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For decades, cell-based therapies have been viewed as a promising strategy to repair injured lung tissue. Yet, much of their benefit appears not to depend on cell engraftment, but on what cells release. This realization has shifted attention toward extracellular vesicles (EVs) derived from mesenchymal stromal cells (MSCs) as key biological effectors. MSC-derived EVs act as highly specialized carriers of biological information. They transport proteins, lipids, and regulatory RNAs capable of reprogramming target cells and modulating complex pathways in inflammation, immunity, and tissue repair. In the respiratory system, these vesicles orchestrate communication between epithelial, endothelial, and immune cells, shaping the response to injury at multiple levels. In experimental models of acute respiratory distress syndrome, asthma, and emphysema, MSC-derived EVs consistently attenuate inflammation, restore alveolar–capillary barrier function, enhance bacterial clearance, and limit fibrotic remodeling. These effects are achieved through coordinated mechanisms, including macrophage reprogramming, mitochondrial transfer, and delivery of anti-inflammatory microRNAs. Importantly, EVs reproduce many of the therapeutic benefits of their parent cells while avoiding key limitations of cell based therapies, such as immunogenicity, tumorigenicity, and challenges related to storage and delivery. Beyond therapy, EVs are emerging as powerful biomarkers. Their cargo reflects the physiological state of the cells of origin, offering a dynamic and minimally invasive window into lung injury and repair. This dual role, as both mediators and messengers, positions EVs at the interface between diagnosis and treatment. However, translation to clinical practice remains challenging. Standardization of isolation techniques, characterization of vesicle subpopulations, dosing strategies, and large-scale manufacturing are critical hurdles that must be addressed before widespread clinical application. This field is rapidly redefining how we think about regenerative therapy in the lung. Moving from cells to cell-derived signals opens a new therapeutic paradigm, one that is potentially safer, more controllable, and more precise. MSC-derived extracellular vesicles are not simply an alternative to cell therapy; they represent a fundamental shift in how we approach lung repair and modulation of disease.
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