Milestone Pharmaceuticals (MIST) Corporate presentation summary

Product overview and market need

• 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 patent protection until 2042.

• PSVT affects over 2 million patients in the US, with significant healthcare costs exceeding $5 billion annually and current treatments considered inconvenient or ineffective.

• CARDAMYST is positioned as the first new FDA-approved PSVT treatment in over 30 years, aiming to reduce emergency department visits and hospital admissions.

Commercial strategy and market opportunity

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

• No anticipated branded competition, low barrier to prescribing, and a sizable addressable market of 650,000–1 million patients treated annually.

• Targeting half of annually treated patients by reaching ~10,000 prescribers with a 60-rep sales force.

• Market access strategy emphasizes payer appeal, cost offsets, and quality coverage, with copay savings programs to ensure affordability.

Financial position and performance indicators

• $194 million pro forma cash as of March 31, 2026, with a runway into the second half of 2027, including funding for AFib-RVR Phase 3.

• $184.2 million cash balance and $9.4 million from Series A warrant exercises as of May 13, 2026.

• Key launch year metrics include new-to-brand prescriptions, prescription growth, and percentage of target lives covered.