Milestone Q2: CARDAMYST Launch Gains Traction, Cash Runway into H2 2027
MIST is trading near its 52-week low of $1 (10% above the low).
Summary
Milestone Pharmaceuticals reported Q2 2026 results with $0.6M in first CARDAMYST revenue, a growing prescriber base, and a cash runway into H2 2027. The Phase 3 AFib-RVR trial is now enrolling.
Key Events · Earnings and Guidance · MIST
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CARDAMYST Launch Metrics
Through June 30, 2026, over 800 unique prescribers have written more than 1,500 scripts, up from ~200 prescribers and 300 scripts at the end of Q1. Commercial coverage recently expanded to ~50% of U.S. commercial lives.
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Q2 Financial Results
Product revenue reached $0.6 million in Q2 ($0.8M for H1 2026). A net loss of $28.6 million ($0.21/share) was driven by $22.6M in SG&A launch costs. Cash, equivalents, and short-term investments stood at $170.6 million as of June 30, 2026.
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Cash Runway Extended
Management expects current cash to fund operations into the second half of 2027, providing over a year of runway without immediate financing needs.
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Phase 3 AFib-RVR Trial Initiated
The ReVeRA-301 registrational trial for etripamil in atrial fibrillation with rapid ventricular rate is now open and enrolling patients, with first enrollment expected in H2 2026.
Analysis · MIST · Life Sciences
The first full quarter of CARDAMYST sales reveals early commercial momentum — over 800 prescribers and 1,500 scripts filled, with insurance coverage recently jumping to ~50% of commercial lives. A $170.6 million cash position funds operations into the second half of 2027, removing near-term financing risk. Meanwhile, the Phase 3 AFib-RVR trial is now open and enrolling, targeting a larger adjacent indication. These are the first concrete launch metrics and updated financials since the product's February 2026 debut, giving investors a real read on the commercial story.
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At the time of this filing, MIST was trading at $1.10 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $158.1M. The 52-week trading range was $1.00 to $3.06. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.