Mesoblast Management

Management criteria checks 2/4

Mesoblast's CEO is Silviu Itescu, appointed in Jan 2004, has a tenure of 20.83 years. total yearly compensation is $2.02M, comprised of 25% salary and 75% bonuses, including company stock and options. directly owns 6.92% of the company’s shares, worth A$124.36M. The average tenure of the management team and the board of directors is 5.1 years and 7.2 years respectively.

Key information

Silviu Itescu

Chief executive officer

US$2.0m

Total compensation

CEO salary percentage	25.0%
CEO tenure	20.8yrs
CEO ownership	6.9%
Management average tenure	5.1yrs
Board average tenure	7.2yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Silviu Itescu's remuneration changed compared to Mesoblast's earnings?
Date	Total Compensation	Salary	Company Earnings
Jun 30 2024	US$2m	US$505k	-US$88m
Mar 31 2024	n/a	n/a	-US$82m
Dec 31 2023	n/a	n/a	-US$73m
Sep 30 2023	n/a	n/a	-US$81m
Jun 30 2023	US$1m	US$673k	-US$82m
Mar 31 2023	n/a	n/a	-US$81m
Dec 31 2022	n/a	n/a	-US$84m
Sep 30 2022	n/a	n/a	-US$86m
Jun 30 2022	US$1m	US$697k	-US$91m
Mar 31 2022	n/a	n/a	-US$92m
Dec 31 2021	n/a	n/a	-US$97m
Sep 30 2021	n/a	n/a	-US$97m
Jun 30 2021	US$2m	US$757k	-US$99m
Mar 31 2021	n/a	n/a	-US$109m
Dec 31 2020	n/a	n/a	-US$98m
Sep 30 2020	n/a	n/a	-US$97m
Jun 30 2020	US$2m	US$697k	-US$78m
Mar 31 2020	n/a	n/a	-US$66m
Dec 31 2019	n/a	n/a	-US$76m
Sep 30 2019	n/a	n/a	-US$76m
Jun 30 2019	US$1m	US$709k	-US$90m
Mar 31 2019	n/a	n/a	-US$90m
Dec 31 2018	n/a	n/a	-US$86m
Sep 30 2018	n/a	n/a	-US$48m
Jun 30 2018	US$2m	US$748k	-US$35m

Compensation vs Market: Silviu's total compensation ($USD2.02M) is above average for companies of similar size in the Australian market ($USD1.10M).

Compensation vs Earnings: Silviu's compensation has increased whilst the company is unprofitable.

CEO

Silviu Itescu (67 yo)

20.8yrs

Tenure

US$2,017,166

Compensation

Dr. Silviu Itescu, MBBS (Hons), FRACP, FACP, FACRA, FTSE has been the Chief Executive Officer and Managing Director of Mesoblast Limited since 2011. Prof. Itescu is the Chief Executive Officer at Mesoblast...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Silviu Itescu	Founder	20.8yrs	US$2.02m	6.92% A$ 124.4m
Eric Rose	Chief Medical Officer & Executive Director	2.8yrs	US$1.53m	0.036% A$ 648.3k
Andrew Chaponnel	Interim Chief Finance Officer	3.3yrs	no data	no data
Peter Howard	General Counsel & Corporate Executive	13.3yrs	no data	no data
Paul Simmons	Scientific Advisor to the Chief Executive Officer	13.8yrs	no data	no data
Geraldine Storton	Head of Regulatory Affairs & Quality Management	no data	no data	no data
Justin Horst	Head of Manufacturing	no data	no data	no data
Fiona See	Senior VP & Head of Translational Research	no data	no data	no data
Niva Sivakumar	Joint Company Secretary	5.1yrs	no data	no data
Paul Hughes	Joint Company Secretary	2.6yrs	no data	no data
Kenneth Borow	Executive	no data	no data	no data

5.1yrs

Average Tenure

67yo

Average Age

Experienced Management: MSB's management team is seasoned and experienced (5.1 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Silviu Itescu	Founder	17.4yrs	US$2.02m	6.92% A$ 124.4m
Eric Rose	Chief Medical Officer & Executive Director	11.6yrs	US$1.53m	0.036% A$ 648.3k
Philip Facchina	Independent Non-Executive Director	3.7yrs	US$112.47k	0.011% A$ 194.1k
William A. Burns	Independent Non-Executive Vice Chairman	10.7yrs	US$134.05k	0.0093% A$ 167.3k
Henry Krum	Member of Scientific Advisory Board	no data	no data	no data
Joseph Lane	Member of Scientific Advisory Board	no data	no data	no data
Robert Graham	Member of Scientific Advisory Board	no data	no data	no data
Jane Bell	Independent Non-Executive Chairman	2.3yrs	US$153.70k	0.048% A$ 855.9k
Richard Gilbert	Member of Scientific Advisory Board	no data	no data	no data
Stephen Graves	Member of Scientific Advisory Board	no data	no data	no data
Philip Krause	Non-Independent Non Executive Director	2.7yrs	US$343.70k	0.025% A$ 452.8k

7.2yrs

Average Tenure

70yo

Average Age

Experienced Board: MSB's board of directors are considered experienced (7.2 years average tenure).

