Milestone Pharmaceuticals (MIST) — Stock, Pipeline & Market Cap

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MIST · Stock Price

USD 1.89+0.78 (+70.27%)

Market Cap: $224.3M

Historical price data

Market Cap: $224.3MPipeline: 7 drugs (4 Phase 3)Founded: 2005HQ: Montreal, Canada

Sector Ranking#80 in Drug Delivery & Formulation #251 in Small Molecule Drugs

Overview

Milestone Pharmaceuticals is executing a focused strategy to transform the acute treatment of episodic cardiovascular conditions with self-administered therapies. Its core achievement is the U.S. approval and commercial launch of CARDAMYST™ (etripamil) nasal spray for paroxysmal supraventricular tachycardia (PSVT), validating its platform of rapid-onset nasal calcium channel blockers. The company's strategy leverages this platform to expand into adjacent, larger markets like AFib-RVR while building a commercial footprint in cardiology. With a lean operational model and seasoned leadership, Milestone aims to establish a new standard of care for acute cardiac events outside clinical settings.

Cardiovascular

Technology Platform

A platform focused on developing novel chemical entity calcium channel blockers, optimized for rapid onset and short duration of action, delivered via a proprietary nasal spray system for patient self-administration outside clinical settings.

Pipeline

7

7 drugs in pipeline4 in Phase 3

Drug	Indication	Stage
Etripamil NS 70 mg + Placebo	Tachycardia, Supraventricular	Phase 3
Etripamil NS	Paroxysmal Supraventricular Tachycardia	Phase 3
Placebo + Etripamil	Atrial Fibrillation	Phase 3
Etripamil NS 70 mg	Paroxysmal Supraventricular Tachycardia	Phase 3
Etripamil NS	Paroxysmal Supraventricular Tachycardia	Phase 2

Funding History

4

Total raised:$180M

IPO$75MUndisclosedMay 10, 2019

Series C$53MNovo HoldingsMay 15, 2017

Series B$32MNovo HoldingsSep 15, 2014

Series A$20MForbionJun 15, 2011

Opportunities

The primary opportunity is expanding the etripamil platform into the massive AFib-RVR market, which represents a multi-billion dollar addressable population.

Successfully commercializing CARDAMYST™ for PSVT also creates a profitable foundation and validates the self-administration model for other episodic conditions.

Risk Factors

Key risks include commercial execution challenges for its newly launched product, potential failure or delays in the critical Phase 3 AFib-RVR trial, and ongoing financial requirements that may necessitate dilutive funding.

The company's low valuation reflects these significant execution and clinical risks.

Competitive Landscape

In PSVT, CARDAMYST™ is first-in-class with no direct self-administered competitor, competing against the standard of emergency care. For AFib-RVR, the competitive landscape is nascent; the main competition is the current standard of care (ED/hospitalization) as no similar self-administered acute therapy is approved, though future entrants are possible.