Milestone Pharmaceuticals Inc.
MIST evidence brief
What we can confirm
- BioSniper Score:
- 2.1 / 10
- Market Cap:
- $122.0M
- Next Catalyst:
- Patent_Expiry · Jul 15, 2042
What it means
What to watch
Prepared research question
What matters most for MIST—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MIST
Milestone Pharmaceuticals Inc. (MIST) is a biopharmaceutical company developing and commercializing etripamil nasal spray for cardiovascular indications, with a marketed product for paroxysmal supraventricular tachycardia (PSVT) and a Phase 3 pivotal trial underway for atrial fibrillation with rapid ventricular rate (AFib-RVR).
Key risk: Sustained operating losses
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 4 clinical trials · 1 catalyst for Milestone Pharmaceuticals Inc..
Milestone Pharmaceuticals Inc. (MIST) is a biopharmaceutical company developing and commercializing etripamil nasal spray for cardiovascular indications, with a marketed product for paroxysmal supraventricular tachycardia (PSVT) and a Phase 3 pivotal trial underway for atrial fibrillation with rapid ventricular rate (AFib-RVR).
- Cash & equivalents of $169.7M as of 2026-06-30 [sec].
- Total revenue of $0.6M and net income of -$28.6M for the quarter ended June 30, 2026 [sec].
- Shareholders' equity of $18.2M as of 2026-06-30 [sec].
- Phase 3 registrational trial (ReVeRA-301) for AFib-RVR first clinical sites activated as of August 2026 [news].
- Over 50% of commercially insured U.S. lives now have coverage for CARDAMYST (etripamil) nasal spray as of August 2026 [news].
What works
- Cash runway into H2 2027 with $170.6M in cash as of June 30, 2026 [news].
- First approved product (CARDAMYST) has achieved coverage for over 50% of commercially insured U.S. lives [news].
- Phase 3 pivotal trial for a second indication (AFib-RVR) is underway with first Canadian site activated [news].
What to weigh
- Net losses increased from $13.0M (Q2 2025) to $28.6M (Q2 2026) [sec_mda].
- Accumulated deficit of $485.3M as of June 30, 2026 [sec_mda].
- Company expects to continue incurring significant operating losses for the foreseeable future [sec_mda].
- Total revenue remains minimal at $0.6M for the quarter ended June 30, 2026 [sec].
From the filings
Quoted directly from source documents.
Cash position and runway
“$170.6 million in cash, cash equivalents and short-term investments as of June 30, 2026, provides runway into H2 2027”
News · August 12, 2026
Net loss for Q2 2026
“For the three months ended June 30, 2026 and 2025, we recorded net losses of $28.6 million and $13.0 million, respectively.”
SEC MD&A · August 12, 2026
Accumulated deficit
“As of June 30, 2026, we had an accumulated deficit of $485.3 million.”
SEC MD&A · August 12, 2026
Phase 3 trial activation for AFib-RVR
“the Montreal Heart Institute, recently activated as the first Canadian clinical trial site for the ReVeRA-301 Phase 3 pivotal tri”
News · September 24, 2026
Catalyst timeline
- 2042-07-15 · Patent_Expiry · ETRIPAMIL — Patent_Expiry: NDA218571 — Patent expiry for the etripamil NDA; no near-term impact but marks eventual loss of exclusivity.
Risks & what to watch (4)›
Key risks
- Sustained operating losses — Net losses increased to $28.6M in Q2 2026 from $13.0M in Q2 2025; accumulated deficit $485.3M [sec_mda].
- Minimal revenue base — Total revenue only $0.6M for Q2 2026, with no expectation of near-term profitability [sec].
- Clinical trial execution risk — Phase 3 AFib-RVR trial (ReVeRA-301) recently started; failure or delay would setback second indication [news].
- Patent expiry — Patent for NDA218571 (etripamil) expires 2042-07-15, but long-term exclusivity risk exists [catalyst].
What to watch
- Enrollment progress and interim data from the ReVeRA-301 Phase 3 trial for AFib-RVR [news].
- Commercial uptake and coverage expansion for CARDAMYST in PSVT [news].
- Cash burn rate and whether runway extends beyond H2 2027 as projected [news].
- Regulatory submissions for etripamil outside the U.S. for PSVT [sec_mda].
Sources: Catalysts · News · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 8.97
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~5754d
0 buys · 1 sell (180d)
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
85
Total value held
$35.4M
| Holder | Shares | Value |
|---|---|---|
| rtw investments, lp | 6,331,001 | $7.5M |
| propel bio management, llc | 4,118,321 | $5.1M |
| two sigma investments, lp | 2,317,176 | $2.8M |
| goldman sachs group inc | 2,000,025 | $2.4M |
| marshall wace, llp | 1,944,530 | $2.3M |
| millennium management llc | 1,544,325 | $1.8M |
| simplify asset management inc. | 1,506,405 | $1.8M |
| point72 asset management, l.p. | 1,085,683 | $1.3M |
| balyasny asset management l.p. | 851,325 | $1.0M |
| lion point capital, lp | 820,000 | $976K |
Showing top 10 of 85 institutional holders of Milestone Pharmaceuticals Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 8.8%
- Days to cover
- 3.3
- Shares short
- 10,325,577
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MIST short interestGovernance
Frequently asked questions
What is the AI investment thesis for Milestone Pharmaceuticals Inc.?
Milestone Pharmaceuticals Inc. (MIST) is a biopharmaceutical company developing and commercializing etripamil nasal spray for cardiovascular indications, with a marketed product for paroxysmal supraventricular tachycardia (PSVT) and a Phase 3 pivotal trial underway for atrial fibrillation with rapid ventricular rate (AFib-RVR).
What is Milestone Pharmaceuticals Inc.'s next catalyst?
Milestone Pharmaceuticals Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA218571" — expected July 15, 2042.
Who is the CEO of Milestone Pharmaceuticals Inc.?
Mr. Joseph G. Oliveto M.B.A. is the chief executive officer of Milestone Pharmaceuticals Inc. (MIST).
Where is Milestone Pharmaceuticals Inc. headquartered?
Milestone Pharmaceuticals Inc. (MIST) is headquartered in Montreal, QC, Canada.
What therapeutic areas does Milestone Pharmaceuticals Inc. focus on?
Milestone Pharmaceuticals Inc. develops therapies across Cardiovascular.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.