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Jun 30
Milestone Pharmaceuticals Q2 2025 Earnings Report
Milestone Pharmaceuticals posted a wider net loss in Q2 2025 as commercial readiness for CARDAMYST increased operating expenses despite zero revenue.
Key Takeaways
Milestone Pharmaceuticals recorded no revenue in Q2 2025 as it prepares for the potential approval and launch of CARDAMYST. Operating expenses rose due to increased commercial investment, resulting in a net loss of $13 million. The company ended the quarter with $42.5 million in cash and recently raised an additional $48.7 million through an equity offering to support the upcoming commercialization push.
No revenue was recorded in Q2 2025 as product launch is pending
Net loss widened to $13 million, compared to $9.4 million in Q2 2024
Commercial expenses nearly tripled year-over-year to $5.1 million
Ended the quarter with $42.5 million in cash; $48.7 million added post-quarter
Milestone Pharmaceuticals
Milestone Pharmaceuticals
Forward Guidance
Milestone aims to launch CARDAMYST by year-end pending FDA approval, and has bolstered its finances to support commercialization and expanded trials.
Positive Outlook
- FDA accepted CRL response; PDUFA date set for December 13, 2025
- Launch infrastructure and pre-commercial activities resumed
- Equity raise of $48.7 million strengthens balance sheet
- Phase 3 protocol for AFib-RVR approved by FDA
- Royalty agreement extended through December 2025
Challenges Ahead
- No revenue generation in Q2 2025
- Net loss widened YoY due to launch-related expenses
- High commercial expenses despite paused product availability
- Short-term cash burn pressure remains high
- Delay in revenue until at least FDA approval in December