disposals	—	(2)	(7)	(9)
Exchange differences	(6)	(8)	16	2
Depreciation charge	(281)	(41)	(80)	(402)
Closing net book value	208	752	146	1,106

As of June 30, 2024
Cost	6,067	2,044	644	8,755
Accumulated depreciation	(5,859)	(1,292)	(498)	(7,649)
Net book value	208	752	146	1,106

(i) Depreciation methods and useful lives

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. The estimated useful lives are:

•Plant and equipment 3 – 15 years

•Office furniture and equipment 5 – 20 years

•Computer hardware and software 3 – 5 years

See Note 23(o) for other accounting policies relevant to property, plant and equipment.

b. Leases

(i) Amounts recognized on the consolidated balance sheet

Right-of-use assets


(in U.S. dollars, in thousands)	Buildings	Manufacturing	Total
Year Ended June 30, 2023
Opening net book amount	5,096	2,824	7,920
Additions/(derecognition)	(649)	—	(649)
Remeasurement	526	(302)	224
Exchange differences	(15)	—	(15)
Depreciation charge	(1,661)	(685)	(2,346)
Closing net book value	3,297	1,837	5,134

As of June 30, 2023
Cost	9,957	6,178	16,135
Accumulated depreciation	(6,660)	(4,341)	(11,001)
Net book value	3,297	1,837	5,134

Year Ended June 30, 2024
Opening net book amount	3,297	1,837	5,134
Additions	—	—	—
Remeasurement	—	369	369
Exchange differences	—	—	—
Depreciation charge	(1,570)	(1,201)	(2,771)
Closing net book value	1,727	1,005	2,732

As of June 30, 2024
Cost	9,128	6,245	15,373
Accumulated depreciation	(7,401)	(5,240)	(12,641)
Net book value	1,727	1,005	2,732

Lease liabilities


	As of June 30,
	2024	2023
Current	2,626	4,060
Non-current	1,952	3,672
Lease liabilities included in the balance sheet	4,578	7,732

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. The interest expense (included in finance costs) for leases was $0.4 million, $0.5 million and $0.6 million for the years ended June 30, 2024, 2023 and 2022, respectively. In the years ended June 30, 2024 and 2023, total payments associated with lease liabilities were $3.9 million and $3.2 million, respectively.

Payments associated with short-term leases with a lease term of 12 months or less, contracts that contain lease and non-lease components that are cancellable within 12 months and leases of low-value assets are recognized on a straight-line

basis as an expense in profit or loss. The expense relating to short-term leases was $0.3 million for the year ended June 30, 2024 and $1.1 million for the year ended June 30, 2023.

(ii) Depreciation methods and useful lives of right-of use assets

Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts over the estimated useful lives. Depreciation for leases relating to buildings for the years ended June 30, 2024, 2023 and 2022 was $1.6 million, $1.7 million and $1.7 million, respectively.

Depreciation for the lease relating to manufacturing was $1.2 million, $0.7 million, and $1.4 million for the years ended June 30, 2024, 2023 and 2022, respectively, of which the $1.2 million of depreciation in the year ended June 30, 2024 was recognized in the consolidated income statement. Prior to the year ended June 30, 2024, depreciation on the manufacturing lease was capitalized within pre-launch inventory.

(iii) Extension and termination options

Extension options and termination options may be included in the right-of-use asset leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options and periods after termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated.

A right-of-use asset and lease liability has been recognized in relation to the manufacturing service agreement entered into with Lonza in October 2019 for the supply of commercial product for the potential approval and launch of remestemcel-L for the treatment of SR-aGVHD in the US market. Management has determined that this agreement has a non-cancellable lease term expiring within 2 years from June 30, 2024, which is cancellable in limited circumstances.

As of June 30, 2024, the anticipated future contractual cash flows relating to the lease component of the Lonza agreement are $1.9 million on an undiscounted basis, as included within lease liabilities in Note 10(c). The anticipated future contractual cash flows exclude cashflows beyond the non-cancellable lease term as it is not reasonably certain the Group will extend the agreement. At the Group's discretion, the minimum financial commitment relating to the lease component under this manufacturing services agreement can be reduced by $1.0 million under certain conditions.

See Note 23(v) for other accounting policies relevant to lease accounting.

c. 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, 2023
Opening net book amount	134,453	1,632	427,779	14,788	578,652
Additions/reversals	—	23	—	—	23
Exchange differences	—	1	—	—	1
Amortization charge	—	(38)	—	(1,455)	(1,493)
Closing net book amount	134,453	1,618	427,779	13,333	577,183

As of June 30, 2023
Cost	134,453	2,993	489,698	23,999	651,143
Accumulated amortization	—	(1,375)	—	(10,666)	(12,041)
Accumulated impairment	—	—	(61,919)	—	(61,919)
Net book amount	134,453	1,618	427,779	13,333	577,183

Year Ended June 30, 2024
Opening net book amount	134,453	1,618	427,779	13,333	577,183
Additions	—	37	—	—	37
Exchange differences	—	1	—	—	1
Amortization charge	—	(30)	—	(1,455)	(1,485)
Closing net book amount	134,453	1,626	427,779	11,878	575,736

As of June 30, 2024
Cost	134,453	3,032	489,698	24,000	651,183
Accumulated amortization	—	(1,406)	—	(12,122)	(13,528)
Accumulated impairment	—	—	(61,919)	—	(61,919)
Net book amount	134,453	1,626	427,779	11,878	575,736

(i) Carrying value of in-process research and development acquired by product


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cardiovascular products(1)	254,351	254,351
Intravenous products for metabolic diseases and inflammatory/immunologic conditions(2)	70,730	70,730
MSC products(3)	102,698	102,698
	427,779	427,779

(1)Includes MPC-150-IM for the treatment or prevention of chronic heart failure and MPC-25-IC for the treatment or prevention of acute myocardial infarction

(2)Includes MPC-300-IV for the treatment of biologic-refractory rheumatoid arthritis and diabetic nephropathy

(3)Includes remestemcel-L for the treatment of SR-aGVHD and remestemcel-L for the treatment of Crohn’s disease

For all products included within the above balances, the underlying currency of each item recorded is US$.

(ii) Amortization methods and useful lives

The Group amortizes intangible assets with a finite useful life using the straight-line method over the following periods:

•Acquired licenses to patents 7 – 16 years

•Current marketed products 15 – 20 years

See Note 23(p) for the other accounting policies relevant to intangible assets and Note 23(j) for the Group’s policy regarding impairments.

(iii) Significant estimate: Impairment of goodwill and assets with an indefinite useful life

The Group tests annually, or more frequently if events or changes in circumstances indicate that they might be impaired, whether goodwill and its assets with indefinite useful lives have suffered any impairment in accordance with its accounting policy stated in Note 23(j). The recoverable amounts of these assets and cash-generating units have been determined based on fair value less costs to dispose calculations, which require the use of market-participant assumptions that are based on development strategies using external data sources as well as past experience. The full annual impairment assessment was performed at March 31, 2024 and no impairment of the in-process research and development and goodwill was identified.

In August 2023, the FDA issued a CRL to the Group's BLA for remestemcel-L for the treatment of pediatric SR-aGVHD and the Group has considered this to be an impairment indicator that could cause the carrying amount of its intangible assets to exceed its recoverable amounts. As a result, the Group completed an impairment assessment on its MSC products intangible asset and goodwill, which considered the impact of the FDA's CRL. An external valuation was also obtained for the MSC products for the impairment assessment performed as a result of the receipt of the CRL. No impairment of the in-process research and development and goodwill was identified.

In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric SR-aGVHD, and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within the impairment assessment associated with SR-aGVHD that could cause the carrying amount of our intangible asset to exceed its recoverable amount.

(iv) Impairment tests for goodwill and intangible assets with an indefinite useful life

The Group has recognized goodwill as a result of two separate acquisitions. Goodwill of $118.4 million was recognized on acquisition of Angioblast Systems Inc. in 2010, $13.9 million was recognized on the acquisition of the MSC assets from Osiris (“MSC business combination”) in 2013 and $2.1 million was recognized on finalization of the MSC business combination of Osiris in 2015. In all cases the goodwill recognized represented excess in the purchase price over the net identifiable assets and in-process research and development acquired in the transaction.

On acquisition, goodwill was not able to be allocated to the cash generating unit (“CGU”) level or to a group of CGU given the synergies of the underlying research and development. For the purpose of impairment testing, goodwill is monitored by management at the operating segment level. The Group is managed as one operating segment, being the development of cell technology platform for commercialization.

IFRS requires that acquired in-process research and development be measured at fair value upon acquisition and carried as an indefinite life intangible asset subject to annual impairment reviews. The Group have recognized in-process research and development as a result of two separate acquisitions. In-process research and development of $387.0 million was recognized on the acquisition of Angioblast Systems Inc. in 2010 and $126.7 million was recognized on the acquisition of assets from Osiris in 2013 and $24.0 million was reclassified to current marketed products upon the TEMCELL asset becoming available for use in Japan. In 2016, the Group fully impaired $61.9 million of in-process research and development relating to our product candidates, MPC-MICRO-IO for the treatment of age-related macular degeneration and MPC-CBE for the expansion of hematopoietic stem cells within cord blood, as the Group suspended further patient enrollment of the Phase IIa MPC-MICRO-IO clinical trial and the Phase III MPC-CBE clinical trial as the Group prioritized the funding of its lead product candidates.

The Group still believe these product candidates remain viable upon further funding, or partnership, and accordingly these products should not be regarded as abandoned, where typically, abandoned programs would be closed down and the related research and development efforts are considered impaired and the asset is fully expensed. The remaining carrying amount of in-process research and development as at June 30, 2024 and June 30, 2023 was $427.8 million.

In-process research and development acquired is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form (see Note 23(p)(iii)). The intangible asset’s life will remain indefinite until such time it is completed and commercialized or impaired. The carrying value of in-process research and development is a separate asset which has been subject to impairment testing at the cash generating unit level, which has been determined to be at the product level.

The recoverable amount of both goodwill and in-process research and development was assessed as of March 31, 2024 based on the fair value less costs to dispose. No impairment was identified as a result of this impairment assessment.

Management assess for indicators of impairment as at June 30, 2024, including considering events up to the date of the approval of the financial statements. In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric SR-aGVHD, and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within the impairment assessment associated with SR-aGVHD that could cause the carrying amount of our intangible asset to exceed its recoverable amount.

(v) Key assumptions used for fair value less costs to dispose calculations

In determining the fair value less costs to dispose the Group has given consideration to the following internal and external indicators:

•discounted expected future cash flows of programs valued by the Group’s internal valuation team and reviewed by the interim CFO. 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. When determining key assumptions, the business units refer to both external sources and past experience as appropriate. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation;

•the scientific results and progress of the trials since acquisition;

•the market capitalization of the Group on the ASX (ASX:MSB); and

•the valuation of the Group’s assets from an independent valuation. An independent valuation was obtained for all assets at March 31, 2023 and for the MSC products for the impairment assessment performed as a result of the receipt of the complete response in August 2023.

Costs of disposal were assumed to be immaterial.

Discounted cash-flows used a real post-tax discount rate range of 13.8% to 15.5%, and include estimated real cash inflows and outflows for each program through to expected patent expiry which ranges from 8 to 24 years.

In relation to cash outflows consideration has been given to cost of goods sold, selling costs and clinical trial schedules including estimates of numbers of patients and per patient costs. Associated expenses such as regulatory fees and patent maintenance have been included as well as any further preclinical development if applicable.

In relation to cash inflows consideration has been given to product pricing, market population and penetration, sales rebates and discounts, launch timings and probability of success in the relevant applicable markets.

There are no standard growth rates applied, other than our estimates of market penetration which increase initially, plateau and then decline.

The assessment of the recoverable amount of each product has been made in accordance with the discounted cash-flow assumptions outlined above. The assessments showed that the recoverable amount of each product exceeds the carrying amount and therefore there is no impairment.

The assessment of goodwill showed the recoverable amount of the Group's operating segment, including goodwill and remaining in-process research and development, exceeds carrying amounts, and therefore there is no impairment.

(vi) Impact of possible changes in key assumptions

The Group has considered and assessed reasonably possible changes in the key assumptions and has not identified any instances that could cause the carrying amount of our intangible assets to exceed its recoverable amount.

Whilst there is no impairment, the key sensitivities in the valuation are dependent on the continued successful development of our technology platforms. In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric SR-aGVHD, and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within the impairment assessment associated with SR-aGVHD that could cause the carrying amount of our intangible asset to exceed its recoverable amount. If the Group is unable to successfully develop our technology platforms, an impairment of the carrying amount of our intangible assets may result.

d. Provisions


		As of June 30, 2024			As of June 30, 2023
(in U.S. dollars, in thousands)	Notes	Current	Non-current	Total	Current	Non-current	Total
Contingent consideration		16,298	10,594	26,892	636	16,563	17,199
Employee benefits		7,436	26	7,462	2,013	49	2,062
Provision for license agreements		3,750	—	3,750	3,750	—	3,750
Provision for litigation settlements	22	17,554	—	17,554	—	—	—
		45,038	10,620	55,658	6,399	16,612	23,011

(i) Information about individual provisions and significant estimates

Contingent consideration

The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements pertaining to the acquired MSC assets from Osiris. Further disclosures can be found in Note 5(g)(iii).

Employee benefits

The provision for employee benefits relates to the Group’s liability for annual leave, short term incentives, long service leave and deferred director fees.

Employee benefits include accrued annual leave. As of June 30, 2024 and 2023, the entire amount of the annual leave accrual was $1.2 million and $1.1 million respectively, and is presented as current, since the Group does not have an unconditional right to defer settlement for any of these obligations.

Employee benefits include a provision for the Group's liability for short term incentives. As of June 30, 2024 and 2023, the provision for short term incentive incentives was $5.4 million and $0.4 million, respectively, and the provision as of June 30, 2024 of $5.4 million includes $2.4 million and $3.0 million relating to the entitlements for the years ended June 30, 2024 and 2023, respectively, given that subsequent to June 30, 2023 the conditions of achievement of the short-term incentive for year ended June 30, 2023 were modified to make it dependent on Mesoblast achieving FDA marketing authorization. In August 2024, as discussed in Note 15, the Group modified the short term incentive plan providing employees with the choice to elect into receiving an option grant in lieu of cash payment of their short term incentive

entitlements for the years ended June 30, 2024 and 2023, which have been deferred to BLA approval. The level of participation and the terms of the modification are yet to be determined at the date of this report.

(ii) Movements

The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements. Refer to Note 5(g)(iii) for movements in contingent consideration for the years ended June 30, 2024 and 2023.

e. Deferred tax balances

(i) Deferred tax balances


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Deferred tax assets
The balance comprises temporary differences attributable to:
Tax losses	74,602	76,020
Other temporary differences	13,143	11,972
Total deferred tax assets	87,745	87,992

Deferred tax liabilities
The balance comprises temporary differences attributable to:
Intangible assets	87,745	87,992
Total deferred tax liabilities	87,745	87,992
Net deferred tax 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, 2022	80,411	7,831	(88,242)	—
Credited/(charged) to:
- profit or loss	(4,179)	4,141	250	212
- directly to equity	(212)	—	—	(212)
As of June 30, 2023	76,020	11,972	(87,992)	—
Credited/(charged) to:
- profit or loss	(1,227)	1,171	247	191
- directly to equity	(191)	—	—	(191)
As of June 30, 2024	74,602	13,143	(87,745)	—

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

f. Deferred consideration


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Opening balance(1)	2,500	2,500
Amount recognized as revenue during the period	—	—
Balance as of the end of the period	2,500	2,500


(1)			The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of June 30, 2024.

