Milestone Pharmaceuticals Posts $26.1M Q1 Loss, $238K CARDAMYST Revenue
Milestone Pharmaceuticals posted a Q1 net loss of $26.1 million ($0.20 per share), compared with a $20.8 million loss a year earlier, largely driven by higher CARDAMYST launch expenses. Revenue totaled $238,000, and the nascent nasal spray secured 600 prescriptions while the company held $184.2 million in cash.
1. Q1 Financial Results
Milestone reported a first-quarter net loss of $26.1 million, or $0.20 per share, compared with a $20.8 million, or $0.31 per share, loss in Q1 2025. Revenue was $238,000, reflecting early CARDAMYST sales versus a consensus expectation of $30.12 million.
2. CARDAMYST Commercial Launch
Promotional activities began mid-February with a 60-person national sales force. Through April, approximately 600 prescriptions were filled for 560 patients by roughly 400 unique prescribers, and national formulary coverage now extends to over 25% of commercially insured U.S. lives.
3. Balance Sheet and Cash Runway
As of March 31, Milestone held $184.2 million in cash, equivalents, and short-term investments, up from $106.0 million at year-end 2025. Current assets of $192.3 million against $20.9 million in liabilities yield a current ratio of 9.18, funding operations into H2 2027.
4. Pipeline Progress
The company has initiated a Phase 3 registrational program for etripamil in atrial fibrillation with rapid ventricular rate (AFib-RVR), expecting to enroll the first patient in the second half of 2026.