Milestone Pharmaceuticals(US:MIST)2025-11-12 12:16Financial Performance - Milestone Pharmaceuticals reported cash, cash equivalents, and short-term investments of $82.6 million as of September 30, 2025, up from $69.7 million at the end of 2024[6]. - The company reported a net loss of $11.9 million for the third quarter of 2025, compared to a net loss of $9.4 million for the same period in 2024[7]. - Total liabilities increased to $67.2 million as of September 30, 2025, compared to $62.4 million at the end of 2024[13]. - The company's accumulated deficit reached $413.2 million as of September 30, 2025, up from $367.5 million at the end of 2024[13]. Research and Development - Research and development expenses for Q3 2025 were $3.9 million, slightly down from $4.0 million in Q3 2024, while total R&D expenses for the nine months ended September 30, 2025, increased to $12.6 million from $10.4 million in the prior year[6]. - The Phase 3 protocol for etripamil in atrial fibrillation with rapid ventricular rate (AFib-RVR) has been finalized, with plans to leverage data from the PSVT NDA for regulatory approval[4]. - Etripamil has shown aligned efficacy and safety across multiple studies, with higher conversion rates for symptomatic PSVT episodes compared to placebo[3]. Commercial Activities - Commercial expenses surged to $4.6 million in Q3 2025, compared to $1.9 million in Q3 2024, reflecting increased preparations for the launch of CARDAMYST[6]. - The company completed a public equity offering that provided net proceeds of approximately $48.7 million, which, along with a $75 million royalty payment upon FDA approval, is expected to fund the launch of CARDAMYST[5]. - The Prescription Drug User Fee Act (PDUFA) target date for CARDAMYST (etripamil) is set for December 13, 2025, with promotional launch plans in place pending FDA approval[1].