Non-financial assets and liabilities - Schedule of Movements Related to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	$ 0	$ 0
Charged/(credited) to:
- profit or loss	191	212
- directly to equity	(191)	(212)
Ending balance	0	0
Tax losses (DTA)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	76,020	80,411
Charged/(credited) to:
- profit or loss	(1,227)	(4,179)
- directly to equity	(191)	(212)
Ending balance	74,602	76,020
Other Temporary Differences (DTA)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	11,972	7,831
Charged/(credited) to:
- profit or loss	1,171	4,141
- directly to equity	0	0
Ending balance	13,143	11,972
Intangible Assets (DTL)
Deferred Tax Assets And Liabilities [Line Items]
Beginning balance	(87,992)	(88,242)
Charged/(credited) to:
- profit or loss	247	250
Ending balance	$ (87,745)	$ (87,992)

Equity - Summary of Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reserves Within Equity [Line Items]
Reserves	$ 78,303	$ 73,520
Share-based payments reserve
Disclosure Of Reserves Within Equity [Line Items]
Reserves	106,842	101,367	$ 97,924
Investment revaluation reserve
Disclosure Of Reserves Within Equity [Line Items]
Reserves	(1,286)	(543)	(542)
Foreign Currency Translation Reserve
Disclosure Of Reserves Within Equity [Line Items]
Reserves	(40,222)	(40,273)	(39,700)
Warrants reserve
Disclosure Of Reserves Within Equity [Line Items]
Reserves	$ 12,969	$ 12,969	$ 12,969

Non-financial assets and liabilities - Summary of Carrying Value of In Process Research and Development Acquired by Product (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Intangible Assets [Line Items]
Carrying value of in process research and development	$ 575,736	$ 577,183	$ 578,652
In-process research and development acquired
Disclosure Of Intangible Assets [Line Items]
Carrying value of in process research and development	427,779	427,779	$ 427,779
In-process research and development acquired \| Cardiovascular Products
Disclosure Of Intangible Assets [Line Items]
Carrying value of in process research and development	254,351	254,351
In-process research and development acquired \| Intravenous products for metabolic diseases and inflammatory/immunologic conditions
Disclosure Of Intangible Assets [Line Items]
Carrying value of in process research and development	70,730	70,730
In-process research and development acquired \| MSC Products
Disclosure Of Intangible Assets [Line Items]
Carrying value of in process research and development	$ 102,698	$ 102,698

Equity - Schedule of Share Capital (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Contributed equity
Total Equity	$ 480,355	$ 501,838	$ 497,044	$ 581,397
Ordinary Shares
Contributed equity
Ordinary shares (in shares)	1,141,784,114	814,204,825	650,454,551	648,696,070
Less: Treasury Shares (in shares)	(542,903)	(542,903)	(542,903)
Total Contributed Equity (in shares)	1,141,241,211	813,661,922	649,911,648
Ordinary shares value	$ 1,310,813	$ 1,249,123	$ 1,165,309
Less: Treasury Shares value	0	0	0
Total Equity	$ 1,310,813	$ 1,249,123	$ 1,165,309	$ 1,163,153

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current Assets
Cash & cash equivalents	$ 62,960	$ 71,318
Trade & other receivables	20,952	6,998
Prepayments	2,551	3,342
Total Current Assets	86,463	81,658
Non-Current Assets
Property, plant and equipment	1,106	1,357
Right-of-use assets	2,732	5,134
Financial assets at fair value through other comprehensive income	1,014	1,757
Other non-current assets	2,102	2,326
Intangible assets	575,736	577,183
Total Non-Current Assets	582,690	587,757
Total Assets	669,153	669,415
Current Liabilities
Trade and other payables	7,070	20,145
Provisions	45,038	6,399
Borrowings	13,862	5,952
Lease liabilities	2,626	4,060
Warrant liability	4,647	5,426
Total Current Liabilities	73,243	41,982
Non-Current Liabilities
Provisions	10,620	16,612
Non-current borrowings	100,483	102,811
Lease liabilities	1,952	3,672
Deferred consideration	2,500	2,500
Total Non-Current Liabilities	115,555	125,595
Total Liabilities	188,798	167,577
Net Assets	480,355	501,838
Equity
Issued Capital	1,310,813	1,249,123
Reserves	78,303	73,520
Accumulated losses	(908,761)	(820,805)
Total Equity	$ 480,355	$ 501,838

Financial Assets and Liabilities - Summary of Net Debt Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Financial Assets And Liabilities [Abstract]
Borrowings at beginning of period	$ (108,763)
Leases at beginning of period	(7,732)
Warrant liability at beginning of period	(5,426)	$ (2,185)
Sub-total at beginning of period	(121,921)
Cash and cash equivalents at beginning of period	71,318	60,447	$ 136,881
Net debt total at beginning of period	(50,603)
Cash Flows	16,921
Liabilities from financing activities, Leases	3,877
Liabilities from financing activities, Sub-total	0
Liabilities from financing activities, Sub-total	20,798
Net increase/(decrease) in cash and cash equivalents	(8,303)	11,039	(75,884)
Cash Flows, Total	12,495
Remeasurement adjustments	(2,351)
Remeasurement adjustments, Warrants	779
Remeasurement adjustments	(1,572)
Increase decrease in borrowing liabilities classified as financing activities	(20,152)
Increase (decrease)in lease liabilities arising from financing activities	(724)
Other Changes	(20,876)
Foreign exchange adjustments, Leases	1
Foreign exchange adjustments, Sub-total	1
Foreign exchange adjustments	(55)	(168)	(550)
Foreign exchange adjustments	(54)
Borrowings at end of period	(114,345)	(108,763)
Leases at end of period	(4,578)	(7,732)
Warrant liability at end of period	(4,647)	(5,426)	(2,185)
Sub-total at end of period	(123,570)	(121,921)
Cash and cash equivalents at end of period	62,960	71,318	$ 60,447
Net debt total at end of period	$ (60,610)	$ (50,603)

Financial assets and liabilities (Tables)

12 Months Ended

Jun. 30, 2024

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 June 30, 2024
Cash & cash equivalents	5(a)	—	—	62,960	62,960
Trade & other receivables	5(b)	—	—	20,952	20,952
Financial assets at fair value through other comprehensive income	5(c)	1,014	—	—	1,014
Other non-current assets	5(d)	—	—	2,102	2,102
		1,014	—	86,014	87,028
As of June 30, 2023
Cash & cash equivalents	5(a)	—	—	71,318	71,318
Trade & other receivables	5(b)	—	—	6,998	6,998
Financial assets at fair value through other comprehensive income	5(c)	1,757	—	—	1,757
Other non-current assets	5(d)	—	—	2,326	2,326
		1,757	—	80,642	82,399

(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 June 30, 2024
Trade and other payables	5(e)	—	—	7,070	7,070
Borrowings	5(f)	—	—	114,345	114,345
Contingent consideration	5(g)(iii)	—	26,892	—	26,892
Warrant liability	5(g)(vi)	—	4,647	—	4,647
		—	31,539	121,415	152,954
As of June 30, 2023
Trade and other payables	5(e)	—	—	20,145	20,145
Borrowings	5(f)	—	—	108,763	108,763
Contingent consideration	5(g)(iii)	—	17,199	—	17,199
Warrant liability	5(g)(vi)	—	5,426	—	5,426
		—	22,625	128,908	151,533

(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


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash at bank	62,563	70,920
Deposits at call(1)	397	398
	62,960	71,318


(1)			As of June 30, 2024 and June 30, 2023, 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 and other receivables


		As of June 30,
(in U.S. dollars, in thousands)	Note	2024	2023
Trade receivables		1,403	2,276
Tax incentives recoverable		854	2,363
Foreign withholding tax recoverable		471	471
U.S. Tax credits		—	1,473
Net investment in sublease		224	195
Interest receivables		23	18
Other recoverable taxes (Goods and services tax and value-added tax)		423	202
Insurance Asset	22	17,554	—
Trade and other receivables		20,952	6,998

(ii) Prepayments


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Clinical trial research and development expenditure	391	950
Prepaid insurance and subscriptions	1,775	2,025
Other	385	367
Prepayments	2,551	3,342

Summary of Financial Assets at Fair Value through Other Comprehensive Income

Financial assets at fair value through other comprehensive income include the following classes of financial assets:


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Unlisted securities:
Equity securities	1,014	1,757
	1,014	1,757

Summary of Other Non-current Assets

Other non-current assets


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Bank guarantee	481	481
Net investment in sublease	190	414
Letter of credit	1,179	1,179
Security deposit	252	252
	2,102	2,326

Summary of Trade and Other Payables

Trade and other payables


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Trade payables and other payables	7,070	20,145
Trade and other payables	7,070	20,145

Summary of Borrowings

f. Borrowings


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Borrowings
Secured liabilities:
Borrowing arrangements	81,919	81,919
Less: transaction costs	(9,833)	(8,740)
Amortization of carrying amount, net of payments made	42,259	35,584
	114,345	108,763

	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Borrowings
Current
Borrowings - NovaQuest	1,869	336
Borrowings - Oaktree	11,993	5,616
	13,862	5,952
Non-current
Borrowings - NovaQuest	64,562	55,739
Borrowings - Oaktree	35,921	47,072
	100,483	102,811
	114,345	108,763

Summary of Net Debt

(iii) Net debt reconciliation


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash and cash equivalents	62,960	71,318
Borrowings	(114,345)	(108,763)
Lease liabilities	(4,578)	(7,732)
Warrant liability	(4,647)	(5,426)
Net Debt(1)	(60,610)	(50,603)

Cash and cash equivalents	62,960	71,318
Gross debt - fixed interest rates	(118,923)	(116,495)
Gross debt - variable interest rates	—	—
Warrant liability	(4,647)	(5,426)
Net Debt(1)	(60,610)	(50,603)

(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)	Borrowings	Leases	Warrant liability	Sub-total	Cash and cash equivalents	Total
Net Debt as at June 30, 2023	(108,763)	(7,732)	(5,426)	(121,921)	71,318	(50,603)
Cash Flows(1)	16,921	3,877	—	20,798	(8,303)	12,495
Remeasurement adjustments	(2,351)	—	779	(1,572)	—	(1,572)
Other Changes(2)	(20,152)	(724)	—	(20,876)	—	(20,876)
Foreign exchange adjustments	—	1		1	(55)	(54)
Net Debt as at June 30, 2024	(114,345)	(4,578)	(4,647)	(123,570)	62,960	(60,610)

(1)Cash flows for borrowings and leases include the payments of borrowings, lease liabilities, interest and debt transaction costs which are presented as financing cash flows in the statement of cash flows.

(2)Other changes include modification of leases and accrued interest expenses for borrowings and leases.

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

The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of June 30, 2024 and June 30, 2023 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements:


As of June 30, 2024
(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	5(c)	—	—	1,014	1,014
Total Financial Assets		—	—	1,014	1,014

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(g)(iii)	—	—	26,892	26,892
Warrant liabilities	5(g)(vi)	—	—	4,647	4,647
Total Financial Liabilities		—	—	31,539	31,539


As of June 30, 2023
(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	5(c)	—	—	1,757	1,757
Total Financial Assets		—	—	1,757	1,757

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(g)(iii)	—	—	17,199	17,199
Warrant liabilities	5(g)(vi)	—	—	5,426	5,426
Total Financial Liabilities		—	—	22,625	22,625

Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments

The following table presents the changes in the contingent consideration balances within the level 3 instruments for the years ended June 30, 2024 and June 30, 2023:


(in U.S. dollars, in thousands)			Contingent consideration provision
Opening balance - July 1, 2022			23,284
Reclassification during the period			2,686
Charged/(credited) to consolidated income statement:
Remeasurement(1)			(8,771)
Closing balance - June 30, 2023			17,199

Opening balance - July 1, 2023			17,199
Charged/(credited) to consolidated income statement:
Remeasurement(2)			9,693
Closing balance - June 30, 2024			26,892


(1)			In the year ended June 30, 2023, a gain of $8.8 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing the key assumptions of the contingent consideration valuation such as probability of payment, development timelines and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration, including the impact from the CRL from the FDA on the Group's BLA for remestemcel-L for the treatment of pediatric SR-aGVHD in August 2023. The assumptions relating to development timelines were updated to reflect expectations as a result of the CRL.


(2)			In the year ended June 30, 2024, a loss of $9.7 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing key assumptions of the contingent consideration valuation, such as probability of success, development timelines and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. The outcome from the FDA decision on the Group's BLA resubmission in July 2024, as discussed in Note 15, could lead to a change in the assumptions used within the valuation of the contingent consideration.

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)

Description

Fair value
as of
June 30,
2024)

Fair value
as of
June 30,
2023)

Valuation
technique

Unobservable

inputs(1)

Year Ended
June 30,
2024

Year Ended
June 30,
2023

Relationship of
unobservable inputs to
fair value

Contingent consideration provision

26,892

17,199

Discounted cash flows

Risk adjusted
discount rate

11%-13%

(12.5%)

11%-13%

(12.5%)

Year ended June 30, 2024: A change in the discount rate by 0.5% would have no impact to the fair value.

Year ended June 30, 2023: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.01%.

Expected unit
sales price

Various

Year ended June 30, 2024: A change in the price assumptions by 10% would increase/decrease the fair value by 0.1%.

Year ended June 30, 2023: A change in the price assumptions by 10% would increase/decrease the fair value by 0.1%.

Expected sales
volumes

Various

Year ended June 30, 2024: A change in the volume assumptions by 10% would increase/decrease the fair value by 0.1%.

Year ended June 30, 2023: A change in the volume assumptions by 10% would increase/decrease the fair value by 0.1%.

Probability of success and payment

Various

Year ended June 30, 2024: A change in the probability of success and payment assumptions by 10% and 20% would increase/decrease the fair value by 10% and 20.1%, respectively.

Year ended June 30, 2023: A change in the probability of success and payment assumptions by 10% and 20% would increase/decrease the fair value by 8% and 16%, respectively.

(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


	As of June 30,
The fair value of contingent consideration (in U.S. dollars, in thousands)	2024	2023
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets	26,236	16,606
Fair value of royalty payments from commercialization of the intellectual property acquired	656	593
	26,892	17,199

Summary of Warrant Liability

(vi) Warrant liability


(in U.S. dollars, in thousands)	As of June 30,
Warrant liability	2024	2023
Opening balance	5,426	2,185
Warrants fair value at grant date - December 22, 2022	—	1,036
Remeasurement of warrant liability	(779)	2,205
Closing Balance	4,647	5,426

Summary of Fair Value of Warrants

The following assumptions were based on observable market conditions that existed as of June 30, 2024 and 2023.

(in U.S. dollars, except percent data and as otherwise noted)
Assumption

As of June 30,
2024

As of June 30, 2023

Rationale

Share Price

$6.81

$3.91

Closing share price on valuation date from external market source

Exercise Price(1)

$7.24 to $14.36

$3.70 to $7.26

As per subscription agreement

Expected Term

5 to 6 years

6 to 7 years

As per subscription agreement

Dividend Yield

Based on Company’s nil dividend history

Expected Volatility

91.91%

81.26%

Based on historical volatility data for the Company

Risk Free Interest Rate

4.38%

4.01%

Based on the closing U.S. treasury issued 7 year bonds on valuation date

Fair value per warrant

$3.9352 to $5.1211

$2.3103 to $2.9401

Determined using Black-Scholes valuation model with the inputs above

Fair value

$4,647,075

$5,426,212

Fair value of 1,112,340(1)warrants of $4,647,075 as of June 30, 2024 and fair value of 2,224,669(1) warrants of $5,426,212 as of June 30, 2023


(1)			As a result of the ratio change under Mesoblast's ADR program on January 10, 2024 and as a result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the warrants issued in November 2021 changed from 1,769,669 ADSs at US$7.26 per ADS to 884,838 ADSs at US$14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at US$3.70 per ADS to 227,502 ADSs at US$7.24 per ADS.

Losses per share

12 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Losses per share


	Years Ended June 30,
	2024	2023	2022
(Losses) per share
(in cents)
(a) Basic (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)
Total basic (losses) per share attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)

(b) Diluted (losses) per share
From continuing operations attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)
Total basic (losses) per share attributable to the ordinary equity holders of the company	(8.91)	(10.53)	(13.38)

(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	(87,956)	(81,889)	(91,347)

Diluted (losses) per share
(Losses) from continuing operations attributable to the ordinary equity holders of the company:
Used in calculating basic (losses) per share	(87,956)	(81,889)	(91,347)
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share	(87,956)	(81,889)	(91,347)

	2024 Number	2023 Number	2022 Number
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share	986,702,919	777,719,091	682,861,425
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share	986,702,919	777,719,091	682,861,425

Options granted to employees and warrants (see Note 17) are considered to be potential ordinary shares. These securities have been excluded from the determination of basic losses per shares in the years ended June 30, 2024, 2023 and 2022. Shares that may be paid as contingent consideration have also been excluded from basic losses per share. They have also been excluded from the calculation of diluted losses per share because they are anti-dilutive for the years ended June 30, 2024, 2023 and 2022.

The calculations for the years ended June 30, 2023 and 2022 have been adjusted to reflect the bonus element in the entitlement offer to existing eligible shareholders which occurred during December 2023.

Events occurring after the reporting period	12 Months Ended
Events occurring after the reporting period	Jun. 30, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Events occurring after the reporting period	Events occurring after the reporting period In July 2024, the Group resubmitted it's BLA with the FDA for approval of remestemcel-L in the treatment of children with SR-aGVHD and the FDA accepted the Group's BLA resubmission and set a PDUFA goal date of January 7, 2025. Assumptions associated with SR-aGVHD are included within the impairment assessment of Osiris MSC products within in-process research and development, contingent consideration, pre-launch inventory and the NovaQuest borrowings on the consolidated balance sheet and forecast net operating cash usage. In August 2024, the Group modified the short term incentive plan providing employees with the choice to elect into receiving an option grant in lieu of cash payment of their short term incentive entitlements for the years ended June 30, 2024 and 2023, which have been deferred to BLA approval. The level of participation and the terms of the modification are yet to be determined at the date of this report. In August 2024, the Group announced that the consolidated class action, filed in the Federal Court in Australia in 2022, has been resolved subject to Federal Court approval and includes no admission of liability. In relation to the settlement of the class action, which was assessed as an adjusting subsequent event, the Group recognized a provision for litigation settlement as of June 30, 2024 in the consolidated balance sheet (inclusive of interest and costs), refer to Note 6(d). Given the settlement will be funded entirely by Mesoblast's insurers, the Group has also recognized an insurance asset within trade and other receivables in the consolidated balance sheet as of June 30, 2024, refer to Note 5(b). There were no other events that have occurred after June 30, 2024 and prior to the signing of this financial report that would likely have a material impact on the financial results presented.

Financial Assets and Liabilities - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Abstract]
Trade receivables	$ 1,403	$ 2,276
Tax incentives recoverable	854	2,363
Foreign withholding tax recoverable	471	471
U.S. Tax credits	0	1,473
Net investment in sublease	224	195
Interest receivables	23	18
Other recoverable taxes (Goods and services tax and value-added tax)	423	202
Insurance Asset	17,554	0
Trade and other receivables	$ 20,952	$ 6,998

Interests in other entities

12 Months Ended

Jun. 30, 2024

Disclosure of subsidiaries [abstract]

Interests in other entities

The Group’s subsidiaries as of June 30, 2024 and 2023 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business, aside from BeiCell Ltd, which was incorporated in the Cayman Islands however operates in Hong Kong.


	Country of incorporation	Class of shares	Equity holding
			As of June 30,
			2024	2023
			%	%
Mesoblast, Inc.	USA	Ordinary	100	100
Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch)	Switzerland	Ordinary	100	100
Mesoblast Australia Pty Ltd	Australia	Ordinary	100	100
Mesoblast UK Ltd	United Kingdom	Ordinary	100	100
BeiCell Ltd	Cayman Islands	Ordinary	100	100

Income tax benefit/(expense)

12 Months Ended

Jun. 30, 2024

Major components of tax expense (income) [abstract]

Income tax benefit/(expense)


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(a)	Reconciliation of income tax to prima facie tax payable
	Loss from continuing operations before income tax	(88,147)	(82,101)	(91,586)
	Tax benefit at the Australian tax rate of 30% (2023: 30%, 2022: 30%)	(26,444)	(24,630)	(27,476)
	Tax effect of amounts which are not deductible/(exempt) in calculating taxable income:
	Share-based payments expense	1,752	1,089	1,588
	Research and development tax concessions	324	(730)	(869)
	Foreign exchange translation (losses)/gains	(103)	501	159
	Contingent consideration	2,908	(2,631)	(274)
	Other sundry items	(231)	695	(2,036)
	Subtotal	(21,794)	(25,706)	(28,908)
	Adjustments for current tax of prior periods	198	274	(923)
	Differences in overseas tax rates	6,051	8,537	8,407
	Tax benefit not recognized	15,354	16,683	21,185
	Change in tax rate on Deferred tax assets(1)	—	—	(8,326)
	Change in tax rate on Deferred tax liability(1)	—	—	8,326
	Income tax benefit attributable to loss before income tax	(191)	(212)	(239)


(1)			On June 30, 2022, there was a change in the expected tax rate applicable on future taxable profits in Singapore. The Group was expecting to benefit from concessionary tax rates (tax holiday) in Singapore under the tax incentives granted to the Group by the Singapore Economic Development Board, however at June 30, 2022 the Group had not met the conditions under the agreement to access the concessionary tax rates and therefore have recognized a change in the expected tax rate in Singapore to reflect the statutory tax rate of 17%. The Group is in current discussions with the Singapore Economic Development Board to amend the conditions of the incentive agreement and access these concessionary tax rates in the future.


