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Milestone Pharmaceuticals(MIST) - 2024 Q4 - Annual Results
MISTMilestone Pharmaceuticals(MIST)2025-03-13 11:18

Financial Performance - Milestone Pharmaceuticals reported a net loss of 41.5millionor41.5 million or 0.67 per share for the full year ended December 31, 2024, compared to a net loss of 59.7millionor59.7 million or 1.39 per share for the prior year[6]. - The company recorded no revenue for the fourth quarter or full year 2024, compared to 1.0millionin2023,whichwasrelatedtoamilestonepaymentfromCorxelPharmaceuticals[5].−Generalandadministrativeexpensesforthefullyear2024were1.0 million in 2023, which was related to a milestone payment from Corxel Pharmaceuticals[5]. - General and administrative expenses for the full year 2024 were 16.7 million, compared to 15.9millionin2023,drivenbyincreasedoutsideservicecosts[5].−Commercialexpensesforthefullyear2024were15.9 million in 2023, driven by increased outside service costs[5]. - Commercial expenses for the full year 2024 were 11.0 million, down from 15.1millionintheprioryear,reflectingcostreductionsfollowingtheresolutionofaRefusaltoFileletterfromtheFDA[5].CashandInvestments−AsofDecember31,2024,Milestonehadcash,cashequivalents,andshort−terminvestmentstotaling15.1 million in the prior year, reflecting cost reductions following the resolution of a Refusal to File letter from the FDA[5]. Cash and Investments - As of December 31, 2024, Milestone had cash, cash equivalents, and short-term investments totaling 69.7 million, an increase from 66.0milliononDecember31,2023[5].−TotalassetsasofDecember31,2024,were66.0 million on December 31, 2023[5]. - Total assets as of December 31, 2024, were 75.5 million, slightly up from 75.2milliononDecember31,2023[12].ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedto75.2 million on December 31, 2023[12]. Research and Development - Research and development expenses decreased to 14.4 million for the full year 2024, down from $31.1 million in 2023, primarily due to lower clinical expenses following the completion of phase 3 studies[5]. - Milestone is preparing for the potential FDA approval of CARDAMYST™ (etripamil) nasal spray for Paroxysmal Supraventricular Tachycardia (PSVT), with a PDUFA review goal date set for March 27, 2025[1]. - A new Method of Use patent for etripamil nasal spray has been allowed, potentially extending intellectual property protection until July 2042[2]. - The company plans to initiate a Phase 3 trial for etripamil in AFib-RVR in 2025, with the protocol finalized and study start-up commenced[4].