Milestone Pharmaceuticals (MIST) Corporate presentation summary

Product overview and clinical value

• CARDAMYST is a novel, FDA-approved calcium channel blocker nasal spray for rapid, on-demand treatment of PSVT episodes, offering fast onset and robust clinical data with a shelf life up to 36 months and patent protection until 2042.

• Empowers patients with self-administration, reducing reliance on emergency departments and providing less disruption to daily life.

• No new drug therapies for PSVT have been approved in over 30 years, and current treatments are often inconvenient or ineffective.

Market opportunity and strategy

• PSVT affects over 2 million people in the US, costing the healthcare system at least $5 billion annually, with 650,000 to 1 million patients treated each year.

• CARDAMYST faces no anticipated branded competition, has a low barrier to prescribing, and targets a sizable addressable market with strong demand generation potential.

• The commercial strategy focuses on reaching half of annually treated patients by targeting ~10,000 healthcare providers with a 60-rep sales force.

• Market access is supported by payer appeal, cost offsets from reduced emergency department visits, and quality coverage programs, including copay savings for eligible patients.

Financial position and launch execution

• Commercial launch of CARDAMYST began in February 2026, focusing on new patient starts, prescription growth, and commercial coverage.

• As of June 30, 2026, the company holds $170.6M in cash, supporting operations and the launch runway into the second half of 2027.

• Key performance indicators include total prescriptions, unique prescribers, patient starts, and quality of coverage, with a focus on HCP awareness and adoption.