Market Newsdesk

SAN JOSE, Calif., Oct. 28, 2026 (GLOBE NEWSWIRE) — California Water Service Group (Group or Company, NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported solid financial results for the third quarter 2026.

Financial Highlights

• Recorded net income of $65.4 million and diluted EPS of $1.05 in Q3 2026, compared to net income of $61.2 million and diluted EPS of $1.03 reported in Q3 2025.
• Invested $148.3 million in water system infrastructure.
• Received approval from the Washington Utilities and Transportation Commission (WUTC) on the Washington Water Service (Washington Water) General Rate Case (GRC) that will add $4.1 million to annual revenues.
• Received change-of-control approval from the public utilities commissions in Nevada and Oregon for water and wastewater system acquisitions.
• Declared the 327^th consecutive quarterly dividend in the amount of $0.335 per common share.

According to Chairman and Chief Executive Officer Martin A. Kropelnicki, the Company’s solid financial performance reflects the continued successful execution of its business strategy, including improving water system sustainability and keeping rates affordable.

“We are making investments needed to provide safe, reliable water service; working with our regulators to recover costs while keeping rates affordable; focusing on maintaining a strong balance sheet; preparing for emergencies that can affect our customers, including extreme weather events and wildfires; and making a difference in our communities. We delivered strong results by maintaining a laser focus on executing our strategy and putting our customers first,” he said.

Q3 2026 Financial Results

• Q3 2026 revenue increased $21.0 million or 6.7% to $332.2 million, compared to revenue of $311.2 million in Q3 2025.
  • Rate changes and new customers added $22.1 million in revenue, while changes in the Drought Response Memorandum Account (DREMA) contributed an additional $3.9 million.
  • Decline in customer water usage offset revenue increases by $4.4 million.
• Q3 2026 operating expenses increased $8.9 million or 3.7% to $249.5 million compared to Q3 2025 operating expenses of $240.6 million.
  • Water production costs were consistent between the quarters with higher wholesale water costs, partially offset by lower customer usage.
  • Other operations expenses increased $4.1 million compared to Q3 2025 primarily due to a $2.8 million increase in water conservation program expenditures.
  • Income tax expense on operating income increased $7.1 million compared to Q3 2025 due to higher pre-tax income and a scheduled reduction in the Tax Cut and Jobs Act (TCJA) refund.

• Net other income decreased $6.0 million during the quarter due to a $3.9 million reduction in non-qualified benefit plan investment gains and an increase of $1.4 million in business acquisition expenses.

YTD 2026 Financial Results

• YTD 2026 net income was $125.9 million or $2.07 per diluted share, an increase of 7.9% or $9.2 million and $0.11 per diluted share compared to YTD 2025 net income of $116.7 million or $1.96 per diluted share.
• YTD 2026 revenue increased $75.1 million or 9.6% to $855.3 million, compared to YTD revenue of $780.2 million in 2025.
  • Rate changes and new customers added $51.9 million in revenue.
  • DREMA added $3.9 million in revenue.
  • The Interim Rates Memorandum Account related to the recently completed 2024 California GRC proceeding added $15.7 million.
  • Recognition of remaining deferred revenue under California Water Service’s (Cal Water) previous Water Revenue Adjustment Mechanism (WRAM) added $9.9 million.
  • Decline in customer water usage offset revenue increases by $3.9 million.

• YTD 2026 operating expenses increased $48.2 million or 7.6% to $683.6 million compared to YTD operating expenses of $635.4 million in 2025.
  • Water production costs increased $14.1 million, primarily due to an increase in wholesale water rates, partially offset by lower customer usage.
  • Other operations expenses increased $19.9 million, primarily due to the recognition of $8.1 million of deferred WRAM costs and an increase of $5.5 million in water conservation program expenses.
  • Income tax expense on operating income increased $13.1 million due to higher pre-tax income and a scheduled reduction in the TCJA refund.

• Net other income decreased $9.5 million due to a $4.7 million decrease in the net periodic benefit credit, an increase of $4.1 million in business acquisition expenses, and a $3.0 million reduction in non-qualified benefit plan investment gains.

Investing in Infrastructure to Provide Safe, High-Quality Water Service

The Company continued to invest responsibly in infrastructure projects that enhance quality and reliability for customers, including water main replacements, groundwater wells, and water quality treatment projects. Group capital investments for the nine months ended September 30, 2026, were $424.8 million, up 16.5% compared to September 30, 2025, YTD investments of $364.7 million.

