The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. In afternoon trade, the benchmark index is down a fraction to 8,977.3 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is down 7% to $13.69. This morning, this rare earths producer announced its full year results and the completion of a $750 million placement. The latter saw the company raise funds from institutional investors at a 10% discount of $13.25 per new share. The proceeds from the placement will be used to help accelerate Lynas' growth via its Towards 2030 strategy. Lynas CEO, Amanda Lacaze, said: "This will help us to optimise our performance from the Lynas 2025 capital investments and provide Lynas with the balance sheet strength to capitalise on strategic opportunities in the rapidly evolving rare earths market and consolidate our market leading position."

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 10% to $2.17. Investors have been selling this allogeneic cellular medicines developer's shares following the release of its results. These were the first results since the approval and launch of its Ryoncil product. Mesoblast reported a 191% increase in revenue from cell therapy products to US$17.2 million but still recorded a loss after tax of US$102.1 million.

PEXA Group Ltd (ASX: PXA)

The PEXA share price is down 11% to $15.05. Investors have been selling the property settlement technology company's shares following the release of its FY 2025 results. Group revenue increased 16% to $393.6 million but group NPATA was down 6% to $41.1 million. Things were even worse on a statutory basis, with PEXA recording a net loss of $76.1 million. This was due to the impact of significant items of $78.2 million, primarily arising from impairments as a result of changing market conditions.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 4% to 2.6 cents. This follows the release of the lithium miner's FY 2025 results. Sayona Mining reported an 11% increase in revenue to US$223 million but an underlying EBITDA loss of $67 million. Nevertheless, Sayona Mining's CEO, Lucas Dow, was pleased with the 12 months. He said: "FY25 was a defining year for Sayona, marked by strong operational performance, disciplined cost management, and strategic milestones that have positioned us for the next phase of growth in the global lithium supply chain."