I would ask existing and prospective shareholders to go back and read the annual reports for the past 15 years.

Management uses the same playbook over and over:

- Find blue sky opportunity

- Promise it's close

- Fail

- Repeat

Everytime they raise money, they invite institutional shareholders to Rockpool (a nice Neil Perry restaurant) in Sydney to eat a lavish lunch, using money raised from shareholders.

Mesoblast's superpower is to find different pools of capital to tap, for the past decade. It has yet to learn how to make money for shareholders.

Management drink cocktails made from the tears of past shareholders.

It is impressive they continue to find new pools of money to burn.