Milestone Cash and Short-Term Investments Rise to $106M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 20 2026
0mins
Should l Buy MIST?
As of December 31, 2025, Milestone had cash, cash equivalents, and short-term investments of $106M, compared to $69.7M on December 31, 2024. "We are excited to see that our commercial launch of CARDAMYST and the initial engagement with providers, patients and payers is tracking or exceeding our pre-launch expectations," said Joseph Oliveto, president and CEO of Milestone Pharmaceuticals. "Our national sales force was fully deployed within eight weeks of our mid-December approval. Feedback from prescribers supports our belief that there is meaningful demand for a convenient, self-administered option to treat episodes of PSVT, and patient reactions to having CARDAMYST in hand is inspiring."
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Analyst Views on MIST
Wall Street analysts forecast MIST stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 1.010
Low
8.00
Averages
8.00
High
8.00
Current: 1.010
Low
8.00
Averages
8.00
High
8.00
About MIST
Milestone Pharmaceuticals Inc. is a Canada-based biopharmaceutical company. The Company is focused on the development and commercialization of cardiovascular medicines. Its lead product candidate, etripamil, is a potent rapid-onset calcium channel blocker that the Company designed and is developing as a rapid-onset nasal spray to be administered by patients. The Company is also focused on developing etripamil to treat paroxysmal supraventricular tachycardia, atrial fibrillation, and other cardiovascular indications.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Milestone Pharmaceuticals Reports Q4 and FY 2025 Results with CARDAMYST Updates
- Financial Performance: Milestone Pharmaceuticals reported a wider net loss of $17.4 million for Q4 2025, translating to $0.16 per share, compared to a loss of $12.4 million or $0.19 per share in the previous year, indicating financial pressures during the product launch phase.
- Revenue Source: The company recorded $1.54 million in revenue for Q4 2025 from a milestone payment under its licensing agreement with Corxel Pharmaceuticals, marking an initial success in the commercialization of CARDAMYST following its FDA approval in the U.S.
- Product Approval and Marketing: CARDAMYST received FDA approval in December 2025 as the first self-administered nasal spray, with a sales team of 60 representatives expected to enhance market penetration in the cardiology sector.
- Future Plans: Milestone plans to conduct a Phase 3 registrational program to evaluate Etripamil for acute atrial fibrillation control, intending to leverage the initial PSVT indication to facilitate subsequent regulatory approvals.
See More
Milestone Pharmaceuticals Earnings Report Preview
- Earnings Release Date: Milestone Pharmaceuticals is expected to release its earnings report on March 19, indicating a significant focus from the market on the company's future performance and potential stock movements.
- Earnings Per Share Forecast: Analysts predict an earnings per share of 16 cents, reflecting the company's profitability in the current market environment, which could influence shareholder confidence and investment decisions.
- Revenue Expectations: The company is anticipated to generate $1.20 million in revenue, suggesting Milestone's efforts in product promotion and market acceptance, which may lay the groundwork for future growth opportunities.
- Market Reaction Anticipation: Following the earnings report, investors will closely monitor the actual results against analyst expectations, which will directly impact Milestone Pharmaceuticals' stock price volatility and overall market sentiment.
See More
Milestone Pharmaceuticals Reports Q4 2025 Earnings and CARDAMYST Launch
- Revenue and Loss Overview: Milestone Pharmaceuticals reported milestone revenue of $1.5 million in Q4 2025, yet faced a net loss of $63.1 million for the year, translating to a loss of $0.75 per share, highlighting financial pressures during the early market launch phase.
- CARDAMYST Launch Progress: The company successfully launched CARDAMYST within six weeks of FDA approval, with over 150 prescriptions filled by more than 100 unique prescribers in the first month, indicating a positive initial market reception for the drug.
- Financial Position and Future Outlook: As of December 31, 2025, Milestone had $106 million in cash and cash equivalents, and with approximately $200 million in pro forma cash raised post-year-end, the company is well-positioned for operations into late 2027, enhancing its competitive stance in the market.
