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Milestone Pharmaceuticals

MIST Lead: Approved ★ Read the deep dive → 9 Biotech Distilled articles ↓ 26 filings & releases ↓ Cash $170M (Jun 30, 2026) ↓ 10 verdicts ↓ 3 timing quotes ↓
Cardiovascular Small Molecule

Market cap $95.0M 124.5M shares (10-Q, Aug 12, 2026) × $0.763 close Nov 6, 2026

Most recent annual filing: 2026-03-15

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. CARDAMYST PSVT EU decision1H 2027CARDAMYST PSVT EU decision, 1H 2027, material
  2. MIST listing updateApr 21, 2027MIST listing update, Apr 21, 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Capital (as filed)

Cash
$170M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$881K Jun 30, 2026
Operating cash flow
−$22.7M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$171M cash, runway 2H 2027 per the update of Oct 28, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (9)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Milestone Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2025-12-15 Buy core Milestone Pharmaceuticals (MIST): Scientific Due Diligence for CARDAMYST (etripamil) and Pipeline FDA approval removes binary regulatory risk, $75M RTW royalty payment funds the commercial launch, and the science is validated with a deep patent moat to 2042.
  2. 2026-01-09 Buy core Update: MIST Goes Global. The Pocket Hospital Enters Europe. EMA acceptance of the TACHYMIST MAA adds a third pillar of strategic optionality and potential European partnership value on top of the intact U.S. launch thesis.
  3. 2026-01-30 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - CARDAMYST is on the Shelf. The Clock Starts Now. CARDAMYST is now available at retail pharmacies with a $25 copay cap, removing patient financial friction; execution is on track and the thesis is intact.
  4. 2026-02-14 Buy core Update: Milestone Pharmaceuticals (MIST) - Building the Foundation for Launch (and Deals) New General Counsel with M&A and commercialization experience signals management is building the right infrastructure for both the commercial rollout and potential European licensing or M&A activity.
  5. 2026-03-21 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - $200M War Chest and Slaying the Hypotension Bear ~$200M pro-forma cash runway into late 2027, ACC.26 data neutralizing the hypotension bear, and AFib-RVR Phase 3 moving forward confirm the thesis is on track.
  6. 2026-04-27 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - Express Scripts Says Yes, and the Stock Wakes Up Express Scripts formulary win inside 90 days of launch materially de-risks the step-edit bear case, and the RESET-PSVT registry with DCRI builds both commercial moat and M&A optionality.
  7. 2026-05-14 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - The First Scoreboard, and a Fresh $100M ATM First real NBRx data (~400 unique prescribers in 10 weeks) confirms the launch is converting pitches into scripts, but the new $100M Cantor ATM is the key watch item for dilution risk.
  8. 2026-08-13 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - The Scoreboard Just Tripled and Nobody Noticed Scripts up ~5x, prescribers up 4x, covered lives doubling to ~50%, and the Cantor ATM untouched — all explicit bull signals hit — while the stock fell 35%, creating a disconnect between operating progress and price.
  9. 2026-09-03 Buy core UPDATE: Milestone Pharmaceuticals (MIST) - The Pocket Hospital Clears China NMPA approval in China independently replicates the RAPID trial efficacy (HR 3.002), de-risks the EMA decision, and strengthens the M&A optionality of a molecule now approved in two of the world's largest pharma markets.
  10. 2026-10-29 Hold UPDATE: Milestone Pharmaceuticals (MIST) - The Sub-Dollar Problem Downgrading from BUY to HOLD due to financing risk from Nasdaq bid-price deficiency notice, potential reverse split, and ATM that would now cost more than the entire share count at sub-$1 prices, pending Q3 print clarity.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (26)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

8 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)