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(b)	Income tax (benefit)/expense
	Current tax
	Current tax	—	—	—
	Total current tax (benefit)/expense	—	—	—

	Deferred tax
	(Increase)/decrease in deferred tax assets	56	38	(8,317)
	(Decrease)/increase in deferred tax liabilities	(247)	(250)	8,078
	Total deferred tax (benefit)/expense	(191)	(212)	(239)
	Income tax (benefit)/expense	(191)	(212)	(239)

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.


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(c)	Amounts that would be recognized directly in equity if brought to account
	Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account:
	Current tax recorded in equity (if brought to account)	(1,329)	(1,716)	(142)
	Deferred tax recorded in equity (if brought to account)	1,029	839	715
		(300)	(877)	573


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(d)	Amounts recognized directly in equity
	Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity
	Current tax recorded in equity	—	—	—
	Deferred tax recorded in equity	191	212	239
		191	212	239


		Year Ended June 30,
	(in U.S. dollars, in thousands)	2024	2023	2022
(e)	Deferred tax assets not brought to account
	Unused tax losses
	Potential tax benefit at local tax rates	140,129	125,728	111,283
	Other temporary differences
	Potential tax benefit at local tax rates	14,204	12,318	11,046
	Other tax credits
	Potential tax benefit at local tax rates	3,220	3,220	3,220
		157,553	141,266	125,549

The Group has not brought to account $620.6 million (2023: $553.0 million, 2022: $477.8 million) of gross tax losses, which includes the benefit arising from tax losses in overseas countries. As of June 30, 2024 $620.6 million of tax losses not brought to account have an indefinite life. Gross tax losses of $44.5 million recognized as deferred tax asset expire within a range of 9 to 14 years. The benefits of unused tax losses will only be brought to account when it is probable that they will be realized.

This benefit of tax losses will only be obtained if:

•the Group derives future assessable income of a nature and an amount sufficient to enable the benefit from the deductions for the losses to be realized;

•the Group continues to comply with the conditions for deductibility imposed by tax legislation; and

•no changes in tax legislation adversely affect the Group in realizing the benefit from the deductions for the losses.

Financial Assets and Liabilities - Summary of Warrant Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Instruments [Line Items]
Opening balance	$ 5,426	$ 2,185
Warrants fair value at grant date	4,600	5,400
Remeasurement of warrant liability	(779)	2,205
Closing Balance	4,647	5,426
Warrants fair value at grant date - December 22, 2022
Disclosure Of Financial Instruments [Line Items]
Warrants fair value at grant date	$ 0	$ 1,036

Non-financial assets and liabilities - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Non Financial Assets And Liabilities [Abstract]
Current	$ 2,626	$ 4,060
Non-current	1,952	3,672
Lease liabilities included in the balance sheet	$ 4,578	$ 7,732

Parent entity financial information

12 Months Ended

Jun. 30, 2024

Disclosure Of Parent Entity Financial Information [Abstract]

Parent entity financial information

a. Summary financial information

The parent entity financial information disclosure is an Australian Disclosure Requirement as required by Corporations Regulations 2001. The individual financial statements for the parent entity show the following aggregate amounts:


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Balance Sheet
Current Assets	37,166	28,850
Total Assets	958,323	890,120

Current Liabilities	30,709	11,941
Total Liabilities	33,358	15,282

Shareholders' Equity
Issued Capital	1,310,813	1,249,123
Reserves
Foreign Currency Translation Reserve	(261,745)	(261,377)
Share Options Reserve	91,940	86,274
Warrant Reserve	12,969	12,969
(Accumulated losses)/retained earnings	(229,012)	(212,165)
	924,965	874,824

Loss for the period	(16,847)	(18,848)
Total comprehensive loss for the period	(16,847)	(18,848)

b. Contingent liabilities of the parent entity

(i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet)

Mesoblast Limited acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones Mesoblast Limited will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields.

Segment information	12 Months Ended
Segment information	Jun. 30, 2024
Disclosure of operating segments [abstract]
Segment information	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 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, consolidated balance sheet, and statement of cash flows regularly to make decisions about the Company’s resources and to assess overall performance.

Summary of material accounting policies - Leases (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of voluntary change in accounting policy [abstract]
Variable lease payments	$ 0	$ 0	$ 0

Financial Assets and Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Financial Assets And Liabilities [Line Items]
Cash & cash equivalents	$ 62,960	$ 71,318	$ 60,447	$ 136,881
Trade & other receivables	20,952	6,998
Financial assets at fair value through other comprehensive income	1,014	1,757
Other non-current assets	2,102	2,326
Financial assets, Total	87,028	82,399
Trade and other payables	7,070	20,145
Borrowings	114,345	108,763
Contingent consideration	26,892	17,199
Warrant liability	4,647	5,426	$ 2,185
Financial liabilities, Total	152,954	151,533
Liabilities at amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Trade and other payables	7,070	20,145
Borrowings	114,345	108,763
Financial liabilities, Total	121,415	128,908
Liabilities at FVTPL
Disclosure Of Financial Assets And Liabilities [Line Items]
Contingent consideration	26,892	17,199
Warrant liability	4,647	5,426
Financial liabilities, Total	31,539	22,625
Assets at amortized cost
Disclosure Of Financial Assets And Liabilities [Line Items]
Cash & cash equivalents	62,960	71,318
Trade & other receivables	20,952	6,998
Other non-current assets	2,102	2,326
Financial assets, Total	86,014	80,642
Assets at FVOCI
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets at fair value through other comprehensive income	1,014	1,757
Financial assets, Total	$ 1,014	$ 1,757

Equity - Summary of Assumptions Based on Observable Market Conditions Existed at Issue Date (Parenthetical) (Details)	Mar. 18, 2021 shares
Warrants
Disclosure Of Classes Of Share Capital [Line Items]
Number of warrants at issue date	15,027,327
Bottom of range
Disclosure Of Classes Of Share Capital [Line Items]
Term of bond issued	5 years
Top of range
Disclosure Of Classes Of Share Capital [Line Items]
Term of bond issued	10 years

Consolidated Income Statement - USD ($) $ in Thousands	12 Months Ended
Consolidated Income Statement - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenue	$ 5,902	$ 7,501	$ 10,211
Research & development	(25,353)	(27,189)	(32,815)
Manufacturing commercialization	(15,717)	(27,733)	(30,757)
Management and administration	(23,626)	(25,374)	(27,210)
Fair value remeasurement of contingent consideration	(9,693)	8,771	913
Fair value remeasurement of warrant liability	779	(2,205)	5,896
Other operating income and expenses	2,570	4,250	(536)
Finance costs	(23,009)	(20,122)	(17,288)
Loss before income tax	(88,147)	(82,101)	(91,586)
Income tax benefit/(expense)	191	212	239
Loss attributable to the owners of Mesoblast Limited	$ (87,956)	$ (81,889)	$ (91,347)
Losses per share from continuing operations attributable to the ordinary equity holders of the Group:
Basic - losses per share (in dollars per share)	$ (0.0891)	$ (0.1053)	$ (0.1338)
Diluted - losses per share (in dollars per share)	$ (0.0891)	$ (0.1053)	$ (0.1338)

Related party transactions (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Key Management Personnel Compensation [Abstract]

Summary of Aggregate Compensation made to Directors and other Members of key Management Personnel

The aggregate compensation made to Directors and other members of key management personnel ("KMP") of the Group is set out below:


	Year Ended June 30,
(in U.S. dollars)	2024	2023
Short-term employee benefits	2,762,736	2,153,181
Long-term employee benefits	11,124	11,326
Post-employment benefits	18,900	23,935
Share based payments	1,704,995	881,342
	4,497,755	3,069,784

Significant changes in the current reporting period (Details) $ / shares in Units, $ in Millions, $ in Millions		1 Months Ended				4 Months Ended
	Mar. 18, 2021 $ / shares	Mar. 31, 2024 USD ($)	Mar. 31, 2024 AUD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 AUD ($) $ / shares	Mar. 31, 2024 USD ($)
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Proceeds from issue of shares \| $						$ 97.0
Proceeds from private placement		$ 24.7	$ 36.7
Share Price (in dollars per share) \| $ / shares	$ 2.41				$ 0.30
Private Placements
Disclosure Of Significant Changes In Current Reporting Period [Line Items]
Payment for financing global private placement				$ 39.7	$ 60.3

Related party transactions (Details) - USD ($)			12 Months Ended
Related party transactions (Details) - USD ($)	Oct. 01, 2023	Jun. 04, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of transactions between related parties [line items]
Short-term employee benefits			$ 2,762,736	$ 2,153,181
Long-term employee benefits			11,124	11,326
Post-employment benefits			18,900	23,935
Share based payments			1,704,995	881,342
Key management personnel compensation			4,497,755	3,069,784
Strategic Advisory Role
Disclosure of transactions between related parties [line items]
Key management personnel compensation			$ 220,900	$ 110,383
Written days notice period	90 days	15 days
Monthly retainer fee	$ 20,000

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Non-financial assets and liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Non Financial Assets And Liabilities [Abstract]

Summary of Property, Plant and Equipment

a. Property, plant and equipment


(in U.S. dollars, in thousands)	Plant and Equipment	Office Furniture and Equipment	Computer Hardware and Software	Total
Year Ended June 30, 2023
Opening net book amount	1,208	692	145	2,045
Additions	171	43	60	274
Exchange differences	(104)	113	(18)	(9)
Depreciation charge	(818)	(45)	(90)	(953)
Closing net book value	457	803	97	1,357

As of June 30, 2023
Cost	6,910	2,074	3,353	12,337
Accumulated depreciation	(6,453)	(1,271)	(3,256)	(10,980)
Net book value	457	803	97	1,357

Year Ended June 30, 2024
Opening net book amount	457	803	97	1,357
Additions	38	—	120	158
Disposals	—	(2)	(7)	(9)
Exchange differences	(6)	(8)	16	2
Depreciation charge	(281)	(41)	(80)	(402)
Closing net book value	208	752	146	1,106

As of June 30, 2024
Cost	6,067	2,044	644	8,755
Accumulated depreciation	(5,859)	(1,292)	(498)	(7,649)
Net book value	208	752	146	1,106

Schedule of Right-of-Use Assets

Right-of-use assets


(in U.S. dollars, in thousands)	Buildings	Manufacturing	Total
Year Ended June 30, 2023
Opening net book amount	5,096	2,824	7,920
Additions/(derecognition)	(649)	—	(649)
Remeasurement	526	(302)	224
Exchange differences	(15)	—	(15)
Depreciation charge	(1,661)	(685)	(2,346)
Closing net book value	3,297	1,837	5,134

As of June 30, 2023
Cost	9,957	6,178	16,135
Accumulated depreciation	(6,660)	(4,341)	(11,001)
Net book value	3,297	1,837	5,134

Year Ended June 30, 2024
Opening net book amount	3,297	1,837	5,134
Additions	—	—	—
Remeasurement	—	369	369
Exchange differences	—	—	—
Depreciation charge	(1,570)	(1,201)	(2,771)
Closing net book value	1,727	1,005	2,732

As of June 30, 2024
Cost	9,128	6,245	15,373
Accumulated depreciation	(7,401)	(5,240)	(12,641)
Net book value	1,727	1,005	2,732

Summary of Lease Liabilities

Lease liabilities


	As of June 30,
	2024	2023
Current	2,626	4,060
Non-current	1,952	3,672
Lease liabilities included in the balance sheet	4,578	7,732

Summary of Intangible Assets

c. 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, 2023
Opening net book amount	134,453	1,632	427,779	14,788	578,652
Additions/reversals	—	23	—	—	23
Exchange differences	—	1	—	—	1
Amortization charge	—	(38)	—	(1,455)	(1,493)
Closing net book amount	134,453	1,618	427,779	13,333	577,183

As of June 30, 2023
Cost	134,453	2,993	489,698	23,999	651,143
Accumulated amortization	—	(1,375)	—	(10,666)	(12,041)
Accumulated impairment	—	—	(61,919)	—	(61,919)
Net book amount	134,453	1,618	427,779	13,333	577,183

Year Ended June 30, 2024
Opening net book amount	134,453	1,618	427,779	13,333	577,183
Additions	—	37	—	—	37
Exchange differences	—	1	—	—	1
Amortization charge	—	(30)	—	(1,455)	(1,485)
Closing net book amount	134,453	1,626	427,779	11,878	575,736

As of June 30, 2024
Cost	134,453	3,032	489,698	24,000	651,183
Accumulated amortization	—	(1,406)	—	(12,122)	(13,528)
Accumulated impairment	—	—	(61,919)	—	(61,919)
Net book amount	134,453	1,626	427,779	11,878	575,736

Summary of Carrying Value of In Process Research and Development Acquired by Product

Carrying value of in-process research and development acquired by product


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cardiovascular products(1)	254,351	254,351
Intravenous products for metabolic diseases and inflammatory/immunologic conditions(2)	70,730	70,730
MSC products(3)	102,698	102,698
	427,779	427,779

(1)Includes MPC-150-IM for the treatment or prevention of chronic heart failure and MPC-25-IC for the treatment or prevention of acute myocardial infarction

(2)Includes MPC-300-IV for the treatment of biologic-refractory rheumatoid arthritis and diabetic nephropathy

(3)Includes remestemcel-L for the treatment of SR-aGVHD and remestemcel-L for the treatment of Crohn’s disease

Summary of Provisions


		As of June 30, 2024			As of June 30, 2023
(in U.S. dollars, in thousands)	Notes	Current	Non-current	Total	Current	Non-current	Total
Contingent consideration		16,298	10,594	26,892	636	16,563	17,199
Employee benefits		7,436	26	7,462	2,013	49	2,062
Provision for license agreements		3,750	—	3,750	3,750	—	3,750
Provision for litigation settlements	22	17,554	—	17,554	—	—	—
		45,038	10,620	55,658	6,399	16,612	23,011

Summary of Deferred Tax Balances

(i) Deferred tax balances


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Deferred tax assets
The balance comprises temporary differences attributable to:
Tax losses	74,602	76,020
Other temporary differences	13,143	11,972
Total deferred tax assets	87,745	87,992

Deferred tax liabilities
The balance comprises temporary differences attributable to:
Intangible assets	87,745	87,992
Total deferred tax liabilities	87,745	87,992
Net deferred tax liabilities	—	—

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, 2022	80,411	7,831	(88,242)	—
Credited/(charged) to:
- profit or loss	(4,179)	4,141	250	212
- directly to equity	(212)	—	—	(212)
As of June 30, 2023	76,020	11,972	(87,992)	—
Credited/(charged) to:
- profit or loss	(1,227)	1,171	247	191
- directly to equity	(191)	—	—	(191)
As of June 30, 2024	74,602	13,143	(87,745)	—

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

Schedule of Deferred Consideration


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Opening balance(1)	2,500	2,500
Amount recognized as revenue during the period	—	—
Balance as of the end of the period	2,500	2,500


(1)			The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of June 30, 2024.

Equity - Summary of Assumptions Based on Observable Market Conditions Existed at Issue Date (Details)			1 Months Ended
	Mar. 18, 2021 USD ($) $ / shares	Mar. 18, 2021 $ / shares	Dec. 31, 2023 $ / shares
Disclosure of classes of share capital [abstract]
Share Price (in dollars per share)		$ 2.41	$ 0.30
Exercise Price (in dollars per share)		2.88
Expected Term	7 years
Dividend Yield	0.00%
Expected Volatility	66.88%
A$-US$ FX Spot Rate		0.7827
Risk Free Interest Rate	1.24%
Fair value per warrant (in dollars per share) \| (per share)	$ 0.863	$ 1.103
Fair value per warrant (in dollars per share) \| $	$ 12,968,583

Financial risk management - Additional Information (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Percentage of forecast net sales	20.00%
Percentage of increase and decrease in share price	10.00%	10.00%
Interest Rate Risk
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Effect on profit from change in tax rate	10.00%	10.00%
Liquidity Risk
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Non-interest bearing financial liabilities maturing period	6 months	6 months
USD \| Currency Risk
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Percentage of cash held	76.00%	67.00%
(in Australian dollars, in thousands, except percent data) \| Currency Risk
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Percentage of cash held	23.00%	33.00%
Other Curriencies \| Currency Risk
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items]
Percentage of cash held	1.00%

Non-financial assets and liabilities - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	$ 577,183	$ 578,652
Additions/reversals	37	23
Exchange differences	1	1
Amortization charge	(1,485)	(1,493)
Closing net book amount	575,736	577,183
Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	651,143
Closing net book amount	651,183	651,143
Accumulated amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(12,041)
Closing net book amount	(13,528)	(12,041)
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	1,618	1,632
Additions/reversals	37	23
Exchange differences	1	1
Amortization charge	(30)	(38)
Closing net book amount	1,626	1,618
Acquired licenses to patents \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	2,993
Closing net book amount	3,032	2,993
Acquired licenses to patents \| Accumulated amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(1,375)
Closing net book amount	(1,406)	(1,375)
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	13,333	14,788
Exchange differences	0	0
Amortization charge	(1,455)	(1,455)
Closing net book amount	11,878	13,333
Current marketed products \| Cost
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	23,999
Closing net book amount	24,000	23,999
Current marketed products \| Accumulated amortization
Disclosure Of Intangible Assets [Line Items]
Opening net book amount	(10,666)
Closing net book amount	$ (12,122)	$ (10,666)

Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Abstract]
Interest-bearing deposits at call held as security	$ 0.4	$ 0.4

Significant changes in the current reporting period	12 Months Ended
Significant changes in the current reporting period	Jun. 30, 2024
Disclosure Of Significant Changes In Current Reporting Period [Abstract]
Significant changes in the current reporting period	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 year ended June 30, 2024: •In August 2023, the FDA provided a complete response letter ("CRL") to the Group's Biologics License Application ("BLA") resubmission for remestemcel-L for the treatment of pediatric steroid-refractory acute graft versus host disease ("SR-aGVHD") and required more data to support marketing approval, including potency assay or clinical data. In March 2024, the FDA informed the Group that, following additional consideration, the available clinical data from the Phase 3 study MSB-GVHD001 appears sufficient to support submission of the proposed BLA for remestemcel-L for the treatment of pediatric patients with SR-aGVHD. In July 2024, as discussed in Note 15, the Group resubmitted its BLA for approval of remestemcel-L for the treatment of pediatric patients with SR-aGVHD, addressing remaining items in the August 2023 CRL. In July 2024, the FDA accepted the Group's BLA resubmission and set a Prescription Drug User Fee Act ("PDUFA") goal date of January 7, 2025. Assumptions associated with SR-aGVHD are included within the impairment assessment of Osiris mesenchymal stem cell ("MSC") products within in-process research and development, contingent consideration, pre-launch inventory and the NovaQuest borrowings on the consolidated balance sheet and forecast net operating cash usage. The outcome from the FDA decision on the Group's BLA resubmission could lead to a change in the assumptions used within these areas. •In March 2024, the Group completed a pro-rata accelerated non-renounceable entitlement offer together with an institutional placement of new fully paid ordinary shares in Mesoblast Limited to existing eligible shareholders that was launched in December 2023, raising A$97.0 million at an issue price of A$0.30 per share. Proceeds of $39.7 million (A$60.3 million) and $24.7 million (A$36.7 million) were received and recognized in cash and cash equivalents in December 2023 and March 2024, respectively.

