Milestone Pharmaceuticals Inc. reported its financial results for the three and nine months ended September 30, 2024, showing significant changes compared to the previous fiscal period. The company, headquartered in Montréal, Québec, focuses on developing cardiovascular medicines, particularly its lead product candidate, etripamil, a rapid-onset nasal spray for treating paroxysmal supraventricular tachycardia and atrial fibrillation.

As of September 30, 2024, Milestone's total current assets increased to $80.99 million from $73.03 million at the end of 2023, while total assets rose to $82.71 million from $75.23 million. Current liabilities decreased to $5.26 million from $7.23 million, contributing to an increase in total shareholders’ equity to $24.01 million, up from $16.77 million.

The company reported no revenue for both the three and nine months ended September 30, 2024, a decline from $1.0 million in the same periods of 2023, which was attributed to a milestone payment from a Phase 1 clinical trial in China. Operating losses improved, with a loss from operations of $(9.62 million) for Q3 2024, down from $(15.36 million) in Q3 2023. For the nine-month period, the loss from operations was $(29.75 million), a significant reduction from $(47.30 million) in the prior year.

Net loss for the three months ended September 30, 2024, was $(9.44 million), compared to $(15.08 million) in 2023. For the nine months, the net loss decreased to $(29.16 million) from $(46.07 million). The weighted average number of shares outstanding increased significantly, reflecting the issuance of 19.67 million common shares during the nine-month period, resulting in a net loss per share of $(0.14) for Q3 2024, down from $(0.35) in Q3 2023.

Research and development expenses for the three months ended September 30, 2024, were $3.96 million, a decrease of 41% from $6.72 million in the same period of 2023. For the nine months, R&D expenses fell to $10.42 million from $25.60 million, primarily due to reduced clinical expenses following the completion of phase 3 studies. General and administrative expenses also decreased slightly, while commercial expenses saw a notable decline of 56.7% in Q3 2024 compared to the previous year.

The company continues to face challenges, including an accumulated deficit of $355.2 million as of September 30, 2024, and ongoing operating losses due to the clinical development of etripamil. Cash and cash equivalents, along with short-term investments, totaled $76.4 million, providing a buffer for future operations. Milestone has implemented cash conservation measures and anticipates increased R&D expenses as it progresses towards regulatory approvals for etripamil.