Milestone Pharmaceuticals, a clinical-stage biopharma, achieved FDA approval and launched CARDAMYST (etripamil nasal spray) for paroxysmal supraventricular tachycardia (PSVT) in December 2025. The company has historically operated at a loss, with a net loss of $63.1 million in FY2025 reflecting increased commercial and R&D expenses [F1]. Milestone’s growth prospects hinge on US commercialization and an exclusive licensing agreement granting Corxel rights in Greater China, supported by a $75 million upfront royalty monetization deal [S23][N1]. Key risks include regulatory compliance hurdles tied to manufacturing controls, reliance on international suppliers for APIs, and evolving US drug pricing reforms [S14][S2][S4]. Liquidity remains strong with $73 million cash and a current ratio above 8x at year-end 2025 [F1]. Capital allocation focuses on commercialization investments; no dividends or buybacks have been reported [F1][S23]. Future milestones involve sales progression, regulatory adherence, licensee development, and supply chain risk management.