Milestone Pharmaceuticals Inc. (NASDAQ:MIST) shares dropped 12.60% on Wednesday after the biopharmaceutical company reported a second-quarter loss that was wider than Wall Street expected, despite continued progress with the commercial launch of CARDAMYST.
For the quarter ended June 30, 2026, Milestone recorded an adjusted loss of $0.21 per share, compared with the analyst consensus forecast for a loss of $0.19 per share.
Product revenue reached $559,000 during the quarter, compared with no revenue in the same period last year, following the launch of CARDAMYST for paroxysmal supraventricular tachycardia in mid-February 2026.
CARDAMYST prescriptions continue to increase
Milestone reported growing adoption of CARDAMYST as the number of healthcare professionals prescribing the treatment expanded significantly during the quarter.
“We continue to make steady progress on the launch of CARDAMYST for PSVT supported by prescription growth from a widening base of new prescribers and a meaningful recent increase in insurance coverage,” said Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals.
More than 800 unique prescribers had started patients on CARDAMYST by June 30, up from approximately 200 at the end of the first quarter.
More than 1,500 prescriptions had been filled for over 1,300 patients by the end of the second quarter. That compares with approximately 300 prescriptions for 300 patients at the end of the previous quarter.
Insurance coverage expands across the U.S.
Commercial insurance coverage for CARDAMYST has also increased substantially as Milestone works to broaden access to the treatment.
Coverage has reached approximately 50% of commercially insured lives in the U.S., following recent formulary additions from UnitedHealthcare and other major commercial insurers.
That represents a significant improvement from coverage of around 25% during the second quarter and could support further prescription growth as access to CARDAMYST expands.
Net loss widens as commercial spending rises
Milestone recorded a net loss of $28.6 million for the three months ended June 30, 2026, compared with a $13.0 million loss in the corresponding period last year.
Research and development expenses declined modestly to $3.5 million from $3.7 million year on year.
However, selling, general and administrative expenses climbed sharply to $22.6 million from $8.9 million, primarily reflecting increased commercial expenditure associated with the CARDAMYST launch.
Milestone expects cash runway into late 2027
Milestone ended the second quarter with $170.6 million in cash, cash equivalents and short-term investments.
The company expects its existing financial resources to fund operating expenses into the second half of 2027 as it continues the commercial rollout of CARDAMYST.
While the wider-than-expected quarterly loss weighed heavily on the shares, growing prescription volumes and expanding insurance coverage indicate that the CARDAMYST launch is continuing to gain traction.
Milestone Pharmaceuticals stock price