Loss Before Income Tax - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Loss Before Income Tax [Abstract]
Research and development tax incentive income	$ 859	$ 3,506	$ 0
Tax incentive income, current		$ 1,200	$ 1,100	$ 1,200

Summary of material accounting policies - Trade and Other Payables (Details)	12 Months Ended
	Jun. 30, 2024
Bottom of range
Disclosure of summary of significant accounting policies
Trade and other payables maturity period	30 days
Top of range
Disclosure of summary of significant accounting policies
Trade and other payables maturity period	60 days

Share-Based Payments - Summary of Valuations of Options Approved and Granted (Details) - $ / shares		12 Months Ended
	Mar. 18, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Expected Volatility	66.88%
Dividend Yield	0.00%
Risk Free Interest Rate	1.24%
Closing share market price of ordinary share		$ 0.99	$ 1.14	$ 0.61
Series 84
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		0.92
Share price at acceptance date		$ 1.18
Expected Volatility		64.95%
Expected life after factoring		6 years 1 month 6 days
Dividend Yield		0.00%
Risk Free Interest Rate		3.84%
Series 85
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.36
Share price at acceptance date		$ 0.39
Expected Volatility		69.82%
Expected life after factoring		6 years 3 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.21%
Series 86
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.36
Share price at acceptance date		$ 0.39
Expected Volatility		69.82%
Expected life after factoring		6 years 3 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.21%
Series 87
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.39
Share price at acceptance date		$ 0.29
Expected Volatility		70.10%
Expected life after factoring		6 years 2 months 12 days
Dividend Yield		0.00%
Risk Free Interest Rate		3.79%
Series 87a
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.35
Share price at acceptance date		$ 1.17
Expected Volatility		72.84%
Expected life after factoring		5 years 9 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.07%
Series 87b
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.35
Share price at acceptance date		$ 0.29
Expected Volatility		70.07%
Expected life after factoring		6 years 1 month 6 days
Dividend Yield		0.00%
Risk Free Interest Rate		3.74%
Series 87c
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.35
Share price at acceptance date		$ 0.99
Expected Volatility		72.72%
Expected life after factoring		5 years 8 months 12 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.08%
Series 88
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.35
Share price at acceptance date		$ 0.37
Expected Volatility		69.82%
Expected life after factoring		6 years 3 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.23%
Series 89
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.37
Share price at acceptance date		$ 0.39
Expected Volatility		69.82%
Expected life after factoring		6 years 3 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.21%
Series90
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.01
Share price at acceptance date		$ 0.30
Expected Volatility		69.97%
Expected life after factoring		2 months 12 days
Dividend Yield		0.00%
Risk Free Interest Rate		3.80%
Series92
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 0.35
Share price at acceptance date		$ 0.89
Expected Volatility		72.66%
Expected life after factoring		5 years 10 months 24 days
Dividend Yield		0.00%
Risk Free Interest Rate		3.90%
Series93
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 1.23
Share price at acceptance date		$ 1.17
Expected Volatility		72.84%
Expected life after factoring		6 years 4 months 24 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.07%
Series 94
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)		$ 1.23
Share price at acceptance date		$ 0.99
Expected Volatility		72.72%
Expected life after factoring		6 years 3 months 18 days
Dividend Yield		0.00%
Risk Free Interest Rate		4.08%
Series 76
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			1.03
Share price at acceptance date			$ 0.99
Expected Volatility			65.37%
Expected life after factoring			6 years 3 months 18 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.38%
Series 77
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.01
Share price at acceptance date			$ 0.99
Expected Volatility			65.37%
Expected life after factoring			5 years 10 months 24 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.38%
Series 78
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 0.85
Share price at acceptance date			$ 0.99
Expected Volatility			65.37%
Expected life after factoring			6 years 1 month 6 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.38%
Series 79
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.13
Share price at acceptance date			$ 1.04
Expected Volatility			65.43%
Expected life after factoring			6 years 2 months 12 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.11%
Series79 A
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.03
Share price at acceptance date			$ 1.18
Expected Volatility			65.04%
Expected life after factoring			5 years 9 months 18 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.88%
Series 79 B
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.13
Share price at acceptance date			$ 0.97
Expected Volatility			65.29%
Expected life after factoring			6 years
Dividend Yield			0.00%
Risk Free Interest Rate			2.99%
Series 79 C
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.03
Share price at acceptance date			$ 0.99
Expected Volatility			65.37%
Expected life after factoring			6 years 3 months 18 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.38%
Series 79 D
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.01
Share price at acceptance date			$ 1.15
Expected Volatility			64.98%
Expected life after factoring			5 years 8 months 12 days
Dividend Yield			0.00%
Risk Free Interest Rate			4.19%
Series 80
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 0.93
Share price at acceptance date			$ 0.95
Expected Volatility			65.35%
Expected life after factoring			6 years 1 month 6 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.35%
Series 81
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 4.60
Share price at acceptance date			$ 0.95
Expected Volatility			65.35%
Expected life after factoring			4 years 7 months 6 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.35%
Series 82
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.12
Share price at acceptance date			$ 0.89
Expected Volatility			65.31%
Expected life after factoring			6 years 3 months 18 days
Dividend Yield			0.00%
Risk Free Interest Rate			3.70%
Series 83
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)			$ 1.03
Share price at acceptance date			$ 0.97
Expected Volatility			65.17%
Expected life after factoring			6 years 4 months 24 days
Dividend Yield			0.00%
Risk Free Interest Rate			2.90%
Series 72
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				2.28
Share price at acceptance date				$ 1.94
Expected Volatility				66.62%
Expected life after factoring				6 years 3 months 18 days
Dividend Yield				0.00%
Risk Free Interest Rate				0.69%
Series 74
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				$ 1.95
Share price at acceptance date				$ 1.69
Expected Volatility				65.85%
Expected life after factoring				6 years 2 months 12 days
Dividend Yield				0.00%
Risk Free Interest Rate				1.31%
Series 74a
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				$ 1.77
Share price at acceptance date				$ 0.93
Expected Volatility				65.41%
Expected life after factoring				5 years 3 months 18 days
Dividend Yield				0.00%
Risk Free Interest Rate				3.55%
Series 74b
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				$ 1.77
Share price at acceptance date				$ 0.93
Expected Volatility				65.41%
Expected life after factoring				5 years 3 months 18 days
Dividend Yield				0.00%
Risk Free Interest Rate				3.55%
Series 74c
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				$ 1.77
Share price at acceptance date				$ 1.16
Expected Volatility				65.89%
Expected life after factoring				5 years 10 months 24 days
Dividend Yield				0.00%
Risk Free Interest Rate				1.91%
Series 75
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items]
Exercise price per share AUD (in AUD per share)				$ 1.42
Share price at acceptance date				$ 1.21
Expected Volatility				65.98%
Expected life after factoring				6 years 1 month 6 days
Dividend Yield				0.00%
Risk Free Interest Rate				2.18%

Contingent assets and liabilities	12 Months Ended
Contingent assets and liabilities	Jun. 30, 2024
Disclosure Of Contingent Assets And Liabilities [Abstract]
Contingent assets and liabilities	Contingent assets and liabilities a. Contingent assets The Group did not have any contingent assets outstanding as of June 30, 2024 and June 30, 2023. b. Contingent liabilities (i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet) The Group acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones the Group will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields. (ii) Other contingent liabilities The Group has entered into a number of other agreements with other third parties pertaining to intellectual property. Contingent liabilities may arise in the future if certain events or developments occur in relation to these agreements. As of June 30, 2024, the Group has assessed these contingent liabilities to be remote and specific disclosure is not required.

Commitments	12 Months Ended
Commitments	Jun. 30, 2024
Commitments [Abstract]
Commitments	Commitments a. Capital commitments The Group did not have any commitments for future capital expenditure outstanding as of June 30, 2024 and June 30, 2023. b. Purchase commitments In December 2019, the Group commenced production under its manufacturing service agreement with Lonza for the supply of commercial product for the potential approval and launch of remestemcel-L for the treatment of pediatric SR-aGVHD in the US market. This agreement contains lease and non-lease components. As of June 30, 2024, the agreement contains a minimum remaining financial commitment of the non-lease component of $9.1 million, payable until December 2025, which is cancellable in limited circumstances. The Group has accounted for the lease component within the agreement as a lease liability separately from the non-lease components. As of June 30, 2024, the lease component is $1.9 million on an undiscounted basis, as disclosed within the total contractual cash flows as lease liabilities in Note 10(c). At the Group's discretion, the minimum financial commitment under this manufacturing services agreement can be reduced by $4.9 million under certain conditions, with $1.0 million of this reduction relating to the lease component and $3.9 million relating to the non-lease component of the agreement. The group have agreements with third parties related to contract manufacturing and other goods and services. As of June 30, 2024, the Group had $3.4 million of non-cancellable purchase commitments related to raw materials, manufacturing agreements and other goods and services. This amount represents our minimum contractual obligations, including termination fees. Certain agreements provide for termination rights subject to termination fees. Under such agreement, the Group are contractually obligated to make certain payments, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. The Group did not have any other purchase commitments as of June 30, 2024.

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	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 AUD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 AUD ($)
USD
Disclosure of Financial Risk Management [Line Items]
Funds invested	$ 25,123		$ 40,569
Rate increase on funds invested	46		73
Rate decrease on funds invested	$ (46)		$ (73)
(in Australian dollars, in thousands, except percent data)
Disclosure of Financial Risk Management [Line Items]
Funds invested		$ 22,169		$ 35,707
Rate increase on funds invested		95		143
Rate decrease on funds invested		$ (95)		$ (143)
Bottom of range \| USD
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.84%	1.84%	1.79%	1.79%
Rate increase	2.02%	2.02%	1.97%	1.97%
Rate decrease	1.66%	1.66%	1.61%	1.61%
Bottom of range \| (in Australian dollars, in thousands, except percent data)
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	3.85%	3.85%	3.60%	3.60%
Rate increase	4.24%	4.24%	3.96%	3.96%
Rate decrease	3.47%	3.47%	3.24%	3.24%
Top of range \| USD
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	1.84%	1.84%	1.79%	1.79%
Rate increase	2.02%	2.02%	1.97%	1.97%
Rate decrease	1.66%	1.66%	1.61%	1.61%
Top of range \| (in Australian dollars, in thousands, except percent data)
Disclosure of Financial Risk Management [Line Items]
Funds invested percentage	4.86%	4.86%	4.59%	4.59%
Rate increase	5.35%	5.35%	5.05%	5.05%
Rate decrease	4.37%	4.37%	4.13%	4.13%

Equity - Summary of Movements in Ordinary Share Capital (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance	$ 501,838	$ 497,044	$ 581,397
Issues of ordinary shares during the period
Ending balance	$ 480,355	$ 501,838	$ 497,044
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Beginning balance, (in shares) \| shares	814,204,825	650,454,551	648,696,070
Beginning balance	$ 1,249,123	$ 1,165,309	$ 1,163,153
Issues of ordinary shares during the period
Exercise of share options	$ 7		$ 209
Transfer to employee share trust, (in shares) \| shares	1,072,363
Share based compensation for services rendered, (in shares) \| shares			1,758,481
Share based compensation for services rendered			$ 1,698
Transaction costs arising on share issue	$ (3,920)	$ (5,327)	$ 21
Fully-paid ordinary shares \| shares	327,579,289	163,750,274	1,758,481
Total issues of ordinary values during the period	$ 60,486	$ 83,814	$ 1,928
Total unissues of ordinary shares during the period (in shares) \| shares	0	0	0
Total unissues of ordinary shares during the period	$ 1,000	$ 0	$ 0
Total contributions of equity during the period, (in shares) \| shares	327,579,289	163,750,274	1,758,481
Total contributions of equity during the period	$ 61,486	$ 83,814	$ 1,928
Share options reserve transferred to equity on exercise of options	$ 204		$ 228
Ending balance, (in shares) \| shares	1,141,784,114	814,204,825	650,454,551
Ending balance	$ 1,310,813	$ 1,249,123	$ 1,165,309
Placement Agreement \| Ordinary Shares
Issues of ordinary shares during the period
Placement of shares under a share placement agreement, (in shares) \| shares	326,506,926	163,750,274
Placement of shares under a share placement agreement	$ 64,399	$ 89,141
Placement of shares under a share placement agreement (in shares) \| shares	0
Placement of shares under a share placement agreement	$ 1,000

Financial Assets and Liabilities - Summary of Other Non-current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	$ 2,102	$ 2,326
Bank guarantee
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	481	481
Net investment in sublease
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	190	414
Letter of credit
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	1,179	1,179
Security deposit
Disclosure Of Financial Assets And Liabilities [Line Items]
Other non-current assets	$ 252	$ 252

Significant estimates, judgments and errors	12 Months Ended
Significant estimates, judgments and errors	Jun. 30, 2024
Disclosure Of Significant Estimates Judgments And Errors [Abstract]
Significant estimates, judgments and errors	Significant estimates, judgments and errors The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgments is included in Notes 1 to 8 together with information about the basis of calculation for each affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments this year as a result of an error and of changes to previous estimates. Significant estimates and judgments The areas involving significant estimates or judgments are: •recognition of revenue (Note 3 and Note 23(e)); •fair value of contingent liabilities and contingent purchase consideration in a business combination (Note 5(g) and 13); •recoverable amount of goodwill and other intangible assets including in-process research and development (Note 6(c)); •useful life of intangible assets (Note 6(c)); •recognition of deferred tax assets and deferred tax liabilities (Note 4); •fair value of share-based payments (Note 17); •remeasurement of borrowings due to change in estimated cash flows (Note 5(f)); •recognition of pre-launch inventory costs (Note 23(f)); and •fair value of warrant liability (Note 5(g)). The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Financial Assets and Liabilities - Additional Information (Details)					1 Months Ended	12 Months Ended
	Mar. 08, 2023	Dec. 21, 2022 $ / shares shares	Nov. 19, 2021 $ / shares shares	Jun. 29, 2018 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jan. 10, 2024 $ / shares shares	Jan. 09, 2024	Dec. 31, 2022 $ / shares shares	Jul. 08, 2022
Disclosure Of Financial Assets And Liabilities [Line Items]
Gain (loss) recognized in comprehensive income, for change in fair value of financial assets						$ (700,000)	$ 0	$ (300,000)
Borrowings						114,345,000	108,763,000
Repayments of borrowings, classified as financing activities						10,000,000	0	55,458,000
Foreign currency balance held						87,028,000	82,399,000
Financial liabilities						152,954,000	151,533,000
Warrants fair value at grant date						4,600,000	5,400,000
Gain (loss) on remeasurement of warrant liability						$ 800,000	$ 2,200,000
Level 3 \| Unlisted Equity Securities
Disclosure Of Financial Assets And Liabilities [Line Items]
Percentage of assets measured at fair value						100.00%	100.00%
Fixed interest rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings						$ 118,923,000	$ 116,495,000
Warrants
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares						1,112,340	2,224,669
Oaktree Capital Management, L.P.
Disclosure Of Financial Assets And Liabilities [Line Items]
Repayments of borrowings, classified as financing activities					$ 50,000,000.0
Borrowings, interest rate					9.75%
Borrowings, unpaid interest portion per annum					1.75%
Oaktree Capital Management, L.P. \| Tranche One
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings, interest rate					9.75%
Oaktree Capital Management, L.P. \| Tranche Two
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings, interest rate					8.00%
Oaktree Capital Management, L.P.
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings term					5 years
Borrowings, interest period					3 years
Percentage of principal amortizes over two years					5.00%
Borrowings principal amortization period					2 years
Percentage of premium for volume-weighted average price		15.00%	15.00%
Issuance warrants exercised period	7 years		7 years
Remeasurement of borrowing arrangements within finance gains (loss)						$ (2,300,000)	$ (1,600,000)
Oaktree Capital Management, L.P. \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Depository receipt ratio									10	5
Percentage of share premium price											15.00%
Warrant exercise term	7 years
Oaktree Capital Management, L.P. \| American Depositary Shares
Disclosure Of Financial Assets And Liabilities [Line Items]
Exercise Price \| $ / shares			$ 7.26
Oaktree Capital Management, L.P. \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Exercise Price \| $ / shares									$ 14.36		$ 3.70
Oaktree Capital Management, L.P. \| Warrants
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669
Oaktree Capital Management, L.P. \| Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares											455,000
Oaktree Capital Management, L.P. \| November 2021 Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669						884,838
Oaktree Capital Management, L.P. \| November 2021 Warrants \| American Depositary Shares
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669						884,838
Exercise Price \| $ / shares			$ 7.26						$ 14.36
Oaktree Capital Management, L.P. \| November 2021 Warrants \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Exercise Price \| $ / shares			$ 7.26
Oaktree Capital Management, L.P. \| December 2022 Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares									227,502		455,000
Oaktree Capital Management, L.P. \| December 2022 Warrants \| American Depositary Shares
Disclosure Of Financial Assets And Liabilities [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares		455,000							227,502
Exercise Price \| $ / shares		$ 3.70							$ 7.24
Oaktree Capital Management, L.P. \| December 2022 Warrants \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure Of Financial Assets And Liabilities [Line Items]
Exercise Price \| $ / shares									$ 7.24		$ 3.70
NovaQuest Capital Management, L.L.C.
Disclosure Of Financial Assets And Liabilities [Line Items]
Remeasurement of borrowing arrangements within finance gains (loss)						100,000	900,000	$ 500,000
Minimum unrestricted cash balance						25,000,000.0
NovaQuest Capital Management, L.L.C. \| Level 2
Disclosure Of Financial Assets And Liabilities [Line Items]
Foreign currency balance held						0	0
Financial liabilities						0	0
NovaQuest Capital Management, L.L.C. \| Level 1
Disclosure Of Financial Assets And Liabilities [Line Items]
Foreign currency balance held						0	0
Financial liabilities						$ 0	$ 0
NovaQuest Capital Management, L.L.C. \| Fixed interest rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings principal amount				$ 40,000,000.0
Borrowings term				8 years
Borrowings, interest period				4 years
Borrowings, interest rate				15.00%
Borrowings principal amortization period												4 years
Sales percentage against payment cap amount												25.00%
NovaQuest Capital Management, L.L.C. \| Contingent Consideration Provision \| Level 3
Disclosure Of Financial Assets And Liabilities [Line Items]
Percentage of liabilities measured at fair value						100.00%	100.00%
NovaQuest Capital Management, L.L.C. \| Tranche One \| Fixed interest rate
Disclosure Of Financial Assets And Liabilities [Line Items]
Borrowings				$ 30,000,000.0
Top of range
Disclosure Of Financial Assets And Liabilities [Line Items]
Trade receivables settlement period						60 days

