Satellos reports $47,251 thousand net equity proceeds in first half of 2026

Satellos Bioscience Inc. filed unaudited interim financial statements for the three and six months ended June 30, 2026 in a 6-K furnished on August 13, 2026. The statements record the equity raised in the public offering it completed on February 9, 2026. That offering issued 5,168,019 common shares at $10.10 each and pre-funded warrants for 495,049 common shares, for gross proceeds of $57,197 thousand.

Net of costs, the company received $47,251 thousand from the common shares and $4,650 thousand from the pre-funded warrants. The costs were $5,296 thousand, including cash commissions to the agents of about $4,004 thousand and professional fees and regulatory costs of $1,292 thousand. The notes refer to the agents but do not name them. The company's common shares trade on the Nasdaq Global Market as MSLE and on the Toronto Stock Exchange as MSCL.

The share consolidation

On January 27, 2026, Satellos completed a twelve-for-one consolidation of its common shares. Before the consolidation there were 185,507,153 common shares, 37,916,940 pre-funded warrants and 26,436,082 stock options. Afterward the figures were 15,458,903 common shares, 3,159,743 pre-funded warrants and 2,202,960 options. The per-share figures in the statements are adjusted for it. At June 30, 2026 there were 20,838,485 common shares and 3,450,522 pre-funded warrants outstanding.

Cash and equity

Cash and cash equivalents were $7,393 thousand at June 30, 2026, down from $9,804 thousand at December 31, 2025. Short-term investments rose to $54,446 thousand from $17,906 thousand. Total shareholders' equity was $59,908 thousand, against $27,784 thousand at year-end, and total liabilities were $5,861 thousand, against $4,105 thousand. The accumulated deficit reached $103,456 thousand, from $81,970 thousand. Equity carried $133,952 thousand for common shares and $19,325 thousand for pre-funded warrants, against $85,828 thousand and $15,480 thousand at year-end.

In the six months to June 30, 2026, cash used in operating activities was $17,613 thousand, against $12,209 thousand in the same period of 2025. Cash and cash equivalents were $38,217 thousand at June 30, 2025, which compares with $7,393 thousand a year later, with the rest of the balance now held in short-term investments.

Losses

The net loss for the six months was $21,486 thousand, against $11,749 thousand a year earlier. For the quarter ended June 30, 2026, it was $11,718 thousand, against $5,608 thousand. Research and development expense for the six months was $16,945 thousand, up from $8,977 thousand, and general and administrative expense was $5,263 thousand, up from $3,869 thousand. The basic and diluted loss per common share for the six months was $1.09, against $0.84. Stock-based compensation was $1,649 thousand for the six months, against $1,476 thousand.

The going-concern wording

The capital management note says the company intends to continue as a going concern, but that its continued operations depend on generating future cash flows or obtaining additional funding. It adds that additional financing may not be available on a timely basis or on acceptable terms. The note does not quantify how long the June 30 balances will last at the first-half burn rate.

What the statements leave open

The statements are unaudited, and the notes name no agent for the February offering. The 6-K gives no cash-burn guidance for the second half of 2026 and no date for any trial data. Any equity raised after June 30 would sit outside these statements, and the notes do not describe any such raise.

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