Monitor script growth trajectory and payor coverage expansion in coming quarters as key indicators of CARDAMYST commercial success. The Phase 3 AFib-RVR trial initiation in H2 2026 represents a significant pipeline catalyst, but near-term focus should be on revenue ramp and cash burn rate.
Price Chart
Executive Summary
Milestone Pharmaceuticals reported Q1 2026 results with first-ever product revenue of $0.2M from CARDAMYST launch, but net loss widened to $26.1M (-$0.20/share) vs $20.8M (-$0.31/share) a year ago, driven by $15.8M in commercial expenses. The EPS of -$0.20 missed the $0.19 consensus estimate by 196%, though the Street consensus was -$0.03, making the miss less severe. Cash balance of $184.2M provides runway into H2 2027, and the company initiated a Phase 3 trial for AFib-RVR.
Key Financial Metrics
Key Facts
- First-ever product revenue of $0.2M from CARDAMYST launch in mid-February 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
- Commercial expenses of $15.8M vs $10.4M in prior year period
- Approximately 600 scripts filled for 560 patients through April; 400 unique prescribers
- Express Scripts national formulary coverage secured effective March 27, 2026
- Phase 3 registrational program for AFib-RVR initiated; first patient enrollment expected H2 2026
- MAA for etripamil accepted by EMA; decision expected by H1 2027
- EPS of -$0.20 vs consensus of $0.19 (GAAP) but Street consensus was -$0.03
Financial Impact
First product revenue of $0.2M; net loss $26.1M; cash burn rate ~$26M/quarter; $184.2M cash runway into H2 2027
Risk Factors
- Commercial launch may not achieve expected adoption rates; only 600 scripts in first ~2.5 months
- Cash burn of ~$26M/quarter with $184.2M provides ~7 quarters of runway, but Phase 3 trial costs could accelerate burn
- EPS miss vs consensus (though Street consensus was -$0.03, making actual -$0.20 a miss of ~567%)
- Regulatory risk for EMA approval decision in H1 2027 and NMPA decision in China
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3293867 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 7w ago | 8-K | $1.20 $0.7794 | ▼ −35.05% | ▼ −35.65% | $0.6440 (−46.33%) |
Aug 21, 2026 9w ago | Press Release | $1.06 $0.9178 | ▼ −13.00% | ▼ −12.48% | $0.6440 (−38.96%) |
Aug 12, 2026 10w ago | 8-K | $1.13 $1.05 | ▲ +6.67% | ▲ +4.77% | $0.6440 (+42.76%) |
May 26, 2026 21w ago | EFFECT | $1.40 $1.28 | ▲ +8.57% | ▲ +6.62% | $0.6440 (+54.00%) |
May 13, 2026 23w ago | S-3 | $1.63 $1.27 | ▲ +22.09% | ▲ +21.23% | $0.6440 (+60.49%) |
May 13, 2026 23w ago | 8-K | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6440 (−62.56%) |
May 13, 2026 23w ago | Press Release | $1.72 $1.27 | ▼ −26.16% | ▼ −25.55% | $0.6440 (−62.56%) |
Mar 20, 2026 31w ago | Press Release | $1.36 $2.04 | ▲ +50.00% | ▲ +40.68% | $0.6440 (−52.65%) |
Mar 16, 2026 32w ago | Press Release | $1.69 $2.03 | ▲ +20.12% | ▲ +16.34% | $0.6440 (−61.89%) |
US Market Status
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