Financial Assets and Liabilities - Summary of Net Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Cash and cash equivalents	$ 62,960	$ 71,318	$ 60,447	$ 136,881
Borrowings	(114,345)	(108,763)
Lease liabilities	(4,578)	(7,732)
Warrant liability	(4,647)	(5,426)	$ (2,185)
Net Debt	(60,610)	(50,603)
Fixed interest rate
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Borrowings	(118,923)	(116,495)
variable interest rates
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items]
Borrowings	$ 0	$ 0

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Issued Capital	Share Option Reserve	Investment Revaluation Reserve	Foreign Currency Translation Reserve	Warrant Reserve	Retained Earnings/ (accumulated losses)
Beginning balance at Jun. 30, 2021	$ 581,397	$ 1,163,153	$ 92,855	$ (220)	$ (39,791)	$ 12,969	$ (647,569)
Loss for the period	(91,347)						(91,347)
Other comprehensive income/(loss)	(231)			(322)	91
Total comprehensive income/(loss) for the period	(91,578)			(322)	91		(91,347)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	1,928	1,928
Transactions with owners in their capacity as owners	1,928	1,928
Tax credited / (debited) to equity	(239)		(239)
Transfer of exercised options		228	(228)
Share-based payment expense for the year	5,536		5,536
Increase (decrease) in equity	5,297	228	5,069			0
Ending balance at Jun. 30, 2022	497,044	1,165,309	97,924	(542)	(39,700)	12,969	(738,916)
Loss for the period	(81,889)						(81,889)
Other comprehensive income/(loss)	(574)			(1)	(573)
Total comprehensive income/(loss) for the period	(82,463)			(1)	(573)		(81,889)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	83,814	83,814
Transactions with owners in their capacity as owners	83,814	83,814
Tax credited / (debited) to equity	(212)		(212)
Share-based payment expense for the year	3,655		3,655
Increase (decrease) in equity	3,443	0	3,443			0
Ending balance at Jun. 30, 2023	501,838	1,249,123	101,367	(543)	(40,273)	12,969	(820,805)
Loss for the period	(87,956)						(87,956)
Other comprehensive income/(loss)	(692)			(743)	51
Total comprehensive income/(loss) for the period	(88,648)			(743)	51		(87,956)
Transactions with owners in their capacity as owners:
Contributions of equity net of transaction costs	60,486	60,486
Contributions of equity for unissued ordinary shares, net of transaction costs	1,000	1,000
Transactions with owners in their capacity as owners	61,486	61,486
Tax credited / (debited) to equity	(191)		(191)
Transfer of exercised options		204	(204)
Share-based payment expense for the year	5,870		5,870
Increase (decrease) in equity	5,679	204	5,475
Ending balance at Jun. 30, 2024	$ 480,355	$ 1,310,813	$ 106,842	$ (1,286)	$ (40,222)	$ 12,969	$ (908,761)

Parent Entity Financial Information - Additional Information (Details) $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($)
CALHNI \| Top of range
Disclosure Of Parent Entity Financial Information [Line Items]
Aggregated milestone payments	$ 2.2

Financial Assets and Liabilities - Summary of Prepayments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Abstract]
Clinical trial research and development expenditure	$ 391	$ 950
Prepaid insurance and subscriptions	1,775	2,025
Other	385	367
Prepayments	$ 2,551	$ 3,342

Income tax benefit/(expense) - Summary of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current tax
Current tax	$ 0	$ 0	$ 0
Total current tax (benefit)/expense	0	0	0
Deferred tax
(Increase)/decrease in deferred tax assets	56	38	(8,317)
(Decrease)/increase in deferred tax liabilities	(247)	(250)	8,078
Total deferred tax (benefit)/expense	(191)	(212)	(239)
Income tax benefit attributable to loss before income tax	$ (191)	$ (212)	$ (239)

- 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

Equity - Summary of Reconciliation of Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	$ 73,520
Share-based payment expense for the year	5,870	$ 3,655	$ 5,536
Closing Balance	78,303	73,520
Share-based payments reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	101,367	97,924
Tax credited / (debited) to equity	(191)	(212)
Transfer to ordinary shares on exercise of options	(204)	0
Share-based payment expense for the year	5,870	3,655
Closing Balance	106,842	101,367	97,924
Investment revaluation reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	(543)	(542)
Changes in the fair value of financial assets through other comprehensive income	(743)	(1)
Closing Balance	(1,286)	(543)	(542)
Foreign Currency Translation Reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	(40,273)	(39,700)
Currency gain/(loss) on translation of foreign operations net assets	51	(573)
Closing Balance	(40,222)	(40,273)	(39,700)
Warrants reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	12,969	12,969
Movements during the period	0	0
Closing Balance	$ 12,969	$ 12,969	$ 12,969

Income tax benefit/(expense) - Summary of Deferred Tax Assets Not Brought to Account (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Unused tax losses
Potential tax benefit at local tax rates	$ 140,129	$ 125,728	$ 111,283
Other temporary differences
Potential tax benefit at local tax rates	14,204	12,318	11,046
Other tax credits
Potential tax benefit at local tax rates	3,220	3,220	3,220
Deferred tax assets not brought to account	$ 157,553	$ 141,266	$ 125,549

Remuneration of auditors (Tables)

12 Months Ended

Jun. 30, 2024

Auditor's remuneration [abstract]

Summary of Fees were Paid or Payable for Services Provided by the Auditor of the Parent Entity

During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms:


	Year Ended June 30,
(in U.S. dollars)	2024	2023	2022
a. PricewaterhouseCoopers Australia
Audit and other assurance services
Audit and review of financial reports	623,605	669,603	745,021
Other audit services(1)	33,180	180,339	67,238
Total remuneration of PricewaterhouseCoopers Australia	656,785	849,942	812,259

b. Network firms of PricewaterhouseCoopers Australia
Audit and other assurance services
Audit and review of financial reports	65,722	144,864	133,309
Total remuneration of Network firms of PricewaterhouseCoopers Australia	65,722	144,864	133,309
Total auditors' remuneration(2)	722,507	994,806	945,568

(1)Other audit services relates to services performed in connection with the filing of registration statements on the Form F-3.

(2)All services provided are considered audit fees for the purpose of SEC classification.

Summary of material accounting policies - Segment Reporting (Details)	12 Months Ended
	Jun. 30, 2024 segment
Disclosure of voluntary change in accounting policy [abstract]
Number of operating segment	1

Share-Based Payments - Additional Information (Details)		12 Months Ended
Share-Based Payments - Additional Information (Details)	Jul. 01, 2015	Jun. 30, 2024 tranche $ / shares shares	Jun. 30, 2023 $ / shares	Jun. 30, 2022 $ / shares	Jun. 30, 2015 tranche
Disclosure Of Sharebased Payment Arrangements [Line Items]
Percentage of premium attached with time based vesting condition options		10.00%
Percentage of premium attached with performance based vesting condition options		0.00%
Employee share option plan, maximum number of options available for issuance \| shares		10,000,000
Weighted average remaining contractual life of outstanding share options and loan funded		4 years 2 months 26 days	4 years 1 month 17 days	4 years 1 month 28 days
Number of tranches		3
Option exercise term in connection with cessation of employment		60 days
Reduction per option to share-based payment arrangements (in AUD per share) \| $ / shares		$ 0.02
Modification made to share based payment arrangements		no	no	no
Weighted average share purchase price, granted no. (during the year) \| $ / shares		$ 0.39	$ 0.66	$ 0.56
Dividend yield on shares underlying options		0.00%
Closing share market price of ordinary share \| $ / shares		$ 0.99	1.14	0.61
Number of tranches					3
Weighted average remaining contractual life of outstanding share options	7 years
Issues Granted Since July 1, 2015
Disclosure Of Sharebased Payment Arrangements [Line Items]
Expiry term of options		7 years
Tranche One
Disclosure Of Sharebased Payment Arrangements [Line Items]
Tranche vesting term		1 year
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Tranche One \| Two or Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Tranche One \| Three or Eight Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Tranche One \| One, Two, Three or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Tranche One \| Two, Three, Four or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Tranche One \| Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		6 months
Tranche One \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		1
Tranche Two
Disclosure Of Sharebased Payment Arrangements [Line Items]
Tranche vesting term		2 years
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Tranche Two \| Two or Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Tranche Two \| Three or Eight Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Tranche Two \| One, Two, Three or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Tranche Two \| Two, Three, Four or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Tranche Two \| Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		9 months
Tranche Two \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		2
Tranche Three
Disclosure Of Sharebased Payment Arrangements [Line Items]
Tranche vesting term		3 years
Period of vesting requirements for share based payment arrangement		36 months
Tranche Three \| Two or Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Tranche Three \| Three or Eight Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Tranche Three \| One, Two, Three or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Tranche Three \| Two, Three, Four or Five Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Tranche Three \| Three Equal Tranches
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		12 months
Tranche Three \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
Series 36(a&b) \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		2
Series 36(a&b) \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches prior to vesting		2
49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches prior to vesting		3
Series 38a, 40a, 57 & 66
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		1
Series 39a \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		1
Series 39a \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		2
Series 51 & 75
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		2
Series 55
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		5
Series 63a \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
Series 63a \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		8
Series 85, 86, 87, 88 and 93
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
Series 87c
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
Series 87c \| Tranche One
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Series 87c \| Tranche Two
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Series 87c \| Tranche Three
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Tranche Five \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		5
Series 87b \| Tranche One
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Series 87b \| Tranche Two
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Series 87b \| Tranche Three
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Series 87b \| Bottom of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		4
Series 87b \| Top of range
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		5
Series92
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		4
Series92 \| Tranche One
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.3333
Period of vesting requirements for share based payment arrangement		12 months
Series92 \| Tranche Two
Disclosure Of Sharebased Payment Arrangements [Line Items]
Share options vesting to maximum in time-based conditions		0.6667
Period of vesting requirements for share based payment arrangement		24 months
Series92 \| Tranche Three
Disclosure Of Sharebased Payment Arrangements [Line Items]
Period of vesting requirements for share based payment arrangement		36 months
Series Seventy Nine A&D \| Bottom of range \| Tranche Two
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		2
Series Seventy Nine A&D \| Bottom of range \| Tranche Three
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		3
Series Seventy Nine A&D \| Bottom of range \| Tranche Four
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		4
Series Seventy Nine A&D \| Top of range \| Tranche Five
Disclosure Of Sharebased Payment Arrangements [Line Items]
Number of equal tranches vest on date		5
(in Australian dollars, in thousands, except percent data)
Disclosure Of Sharebased Payment Arrangements [Line Items]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares		$ 0.93		1.82
Weighted average share purchase price, granted no. (during the year) \| $ / shares		$ 0.38	$ 1.08	$ 1.77

Income tax benefit/(expense) - Summary of Amounts That Would Be Recognized Directly in Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Amounts recognized directly in equity
Current tax recorded in equity	$ 0	$ 0	$ 0
Deferred tax recorded in equity	191	212	239
Current and deferred tax relating to items credited (charged) directly to equity	$ 191	$ 212	$ 239

Financial Assets and Liabilities - Summary of Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Borrowings
Borrowing arrangements	$ 81,919	$ 81,919
Less: transaction costs	(9,833)	(8,740)
Amortization of carrying amount, net of payments made	42,259	35,584
Principal amount of loans	114,345	108,763
Non-current
Current borrowings	13,862	5,952
Borrowings, Non-current	100,483	102,811
Total borrowings	114,345	108,763
Borrowings - NovaQuest
Non-current
Current borrowings	1,869	336
Borrowings, Non-current	64,562	55,739
Borrowings - Oaktree
Non-current
Current borrowings	11,993	5,616
Borrowings, Non-current	$ 35,921	$ 47,072

Financial risk management - Schedule of Warrant Liabilities Increase or Decrease Share Price Other variables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of Financial Risk Management [Line Items]
Warrant liability	$ 4,647	$ 5,426	$ 2,185
Top of range
Disclosure of Financial Risk Management [Line Items]
Ten percent of increase in share price	(598)	(698)
Bottom of range
Disclosure of Financial Risk Management [Line Items]
Ten percent of decrease in share rice	$ 587	$ 686

Equity - Summary of Movements in Ordinary Share Capital (Parenthetical) (Details) - Private Placement of Shares		1 Months Ended
	Aug. 31, 2022 $ / shares shares	Apr. 30, 2023 $ / shares shares	Mar. 31, 2024 shares	Dec. 31, 2023 $ / shares shares	Mar. 31, 2021 $ / shares shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares (in shares) \| shares	86,666,667		125,369,514	201,137,412
Sale of equity price (in dollars per share) \| $ / shares	$ 0.75				$ 0.30
Discount percentage used to calculate equity purchase price per share	5.00%	15.00%
Fully-paid ordinary shares \| shares		77,083,607			60,109,290
Fully-paid ordinary shares price (in dollars per share) \| $ / shares		0.85
Chief Medical Officer
Disclosure Of Classes Of Share Capital [Line Items]
Sale of equity price (in dollars per share) \| $ / shares				$ 0.30
Fully-paid ordinary shares \| shares			5,039,814

Financial risk management - Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 CHF (SFr)	Jun. 30, 2024 SGD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 CHF (SFr)	Jun. 30, 2023 SGD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 GBP (£)
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held	$ 87,028	$ 82,399
Loss for the period	(87,956)	(81,889)	$ (91,347)
+20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(228)	(648)
-20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	228	648
Bank Accounts \| USD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held	819	60
Bank Accounts \| USD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	164	12
Bank Accounts \| USD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(164)	(12)
Bank Accounts \| CHF \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| SFr					SFr 96					SFr 79
Bank Accounts \| CHF \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	21	18
Bank Accounts \| CHF \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(21)	(18)
Bank Accounts \| SGD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held						$ 62					$ 80
Bank Accounts \| SGD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	9	12
Bank Accounts \| SGD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(9)	(12)
Bank Accounts \| EUR \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| €							€ 151					€ 4
Bank Accounts \| EUR \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	32	1
Bank Accounts \| EUR \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(32)	(1)
Trade and Other Receivables \| USD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held	400	400
Trade and Other Receivables \| USD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	80	80
Trade and Other Receivables \| USD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(80)	(80)
Trade and Other Receivables \| CHF \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| SFr					4					3
Trade and Other Receivables \| CHF \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	1	1
Trade and Other Receivables \| CHF \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(1)	(1)
Trade and Other Receivables \| SGD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held						396					106
Trade and Other Receivables \| SGD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	58	16
Trade and Other Receivables \| SGD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(58)	(16)
Trade and Other Receivables \| EUR \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| €							175					292
Trade and Other Receivables \| EUR \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	37	63
Trade and Other Receivables \| EUR \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(37)	(63)
Trade Payables and Accruals \| USD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held	(1,024)	(1,361)
Trade Payables and Accruals \| USD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(204)	(272)
Trade Payables and Accruals \| USD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	204	272
Trade Payables and Accruals \| CHF \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| SFr					SFr (19)					SFr (40)
Trade Payables and Accruals \| CHF \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(4)	(9)
Trade Payables and Accruals \| CHF \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	4	9
Trade Payables and Accruals \| SGD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held						$ (217)					$ (422)
Trade Payables and Accruals \| SGD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(32)	(62)
Trade Payables and Accruals \| SGD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	32	62
Trade Payables and Accruals \| EUR \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| €							€ (36)					€ (26)
Trade Payables and Accruals \| EUR \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(8)	(6)
Trade Payables and Accruals \| EUR \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	8	6
Trade Payables and Accruals \| (in Australian dollars, in thousands, except percent data) \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held				$ (130)					$ (1,064)
Trade Payables and Accruals \| (in Australian dollars, in thousands, except percent data) \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(17)	(141)
Trade Payables and Accruals \| (in Australian dollars, in thousands, except percent data) \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	17	141
Trade Payables and Accruals \| GBP \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held \| £								£ (60)					£ (45)
Trade Payables and Accruals \| GBP \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(15)	(11)
Trade Payables and Accruals \| GBP \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	15	11
Provisions \| USD \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Foreign currency balance held	(1,750)	(1,750)
Provisions \| USD \| +20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	(350)	(350)
Provisions \| USD \| -20% \| Currency Risk
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items]
Loss for the period	$ 350	$ 350

