Traders should monitor early prescription trends (to be reported in future quarters) as the key indicator of commercial uptake. The $200M cash runway reduces near-term dilution risk, but any delay in payer coverage or slow prescriber adoption could pressure the stock. Positive data at ACC Scientific Session (March 30) may serve as a near-term catalyst.
Price Chart
Executive Summary
Milestone Pharmaceuticals (MIST) reported its 2025 financial results alongside a transformative year marked by FDA approval of CARDAMYST, the first new self-administered treatment for PSVT in 30 years. The company recorded $1.5 million in revenue from a milestone payment, while significantly increasing commercial and R&D spending ahead of launch. With $200 million in pro forma cash (including $75M from a royalty financing and $10.9M from ATM sales), the company has extended its runway into late 2027, supporting the ongoing commercial rollout.
Key Financial Metrics
Key Facts
- FDA approved CARDAMYST (etripamil) nasal spray on December 12, 2025, for self-treatment of acute symptomatic PSVT in adults — first new option in 30 years.
- CARDAMYST became broadly available in U.S. retail pharmacies in late January 2026; national sales force of ~60 reps deployed by mid-February.
- EMA marketing application accepted with expected decision in first half of 2027; TACHYMIST is proposed EU brand name.
- Company received $75M payment from RTW upon FDA approval under 2023 royalty purchase agreement.
- Raised $10.9M net from ATM sales and $8.0M from warrant exercises, contributing to $200M pro forma cash runway into late 2027.
- Reported $1.5M in revenue (from Corxel milestone), up from $0 in 2024.
- Net loss widened to $63.1M ($0.75/share) in 2025 vs. $41.5M ($0.67/share) in 2024, driven by $28.3M in commercial launch expenses.
- Appointed David Sandoval as General Counsel and Chief Compliance Officer on February 10, 2026.
Financial Impact
$200M in pro forma cash (including $106M at year-end and $94M in subsequent financing), enabling commercial launch and operations into late 2027
Risk Factors
- Commercial execution risk: Early prescriptions are still limited; broader payer coverage and physician adoption are unproven.
- Dilution risk remains possible if future capital is raised via equity, despite current runway.
- European approval not guaranteed; EMA decision expected in H1 2027.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3259673 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 8-K | $1.20 $0.7794 | ▼ −35.05% | ▼ −35.65% | $0.6480 (−46.00%) |
Aug 21, 2026 9w ago | Press Release | $1.06 $0.9178 | ▼ −13.00% | ▼ −12.48% | $0.6480 (−38.58%) |
Aug 12, 2026 10w ago | 8-K | $1.13 $1.05 | ▲ +6.67% | ▲ +4.77% | $0.6480 (+42.40%) |
May 26, 2026 21w ago | EFFECT | $1.40 $1.28 | ▲ +8.57% | ▲ +6.62% | $0.6480 (+53.71%) |
May 13, 2026 23w ago | S-3 | $1.63 $1.27 | ▲ +22.09% | ▲ +21.23% | $0.6480 (+60.25%) |
May 13, 2026 23w ago | 8-K | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6480 (−62.33%) |
May 13, 2026 23w ago | Press Release | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6480 (−62.33%) |
Mar 20, 2026 31w ago | Press Release | $1.36 $2.04 | ▲ +50.00% | ▲ +40.68% | $0.6480 (−52.35%) |
Mar 16, 2026 32w ago | Press Release | $1.69 $2.03 | ▲ +20.12% | ▲ +16.34% | $0.6480 (−61.66%) |
US Market Status
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