Mesoblast Management

Management criteria checks 2/4

Key information

Recent management updates

Mesoblast Limited, Annual General Meeting, Nov 15, 2024

Independent Non-Executive Director recently bought AU$200k worth of stock

Mesoblast Limited, Annual General Meeting, Nov 28, 2023

Jane Bell AM Appointed Chair of Mesoblast Audit and Risk Committee

Mesoblast Limited Appoints Dr. Philip R. Krause, Member of the Board of Directors, to Formal Strategic Advisory Role

Mesoblast Limited, Annual General Meeting, Nov 23, 2022

Recent updates

Mesoblast Limited, Annual General Meeting, Nov 15, 2024

Consensus revenue estimates fall by 76%

Forecast breakeven date pushed back to 2027

Full year 2024 earnings: EPS and revenues miss analyst expectations

Mesoblast Limited Announces the United States Food and Drug Administration Has Accepted Its Biologics License Application (Bla) Resubmission for Ryoncil®

Mesoblast Limited Announces Patient Enrollment Commences in Pivotal Phase 3 Trial of Rexlemestrocel-L for Chronic Low Back Pain

Forecast to breakeven in 2026

Mesoblast Limited Resources Biologics Licence Application (BLA) with United States Food & Drug Administration (FDA) for Approval of Ryoncil in the Treatment of Children with SR-aGVHD

Mesoblast to File Biologics License Application for Ryoncil FDA Approval Next Week

Independent Non-Executive Director recently bought AU$200k worth of stock

No longer forecast to breakeven

United States Food & Drug Administration Notifies Mesoblast Limited of Available Clinical Data from Phase 3 Trial Appear Sufficient to Support BLA Submission for Remestemcel-L in Children with Steroid-Refractory Acute Graft Versus Host Disease

New minor risk - Share price stability

Mesoblast Limited has completed a Follow-on Equity Offering in the amount of AUD 0.93 million.

New major risk - Shareholder dilution

Mesoblast Limited has completed a Follow-on Equity Offering in the amount of AUD 97.041224 million.

Mesoblast Limited Announces United States Food & Drug Administration Supports Accelerated Approval Pathway for Rexlemestrocel-L in End-Stage Heart Failure Patients with A Left Ventricular Assist Device

No longer forecast to breakeven

First half 2024 earnings released: US$0.038 loss per share (vs US$0.057 loss in 1H 2023)

United States Food & Drug Administration Grants Mesoblast Rare Pediatric Disease Designation for Revascor®? (Rexlemestrocel-L) in Children with Congenital Heart Disease

Consensus EPS estimates upgraded to US$0.11 loss, revenue downgraded

Mesoblast Limited, Annual General Meeting, Nov 28, 2023

Price target decreased by 36% to AU$0.69

Jane Bell AM Appointed Chair of Mesoblast Audit and Risk Committee

Mesoblast Limited Provides an Update on the Path to Approval for Its Lead-Product Candidate Remestemcel-L in the Treatment of Pediatric and Adult Steroid-Refractory Acute Graft Versus Host Disease

Consensus revenue estimates decrease by 27%, EPS upgraded

New major risk - Financial position

Full year 2023 earnings: EPS and revenues miss analyst expectations

Forecast breakeven date pushed back to 2026

New major risk - Share price stability

Price target decreased by 8.0% to AU$1.54

Mesoblast Limited Receives Complete Response from U.S. Food and Drug Administration for Biologics License Application for Steroid-Refractory Acute Graft Versus Host Disease in Children

Consensus estimates of losses per share improve by 11%

Does Mesoblast (ASX:MSB) Have A Healthy Balance Sheet?

Mesoblast Limited Appoints Dr. Philip R. Krause, Member of the Board of Directors, to Formal Strategic Advisory Role

Consensus revenue estimates fall by 13%

Forecast to breakeven in 2025

Third quarter 2023 earnings released: US$0.025 loss per share (vs US$0.033 loss in 3Q 2022)

Consensus EPS estimates fall by 101%

No longer forecast to breakeven

Consensus revenue estimates fall by 34%

Second quarter 2023 earnings released: US$0.033 loss per share (vs US$0.04 loss in 2Q 2022)

Remestemcel-L Clinical and Potency Studies Presented At Premier Meeting of Transplantation Research and Therapy

Mesoblast Limited Announces FDA Grants Regenerative Medicine Advanced Therapy Designation for Rexlemestrocel-L in Chronic Low Back Pain

Price target increased by 18% to AU$1.65

Consensus revenue estimates decrease by 12%

Mesoblast Limited Resubmits Biologic License Application to FDA for Remestemcel-L in Children With Steroid-Refractory Acute Graft Versus Host Disease (Sr-aGVHD)

First quarter 2023 earnings released: US$0.024 loss per share (vs US$0.035 loss in 1Q 2022)

Mesoblast Limited Announces Top-Line Long-Term Survival Results for Remestemcel-L from its Pivotal Phase 3 Trial (GVHD-001) in Children with Steroid-Refractory Acute Graft-Versus-Host Disease

Mesoblast Limited, Annual General Meeting, Nov 23, 2022

Mesoblast Limited Submits New Information to FDA File in Response to Items in the CRL to the Remestemcel-L BLA for SR-aGVHD

Insider recently bought AU$111k worth of stock

Consensus revenue estimates fall by 57%

Full year 2022 earnings: EPS and revenues miss analyst expectations

Mesoblast Limited Announces Board Changes

Price target decreased to AU$1.40

Consensus forecasts updated

Mesoblast Limited Announces Single Intervention with Rexlemestrocel-L Improves Left Ventricular Ejection Fraction At 12 Months, Preceding Long-Term Reduction in Major Adverse Cardiovascular Events

Forecast to breakeven in 2025

Mesoblast Limited Provides Litigation Update

Consensus forecasts updated

Does Mesoblast (ASX:MSB) Have A Healthy Balance Sheet?

Third quarter 2022 earnings: EPS and revenues miss analyst expectations

Forecast to breakeven in 2024

Mesoblast Limited Provides Update on Survival Outcomes in Covid-19 ARDS Patients Treated with Remestemcel-L

Mesoblast Limited Announces Class Action Proceeding in the Federal Court of Australia

Price target decreased to AU$1.63

Mesoblast Limited Announces Executive Changes

Consensus revenue estimates fall by 12%