- Insurance Coverage Challenges: Despite positive feedback for CARDAMYST, the company faces significant delays in insurance coverage, with over half of prescriptions not being filled due to insurer controls, and Medicare coverage is not expected until 2027, which may hinder market penetration.
See More
Milestone Pharmaceuticals Reports FY Results
- Earnings Report: Milestone Pharmaceuticals reported a FY GAAP EPS of -$0.75, indicating significant challenges in profitability that could undermine investor confidence.
- Revenue Figures: The company generated revenue of $1.55 million, which, while providing some income, falls short of market expectations, potentially putting downward pressure on the stock price.
- Market Reaction: Analysts downgraded Milestone to a 'Sell' rating as CARDAMYST faces tough market realities, which may further influence investor sentiment towards the company.
- Investor Sentiment: Following the approval of Cardamyst, the market's negative reaction suggests that selling news related to Milestone may not be prudent, potentially leading to increased stock price volatility in the short term.
See More
Major Earnings Reports Expected on Friday
- Earnings Reports: Major companies set to report earnings on Friday include Milestone Pharmaceuticals (MIST), Westwater Resources (WWR), and XPeng (XPEV), which will provide investors with crucial financial data and market outlooks.
- Market Focus: Investors will closely monitor these earnings reports to assess performance and future growth potential, particularly in the current economic climate where market sensitivity to tech and resource companies is heightened.
- Industry Impact: XPeng, as an electric vehicle manufacturer, will have its earnings report scrutinized for its potential influence on the overall EV sector, possibly affecting investor confidence and capital flows within the industry.
- Investor Strategy: With the earnings season approaching, investors may adjust their strategies in response to the upcoming performance data, particularly reevaluating positions in companies that have underperformed in the market.
See More
CARDAMYST Nasal Spray Now Available at Retail Pharmacies
- Product Launch: Milestone Pharmaceuticals announces that its first commercial product, CARDAMYST™ (etripamil) nasal spray, is now available at U.S. retail pharmacies, marking a significant advancement in the cardiovascular drug market.
- Sales Force Deployment: The company plans to deploy a national sales force in mid-February 2026 to support product promotion and market penetration, which is expected to significantly enhance market coverage and sales potential.
- Patient Assistance Program: CARDAMYST will be supported by a comprehensive patient assistance platform offering benefits verification and reimbursement support, with a projected $25 copay cap for eligible commercially insured patients, thereby reducing financial burdens on patients.
- FDA Approval Milestone: CARDAMYST received FDA approval on December 12, 2025, becoming the first drug approved for treating paroxysmal supraventricular tachycardia (PSVT) in over 30 years, addressing a critical gap in effective treatment options.
See More
Milestone Pharmaceuticals Reports Q4 and FY 2025 Results with CARDAMYST Updates
- Financial Performance: Milestone Pharmaceuticals reported a wider net loss of $17.4 million for Q4 2025, translating to $0.16 per share, compared to a loss of $12.4 million or $0.19 per share in the previous year, indicating financial pressures during the product launch phase.
- Revenue Source: The company recorded $1.54 million in revenue for Q4 2025 from a milestone payment under its licensing agreement with Corxel Pharmaceuticals, marking an initial success in the commercialization of CARDAMYST following its FDA approval in the U.S.
- Product Approval and Marketing: CARDAMYST received FDA approval in December 2025 as the first self-administered nasal spray, with a sales team of 60 representatives expected to enhance market penetration in the cardiology sector.
- Future Plans: Milestone plans to conduct a Phase 3 registrational program to evaluate Etripamil for acute atrial fibrillation control, intending to leverage the initial PSVT indication to facilitate subsequent regulatory approvals.
See More
Milestone Pharmaceuticals Earnings Report Preview
- Earnings Release Date: Milestone Pharmaceuticals is expected to release its earnings report on March 19, indicating a significant focus from the market on the company's future performance and potential stock movements.
