Here are 1-3 brief analogies to describe Satellos Bioscience:

• Sarepta Therapeutics for Duchenne muscle regeneration.

• Vertex Pharmaceuticals for muscle stem cell therapies.

• SAT-3157: This is their lead oral small molecule drug candidate designed to modulate muscle stem cell regeneration for the treatment of Duchenne muscular dystrophy (DMD) and other muscle disorders.
• MyoReGenX™ Platform: This proprietary drug discovery platform is used to identify and develop small molecules that specifically modulate muscle stem cell behavior for therapeutic applications in muscle diseases.

Satellos Bioscience (MSLE) is a biotechnology company focused on the discovery and development of small molecule therapeutics that modulate muscle stem cell function for the treatment of muscle diseases, such as Duchenne muscular dystrophy (DMD). As a pre-clinical and early clinical-stage drug development company, Satellos Bioscience does not currently have major customers that purchase its products or services in the traditional sense.

Its business model is centered on research and development, aiming to develop proprietary drug candidates. Revenue typically comes from equity financing, grants, and potentially future licensing agreements or partnerships with larger pharmaceutical companies if their drug candidates advance through clinical trials.

Therefore, Satellos Bioscience does not have identifiable major customer companies or categories of individual customers to report at this stage of its operations.

Frank Gleeson, MBA

Co-founder, Chief Executive Officer, & Board Director

Mr. Gleeson has been instrumental in building over 20 biomedical companies from breakthrough research and technologies, negotiating numerous financing and M&A transactions valued at more than $500 million. Prior to co-founding Satellos, he co-founded Verio Therapeutics with Dr. Rudnicki, serving as CEO and managing its acquisition by Fate Therapeutics (Nasdaq: FATE). He was Chief Commercial Operations at the Centre for Probe Development and Commercialization (CPDC), where he played a key role in building a global radiopharmaceutical manufacturing business and supported the creation of two spin-out companies. Mr. Gleeson also served as an Executive-in-Residence with the Fight Against Cancer Innovation Trust (FACIT), supporting or leading the creation, financing, and exits of three new entities. Earlier, he was the founding CEO of MDS Proteomics Inc., where he integrated three acquisitions, built a 200-person team, and raised over $100 million. He was also a Senior Vice President and Venture Partner with MDS Capital Corp. (now Lumira), managing a fund exceeding $250 million focused on creating drug discovery companies based on novel Canadian science.

Elizabeth Williams, CPA, CA

Chief Financial Officer

Ms. Williams was appointed Chief Financial Officer of Satellos on September 5, 2023, bringing nearly 20 years of experience in biotech, working with publicly listed entities in both Canada and the United States. Before joining Satellos, she served as CFO of Medicenna (Nasdaq: MDNA), where she oversaw all financial, legal, and investor relations functions and guided the company's uplisting to the TSX and Nasdaq. She also held several positions at Aptose Biosciences Inc. (Nasdaq: APTO), including Vice President of Finance and Administration and Acting CFO, with responsibilities spanning financings, financial reporting, and regulatory compliance. Ms. Williams is also a Director and Chair of the Audit Committee of Triumvira Immunologics Inc.

Michael Rudnicki, OC, Ph.D., FRS, FRSC

Co-founder and Chief Discovery Officer

Dr. Rudnicki is a co-founder of Satellos and is recognized globally as a leading scientific authority on muscle stem cell function and their role in muscle regeneration. His research led to a landmark 2007 Cell paper and a 2016 Nature Medicine paper, which provided foundational insights into muscle stem cells and the role of the dystrophin protein in muscle regeneration. He currently serves as the Scientific Director of the Canadian Stem Cell Network and Director of the Regenerative Medicine Program at the Ottawa Hospital Research Institute, in addition to being a Professor in the Faculty of Medicine at the University of Ottawa.

Wildon Farwell, M.D., MPH

Chief Medical Officer

Dr. Farwell possesses over a decade of leadership experience in clinical development and medical affairs, with a deep specialization in neuromuscular and rare diseases. Before joining Satellos, he served as Chief Medical Officer and later as a Medical Advisor at Dyne Therapeutics, where he established and led the development organization. At Dyne, he was responsible for overseeing protocol design, regulatory strategy for programs in Duchenne muscular dystrophy (DMD) and myotonic dystrophy type 1 (DM1), and guiding the execution of multiple clinical trials. He has been directly involved in leading multiple product development programs, including two novel drugs approved by the FDA for ALS and spinal muscular atrophy.

Phil Lambert, Ph.D.

Chief Scientific Officer

Dr. Lambert brings extensive leadership experience to Satellos, having held significant positions at various pharmaceutical and biotechnology companies. His career includes roles at Centogene, Life Biosciences, Sirtris Pharmaceuticals, Forum Pharmaceuticals, ALS Therapy Development Institute, Regeneron Pharmaceuticals, GSK, and Parke Davis. He also served as a faculty member in the Department of Psychiatry at Emory University School of Medicine.

