Milestone Pharmaceuticals cuts costs 30%, extends runway
By Brie CarterKey points
- Milestone Pharmaceuticals (NASDAQ:MIST) announced cost-reduction measures expected to lower operating expenses by approximately 30%, while maintaining CARDAMYST commercial coverage and clinical development.
- Third-quarter CARDAMYST revenue increased 73% sequentially to $963,000, while net loss widened to $25.8 million.
- Cash and investments reached $145.4 million, with the company extending its expected funding runway into late 2028 to cover anticipated Phase 3 results for etripamil in atrial fibrillation with rapid ventricular rate.
Milestone Pharmaceuticals (NASDAQ:MIST) announced restructuring measures expected to reduce operating expenses by approximately 30%, while maintaining CARDAMYST commercial coverage and advancing its clinical development programmes.
Third-quarter CARDAMYST net revenue reached $963,000, up 73% from the second quarter, while the company's net loss widened to $25.8 million from $11.9 million in the same period of 2025.
The planned cost reductions are designed to lower operating expenses without reducing sales coverage for CARDAMYST or disrupting ongoing clinical development of etripamil.
Milestone expects to complete the measures by the first quarter of 2027 and incur approximately $2 million in one-time charges, while Chief Financial Officer Amit Hasija and Chief Medical Officer David Bharucha have departed the leadership team, with Bharucha transitioning to an advisory role.
Cash, cash equivalents and short-term investments totaled $145.4 million at September 30, 2026, and the company expects this funding to support operations into late 2028, covering anticipated second-half 2028 Phase 3 results for etripamil in atrial fibrillation with rapid ventricular rate.
An amendment with RTW extended the payment-in-kind interest period on the company's convertible notes to March 2029, providing additional time as Milestone advances its commercial operations and cardiovascular clinical programmes.
