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Financial risk management (Tables) | 6 Months Ended
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Dec. 31, 2023
Disclosure Of Financial Risk Management [Abstract] |
Schedule 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 impact on profit or loss that share price movements have on the valuation of the warrant liability each period.
Credit risk |  | Cash and cash equivalents, and 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 flow 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 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 December 31, 2023 and June 30, 2023. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows:
| As of December 31, 2023 |  | 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 | % |  | 49,950 |  |  | 1.79 | % |  | 1.79 | % |  | 40,569 |
Rate increase by 10% | 2.02 | % |  | 2.02 | % |  | 92 |  |  | 1.97 | % |  | 1.97 | % |  | 73 |
Rate decrease by 10% | 1.66 | % |  | 1.66 | % |  | (92) |  |  | 1.61 | % |  | 1.61 | % |  | (73) |
| As of December 31, 2023 |  | 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 | % |  | 4.88 | % |  | 35,466 |  |  | 3.60 | % |  | 4.59 | % |  | 35,707 |
Rate increase by 10% | 4.24 | % |  | 5.37 | % |  | 151 |  |  | 3.96 | % |  | 5.05 | % |  | 143 |
Rate decrease by 10% | 3.47 | % |  | 4.39 | % |  | (151) |  |  | 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 December 31, 2023 |  | 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 | 367 |  |  | 0 | % |  | 336 |  |  | 0 | %
Non-current borrowings |  |  |  |  |  |  |
Borrowings - NovaQuest | 60,878 |  |  | 53 | % |  | 55,739 |  |  | 51 | %
| 61,245 |  |  | 53 | % |  | 56,075 |  |  | 51 | %
Schedule of Increase/Decrease of Share Price | 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 December 31, 2023 and June 30, 2023 respectively.
(in U.S. dollars, in thousands) | As of December 31, 2023 |  | As of June 30, 2023
Financial liabilities |  |  |  |
Warrant liability |  | 992 |  |  | 5,426 |
Impact on profit or (loss) |  |  |  |
Share price increase by 10% (2023: 10%) |  | (144) |  |  | (698) |
Share price decrease by 10% (2023: 10%) |  | 140 |  |  | 686 |
Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Carrying Value | As of December 31, 2023, 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) | (9,739) |  |  | (18,242) |  |  | (143,701) |  |  | — |  |  | (171,682) |  |  | (115,763) |
Trade payables | (10,760) |  |  | — |  |  | — |  |  | — |  |  | (10,760) |  |  | (10,760) |
Lease liabilities | (3,131) |  |  | (2,877) |  |  | (613) |  |  | — |  |  | (6,621) |  |  | (6,237) |
Contingent consideration(3) | (5,000) |  |  | (881) |  |  | (141) |  |  | — |  |  | (6,022) |  |  | (612) |
| (28,630) |  |  | (22,000) |  |  | (144,455) |  |  | — |  |  | (195,085) |  |  | (133,372) |
(1)Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at December 31, 2023 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.

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