Milestone Pharmaceuticals Inc.MIST
What Milestone Pharmaceuticals Inc. does.
We are a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Our approved product CARDAMYST TM (etripamil) nasal spray is available in the United States and is the first and only FDA approved self-administered treatment for use by patients anywhere, anytime an attack of PSVT occurs. We continue to seek, either directly or through collaboration with our partners, marketing approval from regulatory agencies responsible for regions outside the United States. We are also developing etripamil for the indication of atrial fibrillation with rapid ventricular rate, or “AFib-RVR.”
We are currently focusing our efforts and financial resources on (i) the commercialization of CARDAMYST TM (etripamil) nasal spray for the treatment of PSVT, (ii) the development of etripamil for the treatment of AFib-RVR and (iii) corporate development activities that have the potential to increase company value through strategic collaborations.
On December 12, 2025, we announced that the FDA approved our first commercial product, CARDAMYST (etripamil) nasal spray, a prescription medication for the conversion of acute symptomatic episodes of PSVT, to sinus rhythm in adults. We are focused on the commercialization of CARDAMYST, which became available in retail pharmacies in the first quarter of 2026. We manufacture CARDAMYST with a global supply chain that produces the active pharmaceutical ingredient, etripamil, and then formulates and assembles it into the delivery device, a nasal spray, before completing packaging of the saleable product which is then distributed via a third party logistics provider to wholesalers for delivery to retail pharmacies once prescriptions are received. To create demand, our sales team of approximately 60 representatives expects to engage healthcare providers who we believe will treat around 500,000 patients with a diagnosis of PSVT in 2026.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net income | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.1M |
| Free cash flow | — | — | -$52.7M | -$46.5M | -$28.9M | -$49.3M |
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Figures from Milestone Pharmaceuticals Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.