Interests in other entities (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of subsidiaries [abstract]

Summary of Group's Principal Subsidiaries


	Country of incorporation	Class of shares	Equity holding
			As of June 30,
			2024	2023
			%	%
Mesoblast, Inc.	USA	Ordinary	100	100
Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch)	Switzerland	Ordinary	100	100
Mesoblast Australia Pty Ltd	Australia	Ordinary	100	100
Mesoblast UK Ltd	United Kingdom	Ordinary	100	100
BeiCell Ltd	Cayman Islands	Ordinary	100	100

Commitments (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Commitments [Line Items]
Future capital expenditure commitments outstanding	$ 0	$ 0
Non-cancellable purchase commitments related to raw materials, manufacturing agreements and other goods and services	3,400,000
Other purchase commitments	0
Lonza Bioscience Singapore Pte Ltd \| Manufacturing Service Agreement
Commitments [Line Items]
Minimum remaining financial commitment of non-lease component on exercise of option to extend non-cancellable term	9,100,000
Minimum financial commitment of lease component on exercise of option to extend non-cancellable term	1,900,000
Minimum financial commitment reduction amount	4,900,000
Minimum financial commitment reduction amount on lease component	1,000,000
Minimum financial commitment reduction amount on non lease component	$ 3,900,000

Equity

12 Months Ended

Jun. 30, 2024

Disclosure of classes of share capital [abstract]

Equity

a. Contributed equity

(i) Share capital


	As of June 30,
	2024	2023	2022	2024	2023	2022
	Shares No.			(U.S. dollars, in thousands)
Contributed equity
(i) Share capital
Ordinary shares	1,141,784,114	814,204,825	650,454,551	1,310,813	1,249,123	1,165,309
Less: Treasury Shares	(542,903)	(542,903)	(542,903)	—	—	—
Total Contributed Equity	1,141,241,211	813,661,922	649,911,648	1,310,813	1,249,123	1,165,309

(ii) Movements in ordinary share capital


	As of June 30,			As of June 30,
	2024	2023	2022	2024	2023		2022
	Shares No.			(U.S. dollars, in thousands)
Opening balance	814,204,825	650,454,551	648,696,070	1,249,123	1,165,309		1,163,153
Issues of ordinary shares during the period
Exercise of share options(1)	—	—	—	7	—		209
Transfer to employee share trust(1)	1,072,363	—	—	—	—		—
Share based compensation for services rendered	—	—	1,758,481	—	—		1,698
Entitlement offer to existing eligible shareholders and institutional placement(2)	326,506,926	—	—	64,399	—	—	—
Placement of shares under a share placement agreement(3)	—	163,750,274	—	—	89,141		—
Transaction costs arising on share issue	—	—	—	(3,920)	(5,327)		21
	327,579,289	163,750,274	1,758,481	60,486	83,814		1,928
Unissued ordinary shares during the period
Placement of shares under a share placement agreement(2)	—	—	—	1,000	—		—
	—	—	—	1,000	—		—
Total contributions of equity during the period	327,579,289	163,750,274	1,758,481	61,486	83,814		1,928
Share options reserve transferred to equity on exercise of options	—	—	—	204	—		228
Ending balance	1,141,784,114	814,204,825	650,454,551	1,310,813	1,249,123		1,165,309


(1)			Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. Unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee.


(2)			In December 2023 and March 2024, respectively, 201,137,412 and 125,369,514 shares were issued in a 1 for 4 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Mesoblast Limited to existing shareholders in Australia and certain other countries together with an institutional placement of new fully paid ordinary shares in Mesoblast Limited, at A$0.30 per share. As part of the placement in March 2024, Dr. Eric Rose, the Company's Chief Medical Offer and a director of Mesoblast, subscribed for 5,039,814 shares in Mesoblast Limited at A$0.30 per share, subject to shareholder approval, and therefore the shares remain in unissued capital until the shares are issued.


(3)			In August 2022, 86,666,667 shares were issued in an equity purchase of Mesoblast Limited at A$0.75 per share to existing and new institutional investors, representing a 5.00% discount to the thirty trading-day volume weighted average price. In April 2023, 77,083,607 shares were issued in an equity purchase of Mesoblast Limited at A$0.85 per share primarily to existing major shareholders, representing a 15.00% discount to the five trading-day volume weighted average price.

(iii) Movements of shares in share trust


	As of June 30			As of June 30
	2024	2023	2022	2024	2023	2022
	Shares No.			(U.S. dollars, in thousands)
Opening balance	542,903	542,903	771,983	—	—	—
Movement of shares in share trust
Transfer to employee share trust(1)	1,072,363	—	—	—	—	—
Exercise of share options(1)	(1,072,363)	—	(229,080)	—	—	—
Ending balance	542,903	542,903	542,903	—	—	—


(1)			Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. Unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee.

(iv) Ordinary shares

Ordinary shares participate in dividends and the proceeds on winding up of the Group in equal proportion to the number of shares held. At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value and the Company does not have a limited amount of authorized capital.

(v) Employee share options

Information relating to the Group’s employee share option plan, including details of shares issued under the scheme, is set out in Note 17.

b. Reserves

(i) Reserves


	As at June 30,
(in U.S. dollars, in thousands)	2024	2023
Share-based payments reserve	106,842	101,367
Investment revaluation reserve	(1,286)	(543)
Foreign currency translation reserve	(40,222)	(40,273)
Warrants reserve	12,969	12,969
	78,303	73,520

(ii) Reconciliation of reserves


(in U.S. dollars, in thousands)	As at June 30,
Share-based payments reserve	2024	2023
Opening balance	101,367	97,924
Tax credited / (debited) to equity	(191)	(212)
Transfer to ordinary shares on exercise of options	(204)	—
Share-based payment expense for the year	5,870	3,655
Closing Balance	106,842	101,367

Investment revaluation reserve
Opening balance	(543)	(542)
Changes in the fair value of financial assets through other comprehensive income	(743)	(1)
Closing Balance	(1,286)	(543)

Foreign currency translation reserve
Opening balance	(40,273)	(39,700)
Currency gain/(loss) on translation of foreign operations net assets	51	(573)
Closing Balance	(40,222)	(40,273)

Warrant reserve
Opening balance	12,969	12,969
Movements during the period	—	—
Closing Balance	12,969	12,969

(iii) Nature and purpose of reserves

Share-based payment reserve

The share-based payments reserve is used to recognize:

•the fair value(1) of options issued but not exercised; and

•the fair value(1) of deferred shares granted but not yet vested.

(1)The fair value recognized is determined at the acceptance date, which is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement or when they are approved by shareholders when this is required.

Foreign currency translation reserve

Exchange differences arising on translation of a foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

Warrants reserve

In March 2021, the Group completed a A$138.0 million (US$110.0 million) private placement of 60,109,290 new fully-paid ordinary shares at a price of A$2.30. As part of this placement, the Group also issued one warrant for every four ordinary shares issued in the placement, which resulted in a further 15,027,327 warrants issued. Each warrant has an exercise price of A$2.88 per share and a 7 year term. The Group has a right to compel exercise of the warrants at any time, subject to the price of the Group’s ordinary shares trading at least A$4.32 for 45 consecutive days on the ASX. The warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant. As a

result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the exercise price for the warrants was adjusted from A$2.88 per share to A$2.86 per share with effect from January 5, 2024.

The terms of the warrants include certain anti-dilution clauses, which adjust the exercise price or conversion ratio in the event of a rights issue or bonus issue. Management analyzed these clauses and determined the fixed-for-fixed requirement was still satisfied because the relative rights of shareholders and warrant holders were maintained. Therefore the warrants were classified as equity. The warrants were initially measured in equity at fair value, which was determined using a Monte Carlo simulation (refer to Note 7(b)(iv)), with the residual consideration being attributed to the ordinary shares issued in the same transaction. The warrants are not remeasured for subsequent changes in fair value.

(iv) Fair value of warrants

(in U.S. dollars, except percent data and as otherwise noted)
Assumption

At Issue date - March

18, 2021

Rationale

Share Price

A$2.41

Closing share price on valuation date from external market source

Exercise Price(1)

A$2.88

As per subscription agreement

Expected Term

7 years

As per subscription agreement

Dividend Yield

Based on Company’s nil dividend history

Expected Volatility

66.88%

Based on historical volatility data for the Company

A$-US$ FX Spot Rate

0.7827

Closing FX rate on valuation date from the Reserve Bank of Australia historical foreign exchange rate tables

Risk Free Interest Rate

1.24%

Based on the mid-point of the Australian Government issued 5 year and 10 year bonds

Fair value per warrant

$0.863 (A$1.103)

Determined using Monte Carlo pricing models with the inputs above

Fair value

$12,968,583

Fair value of 15,027,327 warrants as at issue date


(1)			As a result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the exercise price for the warrants was adjusted from A$2.88 per share to A$2.86 per share with effect from January 5, 2024.

Financial Assets and Liabilities - Summary of Financial Assets at Fair Value through Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets at fair value through other comprehensive income	$ 1,014	$ 1,757
Equity securities
Disclosure Of Financial Assets And Liabilities [Line Items]
Financial assets at fair value through other comprehensive income	$ 1,014	$ 1,757

Non-financial assets and liabilities - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	$ 1,357	$ 2,045
Additions	158	274
Exchange differences	2	(9)
Disposals	(9)
Depreciation charge	(410)	(953)	$ (1,144)
Depreciation charge	(402)
Ending Balance	1,106	1,357	2,045
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	12,337
Ending Balance	8,755	12,337
Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	(10,980)
Ending Balance	(7,649)	(10,980)
Plant and Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	457	1,208
Additions	38	171
Exchange differences	(6)	(104)
Disposals	0
Depreciation charge		(818)
Depreciation charge	(281)
Ending Balance	208	457	1,208
Plant and Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	6,910
Ending Balance	6,067	6,910
Plant and Equipment \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	(6,453)
Ending Balance	(5,859)	(6,453)
Office Furniture and Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	803	692
Additions	0	43
Exchange differences	(8)	113
Disposals	(2)
Depreciation charge		(45)
Depreciation charge	(41)
Ending Balance	752	803	692
Office Furniture and Equipment \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	2,074
Ending Balance	2,044	2,074
Office Furniture and Equipment \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	(1,271)
Ending Balance	(1,292)	(1,271)
Computer Hardware and Software
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	97	145
Additions	120	60
Exchange differences	16	(18)
Disposals	(7)
Depreciation charge		(90)
Depreciation charge	(80)
Ending Balance	146	97	$ 145
Computer Hardware and Software \| Cost
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	3,353
Ending Balance	644	3,353
Computer Hardware and Software \| Accumulated depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Beginning Balance	(3,256)
Ending Balance	$ (498)	$ (3,256)

Financial Assets and Liabilities - Summary of Fair Value of Warrants (Parenthetical) (Details) - $ / shares	Jun. 30, 2024	Jan. 10, 2024	Jun. 30, 2023	Dec. 31, 2022	Nov. 19, 2021
Oaktree Capital Management, L.P. \| American Depositary Shares
Disclosure Of Financial Instruments [Line Items]
Exercise Price					$ 7.26
Refinancing and Expansion of Senior Debt Facility \| Oaktree Capital Management, L.P. \| American Depositary Shares
Disclosure Of Financial Instruments [Line Items]
Exercise Price		$ 14.36		$ 3.70
Warrants
Disclosure Of Financial Instruments [Line Items]
Number of shares warrants granted to purchase (in shares)	1,112,340		2,224,669
Warrants \| Oaktree Capital Management, L.P.
Disclosure Of Financial Instruments [Line Items]
Number of shares warrants granted to purchase (in shares)					1,769,669
Warrants \| Refinancing and Expansion of Senior Debt Facility \| Oaktree Capital Management, L.P.
Disclosure Of Financial Instruments [Line Items]
Number of shares warrants granted to purchase (in shares)				455,000

Financial Assets and Liabilities - Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Level 3
Disclosure Of Financial Instruments [Line Items]
Gain on re-measurement of contingent consideration provision	$ (9.7)	$ 8.8

Contingent Assets and Liabilities (Details) - USD ($)	12 Months Ended
Contingent Assets and Liabilities (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Contingent Assets And Liabilities [Line Items]
Contingent assets outstanding	$ 0	$ 0
CALHNI \| Top of range
Disclosure Of Contingent Assets And Liabilities [Line Items]
Aggregated milestone payments	$ 2,200,000

Income tax benefit/(expense) - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax asset	$ 87,745	$ 87,992
Unused Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Tax effect of gross tax losses	620,600	$ 553,000	$ 477,800
Deferred tax asset	$ 44,500
Unused Tax Losses \| Bottom of range
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax asset expiration period	9 years
Unused Tax Losses \| Top of range
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Deferred tax asset expiration period	14 years

Non-financial assets and liabilities - Summary of Provisions (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Other Provisions [Line Items]
Current provisions	$ 45,038	$ 6,399
Non-current provisions	10,620	16,612
Total provisions	55,658	23,011
Contingent consideration
Disclosure Of Other Provisions [Line Items]
Current provisions	16,298	636
Non-current provisions	10,594	16,563
Total provisions	26,892	17,199
Employee benefits
Disclosure Of Other Provisions [Line Items]
Current provisions	7,436	2,013
Non-current provisions	26	49
Total provisions	7,462	2,062
Provision for license agreements
Disclosure Of Other Provisions [Line Items]
Current provisions	3,750	3,750
Non-current provisions	0	0
Total provisions	3,750	3,750
Provision for litigation settlements
Disclosure Of Other Provisions [Line Items]
Current provisions	17,554	0
Non-current provisions	0	0
Total provisions	$ 17,554	$ 0

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Auditor [Line Items]
Auditor Firm ID	1379
Auditor Name	PricewaterhouseCoopers
Auditor Location	Melbourne, Australia

Cash flow information

12 Months Ended

Jun. 30, 2024

Statement of cash flows [abstract]

Cash flow information


(in U.S. dollars, in thousands)	As of June 30,
(a) Reconciliation of cash and cash equivalents	2024	2023	2022
Cash at bank	62,563	70,920	60,034
Deposits at call	397	398	413
	62,960	71,318	60,447

(in U.S. dollars, in thousands)	As of June 30,
(b) Reconciliation of net cash flows used in operations with loss after income tax	2024	2023	2022
Loss for the period	(87,956)	(81,889)	(91,347)
Add/(deduct) net loss for non-cash items as follows:
Depreciation and amortization	4,666	4,107	4,380
Foreign exchange losses/(gains)	78	62	536
Finance costs	22,792	20,122	17,288
Remeasurement of contingent consideration	9,693	(8,771)	(913)
Remeasurement of warrant liabilities	(779)	2,205	(5,896)
Equity settled share-based payment	5,870	3,655	5,536
Deferred tax benefit	(191)	(212)	(235)
Gain on derecognition of right-of-use assets	—	(76)	—
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables	(15,466)	(118)	140
Decrease/(increase) in prepayments	807	1,650	1,555
Increase/(decrease) in trade and other payables	(12,378)	(398)	4,777
Decrease/(increase) in tax incentive recoverable	1,490	(2,388)	—
Increase/(decrease) in provisions	22,916	(1,218)	(1,603)
Net cash outflows used in operations	(48,458)	(63,269)	(65,782)

Income tax benefit/(expense) - Summary of Reconciliation of Income Tax to Prima Facie Tax Payable (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items]
Loss from continuing operations before income tax	$ (88,147)	$ (82,101)	$ (91,586)
Share-based payments expense	1,752	1,089	1,588
Research and development tax concessions	324	(730)	(869)
Foreign exchange translation (losses)/gains	(103)	501	159
Contingent consideration	2,908	(2,631)	(274)
Other sundry items	(231)	695	(2,036)
Subtotal	(21,794)	(25,706)	(28,908)
Adjustments for current tax of prior periods	198	274	(923)
Differences in overseas tax rates	6,051	8,537	8,407
Tax benefit not recognized	15,354	16,683	21,185
Change in tax rate on Deferred tax assets	0	0	(8,326)
Change in tax rate on Deferred tax liability	0	0	8,326
Income tax benefit attributable to loss before income tax	(191)	(212)	(239)
Australian Government
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items]
Tax benefit at the Australian tax rate	$ (26,444)	$ (24,630)	$ (27,476)

Equity - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2021 AUD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2024 shares	Jan. 05, 2024 $ / shares	Jan. 04, 2024 $ / shares	Dec. 31, 2023 shares	Apr. 30, 2023 shares	Aug. 31, 2022 shares	Jun. 30, 2021 shares
Disclosure Of Classes Of Share Capital [Line Items]
Proceeds from issue of shares \| $			$ 65,406	$ 88,635	$ 209
Warrants
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares (in shares)		15,027,327
Warrant exercise price (in dollars per share) \| $ / shares		$ 2.88					$ 2.86	$ 2.88
Warrant exercise term	7 years	7 years
Share price, minimum consecutive day		45 days
Warrants \| Bottom of range
Disclosure Of Classes Of Share Capital [Line Items]
Share price for right exercise of the warrants (in aud per share) \| $ / shares	4.32	4.32
Private Placement of Shares
Disclosure Of Classes Of Share Capital [Line Items]
Proceeds from issue of shares	$ 110,000	$ 138.0
Fully-paid ordinary shares		60,109,290								77,083,607
Exercise Price (in dollars per share) \| $ / shares		$ 2.30
Ordinary shares (in shares)						125,369,514			201,137,412		86,666,667
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Fully-paid ordinary shares			327,579,289	163,750,274	1,758,481
Ordinary shares (in shares)			1,141,784,114	814,204,825	650,454,551							648,696,070

Non-financial assets and liabilities - Schedule of Deferred Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Non Financial Assets And Liabilities [Abstract]
Opening balance	$ 2,500	$ 2,500
Amount recognized as revenue during the period	0	0
End of the period	$ 2,500	$ 2,500

Income tax benefit/(expense) - Summary of Reconciliation of Income Tax to Prima Facie Tax Payable (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items]
Difference in tax rate	30.00%	30.00%	30.00%
Singapore
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items]
Statutory tax rate	17.00%

Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Financial Assets And Liabilities [Abstract]
Cash at bank	$ 62,563	$ 70,920	$ 60,034
Deposits at call	397	398	413
Cash and cash equivalents	$ 62,960	$ 71,318	$ 60,447	$ 136,881