Working with Regulators to Recover Costs While Keeping Rates Affordable

In the third quarter, the California Public Utilities Commission (CPUC) granted Cal Water’s request to recover certain PFAS treatment costs using the advice letter process. In 2026, Cal Water has invested $23 million YTD in PFAS treatment projects and has 18 plants under construction. Company-wide, Group expects to invest $228.0 million in PFAS treatment and well replacement projects; to date, it has recovered $59.4 million in net proceeds from PFAS manufacturers to help reduce the rate impact on customers.

Importantly, Cal Water assesses customer affordability during every GRC. In 2025, median water bills were 0.88% of median household income, which is well within the affordability guideline of 2% established by the United States Environmental Protection Agency. In addition, Cal Water provides a low-income assistance program, an additional discount for customers in higher-cost service areas, customer conservation programs and rebates, and interest-free payment plans. It also actively pursues state and federal grants to help mitigate rate increases, especially in low-income communities.

In Washington, the WUTC adopted the joint settlement agreement of Washington Water, WUTC staff, and the Consumer Advocate team from the Public Counsel Unit of the Washington Attorney General’s Office, which authorizes rate increases that will increase annual revenues by $4.1 million, effective October 1, 2026.

After the close of the third quarter, the State of Hawaii Public Utilities Commission (HPUC) adopted a settlement agreement between Hawaii Water and the HPUC Consumer Advocate that authorizes rate increases in the Kapalua water and wastewater systems that will increase annual revenues by $1.94 million, effective October 21, 2026. This rate increase will be the first one implemented since these systems were acquired in 2021 and reflects the capital improvements Hawaii Water continues to make to improve water system reliability.

Progressing on Nevada and Oregon Acquisitions

On August 11, 2026, the Public Utilities Commission of Nevada approved California Water Service Group’s acquisition of Nexus Water Group’s (Nexus) Nevada systems and operations, and on October 27, 2026, the Oregon Public Utilities Commission (OPUC) followed suit. The Company expects to close the Nevada and Oregon acquisitions in the fourth quarter of 2026.

Maintaining a Strong Balance Sheet

As of September 30, 2026, Group’s cash and cash equivalents totaled $45.1 million and restricted cash was $45.8 million. Group and Cal Water had additional short-term borrowing capacity of $200.0 million and $225.0 million, respectively, subject to meeting the borrowing conditions on its Group and Cal Water lines of credit.

During the third quarter, the Company sold 1.0 million shares of common stock through its at-the-market equity program and raised proceeds of $49.8 million. In addition, the Company entered into forward sales agreements with investors to sell an additional 1.6 million shares. The Company has up to 12 months from date it entered into the forward contracts to settle the agreements. As of September 30, 2026, we could have physically settled with the investors for $77.8 million.

Subsequent to the end of the third quarter, the Company and Cal Water also entered into Note and First Mortgage Bond purchase agreements, respectively, which provide for the issuance of $125.0 million in unsecured borrowings (the Notes) and $150.0 million in secured borrowings (the Bonds). The Notes will accrue interest at 6.08% and 6.41% with maturities of December 15, 2031 and December 15, 2036. The Bonds will accrue interest at 6.49% and 6.54% with maturities of December 15, 2046 and December 15, 2056. The Notes and Bonds are expected to be issued on or before December 31, 2026.

With the long-term debt agreements and equity forward arrangements in place, the Company believes it has the resources to finance its on-going initiatives into the first half of 2027, including the acquisition of Nevada and Oregon systems which we expect to close before December 31, 2026.

The most recent Cost of Capital decision for Cal Water, which remains effective through December 2027, establishes a 10.27% authorized return on equity, a 7.46% authorized return on rate base, and a debt/equity structure of 46.6%/53.4%.

Increasing Dividends for 59 Consecutive Years

The Group Board of Directors has declared the 327^th consecutive quarterly dividend in the amount of $0.335 per common share. The Company’s 59^th consecutive annual dividend increase announced earlier this year is expected to yield an annual dividend of $1.34 per common share, an increase of 8.1% over 2025.

Preparing for Emergencies

Group continued to prioritize emergency preparedness in the third quarter, providing emergency preparedness and response training to employees and first responders; equipping and preparing its Operations Rapid Response Teams; positioning and fueling back-up power sources; testing satellite phones and two-way radios; maintaining vegetation to help minimize damage to key facilities in the event of storms or fires; and preparing to conduct additional water quality monitoring, if needed. These ongoing efforts are expected to better prepare the Company to deal with natural disasters, including wildfires and forecasted El Niño conditions.

Making an Impact in the Community

During the third quarter, Group celebrated its centennial with customers, awarded scholarships to students, and opened its firefighter grant program. The Company was named one of America’s Greatest Workplaces, America’s Greatest Companies, and World’s Greenest Companies by Newsweek. And Cal Water partnered with Selma Unified School District and Self-Help Enterprises to do the work necessary to connect Indianola Elementary School to its system in order to provide high-quality water to 400 students and faculty.

