Milestone Pharmaceuticals Inc. reported Q4 and full year 2025 financial results, including $1.5 million revenue, $63.1 million net loss, and $106.0 million cash as of December 31, 2025. The company provided updates on the CARDAMYST commercial launch following FDA approval on December 12, 2025, and received $75 million from RTW Royalty financing.
Key takeaways
FDA approved CARDAMYST nasal spray on December 12, 2025, for PSVT treatment in adults.
CARDAMYST became available through U.S. retail pharmacies in late January 2026; national sales force of 60 representatives deployed mid-February 2026.
Cash, cash equivalents, and short-term investments of $106.0 million as of December 31, 2025; pro forma cash of $200 million into late 2027.
$75 million payment received from RTW on January 12, 2026, under Royalty Purchase Agreement.
Q4 2025 net loss $17.4 million or $0.16 per share; full year net loss $63.1 million or $0.75 per share.
David Sandoval appointed General Counsel and Chief Compliance Officer on February 10, 2026.