Milestone Pharmaceuticals Inc (NASDAQ: MIST) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cardiovascular conditions. Its primary asset is etripamil, a calcium channel blocker being developed for paroxysmal supraventricular tachycardia (PSVT), which received FDA approval and is being commercialized in the United States under the brand name CARDAMYST. The company has no product revenue history disclosed in the filing excerpts and has operated at a net loss, recording a net loss of $63.1 million for the year ended December 31, 2025, and $41.5 million for the year ended December 31, 2024. In January 2026, Milestone closed a royalty purchase agreement with RTW, receiving $75.0 million in exchange for a tiered royalty interest on future U.S. net product sales of etripamil. The company is headquartered in Canada and operates through Milestone Pharmaceuticals USA, Inc. Leadership includes Joseph Oliveto and Amit Hasija in senior executive roles as referenced in the 10-K filed March 20, 2026.

Revenue model

Pre-commercial stage as of the filing period; no product revenue base disclosed. Primary near-term financing came from a royalty monetization agreement with RTW, which paid $75.0 million at close in January 2026 in exchange for tiered quarterly royalty payments on U.S. net sales of etripamil (CARDAMYST). Cash is deployed toward commercialization and research and development expenditures.

Products and services

Etripamil (brand name CARDAMYST): an intranasal calcium channel blocker approved by the FDA for the treatment of PSVT in adults. Additional etripamil indications are in clinical development as of the 10-K filed March 20, 2026.

Customers and end markets

End market is adult patients diagnosed with PSVT in the United States. Payor landscape includes private insurers and government-funded programs such as Medicare and Medicaid, which are subject to drug pricing and reimbursement pressures described in the filing.

Value-chain role

Drug developer and early-stage commercial-stage biopharmaceutical company. Relies on third-party vendors for clinical and operational activities. Commercializing CARDAMYST in the United States and investing in infrastructure and personnel to support that effort. Sold future royalty rights to RTW to finance operations.

Geographic exposure

Primary commercial focus is the United States. International marketing would require separate regulatory approvals in each target jurisdiction; no international commercial operations are disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-20

Industry: Pharmaceutical Preparations Peers: Lexaria Bioscience Corp