Milestone Pharmaceuticals(NASDAQ) MIST

Milestone makes a nasal spray for sudden fast heartbeats. This lets patients treat themselves at home instead of the hospital. It helps people with specific heart rhythm conditions.

Managing Heart Rates at Home

• Cardamyst: Nasal spray medicine used by adults to stop sudden, rapid heart rate attacks called paroxysmal supraventricular tachycardia (PSVT).
• Etripamil for AFib-RVR: Experimental treatment designed to slow high heart rates during irregular heart rhythm episodes, currently in late-stage clinical testing.
• Global Pipeline: Portfolio of cardiovascular therapies being developed for international markets including Europe and Greater China.

Expanding Through Global Partnerships

• Received a $75 million payment from RTW Investments in January 2026 after closing a royalty financing agreement.
• Transferred development rights for the Greater China market to Everest Medicines in March 2026.
• Filed a marketing application with the European Medicines Agency in November 2025 to expand etripamil into the European Union.
• Raised $10.9 million through a controlled equity offering in early 2026 to fund ongoing commercial operations.

Treatments Beyond the Hospital Walls

Milestone focuses on patient-centered care by offering the first self-administered calcium channel blocker, a medicine that slows the heart rate by limiting calcium movement in cells. The company’s approach aims to reduce the need for expensive and time-consuming hospital visits for common heart rhythm disturbances.

Tracking the Commercial Shift

• Operating loss widened to $23.7 million in Q1 2026, a 15.3% worsening from the $20.5 million loss recorded in Q1 2025.
• Product revenue reached $238,000 for the first quarter of 2026 following the commercial launch of Cardamyst, up from zero in the prior year.
• Free cash flow use deepened to $16.1 million in Q1 2026, a 15% increase in cash burn compared to the same period in 2025.
• Total cash, cash equivalents, and short-term investments increased to $184.2 million as of March 31, 2026.

From Research to Commercial Reality

Milestone has transitioned from a research-focused firm into a commercial business selling its first approved heart medication. The company’s success now depends on its ability to market its nasal spray and expand its use to other heart conditions.