Milestone Pharmaceuticals Reports $238,000 in Product Revenue and $26.1 Million Net Loss for Q1 2026

Milestone Pharmaceuticals Inc. reported its financial results for the first quarter of 2026, revealing a product revenue of $238,000 from its recently launched CARDAMYST™ (etripamil) nasal spray, which received FDA approval in December 2025. This marks a significant milestone for the company, as it had no product revenue in the same period last year. However, the company continues to face substantial operating losses, with a net loss of $26.1 million for the quarter, compared to a net loss of $20.8 million in the first quarter of 2025, reflecting a 25.6% increase in losses year-over-year.

Operating expenses for the quarter totaled $23.9 million, up 16.5% from $20.5 million in the prior year. The increase was primarily driven by a 52.4% rise in commercial expenses, which amounted to $15.8 million, as the company ramped up its marketing efforts for CARDAMYST. Research and development expenses decreased by 34.7% to $3.3 million, attributed to reduced costs associated with drug development and research. General and administrative expenses also saw a slight decline of 6.6%, totaling $4.8 million.

Milestone's balance sheet as of March 31, 2026, showed total assets of $193.7 million, a significant increase from $113.6 million at the end of 2025, largely due to a rise in cash and short-term investments. The company had cash, cash equivalents, and short-term investments totaling $184.2 million, which it believes will be sufficient to fund operations for at least the next 12 months. The increase in assets was bolstered by a $75 million cash inflow from a royalty financing agreement, which was finalized in January 2026.

In terms of operational developments, Milestone is focusing on the commercialization of CARDAMYST and the ongoing development of etripamil for additional indications, including atrial fibrillation with rapid ventricular rate (AFib-RVR). The company has initiated a Phase 3 clinical trial for AFib-RVR, with plans to enroll the first patient in the second half of 2026. Additionally, Milestone has entered into a partnership with Everest Medicines for the commercialization of CARDAMYST in Greater China, further expanding its market reach.

Looking ahead, Milestone anticipates continued operating losses as it invests in the commercialization of CARDAMYST and the development of etripamil for other indications. The company remains committed to its strategic goals, including increasing its sales and marketing capabilities and exploring potential collaborations to enhance its product pipeline. Despite the challenges, Milestone's management is optimistic about the future, given the potential market for its products and the recent FDA approval of CARDAMYST.