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Milestone Pharmaceuticals Inc. (MIST-1.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three and nine months ended September 30, 2024, compared to $1.0 million in revenue for the same nine-month period in 2023, attributed to a milestone under the Ji Xing License Agreement.
Research and development expenses decreased by 41.0% to $3,963,000 for the three months ended September 30, 2024, compared to $6,721,000 in the same period in 2023. This decrease is mainly due to lower clinical and regulatory costs.
General and administrative expenses decreased by 11.5% to $3,742,000 for the quarter, primarily due to reduced personnel costs.
Commercial expenses decreased by 56.7% to $1,911,000 for the three months ended September 30, 2024, as a result of decreased personnel and professional costs.
Net loss for the quarter was $9,439,000, down from $15,081,000 in the previous year. For the nine months ended September 30, 2024, net loss was $29,156,000, compared to $46,074,000 in the previous year.
Cash used in operating activities was $22,005,000 for the nine months ended September 30, 2024. Cash provided by financing activities was $32,095,000, primarily from the issuance of common shares and pre-funded warrants.
Milestone had cash, cash equivalents, and short-term investments of $76.4 million as of September 30, 2024.
The filing details the company's plans for the ongoing development of etripamil, including the resubmission of the New Drug Application to the FDA for the treatment of PSVT.
Milestone continues to focus on the development of etripamil for additional indications such as AFib-RVR, with plans to finalize the Phase 3 study protocol in 2024 and begin patient enrollment in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Milestone Pharmaceuticals Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.