For additional details on the Company’s third quarter results, please see the Form 10-Q which will be available at:

www.calwatergroup.com/investors/financials-filings-reports/sec-filings

, or listen to the earnings teleconference or teleconference replay.

Quarterly Earnings Teleconference

The quarterly teleconference will take place on October 29, 2026, at 8 a.m. PT/11 a.m. ET. To join, dial 1-800-715-9871 or 1-646-307-1963 and key in ID# 2080463, or access the live audio webcast at edge.media-server.com/mmc/p/5ckhdfck.

A replay of the call will be available from 2 p.m. ET on October 29, 2026, through November 28, 2026, at 1-800-770-2030 or 1-609-800-9909 by keying in ID# 2080463, or by accessing the webcast above. The call will be hosted by Chairman and Chief Executive Officer Martin A. Kropelnicki and Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch. Prior to the call, the Company will publish a slide presentation on its website.

About California Water Service Group

Group is the parent company of regulated utilities California Water Service Company, Hawaii Water Service Company, Inc., New Mexico Water Service Company, and Washington Water Service Company, as well as TWSC, Inc. (Texas Water Service), a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing the Company’s expected financial performance, expectations regarding the Company’s plans and proposals pursuant to the 2024 CA GRC, the anticipated closing of the Company’s acquisition of Nexus Water Group’s Nevada and Oregon subsidiaries and expected integration of the acquired systems and benefits resulting from the acquisition, the expected timing and the amount of proceeds from the Company’s forward sales agreements, the ability to complete the issuance of the Notes and Bonds on the expected timing, the sufficiency of the Company’s resources to finance its initiatives and expectations regarding dividends. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions’ actions concerning rate relief and other matters, including with respect to general rate cases and other regulatory proceedings; the impact of opposition to rate increases; our ability to recover costs; federal governmental and state regulatory commissions’ decisions, including decisions on proper disposition of property; changes in state regulatory commissions’ policies and procedures; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the United States Environmental Protection Agency’s (EPA) finalization of a National Primary Drinking Water Regulation (NPDWR) establishing legally enforceable maximum contaminant levels (MCL) for PFAS in drinking water in 2024 as well as legal challenges to such MCLs; EPA’s proposed new PFAS rulemaking, including impacts to the current PFAS NPDWR; the impact of weather, climate change, natural disasters, including wildfires and landslides and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; electric power interruptions, especially as a result of public safety power shutoff programs; availability of water supplies; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; our ability to complete [the issuance of the Notes and Bonds and] the settlement of the forward sales agreements on the expected timing or at all]; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change and natural disasters, including wildfires and landslides; shifts in population, including housing and customer growth; issues with the implementation, maintenance or security of our information technology and operational technology systems; physical and cyber security risks and threats and the adequacy of our efforts to mitigate such risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions, including the Oregon, Nevada and BVRT acquisitions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations, including into other geographic areas; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariff policy, the interest rate environment, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts, including ongoing conflicts in Ukraine and the Middle East, and the prospect of shutdowns of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued and unbilled revenue; the impact of evolving legal and regulatory requirements, including sustainability requirements; the impact of the evolving U.S. political environment and changes effected, proposed, or threatened by the U.S. federal government that has led to, in some cases, legal challenges and uncertainty around the funding, functioning and policy priorities of U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (“SEC”) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed from time-to-time with the SEC. We are not under any obligation and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.

Contacts:

James P. Lynch, (408) 367-8200 (analysts)
Shannon Dean, (408) 367-8243 (media)

