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Biotech runway is not cash, it is milestone math

Mesoblast said its cash should cover 12 months, including the BLA process for remestemcel-L. Access to existing loan funds depended on receiving first approval and launching within that period. If approval or launch slipped, the company said it might need other financing. Its filing also cited cash covenants and default risk, and identified the uncertainty as a material going-concern issue.

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