MIST Stock — Milestone Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

Our approved product CARDAMYST TM (etripamil) nasal spray is available in the United States and is the first and only FDA approved self-administered treatment for use by patients anywhere, anytime an attack of PSVT occurs. We continue to seek, either directly or through collaboration with our partners, marketing approval from regulatory agencies responsible for regions outside the United States.

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.76

Market cap

$95.0M

Cash

$170.6M

Enterprise value

-$16.4M

Balance sheet

Cash	$170.6M
Debt	$59.2M
Net cash	$111.4M
Enterprise value	-$16.4M
Basic shares	124.5M shares
Fully diluted shares	168.1M shares
Fully diluted market cap	$127.7M
Cash per share	$1.37
Quarterly burn	$22.7M
Cash runway	7.5 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

124.5M

Pre-funded warrants

16.4M

Options

10.6M

RSUs

0.0M

Warrants

7.0M

Converts

9.6M

Conv preferred

0.0M

ESPP reserve

—

FDSO

168.1M

Cap table as of 2026-06-30.

Price history

Loading MIST daily closes…

Loading price history…

Next catalyst

Etripamil (CARDAMYST) · Est. Apr 1, 2027 · half midpoint · guided in 8 wks

Recently reported

Etripamil Phase 3 Mixed · 2026-10-09

atrial · atrial fibrillation

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	Etripamil (CARDAMYST) Etripamil marketing authorization application in PSVT (EMA)	Not disclosed	PSVT (EMA)	H1 2027
Jul 13 - Aug 24 in 8 mo	Etripamil NS	Phase 2	Paroxysmal Supraventricular Tachycardia	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

etripamil

Approved · Active Modality: small molecule (rapid-onset nasal spray)

Aliases CARDAMYST, TACHYMIST (EU trade name)

Target L-type calcium channel

Partnerships Corxel Pharmaceuticals (formerly Ji Xing Pharmaceuticals; China/Hong Kong/Macau/Taiwan license; NMPA NDA accepted January 2025 following Phase 3 JX02002); Everest Medicines (regional partner)

Indications

Paroxysmal supraventricular tachycardia (PSVT) (Approved)
Atrial fibrillation with rapid ventricular rate (AFib-RVR) (Phase 3)

Status note CARDAMYST (etripamil) nasal spray FDA approved December 12, 2025 for conversion of acute symptomatic episodes of PSVT to sinus rhythm in adults. EU MAA submitted November 2025 under trade name TACHYMIST. AFib-RVR: Phase 2 ReVeRA completed; FDA concurred on an sNDA pathway with a single pivotal Phase 3 study.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Etripamil
Lead indication	Atrial Fibrillation
Lead phase	Phase 3
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06716021	Phase 3	Recruiting	Sponsor	Milestone Pharmaceuticals Inc.	—	Atrial Fibrillation	—
NCT05763953	Phase 2	Recruiting	Sponsor	Milestone Pharmaceuticals Inc.	—	Paroxysmal Supraventricular Tachycardia	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Milestone Pharmaceuticals Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	7,833,336	+1,502,335	0.09%	2026-08-14
Boxer Capital	666,666	no change	0.07%	2026-08-14
ADAR1 Capital Management	100,000	no change	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

MIST — Milestone Pharmaceuticals Inc. ☆