MIST · Milestone Pharmaceuticals Inc.

Milestone Pharmaceuticals reported its first quarter 2026 financial results, marking the first quarter of product revenue from CARDAMYST (etripamil) nasal spray, which generated $0.2 million in sales. The company's net loss widened to $26.1 million from $20.8 million in the prior year period, primarily driven by a significant increase in commercial expenses ($15.8 million vs. $10.4 million) as the company ramped up the launch of CARDAMYST. Research and development expenses decreased to $3.3 million from $5.0 million, reflecting lower outside service costs. General and administrative expenses decreased slightly to $4.8 million from $5.2 million. The company ended the quarter with $184.2 million in cash, cash equivalents, and short-term investments, up from $106.0 million at year-end 2025, providing runway into the second half of 2027. Management highlighted positive early adoption of CARDAMYST, with approximately 600 scripts filled for 560 patients and 400 unique prescribers. The company also secured national formulary coverage from Express Scripts, effective March 27, 2026, covering over 25% of commercially insured lives. On the pipeline front, Milestone initiated a Phase 3 registrational program for etripamil in atrial fibrillation with rapid ventricular rate (AFib-RVR), with first patient enrollment expected in the second half of 2026. Additionally, the European Medicines Agency accepted the marketing authorization application for etripamil in PSVT, with a decision expected by the first half of 2027. The company's cash position and early commercial traction suggest a solid foundation for continued launch execution and pipeline advancement.