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED BALANCE SHEETS

Unaudited

(In thousands, except per share data)	September 30, 2026				December 31, 2025
ASSETS
Utility plant:
Utility plant	$	6,297,996			$	5,909,242
Less accumulated depreciation and amortization		(1,367,753	)			(1,329,652	)
Net utility plant		4,930,243				4,579,590
Current assets:
Cash and cash equivalents		45,117				51,820
Restricted cash		45,834				45,553
Receivables:
Customers, net		80,740				56,322
Short-term regulatory assets		86,507				72,511
Other, net		37,202				49,004
Accrued and unbilled revenue, net		64,122				39,674
Materials and supplies		18,360				19,784
Taxes, prepaid expenses, and other assets		29,697				19,760
Total current assets		407,579				354,428
Other assets:
Regulatory assets		320,115				339,865
Goodwill		37,063				37,063
Other assets		379,373				360,219
Total other assets		736,551				737,147
TOTAL ASSETS	$	6,074,373			$	5,671,165
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $0.01 par value; 136,000 shares authorized, 62,877 and 59,638 outstanding on September 30, 2026 and December 31, 2025, respectively	$	629			$	596
Additional paid-in capital		1,121,845				973,454
Retained earnings		794,184				729,276
Accumulated other comprehensive loss		(12,768	)			(13,922	)
Noncontrolling interests		2,639				2,571
Total equity		1,906,529				1,691,975
Long-term debt, net		1,472,021				1,471,968
Total capitalization		3,378,550				3,163,943
Current liabilities:
Current maturities of long-term debt, net		316				2,270
Short-term borrowings		175,000				130,000
Accounts payable		207,633				175,729
Short-term regulatory liabilities		89,889				25,458
Accrued other taxes		12,635				6,048
Accrued interest		23,309				12,976
Other accrued liabilities		66,068				65,683
Total current liabilities		574,850				418,164
Deferred income taxes		473,399				450,946
Regulatory liabilities		920,323				929,814
Pension		95,677				94,226
Advances for construction		213,334				210,638
Contributions in aid of construction		307,951				297,016
Other long-term liabilities		110,289				106,418
Commitments and contingencies
TOTAL CAPITALIZATION AND LIABILITIES	$	6,074,373			$	5,671,165

CALIFORNIA WATER SERVICE GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

(In thousands, except per share data)

	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating revenue	$	332,168			$	311,235			$	855,337			$	780,162
Operating expenses:
Operations:
Water production costs		102,103				102,703				265,275				251,197
Administrative and general		35,010				36,237				104,917				103,728
Other operations		37,512				33,455				113,889				93,986
Maintenance		9,428				9,812				26,944				26,523
Depreciation and amortization		34,708				36,118				104,208				108,103
Income tax expense		17,726				10,639				31,672				18,589
Property and other taxes		13,003				11,656				36,691				33,267
Total operating expenses		249,490				240,620				683,596				635,393
Net operating income		82,678				70,615				171,741				144,769
Other income and expenses:
Non-regulated revenue		5,917				5,349				17,379				15,341
Non-regulated expenses		(9,121	)			(2,456	)			(18,157	)			(8,790	)
Other components of net periodic benefit credit		3,010				4,548				9,270				13,937
Allowance for equity funds used during construction		2,478				2,145				6,642				5,840
Income tax expense on other income and expenses		(612	)			(1,960	)			(3,719	)			(5,415	)
Net other income		1,672				7,626				11,415				20,913
Interest expense:
Interest expense		20,170				18,113				60,598				52,086
Allowance for borrowed funds used during construction		(1,216	)			(988	)			(3,328	)			(2,772	)
Net interest expense		18,954				17,125				57,270				49,314
Net income		65,396				61,116				125,886				116,368
Net loss attributable to noncontrolling interests		(12	)			(114	)			(24	)			(361	)
Net income attributable to California Water Service Group	$	65,408			$	61,230			$	125,910			$	116,729
Earnings per share of common stock:
Basic	$	1.05			$	1.03			$	2.07			$	1.96
Diluted	$	1.05			$	1.03			$	2.07			$	1.96
Weighted average shares outstanding:
Basic		62,393				59,585				60,826				59,557
Diluted		62,502				59,653				60,913				59,615
Dividends per share of common stock	$	0.34			$	0.30			$	1.01			$	0.94

PISCATAWAY, N.J., Oct. 28, 2026 (GLOBE NEWSWIRE) — BHAV Acquisition Corp II (the “Company” or “BHAV”) today announced the pricing of its initial public offering of 10,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one right. Each right entitles the holder to receive one-fourth (1/4) of one Class A ordinary share upon consummation of the Company’s initial business combination. The units are expected to trade on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “BHAIU” beginning on October 29, 2026. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to trade on Nasdaq under the symbols “BHAI” and “BHAIR,” respectively.

BHAV is led by Giri Devanur, Chief Executive Officer and Director, and Chaitanya Kumar Setti, Chief Financial Officer and Director.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price less the underwriting discount to cover over-allotments, if any. The offering is expected to close on October 30, 2026, subject to customary closing conditions.

A registration statement on Form S-1 (File No. 333-299203) (as amended, the “Registration Statement”) relating to the securities to be sold in the initial public offering was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 28, 2026. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at [email protected], or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BHAV Acquisition Corp II

BHAV Acquisition Corp II is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information

BHAV Acquisition Corp II

Giri Devanur
Chief Executive Officer
E-mail: [email protected]

NEW YORK, Oct. 28, 2026 (GLOBE NEWSWIRE) — Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided its activity report for the first fiscal quarter ended September 30, 2026.

