MSLE: 1Q26 Recap: BASECAMP on Track for a 4Q26 Readout

Research evidence excerpt

MSLE: 1Q26 Recap: BASECAMP on Track for a 4Q26 Readout

May 18, 2026

Debjit Chattopadhyay, Ph.D. debjit.chattopadhyay@guggenheimpartners.com MSLE: 1Q26 Recap: BASECAMP on Track for a

212 823 6584 4Q26 Readout

Moritz Reiterer, Ph.D.

moritz.reiterer@guggenheimpartners.com

212 372 6368 Key message: The Ph 2 BASECAMP study evaluating SAT-3247 in pediatric subjects is

well underway with strong interest from the DMD community / physicians. SAT-3237 is a Hannah Wei

hannah.wei@guggenheimpartners.com differentiated entry into the DMD therapeutic landscape, given: (1) efficacy is independent

212 518 5896 of underlying exon mutation; (2) it targets regeneration of progenitor cells, the missing

link in DMD biology; & (3) it is orally available. The BASECAMP study is on track to

complete enrollment by 3Q26, and mgmt has reiterated top-line readout during 4Q26.

BASECAMP is likely be enriched for patients not amenable to exon-skipping therapies,

MSLE BUY sincebaselinereceivingdystrophinone levelsin the inpastthe6trial,monthswhichis inancaseexclusionof exon-44criterion.amenableThis couldpatientsinfluencemight

Satellos Bioscience Inc. be synergistic to potential functional gains. Dynamometry will be the key secondary and

Sector: Biotechnology functional benefit.

Earnings Release Targeting the untreated half — AAK1 inhibition rescues muscle regeneration

Share Price $7.01 via a dystrophin-independent pathway Price Target $23.00

Duchenne muscular dystrophy is driven by two interlinked pathologies: (1) progressive

muscle fiber damage from loss of dystrophin; and (2) failure of muscle regeneration as

Revenue ($M) the satellite cell pool becomes exhausted. This means that DMD patients are "burning the

(FY DEC) 1Q 2Q 3Q 4Q FY candle from both ends".