Milestone Pharmaceuticals Inc.(MIST), a leading pharmaceutical company, ha s released its condensed consolidated financial statements for the second quarter (Q2) of 2023. The report reveals a net loss of $16 million for the quarter, accompanied by a lack of revenue. The company's financial data also highlights key metrics related to assets, liabilities, and shareholders' equity, offering insights into its financial position.
Net Loss of $16 Million in Q2 2023
Milestone Pharmaceuticals Inc. has reported a net loss of $16 million for the second quarter of 2023. This represents a decrease from the previous year's Q2 net loss of $16.6 million. The company's financial statements attribute this loss to operating expenses, including research and development, general and administrative, and commercial expenditures.
Zero Revenue for Q2 2023
The financial report indicates that Milestone Pharmaceuticals Inc. generated zero revenue during the second quarter of 2023. In contrast, the same quarter in the previous year had seen the company generate $1 million in revenue. The lack of revenue is attributed to various factors impacting the company's operations.
Condensed Consolidated Balance Sheets
Milestone Pharmaceuticals Inc.'s balance sheets reveal its financial position as of June 30, 2023. The company's total assets amount to $97.02 million, reflecting an increase from the previous year's total assets of $74.48 million. Notably, the company's cash and cash equivalents have increased significantly, reaching $32.59 million in Q2 2023 compared to $7.64 million in December 2022.
The company's liabilities and shareholders' equity have also experienced changes. The total liabilities amount to $56.61 million, a substantial increase from the previous year's total liabilities of $8.14 million. On the other hand, shareholders' equity has decreased to $40.41 million in Q2 2023 from $66.35 million in December 2022.
Condensed Consolidated Statements of Loss
Milestone Pharmaceuticals Inc.'s statements of loss for the three and six months ended June 30, 2023, reveal the breakdown of operating expenses. Research and development expenses, net of tax credits, amounted to $8.62 million for the three months and $18.88 million for the six months. General and administrative expenses stood at $4.45 million for the three months and $8.33 million for the six months. Commercial expenses reached $3.37 million for the three months and $5.73 million for the six months.
The company's cash flows from operating activities indicate a net cash outflow of $24.47 million for the six months ended June 30, 2023, compared to a net cash outflow of $28.03 million for the same period in the previous year. Milestone Pharmaceuticals Inc. has also engaged in financing activities, including the issuance of senior secured convertible debt and proceeds from the exercise of stock options.
Milestone Pharmaceuticals Inc.'s Q2 2023 financial results underscore the company's ongoing efforts to navigate challenges in the pharmaceutical industry. Despite a net loss and zero revenue for the quarter, the company's financial data provides insights into its strategic initiatives and financial health.