Satellos Bioscience (MSCL) investor relations material

Executive summary

• BASECAMP enrollment completed with 53 ambulatory boys aged 7–9; topline results from the 12-week placebo-controlled period are expected in Q1 2027.

• Forazapadin development advanced across DMD and FSHD; TRAVERSE start-up began, with first participant enrollment expected in Q1 2027.

• Q3 2026 net loss was $11.168 million versus $5.821 million a year earlier; nine-month net loss was $32.654 million versus $17.570 million.

• Cash, cash equivalents and short-term investments totaled $53.014 million at September 30, 2026; no product revenue was reported.

Financial highlights

• Q3 R&D expense was $8.998 million versus $3.994 million; nine-month R&D expense was $25.943 million versus $12.971 million.

• Q3 G&A expense was $2.679 million versus $1.972 million; nine-month G&A expense was $7.942 million versus $5.841 million.

• Basic and diluted loss per share was $0.53 in Q3 2026 versus $0.39 in Q3 2025; nine-month loss per share was $1.62 versus $1.23.

• Q3 finance income was $535,000; nine-month finance income was $1.527 million.

• Higher R&D spending reflected clinical studies, drug-production CMC costs, PPQ activities and commercial GMP preparations.

Outlook and guidance

• BASECAMP topline data are expected in Q1 2027; MRI-measured change in vastus lateralis fat fraction was selected as the primary efficacy endpoint after FDA feedback.

• TRAILHEAD 12-month data for four participants transitioning from Phase 1b were expected by year-end 2026; the study plans to enroll up to 30 participants.

• TRAVERSE is planned as a Phase 2 study of ~50 adults with FSHD; first participant enrollment is expected in Q1 2027.

• Cash and short-term investments were expected to fund announced goals for the next 12 months; additional financing or other funding sources are needed beyond that period.