Earnings Releases·Nov 13, 2026, 7:36 AM ET

Milestone Pharmaceuticals — Third Quarter 2026 Earnings Summary

Total revenues reached $2.963 million in Q3 2026 (vs. $0 in Q3 2025), driven by $1.0 million in net product revenue for CARDAMYST (up 73% QoQ) and $2.0 million in license revenue; net loss widened to $25.8 million ($0.18/share) from $11.9 million ($0.12/share) in the prior year period.
Cash runway extended into late 2028 (over one year beyond prior guidance) with $145.4 million in cash and equivalents, supported by a new $82.8 million royalty financing obligation and a deferred revenue balance of $1.321 million.
Operating expenses are projected to decrease by approximately 30% by Q1 2027 following cost-efficiency measures, including a sales force optimization reducing representatives from 60 to 45 and the deferral of non-essential manufacturing activities.
Strategic updates include the extension of the payment-in-kind interest period on convertible notes to March 2029, leadership changes with the departure of the CFO and CMO, and a one-time charge of approximately $2 million related to workforce reduction.