Mesoblast (ASX:MSB) is likely to complete more patient therapies with Ryoncil than expected in fiscal 2026, according to a Tuesday Jefferies note.

It is now expected that 85 patients, up from 78 previously, will complete therapy in fiscal 2026, representing about 23% of the total US patients treated per year, the investment firm said.

The company on Jan. 9 said it earned gross revenue of $35.1 million from the sale of its mesenchymal stromal cell product Ryoncil for the quarter ended Dec. 31, 2025, up 60% from the quarter ended Sept. 30, 2025.

Jefferies said the gross revenue equates to 181 paid Ryoncil infusions, of which 28 were completed in the second quarter of fiscal 2026, with around 17 patients having completed treatment.

Jefferies kept a buy rating on Mesoblast and raised its price target to AU$3.50 from AU$3.30.

The company's shares fell around 2% in recent Wednesday trade.