Mesoblast's (ASX:MSB) quarterly revenue suggests that around 113 paid infusions were given during the September quarter, and analysts now forecast 63 patients will complete treatments in fiscal year 2026, or 17% of total US patients per annum, according to a Monday note by Jefferies.

Ryoncil is a bone marrow-derived mesenchymal stromal cell therapy for the treatment of steroid-refractory acute graft-versus-host disease in pediatric patients, two months of age and older.

The firm reported a gross revenue of $21.9 million on sales of its drug Ryoncil for the quarter ended Sept. 30, compared with the analysts' estimate of net revenue at $18.7 million.

The investment firm recommended a hold rating on Mesoblast and lifted the price target to AU$3 per share from AU$2.70 per share.