07:52 AM EDT, 03/26/2025 (MT Newswires) -- Satellos Bioscience ( MSCLF ) on Wednesday said its net loss for fiscal 2024 widened due to high research expenses and increased staff count.

The net loss rose to $28.1 million, or $0.25 per share, from $15.9 million, or $0.18 per share for 2023. The wider loss was primarily due to higher research and development expenses associated with lead candidate SAT-3247. Increased headcount also hiked expenses. The company also recognized a non-cash impairment charge of $3.9 million.

Last December, the company dosed the first patient with Duchenne Muscular Dystrophy in its Phase 1b trial of SAT-3247. Up to 10 adult patients will be enrolled. Satellos expects to report Phase 1b data in the second quarter.