Milestone Pharmaceuticals cuts costs by 30% and extends cash runway into late 2028

what happened

According to GlobeNewswire, Milestone Pharmaceuticals published its financial results for the third quarter of 2026. Net product revenue from its CARDAMYST nasal spray reached $1.0 million, up 73% from the second quarter. Roughly 3,400 prescriptions have been written by about 1,600 prescribers since launch, and payer coverage has grown to around two-thirds of commercially covered lives.

To stretch its cash, Milestone plans to reduce operating expenses by roughly 30%. It will keep about 45 field sales representatives and bring them in-house, with one-time charges estimated at approximately $2 million. The chief financial officer and chief medical officer have left the leadership team. Cash and equivalents stood at $145.4 million as of September 30, 2026, which the company expects to fund operations into late 2028. The payment-in-kind interest period on its convertible notes held by RTW has been extended from March 2027 to March 2029.

why it matters

For a small biotech, the main risk is the need to raise capital quickly, so a longer cash runway lowers the near-term chance of a share issue. Still, the quarterly net loss was $25.8 million and selling, general and administrative expense nearly tripled. The key upcoming event remains the Phase 3 ReVeRA-301 topline data for atrial fibrillation, expected in the second half of 2028.

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