Financial highlights included 44% increase in net revenues and 86% improvement in net operational cash spend compared with the prior year period. Operational highlights included completion of all patients treated in the MSB-DR004 pivotal randomized controlled Phase 3 trial of rexlemestrocel-L for inflammatory chronic low back pain (CLBP) and a positive meeting with U.S. Food and Drug Administration (FDA) regarding the planned Biologics License Application (BLA) filing for rexlemestrocel-L in prevention of life-threatening gastrointestinal (GI) bleeding in end-stage heart failure patients with a left ventricular assist device (LVAD).

“Our first-quarter results show continued momentum for Ryoncil^® (remestemcel-L-rknd) sales. Importantly, we have shown substantial improvement in our net operating cash spend while continuing to advance our strategic objectives for rexlemestrocel-L in chronic pain and cardiovascular diseases,” said Mesoblast Chief Executive Dr. Silviu Itescu.

Mesoblast had US$99 million of cash at September 30, 2026, US$2.1 million operating cash spend for the first fiscal quarter, an 86% improvement compared with US$14.9 million for the prior year period. RYONCIL net revenue for the first quarter was US$28 million, an increase of 44% compared with the prior year period.¹ September experienced the highest number of new patient starts per month, following the expected seasonality from summer recess-related treatment scheduling that occurs each July and August.

The registration trial for expansion of RYONCIL use for adults with SR-aGvHD has commenced and is currently enrolling patients, with up to 40 sites across the U.S. expected to be activated this year representing approximately 60% of the ~8,500 annual U.S. allogeneic adult bone marrow transplant population. In line with requirement for increased product inventory to meet greater demand in adult indications, Mesoblast implemented and received approval from the FDA for an additional potency assay, T-cell Proliferation Inhibition BioAssay (TIBA), to provide even greater assurance of product potency and consistency as RYONCIL manufacturing scale up proceeds.

After strong demand from trial investigators to enroll their patients in the expanded 350-patient Phase 3 pivotal trial of rexlemestrocel-L for chronic inflammatory low back pain due to degenerative disc disease, Mesoblast completed treatment of all enrolled patients with the trial’s primary endpoint of 12 month durable pain reduction to read out next year.

Mesoblast met with FDA to align on the BLA filing for rexlemestrocel-L under its Regenerative Medicine Advanced Therapy (RMAT) and Orphan Drug designations for treatment of patients with end-stage heart failure with reduced ejection fraction (HFrEF) being kept alive by a left ventricular assist device. FDA confirmed the BLA filing may proceed for patients with life-threatening major gastrointestinal bleeding, a complication of the severe inflammation and vascular abnormalities in these patients. The vascular inflammation most evident in the gastrointestinal tract in patients with advanced HFrEF is widespread, including in the lungs where it results in pulmonary hypertension, a condition with progressive right heart failure and high mortality. Formal minutes of the meeting are expected shortly.

Corporate

Fees to Non-Executive Directors were US$187,295, salary payments to full-time Executive Directors were US$416,298, and payments to related parties for purchase of services were US$25,000 as detailed in Item 6 of the Appendix 4C cash flow report for the quarter.²

A copy of the Appendix 4C – Quarterly Cash Flow Report for the first quarter FY2027 is available on the investor page of the company’s website www.mesoblast.com.

About Mesoblast

Mesoblast (the Company) is a world leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The therapies from the Company’s proprietary mesenchymal lineage cell therapy technology platform respond to severe inflammation by releasing anti-inflammatory factors that counter and modulate multiple effector arms of the immune system, resulting in significant reduction of the damaging inflammatory process.

Mesoblast’s Ryoncil^® (remestemcel-L-rknd) for the treatment of steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months and older is the first FDA-approved mesenchymal stromal cell (MSC) therapy. Please see the full Prescribing Information at www.ryoncil.com.

Mesoblast is committed to developing additional cell therapies for distinct indications based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms. Ryoncil^® is being developed for additional inflammatory diseases including SR-aGvHD in adults and biologic-resistant inflammatory bowel disease. Rexlemestrocel-L is being developed for heart failure and chronic low back pain. The Company has established commercial partnerships in Japan, Europe and China.

About Mesoblast intellectual property: Mesoblast has a strong and extensive global intellectual property portfolio, with over 1,000 granted patents or patent applications covering mesenchymal stromal cell compositions of matter, methods of manufacturing and indications. These granted patents and patent applications provide commercial protection extending through to at least 2044 in all major markets.

About Mesoblast manufacturing: The Company’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf, cellular medicines. These cell therapies, with defined pharmaceutical release criteria, are planned to be readily available to patients worldwide.

Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). For more information, please see www.mesoblast.com, LinkedIn: Mesoblast Limited and X: @Mesoblast

References / Footnotes

1. The revenues included in this press release are based on management’s initial analysis of operations for the first quarter ended September 30, 2026, and are subject to completion of Mesoblast’s financial closing procedures and audit.
2. As required by ASX listing rule 4.7 and reported in Item 6 of the Appendix 4C, reported are the aggregated total payments to related parties being Executive Directors and Non-Executive Directors.

Forward-Looking Statements

This press release includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results, and actual results may differ from the results anticipated in these forward-looking statements, and the differences may be material and adverse. Forward-looking statements include, but are not limited to, statements about: the initiation, timing, progress and results of Mesoblast’s preclinical and clinical studies, and Mesoblast’s research and development programs; Mesoblast’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; Mesoblast’s ability to advance its manufacturing capabilities; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities, if any; the commercialization of Mesoblast’s RYONCIL for pediatric SR-aGvHD and any other product candidates, if approved; regulatory or public perceptions and market acceptance surrounding the use of stem-cell based therapies; the potential for Mesoblast’s product candidates, if any are approved, to be withdrawn from the market due to patient adverse events or deaths; the potential benefits of strategic collaboration agreements and Mesoblast’s ability to enter into and maintain established strategic collaborations; Mesoblast’s ability to establish and maintain intellectual property on its product candidates and Mesoblast’s ability to successfully defend these in cases of alleged infringement; the scope of protection Mesoblast is able to establish and maintain for intellectual property rights covering its product candidates and technology; estimates of Mesoblast’s expenses, future revenues, capital requirements and its needs for additional financing; Mesoblast’s financial performance; developments relating to Mesoblast’s competitors and industry; and the pricing and reimbursement of Mesoblast’s product candidates, if approved. You should read this press release together with our risk factors, in our most recently filed reports with the SEC or on our website. Uncertainties and risks that may cause Mesoblast’s actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements, and accordingly, you should not place undue reliance on these forward-looking statements. We do not undertake any obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Release authorized by the Chief Executive.

For more information, please contact:

Corporate Communications / Investors
Paul Hughes
T: +61 3 9639 6036
Media – Global	Media – Australia
Rubenstein	BlueDot Media
Caroline Nelson	Steve Dabkowski
T: +1 703 489 3037	T: +61 419 880 486
E: [email protected]	E: [email protected]

— Orphan Drug Designation granted for the treatment of primary immune thrombocytopenia — 

— Underscores the potential of sovleplenib to address significant unmet medical needs in patients with this rare and serious autoimmune condition —

— Eligible for development incentives including 7 years of US market exclusivity upon regulatory approval — 

HONG KONG, SHANGHAI and FLORHAM PARK, N.J., Oct. 28, 2026 (GLOBE NEWSWIRE) — HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:​HCM; HKEX:​13) today announces that the US Food and Drug Administration (“FDA”) has granted Orphan Drug Designation to sovleplenib for the treatment of primary immune thrombocytopenia (“ITP”), an autoimmune disorder that can lead to increased risk of bleeding. Sovleplenib is a novel, selective, oral spleen tyrosine kinase (“Syk”) inhibitor.

The FDA’s Orphan Drug Designation program provides orphan status to drugs and biologics intended for the safe and effective treatment, diagnosis, or prevention of rare diseases or conditions that affect fewer than 200,000 people in the United States. If approved by the FDA for the designated indication, drugs with Orphan Drug Designation are eligible for 7 years of US market exclusivity upon approval, tax credits for qualified clinical trials, user fee waivers under the Prescription Drug User Fee Act, and specialized regulatory guidance from the FDA during clinical development.

In China, New Drug Applications (“NDAs”) for sovleplenib in primary ITP and warm antibody autoimmune hemolytic anemia are currently under regulatory review by the National Medical Products Administration (NMPA), supported by positive data from the pivotal ESLIM-01 and ESLIM-02 trials in China, respectively.

About ITP

ITP is an autoimmune disorder characterized by immunologic destruction of platelets and decreased platelet production. Patients with ITP are at increased risk of excessive bleeding and bruising.¹ ITP is also associated with fatigue (reported in up to 39% of adults with ITP) and impaired quality of life.^2,3,4,5,6 The incidence of primary ITP in adults is 3.3/100,000 adults per year with a prevalence of 9.5 per 100,000 adults.⁷ Based on this prevalence rate, approximately 110,000 patients are estimated to be living with primary ITP in China, in addition to 56,000 patients in the US, Germany, France, Italy, Spain, UK, and Japan. It has been estimated that as many as 145,000 patients are living with chronic ITP in major pharmaceutical markets excluding China.⁸

Adult ITP is a heterogeneous disease that can persist for years, even with best available care, and treatments are infrequently curative. Despite availability of several treatments with differing mechanisms of action, chronicity of disease continues to be a problem. Many patients develop resistance to treatment and thereby are prone to relapse.⁹ Thus, there remains a significant population of patients who have limited sensitivity to currently available agents and are in need of new treatments.