Financial Assets and Liabilities - Summary of Fair Value of Warrants (Details)			12 Months Ended
	Mar. 18, 2021 USD ($) $ / shares	Mar. 18, 2021 $ / shares	Jun. 30, 2024 USD ($) Year tranche $ / shares shares	Jun. 30, 2023 USD ($) Year $ / shares shares
Disclosure Of Financial Instruments [Line Items]
Dividend Yield	0.00%
Expected Volatility	66.88%
Risk Free Interest Rate	1.24%
Fair value per warrant (in dollars per share) \| (per share)	$ 0.863	$ 1.103
Fair value per warrant (in dollars per share) \| $	$ 12,968,583
Warrants
Disclosure Of Financial Instruments [Line Items]
Number of shares warrants granted to purchase (in shares) \| shares			1,112,340	2,224,669
Fair value per warrant (in dollars per share) \| $			$ 4,647,075	$ 5,426,212
Warrants
Disclosure Of Financial Instruments [Line Items]
Share Price (in usd per share)			$ 6.81	$ 3.91
Expected Term \| tranche			6.5
Dividend Yield			0.00%	0.00%
Expected Volatility			91.91%	81.26%
Risk Free Interest Rate			4.38%	4.01%
Fair value per warrant (in dollars per share) \| $			$ 4,647,075	$ 5,426,212
Warrants \| Minimum
Disclosure Of Financial Instruments [Line Items]
Exercise Price (in dollars per share)			$ 7.24	$ 3.70
Expected Term \| Year			5	6
Fair value per warrant (in dollars per share)			$ 3.9352	$ 2.3103
Warrants \| Maximum
Disclosure Of Financial Instruments [Line Items]
Exercise Price (in dollars per share)			$ 14.36	$ 7.26
Expected Term \| Year			6	7
Fair value per warrant (in dollars per share)			$ 5.1211	$ 2.9401

Financial assets and liabilities

12 Months Ended

Jun. 30, 2024

Disclosure Of Financial Assets And Liabilities [Abstract]

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 June 30, 2024
Cash & cash equivalents	5(a)	—	—	62,960	62,960
Trade & other receivables	5(b)	—	—	20,952	20,952
Financial assets at fair value through other comprehensive income	5(c)	1,014	—	—	1,014
Other non-current assets	5(d)	—	—	2,102	2,102
		1,014	—	86,014	87,028
As of June 30, 2023
Cash & cash equivalents	5(a)	—	—	71,318	71,318
Trade & other receivables	5(b)	—	—	6,998	6,998
Financial assets at fair value through other comprehensive income	5(c)	1,757	—	—	1,757
Other non-current assets	5(d)	—	—	2,326	2,326
		1,757	—	80,642	82,399

(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 June 30, 2024
Trade and other payables	5(e)	—	—	7,070	7,070
Borrowings	5(f)	—	—	114,345	114,345
Contingent consideration	5(g)(iii)	—	26,892	—	26,892
Warrant liability	5(g)(vi)	—	4,647	—	4,647
		—	31,539	121,415	152,954
As of June 30, 2023
Trade and other payables	5(e)	—	—	20,145	20,145
Borrowings	5(f)	—	—	108,763	108,763
Contingent consideration	5(g)(iii)	—	17,199	—	17,199
Warrant liability	5(g)(vi)	—	5,426	—	5,426
		—	22,625	128,908	151,533

(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 10. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.

a. Cash and cash equivalents


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash at bank	62,563	70,920
Deposits at call(1)	397	398
	62,960	71,318


(1)			As of June 30, 2024 and June 30, 2023, 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 and other receivables


		As of June 30,
(in U.S. dollars, in thousands)	Note	2024	2023
Trade receivables		1,403	2,276
Tax incentives recoverable		854	2,363
Foreign withholding tax recoverable		471	471
U.S. Tax credits		—	1,473
Net investment in sublease		224	195
Interest receivables		23	18
Other recoverable taxes (Goods and services tax and value-added tax)		423	202
Insurance Asset	22	17,554	—
Trade and other receivables		20,952	6,998

(ii) Prepayments


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Clinical trial research and development expenditure	391	950
Prepaid insurance and subscriptions	1,775	2,025
Other	385	367
Prepayments	2,551	3,342

(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, with the exception of the net investment in sublease, are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore

do not require remeasurement. The net investment in sublease is recognized at the present value of minimum lease payments receivable over the remaining life of the lease.

(iv) 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.

(v) Impairment and risk exposure

Information about the impairment of trade and other receivables, their credit quality and the Group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in Note 10(a) and (b).

c. Financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income include the following classes of financial assets:


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Unlisted securities:
Equity securities	1,014	1,757
	1,014	1,757

(i) Classification of financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income comprises equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments and the Group considers this classification to be more relevant.

The financial assets are presented as non-current assets unless they mature, or management intends to dispose of them within 12 months of the end of the reporting period.

(ii) Impairment indicators for financial assets at fair value through other comprehensive income

Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. See Note 23(m)(iv) for further details about the Group’s impairment policies for financial assets.

(iii) Amounts recognized in other comprehensive income

For the years ended June 30, 2024, 2023 and 2022, the Group recognized in statement of comprehensive income a loss of $0.7 million, a $Nil gain/loss and a loss of $0.3 million respectively, for change in fair value of the financial assets through other comprehensive income.

(iv) Fair value, impairment and risk exposure

Information about the methods and assumptions used in determining fair value is provided in Note 5(g). None of the financial assets through other comprehensive income are either past due or impaired.

All financial assets at fair value through other comprehensive income are denominated in US$.

d. Other non-current assets


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Bank guarantee	481	481
Net investment in sublease	190	414
Letter of credit	1,179	1,179
Security deposit	252	252
	2,102	2,326

(i) Classification of financial assets as other non-current assets

Bank guarantee

These funds are held in an account named Mesoblast Limited at National Australia Bank according to the terms of a Bank Guarantee which is security for the sublease agreement for our occupancy of Level 38, 55 Collins Street, Melbourne, Victoria, Australia. The Bank Guarantee is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The Bank Guarantee continues in force until it is released by the lessor.

Letter of credit

These funds held in an account named Mesoblast, Inc. at the Bank of America according to the terms of an irrevocable standby letter of credit which is security for the sublease agreement for our occupancy of 505 Fifth Avenue, New York, New York, United States of America. The letter of credit is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The letter of credit is deemed to automatically extend without amendment for a period of one year at each anniversary.

(ii) Impairment and risk exposure

Information about the impairment of other non-current assets and their credit quality and the Group’s exposure to credit risk can be found in Note 10(b).

e. Trade and other payables


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Trade payables and other payables	7,070	20,145
Trade and other payables	7,070	20,145

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

f. Borrowings


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Borrowings
Secured liabilities:
Borrowing arrangements	81,919	81,919
Less: transaction costs	(9,833)	(8,740)
Amortization of carrying amount, net of payments made	42,259	35,584
	114,345	108,763

	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Borrowings
Current
Borrowings - NovaQuest	1,869	336
Borrowings - Oaktree	11,993	5,616
	13,862	5,952
Non-current
Borrowings - NovaQuest	64,562	55,739
Borrowings - Oaktree	35,921	47,072
	100,483	102,811
	114,345	108,763

(i) Borrowing arrangements

Funds associated with Oaktree Capital Management, L.P. (“Oaktree”)

In November 2021, the Group entered into a five-year senior debt facility provided by funds associated with Oaktree. The balance of funds drawn down is $50.0 million as of June 30, 2024. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which the principal amortizes 5% per quarter beginning December 2024 and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion (1.75% per annum) has been added to the outstanding loan balance and currently accrues further interest at a fixed rate of 9.75% per annum.

On November 19, 2021, Oaktree were granted warrants to purchase 1,769,669 American Depositary Shares (“ADSs”) at US$7.26 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the debt facility was signed; consequently, a liability for the warrants was recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. On the issuance date of the Oaktree facility and the warrants, the warrants were initially measured at fair value and the Oaktree borrowing liability measured as the difference between the initial draw down of funds from the Oaktree facility and the fair value of the warrants. In December 2022, the Group amended the terms of the loan agreement with Oaktree and in connection with the loan amendment, Oaktree was granted warrants to purchase 455,000 ADSs at $3.70 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the first amendment to the loan agreement was signed; consequently, a liability for the warrants was recognized in December 2022. The warrants were legally issued on March 8, 2023 and may be exercised within 7 years of issuance. Refer to Note 5(g)(vi) for more details on warrants issued.

On January 10, 2024, the ratio under Mesoblast's American Depository Receipt ("ADR") program was changed from 5 ordinary shares representing 1 ADS (5:1 ratio) to a new ratio of 10 ordinary shares representing 1 ADS (10:1 ratio). As a result of this ratio change and as a result of initiating the pro-rata accelerated non-renounceable rights issue in December 2023, the number and exercise price for the warrants was adjusted in accordance with the terms of these warrants. The warrants issued in November 2021 changed from 1,769,669 ADSs at $7.26 per ADS to 884,838 ADSs at $14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at $3.70 per ADS to 227,502 ADSs at $7.24 per ADS.

In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized losses of $2.3 million, $1.6 million and a minimal gain in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our facility. Within the $1.6 million loss recognized in the year ended June 30, 2023, $1.0 million related to the remeasurement due to additional warrants being issued to Oaktree as a result of the first amendment to the loan agreement and $0.6 million related to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility.

The Group has pledged substantially all of its assets as collateral under the loan facility with Oaktree.

NovaQuest Capital Management, L.L.C.

On June 29, 2018, the Group entered into an eight-year, $40.0 million loan and security agreement with NovaQuest before drawing the first tranche of $30.0 million of the principal in July 2018. The loan term includes an interest only period of approximately four years through until July 8, 2022.

All interest and principal payments (i.e. the amortization period) are deferred until the earlier of loan maturity or from after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD in the United States and other geographies excluding Asia ("remestemcel-L for pediatric SR-aGVHD"). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. If there are no net sales of remestemcel-L for pediatric SR-aGVHD, the loan is only repayable at maturity. The Group can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge.

Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L 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. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made.

In the years ended June 30, 2024, 2023 and 2022, respectively, the Group recognized a loss of $0.1 million and gains of $0.9 million and $0.5 million in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of the Group's financial liability to reflect the revised estimated future cash flows as a net result of changes to the key assumptions in development timelines.

The Group recognizes a liability as current based on repayments linked to estimates of sales of remestemcel-L. However, if sales of remestemcel-L are higher than estimated, actual repayments will exceed this amount, subject to the annual payment cap described above.

The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s fixed rate loan with the senior creditor, Oaktree. The Group have pledged a portion of our assets relating to the SR-aGVHD product candidate as collateral under the loan facility with NovaQuest.

(ii) Compliance with loan covenants

Our loan facilities with Oaktree 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. The Group has an operating objective to at all times maintain unrestricted cash reserves in excess of six months liquidity. The objective aligns

with our loan and security agreement with Oaktree where the Group is currently obliged to maintain a minimum unrestricted cash balance of $25.0 million.

The Group has complied with the financial and other restrictive covenants of its borrowing facilities during the year ended June 30, 2024 and during the year ended June 30, 2023.

(iii) Net debt reconciliation


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash and cash equivalents	62,960	71,318
Borrowings	(114,345)	(108,763)
Lease liabilities	(4,578)	(7,732)
Warrant liability	(4,647)	(5,426)
Net Debt(1)	(60,610)	(50,603)

Cash and cash equivalents	62,960	71,318
Gross debt - fixed interest rates	(118,923)	(116,495)
Gross debt - variable interest rates	—	—
Warrant liability	(4,647)	(5,426)
Net Debt(1)	(60,610)	(50,603)

(1)Net debt amount includes leases and borrowing arrangements


	Liabilities from financing activities				Other assets
(in U.S. dollars, in thousands)	Borrowings	Leases	Warrant liability	Sub-total	Cash and cash equivalents	Total
Net Debt as at June 30, 2023	(108,763)	(7,732)	(5,426)	(121,921)	71,318	(50,603)
Cash Flows(1)	16,921	3,877	—	20,798	(8,303)	12,495
Remeasurement adjustments	(2,351)	—	779	(1,572)	—	(1,572)
Other Changes(2)	(20,152)	(724)	—	(20,876)	—	(20,876)
Foreign exchange adjustments	—	1		1	(55)	(54)
Net Debt as at June 30, 2024	(114,345)	(4,578)	(4,647)	(123,570)	62,960	(60,610)

(2)Other changes include modification of leases and accrued interest expenses for borrowings and leases.

(i)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.

g. Recognized fair value measurements

(i) Fair value hierarchy


As of June 30, 2024
(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	5(c)	—	—	1,014	1,014
Total Financial Assets		—	—	1,014	1,014

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(g)(iii)	—	—	26,892	26,892
Warrant liabilities	5(g)(vi)	—	—	4,647	4,647
Total Financial Liabilities		—	—	31,539	31,539

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


As of June 30, 2023
(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	5(c)	—	—	1,757	1,757
Total Financial Assets		—	—	1,757	1,757

Financial Liabilities
Financial liabilities at fair value through profit or loss:
Contingent consideration	5(g)(iii)	—	—	17,199	17,199
Warrant liabilities	5(g)(vi)	—	—	5,426	5,426
Total Financial Liabilities		—	—	22,625	22,625

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, and 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), equity securities (unlisted) and warrant liabilities.

(ii) Valuation techniques used.

The Group did not hold any level 1 or 2 financial instruments as at June 30, 2024 or June 30, 2023.

The Group’s level 3 assets consists of an investment in unlisted equity securities in the biotechnology sector. Level 3 assets were 100% of total assets measured at fair value as at June 30, 2024 and June 30, 2023. The Group’s level 3 liabilities consist of a contingent consideration provision related to the acquisition of Osiris’ MSC business and warrant liabilities related to the warrants granted to Oaktree as part of the debt facility. Level 3 liabilities were 100% of total liabilities measured at fair value as at June 30, 2024 and June 30, 2023. The Group used discounted cash flow analysis to determine the fair value measurements of Osiris’ MSC business and used the Black-Scholes valuation method to determine the fair value of warrant liabilities. Refer to Note 5(g)(vi) for the fair value measurement and movements in warrant liability for the period ended June 30, 2024 and June 30, 2023.

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

The following table presents the changes in the contingent consideration balances within the level 3 instruments for the years ended June 30, 2024 and June 30, 2023:


(in U.S. dollars, in thousands)			Contingent consideration provision
Opening balance - July 1, 2022			23,284
Reclassification during the period			2,686
Charged/(credited) to consolidated income statement:
Remeasurement(1)			(8,771)
Closing balance - June 30, 2023			17,199

Opening balance - July 1, 2023			17,199
Charged/(credited) to consolidated income statement:
Remeasurement(2)			9,693
Closing balance - June 30, 2024			26,892


(1)			In the year ended June 30, 2023, a gain of $8.8 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing the key assumptions of the contingent consideration valuation such as probability of payment, development timelines and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration, including the impact from the CRL from the FDA on the Group's BLA for remestemcel-L for the treatment of pediatric SR-aGVHD in August 2023. The assumptions relating to development timelines were updated to reflect expectations as a result of the CRL.


(2)			In the year ended June 30, 2024, a loss of $9.7 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing key assumptions of the contingent consideration valuation, such as probability of success, development timelines and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. The outcome from the FDA decision on the Group's BLA resubmission in July 2024, as discussed in Note 15, could lead to a change in the assumptions used within the valuation of the 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)

Description

Fair value
as of
June 30,
2024)

Fair value
as of
June 30,
2023)

Valuation
technique

Unobservable

inputs(1)

Year Ended
June 30,
2024

Year Ended
June 30,
2023

Relationship of
unobservable inputs to
fair value

Contingent consideration provision

26,892

17,199

Discounted cash flows

Risk adjusted
discount rate

11%-13%

(12.5%)

11%-13%

(12.5%)

Year ended June 30, 2024: A change in the discount rate by 0.5% would have no impact to the fair value.

Year ended June 30, 2023: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.01%.

Expected unit
sales price

Various

Year ended June 30, 2024: A change in the price assumptions by 10% would increase/decrease the fair value by 0.1%.

Year ended June 30, 2023: A change in the price assumptions by 10% would increase/decrease the fair value by 0.1%.

Expected sales
volumes

Various

Year ended June 30, 2024: A change in the volume assumptions by 10% would increase/decrease the fair value by 0.1%.

Year ended June 30, 2023: A change in the volume assumptions by 10% would increase/decrease the fair value by 0.1%.

Probability of success and payment

Various

Year ended June 30, 2024: A change in the probability of success and payment assumptions by 10% and 20% would increase/decrease the fair value by 10% and 20.1%, respectively.

Year ended June 30, 2023: A change in the probability of success and payment assumptions by 10% and 20% would increase/decrease the fair value by 8% and 16%, respectively.

(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 years ended June 30, 2024 and June 30, 2023, 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 interim 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. For each indication we determine the probability

of success based on the current development status within each jurisdiction and payment provisions within the agreement. Cash flows relevant to each jurisdiction are discounted appropriately based on the discount rate assumed. The remeasurement charged to the consolidated income statement in the year ended June 30, 2024 was a net result of changing the key assumptions of the contingent consideration valuation such as probability of success, development timelines and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. The outcome from the FDA decision on the Group's BLA resubmission in July 2024, with a PDUFA goal date of January 7, 2025, as discussed in Note 15, could lead to a change in the assumptions associated with SR-aGVHD and a remeasurement of contingent consideration, up or down, could occur.


	As of June 30,
The fair value of contingent consideration (in U.S. dollars, in thousands)	2024	2023
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets	26,236	16,606
Fair value of royalty payments from commercialization of the intellectual property acquired	656	593
	26,892	17,199

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 sales prices:			Expected market sale price giving consideration to comparable products available in the market place and a value based pricing assessment. 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.

Probability of success and payment:			Expected cash flows used to measure contingent consideration are risk adjusted for the probability of successful development of products and payment provisions with the agreement. These assumptions are reviewed as part of the valuation process outlined above.