• Clinical Trial and Regulatory Approval Risk: The success of Satellos Bioscience is heavily dependent on the successful outcome of its preclinical and clinical trials for its drug candidate SAT-3247 and subsequent regulatory approvals from health authorities. As a biotechnology company, failure to demonstrate efficacy and safety, or to meet trial endpoints, could lead to a complete loss of investment.
• Financial Sustainability and Funding Risk: As an early-stage, pre-revenue biotechnology company with zero current revenue and a negative earnings per share, Satellos Bioscience faces significant challenges in its financial metrics and ongoing operational costs, requiring continuous investment in research and development. The company's ability to raise additional funds when needed and to continue as a going concern is a key risk.
• Market Competition Risk: Satellos Bioscience operates in a highly competitive pharmaceutical and bioscience industry, particularly in the market for therapeutic products to treat Duchenne muscular dystrophy and related diseases. This competition could impact the market acceptance and commercialization of its products, even if approved.

Satellos Bioscience (symbol: MSLE) is developing SAT-3247, an oral small molecule drug candidate, as a potential treatment for Duchenne Muscular Dystrophy (DMD) and other degenerative muscle diseases.

The addressable market for Duchenne Muscular Dystrophy (DMD) treatments is substantial:

• The global Duchenne Muscular Dystrophy treatment market size was valued at approximately USD 4.63 billion in 2025. This market is projected to grow to USD 19.18 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 17.1% during this forecast period.
• Another estimate places the global Duchenne Muscular Dystrophy drugs market size at USD 3.9 billion in 2025, with an anticipated growth to USD 6.5 billion by 2034, demonstrating a CAGR of 10.96%.
• In 2023, the Duchenne Muscular Dystrophy market size in the 7 Major Markets (7MM) was approximately USD 2,150 million.
• For the U.S. alone, the Duchenne Muscular Dystrophy patient population is around 12,000, and the market opportunity exceeds USD 4 billion.

Satellos Bioscience (symbol: MSLE) is a clinical-stage biotechnology company focused on developing therapies for degenerative muscle diseases, primarily Duchenne muscular dystrophy (DMD). Given its current stage of development, the company is not yet generating significant product revenue. Therefore, the drivers of future revenue growth over the next 2-3 years are intrinsically tied to the advancement of its drug pipeline and the establishment of strategic partnerships.

Here are 3-5 expected drivers of future revenue growth for Satellos Bioscience over the next 2-3 years:

1. Successful Advancement of SAT-3247 in Clinical Trials: The primary driver of future revenue potential is the successful progression of its lead drug candidate, SAT-3247, through ongoing and upcoming clinical trials. Positive interim and final data from the Phase 2 TRAILHEAD trial for adult Duchenne muscular dystrophy and the BASECAMP pediatric DMD Phase 2 trial are critical. Full enrollment for the BASECAMP trial is anticipated in the second quarter of 2026, with interim data expected in the coming months and final data in the first half of 2027. These positive results are essential for demonstrating the drug's efficacy and safety, which would significantly enhance its attractiveness for potential licensing deals or eventual commercialization.
2. Securing Strategic Partnerships and Licensing Agreements: As a clinical-stage company, Satellos Bioscience is likely to generate revenue through collaborations with larger pharmaceutical companies. Such partnerships could involve upfront payments, milestone payments tied to clinical and regulatory achievements, and future royalties on product sales. An analyst report projects SAT-3247 royalty revenue potentially beginning in fiscal year 2030, which would be a direct outcome of successful development and partnerships initiated within or following the 2-3 year timeframe.
3. Expansion of the Therapeutic Pipeline through MyoReGenX™ Platform: Satellos Bioscience utilizes its proprietary MyoReGenX™ platform to identify and develop novel drug candidates for various degenerative muscle diseases. Further leveraging this platform to discover and advance additional therapies beyond SAT-3247 into preclinical or clinical development would broaden the company's long-term revenue potential by creating new assets for partnership or independent development. The company aims to build a pipeline of novel therapeutics to correct muscle stem cell polarity and promote the body's innate muscle repair and regeneration process.

Share Issuance

• Satellos Bioscience completed a public offering in February 2026, generating approximately US$57.2 million in gross proceeds from the sale of 5,168,019 common shares and pre-funded warrants to purchase 495,049 common shares.
• The common shares were sold at a price of US$10.10 per share, and the pre-funded warrants at US$10.09999 per pre-funded warrant.
• The company previously announced the pricing of a public offering of approximately US$50 million in February 2026, which included 4,455,445 common shares and pre-funded warrants for 495,049 common shares.

Inbound Investments

• In February 2026, Satellos Bioscience completed a public offering, securing approximately US$57.2 million in gross proceeds.
• Franklin Berger and Mark Nawacki, members of the company's board of directors, participated in the February 2026 offering, purchasing 24,750 and 30,000 common shares, respectively.

Capital Expenditures

• In the last 12 months (prior to March 2026), capital expenditures were -$6,000.
• Satellos Bioscience Inc.'s capital expenditure for 2025 was CAD -3.0 thousand.
• The net proceeds from the February 2026 offering are primarily allocated to funding ongoing research and development activities, including advancing the SAT-3247 program through clinical trials (Phase 2 to Phase 3), and for other discovery-stage or pre-clinical development programs, as well as for working capital and general corporate purposes.