Milestone Pharmaceuticals (NASDAQ:MIST) today announced a loss of $12.4 million in its fourth quarter of 2024, marking a per-share loss of 19 cents.
The company’s results fell short of Wall Street expectations, with analysts surveyed by Zacks Investment Research predicting a loss of 15 cents per share.
For the full year ended December 31, 2024, Milestone reported no revenue, a significant decline from the $1 million recorded in 2023.
The previous year’s revenue stemmed from a milestone payment received from Corxel Pharmaceuticals, formerly known as Ji Xing Pharmaceuticals, under the company’s License and Collaboration Agreement.
Research and development (R&D) expenses for the fourth quarter totaled $3.9 million, a decrease from $5.5 million in the same period last year.
The reduction in R&D spending was attributed to the completion of phase 3 studies.
For the full year 2024, Milestone’s R&D expenses were $14.4 million, down from $31.1 million in 2023.
Meanwhile, Milestone’s net loss for 2024 was $41.5 million, or $0.67 per share, compared to a net loss of $59.7 million, or $1.39 per share, for the previous year.
Despite the financial losses, Milestone is preparing for an FDA review of its CARDAMYST™ (etripamil) nasal spray for Paroxysmal Supraventricular Tachycardia (PSVT), with the FDA's PDUFA goal date set for March 27, 2025.
Assuming FDA approval, the company plans to launch the product for PSVT treatment in mid-2025.