As platelet destruction in ITP is mediated by Syk-dependent phagocytosis of FcγR-bound platelets, Syk inhibition represents a promising approach to management of ITP.¹⁰

About Sovleplenib

Sovleplenib is a novel, selective inhibitor of Syk for once daily oral administration. Syk is a major component in B-cell receptor and FcR signaling and is an established target for the treatment of multiple subtypes of B-cell lymphomas and autoimmune disorders.

HUTCHMED currently retains all rights to sovleplenib worldwide. 

About HUTCHMED

HUTCHMED (Nasdaq/AIM: HCM; HKEX: 13) is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialization of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. Since inception it has focused on bringing drug candidates from in-house discovery to patients around the world, with its first four medicines marketed in China, the first of which is also approved around the world including in the US, Europe and Japan. For more information, please visit: www.hutch-med.com or follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect HUTCHMED’s current expectations regarding future events, including its expectations regarding the therapeutic potential of sovleplenib, the further clinical development for sovleplenib, its expectations as to whether any studies on sovleplenib would meet their primary or secondary endpoints, and its expectations as to the timing of the completion and the release of results from such studies. Forward-looking statements involve risks and uncertainties. Such risks and uncertainties include, among other things, assumptions regarding the timing and outcome of clinical studies and the sufficiency of clinical data to support NDA approval of sovleplenib for the treatment of patients with ITP or other indications in China or other jurisdictions, unexpected adverse events or safety issues; the ability of sovleplenib to meet the primary or secondary endpoint of a study, to obtain regulatory approval in different jurisdictions and to gain commercial acceptance after obtaining regulatory approval; the potential market of sovleplenib for a targeted indication; the sufficiency of funding; HUTCHMED’s ability to successfully develop and commercialize sovleplenib. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. For further discussion of these and other risks, see HUTCHMED’s filings with the US Securities and Exchange Commission, The Stock Exchange of Hong Kong Limited and on AIM. HUTCHMED undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Medical Information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

CONTACTS

Investor Enquiries	+852 2121 8200 / [email protected]
Media Enquiries
FTI Consulting –	+44 20 3727 1030 / [email protected]
Ben Atwell / Tim Stamper	+44 7771 913 902 (Mobile) / +44 7779 436 698 (Mobile)
Brunswick – Zhou Yi	+852 9783 6894 (Mobile) / [email protected]
Panmure Liberum	Nominated Advisor and Joint Broker
Atholl Tweedie / Emma Earl / Rupert Dearden	+44 20 7886 2500
Cavendish	Joint Broker
Geoff Nash / Nigel Birks	+44 20 7220 0500
Deutsche Numis	Joint Broker
Duncan Monteith / Ramin Naji	+44 20 7545 8000

——————————————————

REFERENCES

1	Zufferey A, et al. Pathogenesis and Therapeutic Mechanisms in Immune Thrombocytopenia (ITP). J. Clin. Med. 2017, 6(2), 16.
2	McMillan R, et al. Self-reported health-related quality of life in adults with chronic immune thrombocytopenic purpura. Am J Hematol. 2008 Feb;83(2):150-4.
3	Snyder CF, et al. Health-related quality of life of immune thrombocytopenic purpura patients: results from a web‑based survey. Curr Med Res Opin. 2008 Oct;24(10):2767-76.
4	Doobaree IU, et al. Thromboembolism in adults with primary immune thrombocytopenia: a systematic literature review and meta-analysis. Eur J Haematol. 2016 Oct;97(4):321-30.
5	Sarpatwari A, et al. Thromboembolic events among adult patients with primary immune thrombocytopenia in the United Kingdom General Practice Research Database. Haematologica. 2010 Jul;95(7):1167-75.
6	Sarpatwari A, et al. Health-related lifestyle in adults and children with primary immune thrombocytopenia (ITP). Br J Haematol. 2010 Oct;151(2):189-91.
7	Lambert MP, Gernsheimer TB. Clinical updates in adult immune thrombocytopenia. Blood. 2017 May 25;129(21):2829-2835.
8	Clarivate Landscape & Forecast for Immune Thrombocytopenic Purpura, 2018.
9	Provan D, et al. Updated international consensus report on the investigation and management of primary immune thrombocytopenia. Blood Adv. 2019;3(22):3780-3817.
10	Crowley MT, et al. A critical role for Syk in signal transduction and phagocytosis mediated by Fcγ receptors on macrophages. J. Exp. Med. 186(7), 1027–1039 (1997).

