Milestone Pharmaceuticals(MIST) - 2023 Q4 - Annual Results

Financial Performance - No revenue was recorded for Q4 2023, compared to $3.5 million in Q4 2022; total revenue for 2023 was $1.0 million, down from $5.0 million in 2022[8] - The net loss for Q4 2023 was $13.6 million, compared to $13.2 million in Q4 2022; the total net loss for 2023 was $59.7 million, up from $58.4 million in 2022[8] - Research and development expenses decreased to $31.1 million in 2023 from $39.8 million in 2022, primarily due to lower clinical expenses[8] - General and administrative expenses slightly increased to $15.9 million in 2023 from $15.7 million in 2022[8] - Commercial expenses rose to $15.1 million in 2023 from $9.1 million in 2022, reflecting increased personnel and professional costs[8] Cash and Investments - The company raised approximately $32.4 million from a public offering in March 2024, extending its cash runway into 2026[2] - As of December 31, 2023, cash, cash equivalents, and short-term investments totaled $66.0 million, up from $64.6 million in 2022[8] - Cash and cash equivalents rose significantly to $13,760 million in 2023, up from $7,636 million in 2022, marking an increase of 80%[17] Assets and Liabilities - Total assets increased to $75,226 million in 2023 from $74,483 million in 2022, representing a growth of 1%[17] - Total liabilities surged to $58,455 million in 2023, compared to $8,135 million in 2022, indicating a substantial increase[17] - Current liabilities increased to $7,226 million in 2023, up from $6,139 million in 2022, representing a growth of approximately 18%[17] Shareholder Equity - Shareholders' equity decreased to $16,771 million in 2023 from $66,348 million in 2022, reflecting a decline of approximately 75%[17] - The accumulated deficit widened to $(326,026) million in 2023 from $(266,341) million in 2022[17] - Additional paid-in capital rose to $33,834 million in 2023, up from $24,437 million in 2022, showing an increase of approximately 38%[17] Future Plans and Guidance - Milestone Pharmaceuticals plans to resubmit the NDA for etripamil in PSVT in early Q2 2024[1] - The FDA provided Phase 3 guidance for etripamil in AFib-RVR, with an End of Phase 2 meeting expected in mid-2024[4] - Etripamil is designed as a self-administered rapid response therapy for PSVT and AFib-RVR, aiming to improve patient self-management[11] Share Structure - The number of common shares issued and outstanding decreased from 34,286,002 in 2022 to 33,483,111 in 2023[17] - Pre-funded warrants increased to 9,577,257 issued and outstanding as of December 31, 2023, compared to 8,518,257 in 2022[17] Operating Assets - Operating lease right-of-use assets decreased to $1,917 million in 2023 from $2,423 million in 2022, indicating a decline of about 21%[17]