Milestone Pharmaceuticals (MIST) Investor update summary

Launch timing and strategy

• Targeting a mid-2025 launch for CARDAMYST, contingent on FDA approval expected March 27th, with more specific timing to be provided post-approval.

• Initial sales force will consist of approximately 60 reps across eight districts, focusing on 10,000-12,000 high-value cardiology and electrophysiology prescribers.

• Launch will prioritize commercial payers and retail pharmacy distribution, with expansion to broader coverage and government payers in 2026-2027.

• Stage launch approach allows for resource allocation adjustments based on early performance metrics and payer coverage.

• Key launch milestones include product channel placement, sales rep hiring and training, and infrastructure for patient and physician support.

Key milestones and strategic outlook

• $75M payment expected upon approval from royalty financing, projected to fund operations into mid-2026.

• Patent estate potentially extended to 2042, supporting long-term commercial prospects.

• Fully integrated leadership team in place to execute phased commercial launch.

Market opportunity and patient focus

• Over 2 million diagnosed PSVT patients in the US, with 500,000-1 million actively engaged in the healthcare system annually.

• PSVT is a chronic, unpredictable arrhythmia with significant impact on quality of life and high rates of anxiety among patients.

• CARDAMYST targets patients with moderate to severe, not infrequent episodes, aiming to reduce emergency department visits and improve quality of life.

• Expected average use is three to five times per year per patient, with initial launch year utilization lower as refill patterns establish.

• Product designed for ease of use, empowering patients to manage episodes at home and reducing reliance on acute care.