Milestone Pharmaceuticals Inc.

Milestone Pharmaceuticals Inc. (MIST) reported FY 2025 results with revenue of $1.5M from a license milestone under the Corxel agreement following FDA approval of CARDAMYST (etripamil) nasal spray for PSVT on December 12, 2025. This marked the first revenue since inception, up from $0 in 2024. Operating expenses surged 51.3% YoY to $63.7M, driven by commercial expenses doubling to $28.3M for launch preparations, R&D at $18.1M (up 26.1%), and G&A at $17.3M (up 3.2%). Loss from operations widened to -$62.1M from -$42.1M. Net loss increased 51.9% YoY to -$63.1M, or -$0.75 per share (vs. -$0.67 prior year), after $2.9M interest income offset by $3.8M expense. Balance sheet strengthened with $73.0M cash equivalents and $32.9M short-term investments (total liquidity ~$105.9M), total assets $113.6M, equity $41.8M. Cash used in operations was -$49.0M, offset by $85.5M financing inflows, netting $47.7M cash increase. Focus remains on CARDAMYST commercialization, AFib-RVR Phase 3, and partnerships, with sufficient runway for 12+ months.

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