Milestone Pharmaceuticals Inc. · NASDAQ:MIST
Milestone Pharmaceuticals — Q2 2026 Earnings Presentation
22 slides from Milestone Pharmaceuticals's earnings presentation, Aug 12, 2026
Slide 1: Corporate Overview
Corporate Overview June 1, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements The Presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words such as ‘‘aim,’’ ‘‘anticipate,’’ ‘‘assume,’’ ‘‘believe,’’ ‘‘contemplate,’’ ‘‘continue,’’ ‘‘could
Slide 3: Milestone - 2026
Milestone - 2026 Launch of CARDAMYST in PSVT • First and only FDA-approved treatment for PSVT in 30+ years • Commercial launch in February • Focus – New Patient Starts, Rx Growth, Commercial Coverage Atrial Fibrillation with Rapid Ventricular Rate Finances (AFib-RVR) Company well capitalized to laun
Slide 4: PSVT Imposes a Significant Burden on Patients and the Healthcare System
PSVT Imposes a Significant Burden on Patients and the Healthcare System • Chronic, symptomatic attacks of elevated heart rate • Unpredictable onset, duration, severity, and frequency • Interferes with life activities • More common in women (~65%) • ~Half under 65 years of age • Mostly managed by Car
Slide 5: 2M+ Patients Cost the Healthcare System ≥ $5 Billion Annually
2M+ Patients Cost the Healthcare System ≥ $5 Billion Annually 140,000 – 525,000 40,000 – 120,000 Emergency Department Visits per Year3 In-Patient Admissions per Year3 ~2M+ Patients Diagnosed with PSVT1 ~100,000 650,000 to 1,000,000 Ablations Performed per Year2 Patients Treated per Year2 Key: PSVT =
Slide 6: CARDAMYST is an FDA-Approved CCB Nasal Spray
CARDAMYST is an FDA-Approved CCB Nasal Spray Designed to Treat PSVT Episodes Quickly & Safely Novel Calcium Channel Blocker (CCB) Portable, on-demand nasal spray FDA approved with robust clinical data Fast onset of action Well tolerated Shelf-life up to 36 months Patent protection until 2042 Key: CC
Slide 7: Commercial Success of CARDAMYST
Commercial Success of CARDAMYST: Make it easy to use and prescribe while limiting need to manage Patients Prescribers Payers Empowerment Provides a solution Efficiency Fast, reliable self-administration Trusted CCB mechanism Novel and cost-effective treatment Less disruption, reliance on ED Robust c
Slide 8: Commercial Opportunity for CARDAMYST
Commercial Opportunity for CARDAMYST: Driven by market ownership, prescriber comfort, and sizable addressable market No anticipated Low barrier to Opportunity for strong branded competition prescribing demand generation & quality coverage ~650k – 1M patients 100% share of voice Familiar and trusted
Slide 9: Milestone can Potentially Reach Half of Annually-Treated Patients
Milestone can Potentially Reach Half of Annually-Treated Patients by Calling on ~10,000 Prescribers with ~60 Sales Reps2 ~2 million1 ~1 million3 Diagnosed Population Annually Treated with PSVT Population with PSVT managed by ~40,000 healthcare providers ~500,0004 Annually Treated Population with PSV
Slide 10: Market Access Strategy: CARDAMYST Offers Potential Healthcare Cost Offsets
Market Access Strategy: Appeal to Payers Enables Quality Coverage CARDAMYST Offers Potential Healthcare Cost Offsets Treating PSVT in the Emergency Department Clinical Studies showed ~40% reduction in is Burdensome and Costly Emergency Department use 24% of ED visits for PSVT resulted in hospital ad
Slide 11: Market Access Strategy: Impact of Quality Payer Coverage & Support Programs
Market Access Strategy: Impact of Quality Payer Coverage & Support Programs Patients Healthcare Providers Make it Accessible and Affordable Make it Easy to Prescribe Payers Retail distribution Limited documentation required Manageable Out of Pocket (OOP) Expense Process consistent with most products
