Early CARDAMYST launch metrics (600 scripts, 400 prescribers, Express Scripts coverage) are directionally positive but too early to gauge trajectory. Watch for Q2 2026 prescription acceleration and payer coverage expansion as key catalysts. The $78.1M royalty financing obligation on the balance sheet is a new liability that will reduce future product revenue.
Price Chart
Executive Summary
Milestone Pharmaceuticals reported Q1 2026 product revenue of $0.2M from its newly launched CARDAMYST, with ~600 scripts filled through April and Express Scripts national formulary coverage secured. Net loss widened to $26.1M ($0.20/share) from $20.8M ($0.31/share) a year ago, driven by $15.8M in commercial launch expenses. Cash balance of $184.2M provides runway into H2 2027.
Key Financial Metrics
Key Facts
- First quarter of CARDAMYST product revenue: $0.2M (vs $0 in Q1 2025)
- ~600 scripts filled for 560 patients through April; ~400 unique prescribers
- Express Scripts added CARDAMYST to national formularies effective March 27, 2026
- Net loss of $26.1M ($0.20/share) vs $20.8M ($0.31/share) in Q1 2025
- Cash, cash equivalents, and short-term investments of $184.2M as of March 31, 2026
- Phase 3 AFib-RVR trial initiated; first patient enrollment expected H2 2026
- Weighted average diluted shares outstanding: 130.3M (vs 66.3M a year ago)
Financial Impact
Q1 product revenue of $0.2M is early-stage launch data; net loss of $26.1M reflects $15.8M commercial expense ramp. Cash position of $184.2M provides ~5-6 quarters of runway at current burn rate.
Risk Factors
- Commercial launch still in early stages; prescription volumes may not scale as expected
- Net loss widening to $26.1M with $15.8M quarterly commercial expense burn
- $78.1M royalty financing obligation will reduce effective product revenue recognition
- Dilution from 130.3M weighted average shares (nearly double prior year)
- Phase 3 AFib-RVR trial carries clinical and regulatory risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-059780 |
| Document: tm2614433d1_8k.htm | 0001104659-26-059780 |
| Document: 0001104659-26-059780-index-headers.html | 0001104659-26-059780 |
| Document: 0001104659-26-059780-index.html | 0001104659-26-059780 |
| Document: 0001104659-26-059780.txt | 0001104659-26-059780 |
| 8-K Data (Synthetic) | 0001104659-26-059780 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 8-K | $1.20 $0.7794 | ▼ −35.05% | ▼ −35.65% | $0.6912 (−42.40%) |
Aug 21, 2026 9w ago | Press Release | $1.06 $0.9178 | ▼ −13.00% | ▼ −12.48% | $0.6912 (−34.48%) |
Aug 12, 2026 10w ago | 8-K | $1.13 $1.05 | ▲ +6.67% | ▲ +4.77% | $0.6912 (+38.56%) |
May 26, 2026 22w ago | EFFECT | $1.40 $1.28 | ▲ +8.57% | ▲ +6.62% | $0.6912 (+50.63%) |
May 13, 2026 23w ago | S-3 | $1.63 $1.27 | ▲ +22.09% | ▲ +21.23% | $0.6912 (+57.60%) |
May 13, 2026 23w ago | 8-K | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6912 (−59.81%) |
May 13, 2026 23w ago | Press Release | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6912 (−59.81%) |
Mar 20, 2026 31w ago | Press Release | $1.36 $2.04 | ▲ +50.00% | ▲ +40.68% | $0.6912 (−49.18%) |
Mar 16, 2026 32w ago | Press Release | $1.69 $2.03 | ▲ +20.12% | ▲ +16.34% | $0.6912 (−59.10%) |
US Market Status
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