Milestone Pharmaceuticals | 8-K: FY2026 Q2 Revenue: USD 559 K

Revenue: As of FY2026 Q2, the actual value is USD 559 K.

EPS: As of FY2026 Q2, the actual value is USD -0.21, missing the estimate of USD -0.195.

EBIT: As of FY2026 Q2, the actual value is USD -23.89 M.

Financial Overview

Milestone Pharmaceuticals Inc. reported cash, cash equivalents, and short-term investments of $170.6 million as of June 30, 2026, an increase from $106.0 million as of December 31, 2025.

Product Revenue, Net

• For the three months ended June 30, 2026, product revenue was $559 thousand, compared to $0 for the prior year period.
• For the six months ended June 30, 2026, product revenue was $797 thousand, compared to $0 for the same period in 2025.

Operating Expenses

• Research and Development (R&D) Expense:
  • For the three months ended June 30, 2026, R&D expense was $3,509 thousand, a decrease from $3,669 thousand for the prior year period.
  • For the six months ended June 30, 2026, R&D expense was $6,760 thousand, a decrease from $8,647 thousand for the same period in 2025, primarily due to a decrease in outside service costs related to drug development and research.
• Selling, General and Administrative (SG&A) Expense:
  • For the three months ended June 30, 2026, SG&A expense was $22,648 thousand, significantly up from $8,862 thousand for the prior year period.
  • For the six months ended June 30, 2026, SG&A expense was $43,284 thousand, an increase from $24,407 thousand for the same period in 2025, driven by additional personnel costs, professional costs, and other operational expenses related to the launch of CARDAMYST.

Net Loss

• For the three months ended June 30, 2026, net loss was - $28,614 thousand, compared to - $12,966 thousand for the prior year period.
• For the six months ended June 30, 2026, net loss was - $54,680 thousand, compared to - $33,727 thousand for the same period in 2025.

Other Financial Data

• Interest Income:
  • For the three months ended June 30, 2026, interest income was $1,741 thousand, up from $516 thousand for the prior year period.
  • For the six months ended June 30, 2026, interest income was $3,473 thousand, up from $1,213 thousand for the same period in 2025.
• Interest Expense:
  • For the three months ended June 30, 2026, interest expense was - $4,725 thousand, compared to - $951 thousand for the prior year period.
  • For the six months ended June 30, 2026, interest expense was - $8,860 thousand, compared to - $1,886 thousand for the same period in 2025.

Operational Metrics

• CARDAMYST Prescribers and Scripts: More than 800 unique prescribers had started patients on CARDAMYST through June 30, 2026, an increase from approximately 200 at the end of Q1. More than 1,500 scripts for CARDAMYST were filled for over 1,300 patients with PSVT through June 30, 2026, up from approximately 300 scripts for 300 patients at the end of Q1.
• Commercial Coverage for CARDAMYST: Commercial lives covered for CARDAMYST remained around 25% through Q2 but have since grown to approximately 50% due to recent formulary coverage from UnitedHealthcare and other major commercial insurers.

Outlook / Guidance

Milestone Pharmaceuticals Inc. expects its current cash, cash equivalents, and short-term investments to fund operations into the second half of 2027. The regulatory review for etripamil for PSVT in Europe is on track for a decision from the European Medicines Agency (EMA) in the first half of 2027, and China’s NMPA is reviewing the New Drug Application. The Phase 3 ReVeRA-301 trial for AFib-RVR has activated its first clinical sites and remains on track to enroll the first patient in the second half of 2026.