Milestone Pharmaceuticals reports third-quarter 2026 financial results
MIST•Milestone Pharmaceuticals reported third-quarter revenue of $963,000, below the $1.14 million estimate, and a basic loss per share of $0.18. It expects cost-efficiency measures to reduce operating expenses by about 30% and cash to last into late 2028.
1. Quarterly results
Milestone Pharmaceuticals reported third-quarter revenue of $963,000, compared with an estimate of $1.14 million. Income from operations was negative $25.052 million, and basic earnings per share were negative $0.18.
2. Cost and leadership changes
The company said it is rightsizing and internalizing selected outsourced activities and reducing its headquarters workforce. Cost-efficiency measures are expected to reduce operating expenses by about 30%, with about $2 million in one-time workforce-reduction charges. CFO Amit Hasija and Chief Medical Officer David Bharucha are leaving the leadership team; Anthony Krick was named principal financial and principal accounting officer.
3. Cash and trial outlook
Milestone expects its cash runway to extend into late 2028 and extended the payment-in-kind interest period on its convertible notes to March 2029. Its Phase 3 trial of etripamil nasal spray for AFib-RVR is on schedule, with topline data expected in the second half of 2028.