Live Webcast at 8:30 a.m. ET on Thursday, October 29, 2026

PHILADELPHIA, Oct. 28, 2026 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, will host a conference call and live audio webcast on Thursday, October 29, 2026 at 8:30 a.m. ET to highlight positive results for one-time lifileucel TIL therapy from the IOV-LUN-202 Phase 2 registrational cohorts in previously treated nonsquamous mNSCLC and an update on precision-based medicine opportunities for the TIL platform in mNSCLC.

To listen to the live or archived audio webcast, please register at https://edge.media-server.com/mmc/p/qtiiq5pi. The live and archived webcast can be accessed in the Investors section of the Company’s website, IR.Iovance.com. The archived webcast will be available for one year.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. is the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) cell therapies for patients with solid tumors. Amtagvi^® (lifileucel) is the first FDA-approved, one-time treatment for previously treated advanced melanoma, now approved in three global markets and available at nearly 100 authorized treatment centers (ATCs). The Iovance TIL platform spans registrational trials and next-generation programs in additional solid tumors, including gene-edited and IL-12 tethered TIL therapies, next-generation IL-2, and precision immuno-oncology approaches. As the first and only company to take TIL therapy from concept to a broadly accessible commercial treatment, Iovance operates as an end-to-end cell therapy company, anchored by fully owned, centralized U.S.-based manufacturing that is scaled to serve thousands of cancer patients worldwide each year. Headquartered in Pennsylvania with offices and laboratories in California and Florida, Iovance serves patients at ATCs and clinical sites across almost the entire U.S. and in many countries around the world. For more information, please visit www.iovance.com.

Amtagvi^® and its accompanying design marks, Proleukin^®, Iovance^®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Information on Iovance’s broad, industry-leading patent portfolio is available on the Intellectual Property page on www.iovance.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “achievable,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CONTACTS

Investors

[email protected]
650-260-7120 ext. 150

Media

[email protected]
650-260-7120 ext. 150

SAN DIEGO, Oct. 28, 2026 (GLOBE NEWSWIRE) — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Webull Corporation (NASDAQ: BULL) publicly traded securities between April 26, 2025 and October 6, 2026, both dates inclusive (the “Class Period”), have until Monday, December 7, 2026 to seek appointment as lead plaintiff of the Webull class action lawsuit. Captioned Ward v. Webull Corporation, No. 26-cv-03052 (M.D. Fla.), the Webull class action lawsuit charges Webull as well as certain of Webull’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the

Webull

class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-webull-corporation-class-action-lawsuit-bull.html

You can also contact attorneys

Ken Dolitsky

or

Michael Albert

of Robbins Geller by calling 800/851-7783 or via e-mail at

[email protected]

.

CASE ALLEGATIONS: Webull operates as a digital investment platform.

The Webull class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Webull’s mainland China operations were not limited to research and development and technical support functions, but rather Webull’s software development, data pipelines, and core engineering depended on People’s Republic of China (“PRC”)-based personnel and on infrastructure subject to Chinese law; (ii) Webull’s ownership structure, technical workforce, technology infrastructure, cross-border data routing, financing, and compliance structure were structurally tied to China; (iii) as a result, Webull’s representations that its principal business operations were based in the U.S. and that its U.S. customer data was insulated from non-U.S. access materially overstated Webull’s independence from the PRC; and (iv) as a result, defendants’ statements about Webull’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

The Webull class action lawsuit further alleges that on October 7, 2026, CNBC reported that the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party of the U.S. House of Representatives (the “Select Committee”) had found a “profound gap” between Webull’s presentation of itself as an American company and its actual control and operations. According to the report, the Select Committee found that “Webull’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People’s Republic of China.” The Select Committee also reportedly found that Webull initially told the Select Committee that it had no offices or employees in China, while Webull’s mainland China subsidiary in fact employed approximately 863 employees, or 62% of Webull’s global workforce. On this news, the price of Webull stock fell 19%, according to the Webull class action lawsuit.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Webull publicly traded securities during the Class Period to seek appointment as lead plaintiff in the Webull class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Webull class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Webull class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Webull class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
            Robbins Geller Rudman & Dowd LLP
            Ken Dolitsky
            Michael Albert
            655 W. Broadway, Suite 1900, San Diego, CA 92101
            800/851-7783
            [email protected]