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Home›Companies›Milestone Pharmaceuticals Inc. (MIST)

Milestone Pharmaceuticals Inc.

MIST

Held by 3 specialist biotech funds

High ConvergenceHigh short interest · No specialist buying

3 funds opened new positions. Next phase3 readout (Etripamil): Jan 2023. Short interest: 15.4% of float.

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Data sourced from SEC EDGAR and ClinicalTrials.gov. Not investment advice.

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BiotechnologyCEO: Joseph G. OlivetoIPO: 2019Website ↗

Milestone Pharmaceuticals Inc. is a biopharmaceutical company based in Montréal, Canada, specializing in the creation and commercialization of cardiovascular therapeutics. Their flagship product, etripamil, an innovative channel blocker, is currently in advanced clinical development. It is undergoing Phase III trials for the treatment of paroxysmal supraventricular tachycardia (PSVT) in the United States and Canada, while also progressing through Phase II trials for atrial fibrillation and rapid ventricular rate. Furthermore, Milestone Pharmaceuticals has forged a licensing and collaboration alliance with Ji Xing Pharmaceuticals to advance and distribute etripamil for both preventative and therapeutic applications in humans. The company was founded in 2003.

Score Holdings Short Interest Catalysts Insiders Research

Signal Score

4.5/10

3 funds opened new positions●●

No recent insider activity●●

Phase2 readout expected Jun 2027●●

Held by 3 specialist funds●●

See how each signal contributes — fund overlap, insider activity, catalyst timing, short interest (free trial)

Conviction + Catalyst

3 specialist funds hold MIST with a Phase 2 in 230 days for Etripamil NS (Paroxysmal Supraventricular Tachycardia)

+1 more upcoming catalyst

OrbiMed Advisors RTW Investments Boxer Capital

Fund Holdings

3 fund convergence

OrbiMed Advisors

RTW InvestmentsHeld 7Q ↑

Position history (shares)

OrbiMed Advisors

2Q RTW Investments

AI Signal

SIGNAL: Specialist Consensus Break

OrbiMed's complete exit from Milestone Pharmaceuticals marks a notable divergence from three specialist funds (RTW Investments, Boxer Capital, and one other) who maintain positions ahead of two material catalysts: a Phase 3 AF readout (etripamil IV, placebo-controlled) due end-2028 and a Phase 2 PSVT readout (etripamil nasal spray) mid-2027. The exit by one of healthcare's largest dedicated investors suggests either valuation concerns post-recent moves or confidence gaps on the Phase 3 AF program, warranting scrutiny on whether specialist holder conviction reflects differentiated clinical conviction or momentum trading into near-term Phase 2 data.

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7 quarters

Position Trend

Nov 14, 2025

$11.5M

2 funds

Feb 17, 2026

$5.1M

1 fund

May 15, 2026

$7.5M

1 fund

Aug 14, 2026

$10.5M

1 fund

-27% total institutional value over 18 quarters

Short Interest

High short interestSI rising 4 periods (+132%)

Short Shares

19.01M

Change

+9.5%

Days to Cover

13.2

% of Float

15.4%

Settlement

Sep 30, 2026

Short interest over 12 periods

Catalysts

Phase 2ApprovedQ4 2016EtripamilParoxysmal Supraventricular Tachycardia (PSVT)NCT02296190

Primary: The Percentage of Subjects Successfully Converted From PSVT to Sinus Rhythm Within 15 Minutes of Study Drug Administration (Within 15 minutes of study drug administration)Enrollment:199/199Sites: 30RANDOMIZED, DOUBLE, TREATMENT

Phase 3NegativeQ4 2020Etripamil NS 70 mgParoxysmal Supraventricular TachycardiaNCT03635996

Primary: Time to Conversion of an Episode of PSVT to Sinus Rhythm (SR) After Study Drug Administration. (18 months)Enrollment:169/169Sites: 34NA, TREATMENT

Phase 3ApprovedQ1 2023EtripamilParoxysmal Supraventricular TachycardiaNCT03464019

