Milestone Pharmaceuticals Inc. 8-K

What Happened
Milestone Pharmaceuticals Inc. (MIST) announced in an 8-K (Item 8.01) that it has closed the sale of its royalty interest in etripamil to certain funds managed by RTW Investments. Under a Purchase and Sale Agreement (the "Royalty Purchase Agreement") originally entered on March 27, 2023, Milestone received a $75.0 million purchase price in exchange for transferring the right to receive tiered quarterly royalty payments on U.S. net product sales of etripamil. The transaction closed and the $75.0 million was received on January 12, 2026.

Key Details

• Agreement initially dated March 27, 2023 between Milestone and RTW Royalty I DAC (affiliate of RTW Investments, LP).
• Purchase price received: $75.0 million.
• Closing date: January 12, 2026 (reported in 8-K filed January 13, 2026).
• Sold asset: tiered quarterly royalty interest on annual U.S. net product sales of etripamil.

Why It Matters
The company converted a future royalty stream from U.S. etripamil sales into immediate cash, improving near-term liquidity by $75.0 million. In return, Milestone transferred the right to receive those future U.S. royalty payments to RTW-managed funds, which means future royalty income from etripamil in the U.S. will accrue to the buyer rather than to Milestone. Investors should view this as a capital-raising move that affects the company’s future revenue exposure to U.S. etripamil sales while providing immediate funding.