MIST

MKT CAP:$164M

Milestone Pharmaceuticals Inc.

Market Cap

$164M

Healthcare·Biotechnology·🇨🇦 Canada·NASDAQ

Healthcare·Biotechnology·🇨🇦·NASDAQ

Stock Price

$1.87-$0.18 (-8.78%)

Apr 23, 2026

Company Details

Milestone Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of cardiovascular medicines. The company is developing etripamil, a novel channel blocker, which is in Phase III clinical trial fo...

CEO

Joseph G. Oliveto

IPO Date

May 9, 2019

Website

www.milestonepharma.com

Key Metrics TTM

Revenue

$2M

— YoY

Net Income

-$63M

EPS (Diluted)

-$0.79

Free Cash Flow

-$49M

Revenue / Share

$0.02

Gross Margin

96.2%

Operating Margin

-4030.2%

Net Margin

-4078.8%

FCF Margin

-3178.4%

P/S

106.4x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

Q4 2025

Mar 20, 2026

$2MEPS -$0.16

Q3 2025

Nov 12, 2025

$0EPS -$0.12

Q2 2025

Aug 12, 2025

$0EPS -$0.20

Q1 2025

May 14, 2025

$0EPS -$0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$14M
Q2 22	$0	$0	-$17M
Q3 22	$2M	$2M	-$15M
Q4 22	$4M	$4M	-$14M
Q1 23	$1M	$1M	-$16M
Q2 23	$0	$0	-$16M
Q3 23	$0	$0	-$15M
Q4 23	$0	-$532.0K	-$14M
Q1 24	$0	$0	-$10M
Q2 24	$0	$0	-$10M
Q3 24	$0	$0	-$10M
Q4 24	$0	-$567.0K	-$12M
Q1 25	$0	$0	-$21M
Q2 25	$0	$0	-$13M
Q3 25	$0	-$25.0K	-$12M
Q4 25	$2M	$2M	-$17M

Valuation

Quarter	P/S	P/E
Q1 22	19.2x	—
Q2 22	—	—
Q3 22	258.7x	—
Q4 22	31.7x	—
Q1 23	28.5x	—
Q2 23	24.0x	—
Q3 23	22.2x	—
Q4 23	89.3x	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	87.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$14M
Q2 22	-$14M	-$14M
Q3 22	-$12M	-$12M
Q4 22	-$13M	-$13M
Q1 23	-$14M	-$14M
Q2 23	-$11M	-$11M
Q3 23	-$12M	-$12M
Q4 23	-$10M	-$10M
Q1 24	-$9M	-$9M
Q2 24	-$6M	-$6M
Q3 24	-$7M	-$7M
Q4 24	-$7M	-$7M
Q1 25	-$14M	-$14M
Q2 25	-$13M	-$13M
Q3 25	-$10M	-$10M
Q4 25	-$13M	-$13M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$59.0K
Q3 22	$103.0K
Q4 22	$110.0K
Q1 23	$32.0K
Q2 23	$31.0K
Q3 23	$18.0K
Q4 23	$31.0K
Q1 24	$0
Q2 24	$7.0K
Q3 24	$4.0K
Q4 24	$22.0K
Q1 25	$6.0K
Q2 25	$11.0K
Q3 25	$2.0K
Q4 25	$11.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+11.5%
Q2 22	-100.0%	+17.6%
Q3 22	—	+15.8%
Q4 22	—	+1.5%
Q1 23	—	+17.5%
Q2 23	—	-2.2%
Q3 23	-100.0%	-7.1%
Q4 23	-100.0%	-19.6%
Q1 24	-100.0%	-36.5%
Q2 24	—	-41.2%
Q3 24	—	-37.4%
Q4 24	—	-10.5%
Q1 25	—	+95.9%
Q2 25	—	+29.7%
Q3 25	—	+23.8%
Q4 25	—	+52.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	—
Q2 22	$2M	—
Q3 22	$2M	158.7%
Q4 22	$2M	61.2%
Q1 23	$2M	229.3%
Q2 23	$2M	—
Q3 23	$3M	—
Q4 23	$2M	—
Q1 24	$2M	—
Q2 24	$1M	—
Q3 24	$1M	—
Q4 24	$1M	—
Q1 25	$1M	—
Q2 25	$1M	—
Q3 25	$0	—
Q4 25	$4M	229.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$9M	$4M	$2M	—
Q2 22	$11M	$4M	$2M	—
Q3 22	$10M	$4M	$3M	—
Q4 22	$11M	$4M	$3M	—
Q1 23	$10M	$4M	$2M	—
Q2 23	$9M	$4M	$3M	—
Q3 23	$7M	$4M	$4M	—
Q4 23	$5M	—	—	$8M
Q1 24	$4M	$4M	$3M	—
Q2 24	$3M	$5M	$2M	—
Q3 24	$4M	$4M	$2M	—
Q4 24	$4M	—	—	$8M
Q1 25	$5M	$5M	$10M	—
Q2 25	$4M	$4M	$5M	—
Q3 25	$4M	$3M	$5M	—
Q4 25	$5M	$5M	$8M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$92M	$8M	$100M
Q2 22	$63M	$23M	$86M
Q3 22	$37M	$40M	$77M
Q4 22	$8M	$57M	$65M
Q1 23	$74M	$27M	$101M
Q2 23	$33M	$55M	$88M
Q3 23	$10M	$66M	$76M
Q4 23	$14M	$52M	$66M
Q1 24	$10M	$79M	$89M
Q2 24	$13M	$70M	$83M
Q3 24	$13M	$64M	$76M
Q4 24	$25M	$44M	$70M
Q1 25	$45M	$11M	$56M
Q2 25	$42M	$918.0K	$43M
Q3 25	$47M	$36M	$83M
Q4 25	$73M	$33M	$106M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	42M	+0.1%	+2.4%
Q2 22	42M	+0.1%	-5.1%
Q3 22	42M	+0.5%	+0.7%
Q4 22	43M	+0.7%	+1.4%
Q1 23	43M	+0.2%	+1.4%
Q2 23	43M	+0.2%	+1.6%
Q3 23	43M	+0.1%	+1.1%
Q4 23	33M	-22.1%	-21.7%
Q1 24	50M	+49.8%	+17.0%
Q2 24	66M	+31.9%	+54.1%
Q3 24	66M	+0.0%	+54.0%
Q4 24	62M	-6.0%	+85.8%
Q1 25	66M	+6.5%	+32.2%
Q2 25	66M	+0.1%	+0.3%
Q3 25	66M	0.0%	+0.3%
Q4 25	84M	+26.4%	+34.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	29
Q2 22	$0	29
Q3 22	$51.7K	29
Q4 22	$89.7K	39
Q1 23	$25.6K	39
Q2 23	$0	39
Q3 23	$0	39
Q4 23	$0	47
Q1 24	$0	47
Q2 24	$0	47
Q3 24	$0	47
Q4 24	$0	33
Q1 25	$0	33
Q2 25	$0	33
Q3 25	$0	33
Q4 25	$40.7K	38

Revenue / Employee