Satellos Bioscience (MSCL) Q3 2026 earnings summary

Executive summary

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

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

Financial highlights

• Cash, cash equivalents and short-term investments totaled $53.0 million at Sept. 30, 2026, versus $27.7 million at Dec. 31, 2025; the increase primarily reflected a February 2026 equity offering, partly offset by operating cash use.

• Q3 R&D expense was $9.0 million versus $4.0 million YoY; G&A expense was $2.7 million versus $2.0 million.

• Q3 net loss was $11.2 million, or $0.53 per share, versus $5.8 million, or $0.39 per share; nine-month net loss was $32.7 million versus $17.6 million.

Outlook and guidance

• BASECAMP topline data expected in Q1 2027; MRI-measured vastus lateralis fat fraction selected as the primary efficacy endpoint, with safety and tolerability remaining primary objectives.

• TRAILHEAD 12-month data for four participants who transitioned from Phase 1b expected by year-end 2026.

• Cash and short-term investments expected to provide runway through 2027.