Milestone Pharmaceuticals Inc. (NASDAQ:MIST) shares advanced 6.01% in premarket trading on Friday after the biopharmaceutical company reported third-quarter 2026 financial results that exceeded analysts’ revenue and earnings expectations, supported by increased sales of its recently launched CARDAMYST nasal spray.
The company reported revenue of $2.96 million, compared with Wall Street consensus expectations of $1.2 million. Its quarterly loss per share was $0.18, narrower than the $0.22 loss anticipated by analysts.
The results also included an increase in CARDAMYST product revenue, additional prescription activity and an updated cost-reduction programme intended to extend the company’s available cash resources.
Milestone reported a third-quarter loss of $0.18 per share, compared with the consensus forecast of a $0.22 loss per share.
Quarterly revenue reached $2.96 million, exceeding analysts’ estimates by approximately $1.76 million.
The revenue performance was partly supported by sales of CARDAMYST, the company’s recently introduced nasal spray.
Net product revenue from CARDAMYST totalled $1.0 million during the quarter, representing a 73% increase compared with the second quarter of 2026.
The results provided additional information about the product’s initial commercial performance following its market introduction.
Milestone reported approximately 3,400 prescriptions for CARDAMYST since its launch, written by around 1,600 individual prescribers.
The company also indicated that insurance coverage for the product had expanded to approximately two-thirds of people covered by commercial health insurance plans.
The prescription figures and increased payer coverage provided measures of the product’s early adoption and accessibility.
Joseph Oliveto, President and Chief Executive Officer of Milestone Pharmaceuticals, commented on the company’s commercial progress.
“We are encouraged by the early progress of CARDAMYST, and as we gain experience in the market, we believe we are better able to identify where our investments can have the greatest potential impact,” Oliveto said.
The company is continuing to evaluate its commercial operations as it gathers additional information about prescribing activity and market demand.
Alongside its quarterly results, Milestone announced a series of cost-efficiency measures expected to reduce operating expenses by approximately 30%.
The changes include bringing its sales force of around 45 representatives in-house and adjusting operations at the company’s headquarters.
The measures are intended to reduce expenditure while maintaining the commercial activities associated with CARDAMYST.
Milestone also announced changes to its executive leadership team.
Chief Financial Officer Amit Hasija and Chief Medical Officer Dr. David Bharucha have departed their executive positions.
Dr. Bharucha will continue working with the company in an advisory capacity.
The operational adjustments form part of Milestone’s efforts to manage spending as it develops its commercial business and continues its clinical research activities.
Milestone reported cash and cash equivalents of $145.4 million as of September 30, 2026.
Based on its current operating plans, the company expects these resources to support operations into late 2028.
The updated cash runway extends more than one year beyond the company’s previous guidance, reflecting its revised spending expectations.
Milestone also amended its Note Purchase Agreement with RTW Investments.
Under the revised terms, the period during which interest on its convertible notes can be paid in kind has been extended from March 31, 2027, to March 2029.
Payment-in-kind interest arrangements allow interest obligations to be added to outstanding debt rather than paid immediately in cash, potentially reducing near-term cash requirements.
The amendment provides Milestone with additional flexibility in managing its financial obligations during the period covered by its operating plan.
Milestone confirmed that its ongoing Phase 3 clinical trial evaluating etripamil nasal spray remains on schedule.
The study is assessing etripamil in patients with atrial fibrillation accompanied by rapid ventricular rate.
Atrial fibrillation is a heart rhythm disorder, while rapid ventricular rate refers to an elevated heart rate associated with the condition.
The company expects to report topline results from the trial during the second half of 2028.
The study represents a separate clinical development programme alongside Milestone’s commercial activities involving CARDAMYST.
The timing of the trial results remains an important milestone for evaluating the company’s broader product development plans.
Milestone’s premarket share price increase followed financial results that exceeded analysts’ expectations and showed sequential growth in CARDAMYST revenue.
Investors will be monitoring the product’s prescription activity, insurance coverage and revenue contribution during subsequent quarters.
The implementation of the company’s cost-reduction measures will also be relevant to its financial performance, particularly as Milestone targets a reduction of approximately 30% in operating expenses.
Additional considerations include the company’s ability to maintain its projected cash runway into late 2028 and the progress of its Phase 3 etripamil clinical trial.
The latest results provided information about Milestone’s initial commercial performance, while its revised operating plans and clinical development timetable established benchmarks for future reporting periods.
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