CARDAMYST approved and launching, but $28M quarterly burn against H2 2027 runway forces commercial ramp to outpace the clock

Milestone Pharmaceuticals is a commercial-stage biopharmaceutical company whose lead product, CARDAMYST, a nasal spray for acute heart rhythm episodes, is now FDA-approved but must achieve rapid sales growth to offset its current cash burn before its runway expires in the second half of 2027.

CARDAMYST (etripamil nasal spray), a self-administered calcium channel blocker for acute PSVT attacks, won FDA approval in December 2025 after a prior CRL, then gained China approval in September 2026. Whether the thesis holds depends on whether prescription volume scales fast enough to reduce financing dependency before H2 2027 runway expires. Q2 2026 product revenue of $0.6M against a $28.6M quarterly burn is the structural tension the market is pricing.