11:04 AM EDT, 03/27/2024 (MT Newswires) -- Satellos Bioscience Inc. ( MSCLF ) , a public biotech company developing new small molecule therapeutic approaches to improve the treatment of muscle diseases and disorders, on Wednesday reported its FY 2023 results.

The company recorded a net loss of $15.9 million, compared with a net loss $11.3 million, for the year ended December 31, 2022. The increase in net loss, was primarily a result of higher R&D and G&A expenses in the current year period.

Satellos had cash and cash equivalents and short-term investments of $39.6 million as of December 31, 2023, versus $1.9 million at December 31, 2022. The increase is due to proceeds of the $55 million equity offering completed in 2023. Management estimates that based on current estimates cash on hand should provide runway through 2025 and advance SAT-3247 through pre-clinical work, IND submission, and subsequent Phase 1 studies.

"2023 has been a pivotal year in transitioning Satellos from a discovery-stage company to a preclinical company, positioning Satellos to further transition into a clinical-stage company during 2024 as we work to advance our lead drug candidate, SAT-3247, into first-in-human studies," said Frank Gleeson, Co-founder and CEO.

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