- Earnings Per Share Forecast: Analysts predict an earnings per share of 16 cents, reflecting the company's profitability in the current market environment, which could influence shareholder confidence and investment decisions.
- Revenue Expectations: The company is anticipated to generate $1.20 million in revenue, suggesting Milestone's efforts in product promotion and market acceptance, which may lay the groundwork for future growth opportunities.
- Market Reaction Anticipation: Following the earnings report, investors will closely monitor the actual results against analyst expectations, which will directly impact Milestone Pharmaceuticals' stock price volatility and overall market sentiment.
See More
Milestone Pharmaceuticals Reports Q4 2025 Earnings and CARDAMYST Launch
- Revenue and Loss Overview: Milestone Pharmaceuticals reported milestone revenue of $1.5 million in Q4 2025, yet faced a net loss of $63.1 million for the year, translating to a loss of $0.75 per share, highlighting financial pressures during the early market launch phase.
- CARDAMYST Launch Progress: The company successfully launched CARDAMYST within six weeks of FDA approval, with over 150 prescriptions filled by more than 100 unique prescribers in the first month, indicating a positive initial market reception for the drug.
- Financial Position and Future Outlook: As of December 31, 2025, Milestone had $106 million in cash and cash equivalents, and with approximately $200 million in pro forma cash raised post-year-end, the company is well-positioned for operations into late 2027, enhancing its competitive stance in the market.
- Insurance Coverage Challenges: Despite positive feedback for CARDAMYST, the company faces significant delays in insurance coverage, with over half of prescriptions not being filled due to insurer controls, and Medicare coverage is not expected until 2027, which may hinder market penetration.
See More
Milestone Pharmaceuticals Reports FY Results
- Earnings Report: Milestone Pharmaceuticals reported a FY GAAP EPS of -$0.75, indicating significant challenges in profitability that could undermine investor confidence.
- Revenue Figures: The company generated revenue of $1.55 million, which, while providing some income, falls short of market expectations, potentially putting downward pressure on the stock price.
- Market Reaction: Analysts downgraded Milestone to a 'Sell' rating as CARDAMYST faces tough market realities, which may further influence investor sentiment towards the company.
- Investor Sentiment: Following the approval of Cardamyst, the market's negative reaction suggests that selling news related to Milestone may not be prudent, potentially leading to increased stock price volatility in the short term.
See More
Major Earnings Reports Expected on Friday
- Earnings Reports: Major companies set to report earnings on Friday include Milestone Pharmaceuticals (MIST), Westwater Resources (WWR), and XPeng (XPEV), which will provide investors with crucial financial data and market outlooks.
- Market Focus: Investors will closely monitor these earnings reports to assess performance and future growth potential, particularly in the current economic climate where market sensitivity to tech and resource companies is heightened.
- Industry Impact: XPeng, as an electric vehicle manufacturer, will have its earnings report scrutinized for its potential influence on the overall EV sector, possibly affecting investor confidence and capital flows within the industry.
- Investor Strategy: With the earnings season approaching, investors may adjust their strategies in response to the upcoming performance data, particularly reevaluating positions in companies that have underperformed in the market.
See More
CARDAMYST Nasal Spray Now Available at Retail Pharmacies
- Product Launch: Milestone Pharmaceuticals announces that its first commercial product, CARDAMYST™ (etripamil) nasal spray, is now available at U.S. retail pharmacies, marking a significant advancement in the cardiovascular drug market.
- Sales Force Deployment: The company plans to deploy a national sales force in mid-February 2026 to support product promotion and market penetration, which is expected to significantly enhance market coverage and sales potential.
- Patient Assistance Program: CARDAMYST will be supported by a comprehensive patient assistance platform offering benefits verification and reimbursement support, with a projected $25 copay cap for eligible commercially insured patients, thereby reducing financial burdens on patients.
- FDA Approval Milestone: CARDAMYST received FDA approval on December 12, 2025, becoming the first drug approved for treating paroxysmal supraventricular tachycardia (PSVT) in over 30 years, addressing a critical gap in effective treatment options.
See More