Slide 12: Key Brand Performance Indicators Launch Year
Key Brand Performance Indicators Launch Year: Prescriber Action and Effective Coverage Strategic Objective: Drive HCP Awareness • New to Brand Prescriptions (NBRx) & Adoption • Prescription Growth Establish & Maintain • % Target Lives Covered (emphasis on commercial) Broad, Quality Access & Affordab
Slide 13: Launch Year Uptake of CARDAMYST
Launch Year Uptake of CARDAMYST: Focus on Healthcare Provider Experience and Patient Fulfillment • Initial sales force covers 50% of potential Scripts annually treated patients Written • Patients seeking treatment weekly • HCP familiarity and evidence-based approach • Accessibility through retail di
Slide 14: AFib-RVR vs PSVT Population in the US
AFib-RVR vs PSVT Population in the US Atrial Fibrillation PSVT Atrial Fibrillation 10 Million 1 Total Patients (2024) 2 Million3 10 Million 1 Discharged ED Visits 140-525 Thousand 785 Thousand & Hospital Admissions (2019)2 785 Thousand Target Addressable Market (2024) 1 Million5 ~3-4 Million4 Patien
Slide 15: AFib-RVR – Acute Treatment Scenarios
AFib-RVR – Acute Treatment Scenarios Patient 1: Acute oral drug, Acute AFib-RVR Attack ‘pill-in-pocket’ Patient 2: Emergency Department, intravenous drug Symptom Impact • Heart palpitations • Marked fatigue Heart Rate Patient 3: • Chest pressure/pain • Light-headedness Self-administered, • Shortness
Slide 16: ReVeRA - Phase 2 Trial of Etripamil in Patients Presenting Urgently with AFib-RVR
ReVeRA - Phase 2 Trial of Etripamil in Patients Presenting Urgently with AFib-RVR Presents to Emergency Dept. Dosing & Assessment Efficacy Analysis with episode of AFib-RVR Key Inclusion: Baseline ECG for ≥ 10 min Primary: Maximum reduction in VR within • Atrial Fibrillation ≥ 1 hour 60 min; Double-
Slide 17: ReVeRA – Substantial & Rapid Reduction in VR with Etripamil
ReVeRA – Substantial & Rapid Reduction in VR with Etripamil Etripamil Placebo 10 PRIMARY Change in Ventricular Rate (bpm) 5 ENDPOINT: Etripamil Placebo Maximum NS (70 0 Reduction in NS, mg) N=251 -5 VR from N=241 Baseline -10 Mean, bpm -5.06 -34.97 -15 -20 Difference in -- -29.91 means, bpm -25 p-va
Slide 18: ReVeRA – Mean Heart Rate Change from Baseline is Sustained
ReVeRA – Mean Heart Rate Change from Baseline is Sustained 10 • Data Show Significant, Change in Ventricular Rate (bpm) 5 0 Lasting Duration of -5 Effect of Etripamil NS, -10 up to 180 min -15 -20 • Lower Use of Rescue -25 Medication -30 -35 Etripamil Placebo Approximately twice as many -40 rescue m
Slide 19: ReVeRA – Significant and Clinically Meaningful Difference in Satisfaction with Symptom Relief
ReVeRA – Significant and Clinically Meaningful Difference in Satisfaction with Symptom Relief Question: How satisfied or dissatisfied are you with the way the medication relieves your symptoms? 1 Delta = 1.55 units 1 2 3 4 5 6 7 Extremely Very Somewhat Very Extremely Dissatisfied Satisfied Dissatisf
Slide 20: Etripamil AFib-RVR Phase 3 Pivotal Trial (ReVeRA-301)
Etripamil AFib-RVR Phase 3 Pivotal Trial (ReVeRA-301) Evaluating 70mg Repeat-Dose Regimen that is FDA approved for CARDAMYST for PSVT Study Design Endpoints Sizing & Status • Double-blind randomized; Primary Endpoint: Sizing: etripamil vs. placebo • Reduction in Ventricular Rate • Estimate ≈ 150-200
Slide 21: Financials as of March 31, 2026
Financials as of March 31, 2026 $194M Pro Forma cash supports launch and operating runway into 2H 2027 Cash Position Equity $184.2M 140.9M units 2 Cash and short-term investments as of March 31, 2026 • 124.5M common shares + $9.4M net proceeds from exercise of Series A warrants • 16.4M pre-funded wa
Slide 22: Thank you
Milestone. PHARMACEUTICALS
Milestone Pharmaceuticals — Q2 2026 Earnings Presentation on 6ix