“…EVs are currently being tested for their potential clinical application based on their biological origin, lower immunogenicity, versatility in engineering the membrane or cargo and their potential for tissue‐specific targeting (Anselmo & Mitragotri, 2021 ; Herrmann et al., 2021 ; Kalluri & LeBleu, 2020 ; Mentkowski et al., 2018 ; Murphy et al., 2019 ). However, limited knowledge of the heterogeneity of EV populations or their corresponding cargos, challenges in minimizing off‐target effects and improving tissue‐specific targeting, short half‐life and bioactivity in the circulation, selection of the dose (EVs vs. therapeutic cargo), dosage strategy (size of dose vs. frequency), route of administration (intravenous or intratracheal or intramyocardial), poorly understood pharmacokinetics or pharmacodynamics in vivo, unknowns related to the scale‐up of manufacturing for the pharmaceutical grade EVs, challenges in ensuring batch to batch reproducibility and loss of EV function during cryopreservation (Tessier et al., 2021 ) pose challenges in the translation of EVs for the therapy of HLBS diseases. Besides functional optimization of engineered EVs, the process would also need to match the milestones for cell‐derived products set by regulatory agencies, such as ensuring control, standardization and reproducibility of EV sources (parent cells used for EV production), and the methods used for EV production, including appropriate product test methods, to ensure the reproducibility of the therapeutic effects of engineered EVs.…”