(vi) Warrant liability


(in U.S. dollars, in thousands)	As of June 30,
Warrant liability	2024	2023
Opening balance	5,426	2,185
Warrants fair value at grant date - December 22, 2022	—	1,036
Remeasurement of warrant liability	(779)	2,205
Closing Balance	4,647	5,426

On November 19, 2021, in connection with the initial draw down of the Oaktree debt, Oaktree was granted the right to warrants to purchase 1,769,669 ADSs at US$7.26 per ADS, a 15% premium to the 30-day VWAP. Given that Oaktree received an unconditional right to the warrants on November 19, 2021, this date has been determined as the measurement date. The warrant instruments were issued on January 11, 2022, following the required administrative process, and these warrants may be exercised within 7 years of issuance of the warrant instruments. The warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant.

On December 21, 2022, the Group amended the terms of the loan agreement with Oaktree and in connection with the loan amendment, Oaktree was granted warrants to purchase 455,000 ADSs at $3.70 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants arose from the time the first amendment to

the loan agreement was signed; consequently, a liability for the warrants was recognized in December 2022. The warrants were legally issued on March 8, 2023 and may be exercised within 7 years of issuance. The warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant.

On January 10, 2024, the ratio under Mesoblast's American Depository Receipt ("ADR") program was changed from 5 ordinary shares representing 1 ADS (5:1 ratio) to a new ratio of 10 ordinary shares representing 1 ADS (10:1 ratio). As a result of this ratio change and as a result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the number and exercise price for the warrants was adjusted in accordance with the terms of these warrants. The warrants issued in November 2021 changed from 1,769,669 ADSs at US$7.26 per ADS to 884,838 ADSs at US$14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at US$3.70 per ADS to 227,502 ADSs at US$7.24 per ADS.

The exercise price of the warrants will be received in US$, which is different to Mesoblast Limited’s functional currency of A$ which gives rise to variability in the cash flow. As a result, the warrants are classified as a financial liability in accordance with IAS32 Financial Instruments: Presentation. The financial liability is recorded in warrant liability at fair value at grant date and subsequently remeasured at each reporting period with changes being recorded in the Consolidated Income Statement as remeasurement of warrant liability. The warrant liabilities are considered level 3 liabilities as the determination of fair value includes various assumptions about the share prices and historical volatility as inputs.

As of June 30, 2024 and 2023, the fair value of warrant liability was $4.6 million and $5.4 million, respectively. During the year ended June 30, 2024, a remeasurement gain of $0.8 million was recognized on the remeasurement of warrant liability. During the year ended June 30, 2023, a remeasurement loss of $2.2 million was recognized on the remeasurement of warrant liability.

(vii) Fair value of warrants

The warrants granted are not traded in an active market and therefore the fair value has been estimated by using the Black-Scholes valuation method based on the following assumptions. Key terms of the warrants are included below. The following assumptions were based on observable market conditions that existed as of June 30, 2024 and 2023.

(in U.S. dollars, except percent data and as otherwise noted)
Assumption

As of June 30,
2024

As of June 30, 2023

Rationale

Share Price

$6.81

$3.91

Closing share price on valuation date from external market source

Exercise Price(1)

$7.24 to $14.36

$3.70 to $7.26

As per subscription agreement

Expected Term

5 to 6 years

6 to 7 years

As per subscription agreement

Dividend Yield

Based on Company’s nil dividend history

Expected Volatility

91.91%

81.26%

Based on historical volatility data for the Company

Risk Free Interest Rate

4.38%

4.01%

Based on the closing U.S. treasury issued 7 year bonds on valuation date

Fair value per warrant

$3.9352 to $5.1211

$2.3103 to $2.9401

Determined using Black-Scholes valuation model with the inputs above

Fair value

$4,647,075

$5,426,212

Fair value of 1,112,340(1)warrants of $4,647,075 as of June 30, 2024 and fair value of 2,224,669(1) warrants of $5,426,212 as of June 30, 2023


(1)			As a result of the ratio change under Mesoblast's ADR program on January 10, 2024 and as a result of completing the pro-rata accelerated non-renounceable rights issue in December 2023, the warrants issued in November 2021 changed from 1,769,669 ADSs at US$7.26 per ADS to 884,838 ADSs at US$14.36 per ADS. The warrants issued in December 2022 changed from 455,000 ADSs at US$3.70 per ADS to 227,502 ADSs at US$7.24 per ADS.

Summary of material accounting policies - Borrowings (Details) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Mar. 08, 2023	Dec. 21, 2022 $ / shares shares	Nov. 19, 2021 $ / shares shares	Jun. 29, 2018 USD ($)	Nov. 30, 2021 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jan. 10, 2024 $ / shares shares	Jan. 09, 2024	Dec. 31, 2022 $ / shares shares	Jul. 08, 2022
Disclosure of summary of significant accounting policies
Repayments of borrowings, classified as financing activities						$ 10,000	$ 0	$ 55,458
Borrowings						114,345	108,763
Fixed interest rate
Disclosure of summary of significant accounting policies
Borrowings						$ 118,923	$ 116,495
Warrants
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares						1,112,340	2,224,669
Oaktree Capital Management, L.P.
Disclosure of summary of significant accounting policies
Borrowings term					5 years
Borrowings, interest period					3 years
Percentage of principal amortizes over two years					5.00%
Borrowings principal amortization period					2 years
Percentage of premium for volume-weighted average price		15.00%	15.00%
Issuance warrants exercised period	7 years		7 years
Remeasurement of borrowing arrangements within finance gains (loss)						$ (2,300)	$ (1,600)
Finance costs gains (loss) on remeasurement due to additional warrants issued							(1,000)
Finance costs gains (loss) on adjustment of carrying amount on financial liability							(600)
Oaktree Capital Management, L.P. \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Percentage of share premium price											15.00%
Warrant exercise term	7 years
Depository receipt ratio									10	5
Oaktree Capital Management, L.P. \| American Depositary Shares
Disclosure of summary of significant accounting policies
Exercise Price \| $ / shares			$ 7.26
Oaktree Capital Management, L.P. \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Exercise Price \| $ / shares									$ 14.36		$ 3.70
Oaktree Capital Management, L.P. \| Warrants
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669
Oaktree Capital Management, L.P. \| Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares											455,000
Oaktree Capital Management, L.P. \| November 2021 Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669						884,838
Oaktree Capital Management, L.P. \| November 2021 Warrants \| American Depositary Shares
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares			1,769,669						884,838
Exercise Price \| $ / shares			$ 7.26						$ 14.36
Oaktree Capital Management, L.P. \| November 2021 Warrants \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Exercise Price \| $ / shares			$ 7.26
Oaktree Capital Management, L.P. \| December 2022 Warrants \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares									227,502		455,000
Oaktree Capital Management, L.P. \| December 2022 Warrants \| American Depositary Shares
Disclosure of summary of significant accounting policies
Number of shares warrants granted to purchase (in shares) \| shares		455,000							227,502
Exercise Price \| $ / shares		$ 3.70							$ 7.24
Oaktree Capital Management, L.P. \| December 2022 Warrants \| American Depositary Shares \| Refinancing and Expansion of Senior Debt Facility
Disclosure of summary of significant accounting policies
Exercise Price \| $ / shares									$ 7.24		$ 3.70
Oaktree Capital Management, L.P.
Disclosure of summary of significant accounting policies
Repayments of borrowings, classified as financing activities					$ 50,000
Borrowings, interest rate					9.75%
Borrowings, unpaid interest portion per annum					1.75%
Oaktree Capital Management, L.P. \| Tranche One
Disclosure of summary of significant accounting policies
Borrowings, interest rate					9.75%
Oaktree Capital Management, L.P. \| Tranche Two
Disclosure of summary of significant accounting policies
Borrowings, interest rate					8.00%
NovaQuest Capital Management, L.L.C.
Disclosure of summary of significant accounting policies
Remeasurement of borrowing arrangements within finance gains (loss)						$ 100	$ 900	$ 500
NovaQuest Capital Management, L.L.C. \| Fixed interest rate
Disclosure of summary of significant accounting policies
Borrowings term				8 years
Borrowings, interest period				4 years
Borrowings, interest rate				15.00%
Borrowings principal amortization period												4 years
Borrowings principal amount				$ 40,000
Sales percentage against payment cap amount												25.00%
NovaQuest Capital Management, L.L.C. \| Tranche One \| Fixed interest rate
Disclosure of summary of significant accounting policies
Borrowings				$ 30,000

Financial risk management

12 Months Ended

Jun. 30, 2024

Disclosure Of Financial Risk Management [Abstract]

Financial risk management

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

Market risk – interest rate risk

Term deposits at fixed rates
Cash deposits at variable 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.

Market risk - share price risk

Warrant liability

Sensitivity analysis

Credit risk

Cash and cash equivalents, trade and other receivables and other non-current assets

Aging analysis
Credit ratings

Transact primarily with the best risk rated banks available in each region giving consideration to the products required, the quantum of cash reserves held and future forecasted requirements

Liquidity risk

Cash and cash equivalents, borrowings, trade payables, lease liabilities and contingent consideration

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 relating to clinical, regulatory and overhead activities and foreign currency deposits held primarily in the Group’s Australian based entity, whose functional currency is the A$. 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.

As of June 30, 2024, the Group held 76% of its cash in US$, 23% in A$ and 1% in other currencies. As of June 30, 2023 the Group held 67% of its cash in US$, and 33% in A$.


		+20%		-20%
(in U.S. dollars, in thousands, unless otherwise noted) As of June 30, 2024	Foreign currency balance held	Profit/(Loss) US$		Profit/(Loss) US$
Bank accounts – USD	US$819	$	164	$	(164)
Bank accounts – CHF	CHF96	$	21	$	(21)
Bank accounts – SGD	S$62	$	9	$	(9)
Bank accounts – EUR	EUR151	$	32	$	(32)
Trade and other receivables - USD	US$400	$	80	$	(80)
Trade and other receivables - SGD	S$396	$	58	$	(58)
Trade and other receivables - CHF	CHF4	$	1	$	(1)
Trade and other receivables - EUR	EUR175	$	37	$	(37)
Trade payables and accruals - USD	(US$1,024)	$	(204)	$	204
Trade payables and accruals - AUD	(A$130)	$	(17)	$	17
Trade payables and accruals - SGD	(S$217)	$	(32)	$	32
Trade payables and accruals - GBP	(GBP60)	$	(15)	$	15
Trade payables and accruals - EUR	(EUR36)	$	(8)	$	8
Trade payables and accruals - CHF	(CHF19)	$	(4)	$	4
Provisions – USD	(US$1,750)	$	(350)	$	350
		$	(228)	$	228


		+20%		-20%
(in U.S. dollars, in thousands, unless otherwise noted) As of June 30, 2023	Foreign currency balance held	Profit/(Loss) US$		Profit/(Loss) US$
Bank accounts – USD	US$60	$	12	$	(12)
Bank accounts – CHF	CHF79	$	18	$	(18)
Bank accounts – SGD	S$80	$	12	$	(12)
Bank accounts – EUR	EUR4	$	1	$	(1)
Trade and other receivables - USD	US$400	$	80	$	(80)
Trade and other receivables - SGD	S$106	$	16	$	(16)
Trade and other receivables - CHF	CHF3	$	1	$	(1)
Trade and other receivables - EUR	EUR292	$	63	$	(63)
Trade payables and accruals - USD	(US$1,361)	$	(272)	$	272
Trade payables and accruals - AUD	(A$1,064)	$	(141)	$	141
Trade payables and accruals - SGD	(S$422)	$	(62)	$	62
Trade payables and accruals - GBP	(GBP45)	$	(11)	$	11
Trade payables and accruals - EUR	(EUR26)	$	(6)	$	6
Trade payables and accruals - CHF	(CHF40)	$	(9)	$	9
Provisions – USD	(US$1,750)	$	(350)	$	350
		$	(648)	$	648

(ii) Cash flow and interest rate risk

The Group is exposed to interest rate movements which impacts interest income earned on its deposits and at call accounts. The interest rate risk is managed by spreading the maturity date of our deposits across various periods. The Group ensures that sufficient funds are available, in at call accounts, to meet the working capital requirements of the Group.


	As of Jun 30, 2024					As of June 30, 2023
(in U.S. dollars, in thousands, except percent data)	Low		High		US$	Low		High		US$
Funds invested – US$	1.84	%	1.84	%	25,123	1.79	%	1.79	%	40,569
Rate increase by 10%	2.02	%	2.02	%	46	1.97	%	1.97	%	73
Rate decrease by 10%	1.66	%	1.66	%	(46)	1.61	%	1.61	%	(73)

	As of Jun 30, 2024					As of June 30, 2023 (1)
(in Australian dollars, in thousands, except percent data)	Low		High		A$	Low		High		A$
Funds invested – A$	3.85	%	4.86	%	22,169	3.60	%	4.59	%	35,707
Rate increase by 10%	4.24	%	5.35	%	95	3.96	%	5.05	%	143
Rate decrease by 10%	3.47	%	4.37	%	(95)	3.24	%	4.13	%	(143)


(1)			A$ deposits held as of June 30, 2023 have been updated to reflect the increasing impact of higher interest rates.

(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 remestemcel-L for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia. As net sales of remestemcel-L 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 the financing arrangement will also fluctuate, resulting in an adjustment to the carrying amount of financial liability. The adjustment is recognized in the Consolidated Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made.

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


	As of Jun 30, 2024			As of June 30, 2023
(in U.S. dollars, in thousands, except percent data)	Total	% of total borrowings		Total	% of total borrowings
Financial liabilities
Current borrowings
Borrowings – NovaQuest	1,869	2	%	336	0	%
Non-current borrowings
Borrowings – NovaQuest	64,562	56	%	55,739	51	%
	66,431	58	%	56,075	51	%

As at June 30, 2024, all other factors held constant, a +/-20% change in the forecast net sales of remestemcel-L for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia would not have a significant impact on non-current borrowings and profit.

The Group is also exposed to price risk on contingent consideration provision balances, as expected unit revenues are a significant unobservable input used in the level 3 fair value measurements. As at June 30, 2024, all other factors held constant, the increase/decrease in price assumptions adopted in the fair value measurements of the contingent consideration provision are discussed in Note 5(g)(iv).

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

(iv) Share price risk

The Group's exposure to share price risk arises from warrant liabilities held by the Group and classified in the statement of financial position at fair value through profit or loss. The future exercise of these warrants will not impact the Group's future cash flows significantly given the warrants will be paid in shares upon exercise, therefore there are no significant cashflow risks associated with these warrants. The Group monitors the impact on profit or loss that share price movements have on the valuation of the warrant liability each period.

The table below summarizes the impact of the increase/decrease of Mesoblast's share price on the Group's profit or loss during the period, based on the assumption that the share price had increased/decreased by 10% and 10% with all other variables held constant as of June 30, 2024 and June 30, 2023 respectively.


(in U.S. dollars, in thousands)	As of June 30, 2024		As of June 30, 2023
Financial liabilities
Warrant liability		4,647	5,426
Impact on profit or (loss)
Share price increase by 10% (2023: 10%)		(598)	(698)
Share price decrease by 10% (2023: 10%)		587	686

b. Credit risk


	As of June 30,
(in U.S. dollars, in thousands)	2024	2023
Cash and cash equivalents
Deposits at call (Note 5(a)) - minimum A rated	397	398
Cash at bank (Note 5(a)) - minimum A rated	62,563	70,920
Trade and other receivables
Receivable from other parties (non-rated)	1,403	2,276
Receivable from the Australian Government (Income Tax)	854	2,363
Receivable from the United States Government (U.S. tax credits)	—	1,473
Receivable from the Australian Government (Foreign Withholding Tax)	400	400
Receivable from the Australian Government (Goods and Services Tax)	126	121
Receivable from the Singapore Government (Goods and Services Tax)	292	78
Receivable from the United States Government (Foreign Withholding Tax)	71	71
Receivable from minimum A rated bank deposits (interest)	23	18
Receivable from the Swiss Government (Value-Added Tax)	5	3
Receivable from the United States Government (Income Tax)	—	—
Other non-current assets
Minimum A rated bank deposits (held as security)	1,912	1,912

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 June 30, 2024 and June 30, 2023 mature within 6 months. Trade payables and contingent consideration held by the Group as of June 30, 2024 and June 30, 2023 are non-interest bearing. The total contractual cash flows associated with trade payables equate to the carrying amount disclosed within the financial statements.


(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)	(15,763)	(140,716)	—	—	(156,479)	(114,345)
Trade payables	(7,071)	—	—	—	(7,071)	(7,070)
Lease liabilities	(2,819)	(1,797)	(206)	—	(4,822)	(4,578)
Contingent consideration(3)	(5,500)	(1,604)	—	—	(7,104)	(656)
	(31,153)	(144,117)	(206)	—	(175,476)	(126,649)

(1)Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at June 30, 2024 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 remestemcel-L for the treatment of pediatric SR-aGVHD in the United States and other territories excluding Asia.

(3)In relation to the contractual maturities of the royalty payments related to contingent consideration, 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 remestemcel-L for the treatment of children and adults with aGVHD. Product royalties will be payable in cash which will be funded from royalties received from net sales. With respect to future milestone payments, contingent consideration will be payable in cash or shares at our discretion. The carrying amount reflects the discounted and probability adjusted contractual balance related to royalty payments.

Financial risk management - Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Carrying Value (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	$ (175,476)
Carrying amount	(126,649)
Within 1 year
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(31,153)
Between 1-2 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(144,117)
Between 2-5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(206)
Over 5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Borrowings
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(156,479)
Carrying amount	(114,345)
Borrowings \| Within 1 year
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(15,763)
Borrowings \| Between 1-2 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(140,716)
Borrowings \| Between 2-5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Borrowings \| Over 5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Trade payables
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(7,071)
Carrying amount	(7,070)
Trade payables \| Within 1 year
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(7,071)
Trade payables \| Between 1-2 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Trade payables \| Between 2-5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Trade payables \| Over 5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Lease liabilities
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(4,822)
Carrying amount	(4,578)
Lease liabilities \| Within 1 year
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(2,819)
Lease liabilities \| Between 1-2 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(1,797)
Lease liabilities \| Between 2-5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(206)
Lease liabilities \| Over 5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Contingent consideration
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(7,104)
Carrying amount	(656)
Contingent consideration \| Within 1 year
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(5,500)
Contingent consideration \| Between 1-2 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	(1,604)
Contingent consideration \| Between 2-5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	0
Contingent consideration \| Over 5 years
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items]
Total contractual cash flows	$ 0