Satellos Bioscience (MSCL) Q2 2025 earnings summary

Executive summary

• Reported positive Phase 1b data in five adults with Duchenne muscular dystrophy after 28 days of treatment, showing safety, tolerability, and an approximate doubling in grip strength.

• Preparing to initiate a long-term follow-up Phase 1b study in adults in Q3 2025 and a global Phase 2 trial in children with DMD.

• Appointed Dr. Wildon Farwell as chief medical officer.

Financial highlights

• Ended Q2 2025 with a cash balance of $52.1 million ($38.2 million USD).

• Cash and equivalents decreased from $48.5 million at Dec. 31, 2024, to $38.2 million at June 30, 2025, due to net loss and increased deposits for the planned Phase 2 trial.

• Reported a net loss of $5.6 million ($0.03 loss per share) for Q2 2025, compared to a net loss of $4.4 million ($0.04 loss per share) for Q2 2024.

• R&D expenses rose to $4.4 million in Q2 2025 from $3.6 million in Q2 2024, mainly due to increased clinical trial costs.

• G&A expenses increased to $1.9 million in Q2 2025 from $1.3 million in Q2 2024, primarily due to higher salaries, professional fees, and stock-based compensation.

Outlook and guidance

• On track to initiate a long-term follow-up Phase 1b study in adults with DMD in Q3 2025.

• Interim 3-month results from the long-term follow-up study expected before year-end.

• Preparing regulatory submissions for a global Phase 2 randomized, placebo-controlled trial in pediatric DMD patients, with IND and CTAs planned for Q3 2025.