MIST · Milestone Pharmaceuticals Inc.

📣 What MIST Says Is Next

• second half of 2027 · “The Company currently expects its cash, cash equivalents and short-term investments to be sufficient to cover operating expenses and capital expenditure into the second half of 2027, including expenses expected in connection with the initiation of the Phase 3 trial in AFib-RVR, as described above. · Product revenues were $0.2 million during the three months ended March 31, 2026.”
  Company press release, May 13, 2026 · SEC filing
• first half of 2027 · “A European decision on approval is expected by the first half of 2027. · Separately, in March 2026, Everest Medicines announced it had acquired the rights from the Company’s China licensing partner, Corxel Pharmaceuticals to develop, manufacture, and commercialize CARDAMYST in Greater China, including Chinese Mainland, Hong Kong, Macao and Taiwan regions.”
  Company press release, May 13, 2026 · SEC filing
• first half of 2027 · “A European decision on approval is expected by the first half of 2027.”
  Company press release, Mar 20, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

• Jun 2027 · Phase 2 · Recruiting · The NODE-202 Study (Study of Etripamil Nasal Spray in Pediatric Patients)
  Registry primary completion date, not a results date
• Dec 2028 · Phase 3 · Recruiting · ReVeRA-301: Etripamil in Atrial Fibrillation Phase 3
  Registry primary completion date, not a results date

📊 Drug Pipeline

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

MIST holds $170.6M in cash and short-term investments (as of Jun 30, 2026) and burns about $19.4M/quarter from operations, an estimated runway of 26.4 months at that rate (BioRadar estimate, not company guidance).

Dilution pressure: 39 · Moderate

• Cash runway 26 months
• ATM program on file since May 2026 +15
• Shelf registration (S-3, May 2026) +10
• Share count +46% in a year +14

Recent financing filings on SEC EDGAR:

• May 13, 2026 · Shelf registration with ATM program, up to $100M · S-3
• Jul 14, 2025 · Underwritten offering · 424B5
• Jul 11, 2025 · Underwritten offering · 424B5
• Mar 18, 2025 · ATM program, up to $50M · 424B5
• Nov 12, 2024 · Shelf registration, up to $250M · S-3
• Mar 1, 2024 · Underwritten offering · 424B5

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when MIST files for a raise →

👥 Who Owns MIST

Share count 124,497,980 (latest 10-Q/10-K). Insiders: each officer's, director's and 10% owner's latest Form 3, 4 or 5, direct and indirect shares; options are not counted. 5%+ holders: latest Schedule 13D or 13G of each holder above 5%. Institutions: the total held by all 13F filers (Yahoo Finance); the table lists the largest (13F quarter ending 2026-06-30). Sources have different dates, so the split is approximate. Source: SEC EDGAR.

📈 Recent Insider Activity (Form 4)

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

📅 Past FDA Decisions & Stock Reactions

Browse all historical PDUFA outcomes →