Mesoblast Limited is engaged in the development of adult stem cell technology platform for commercialization. The Company develops a portfolio of regenerative therapeutic cell-based products. Its portfolio of therapeutic products is being developed using its technology platforms, which include specialized cells known as mesenchymal lineage adult stem cells (MLCs), to treat conditions with unmet medical needs, including cardiac diseases, spine and musculoskeletal disorders, oncology and hematology diseases, and immune-mediated and inflammatory conditions. Its products have been prioritized into two tiers: tier 1 product candidates, which represents its lead programs where it focuses on time and resources, such as MPC-06-ID, MPC-150-IM, JR-031, MPC-300-IV and MSC-100-IV, and tier 2 product candidates, which advances to tier 1 depending on newly-generated data, market opportunity or partnering options, such as MSC-100-IV, MPC-25-IC, MPC-25-Osteo and MPC-CBE.