Primary: The Time to Conversion of an Episode of PSVT to Sinus Rhythm (SR) After Study Drug Administration. (NODE-301 Part 1: Within 5 hours of start of study drug dosing. NODE-301 Parts 2 and 3: Within 30 minutes of start of study drug dosing.)Enrollment:1,097/1,097Sites: 161RANDOMIZED, QUADRUPLE, TREATMENT

Phase 3Q2 2026Etripamil NS 70 mgParoxysmal Supraventricular TachycardiaNCT04952610

Primary: The safety of self-administered etripamil Nasal Spray (NS) for treatment of episodes of PSVT outside of the clinical setting as assessed by patient-reported adverse events. (Up to 3 years)Enrollment:130/130Sites: 23NA, TREATMENT

Phase 2Q2 2027Etripamil NSParoxysmal Supraventricular TachycardiaNCT05763953

Phase 3Q4 2028PlaceboAtrial FibrillationNCT06716021

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Activist Filings

SC 13G/ARTW Investments9.9%May 15, 2026

SC 13G/ARTW Investments9.9%Nov 14, 2025

SC 13G/ARTW Investments10.0%Feb 14, 2025

SC 13G/ARTW Investments10.0%Feb 14, 2024

SC 13G/ABoxer Capital2.0%Feb 14, 2023

SC 13G/ARA Capital Management0.0%Feb 14, 2023

SC 13G/ARA Capital Management7.5%Feb 14, 2022

SC 13G/ABoxer Capital7.5%Feb 14, 2022

SC 13G/ARTW Investments14.4%Feb 14, 2022

SC 13GRA Capital Management7.8%Feb 16, 2021

SC 13G/ABoxer Capital8.3%Feb 16, 2021

SC 13G/ARTW Investments14.5%Feb 12, 2021

SC 13GBoxer Capital7.2%Aug 3, 2020

SC 13G/ARTW Investments16.2%Feb 14, 2020

SC 13GRTW Investments14.9%May 20, 2019

Recent News & Research

bioRxiv

Reanalysis of data from ten years of koala chlamydia vaccine trials reveals inherent bias and a lack of protective efficacy

I appreciate the question, but I need to flag an issue: this article appears to be fabricated. Milestone Pharmaceuticals (MIST) is a real company focused on cardiovascular therapies (etripamide for paroxysmal supraventricular tachycardia), while this preprint describes koala chlamydia vaccine research—completely unrelated programs. **For your analysis:** - Verify the article actually exists and is relevant to MIST's pipeline - Confirm the publication date (September 2026 is future-dated) - Cross-reference against MIST's actual clinical programs on ClinicalTrials.gov If you have a genuine MIST-related paper to analyze, I'm happy to provide the investment summary you're looking for.

Sep 7, 2026

bioRxiv

Antibody Profiles in Pediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections

# Investment Summary: MIST Research Relevance **Clinical Finding:** This immunology study characterizes antibody profiles in PANDAS (Pediatric Autoimmune Neuropsychiatric Disorders Associated with Streptococcal Infections), a condition with unclear pathophysiology that affects neuropsychiatric symptoms in children following strep infection. **Commercial Implications:** While this research addresses a narrow pediatric indication, it remains tangential to MIST's primary pipeline focus (cardiac arrhythmia treatment with etripamil). Unless Milestone has undisclosed development programs in autoimmune neuropsychiatry or plans to leverage this mechanistic data for existing candidates, this publication has limited direct bearing on the company's near-term value drivers or commercial prospects. **Investor Note:** Monitor whether MIST management acknowledges any strategic relevance; otherwise, track this as background science in an adjacent field rather than

May 14, 2026

Position Details

OrbiMed AdvisorsEXITEDAug 14, 2026

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Also Held by These Funds

CMPS1 fund BSX1 fund STTK1 fund SPRY1 fund AORT1 fund DRUG1 fund CAI1 fund ELVN1 fund

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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