Satellos Bioscience (MSCL) Q1 2026 earnings summary

Executive summary

• Eleven clinical trial sites for BASECAMP are active, with full enrollment expected in Q3 2026.

• TRAILHEAD Phase 2 study in adults with DMD initiated in the U.S., targeting ages 16–25.

• $57M raised in Q1 2026, supporting operations through 2027 and enabling Nasdaq uplisting.

Financial highlights

• Cash and equivalents totaled $69.9M as of March 31, 2026, up from $27.7M at year-end 2025, mainly due to an equity offering.

• Net loss for Q1 2026 was $9.8M ($0.53/share), compared to $6.1M ($0.44/share) in Q1 2025.

• R&D expenses rose to $7.3M from $4.5M year-over-year, driven by clinical trial costs.

• G&A expenses increased to $2.7M from $1.9M year-over-year, reflecting higher headcount and Nasdaq listing costs.

Outlook and guidance

• BASECAMP enrollment completion is on track for Q3 2026, with additional sites to be activated in Q2.

• TRAILHEAD aims to enroll up to 30 adults with DMD in the U.S. and Australia, with updates expected throughout 2026.

• Current cash runway extends through 2027, supporting all planned milestones.