Milestone Pharmaceuticals Inc.

Listed Company

MISTCIK 0001408443NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsA8CAFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-63.06M

Total Assets

$113.56M

Equity

$41.77M

Shares Out

117.67M

Op. Cash Flow

$-49.04M

Business

Milestone Pharmaceuticals Inc. is a biopharmaceutical company that develops and seeks to commercialize innovative cardiovascular medicines, focused on a self‑administered nasal spray formulation to treat acute supraventricular tachycardia and related rate-control conditions. Its principal product candidate is CARDAMYST (etripamil) nasal spray, being developed for paroxysmal supraventricular tachycardia (PSVT) and investigated for atrial fibrillation with rapid ventricular rate (AFib‑RVR). The company’s operations encompass clinical development, regulatory submissions, third‑party manufacturing oversight and commercialization planning. It focuses on the United States market while conducting trials and pursuing partnerships across North America, Europe and China, with planned retail distribution and targeted healthcare professional channels.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2	0	1	5	15
Research and development, net of tax credits	18	14	31	40	39
General and administrative	17	17	16	16	12
Commercial	28	11	15	9	7
Loss from operations	−62	−42	−61	−60	−43
Interest income	3	4	4	—	—
Interest expense	−4	−4	−3	—	—
Net loss and comprehensive loss	−63	−42	−60	−58	−43
Weighted average number of shares and pre-funded warrants outstanding, basic (in shares)	84	62	43	42	42
Weighted average number of shares and pre-funded warrants outstanding, diluted (in shares)	84	62	43	42	42
Net loss per share, basic (in dollars per share)	−0.75	−0.67	−1.39	−1.38	−1.02
Net loss per share, diluted (in dollars per share)	−0.75	−0.67	−1.39	−1.38	−1.02

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	73	25	14	8	114
Short-term investments	33	44	52	57	0
License receivable	2	—	—	—	—
Research and development tax credits receivable	316,000	901,000	643,000	331,000	356,000
Prepaid expenses	2	2	3	6	4
Inventory, net	648,000	—	—	—	—
Other receivables	2	1	3	882,000	127,000
Total current assets	112	74	73	72	119
Operating lease right-of-use assets	1	1	2	2	711,000
Property and equipment, net	511,000	197,000	277,000	257,000	215,000
Total assets	114	75	75	74	120
Accounts payable and accrued liabilities	13	8	7	6	7
Operating lease liabilities	647,000	571,000	546,000	495,000	224,000
Other current liabilities	43,000	—	—	—	—
Total current liabilities	14	8	7	6	7
Operating lease liabilities, net of current portion	539,000	874,000	1	2	474,000
Senior secured convertible notes	57	53	50	—	—
Other long-term liabilities	83,000	—	—	—	—
Total liabilities	72	62	58	8	7
Common shares, no par value, unlimited shares authorized, 106,236,344 shares issued and outstanding as of December 31, 2025, 53,353,984 shares issued and outstanding as of December 31, 2024	353	288	261	274	252
Pre-funded warrants - 16,412,925 issued and outstanding as of December 31, 2025 and 12,910,590 as of December 31, 2024	56	53	48	34	53
Additional paid-in capital	64	40	34	24	16
Accumulated deficit	−431	−368	−326	−266	−208
Total shareholders' equity	42	13	17	66	113
Total liabilities and shareholders' equity	114	75	75	74	120

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−63	−42	−60	−58	−43
Depreciation of property and equipment	114,000	105,000	92,000	89,000	93,000
Amortization of debt costs	432,000	370,000	244,000	—	—
Accretion of investment discount	−81,000	−454,000	−162,000	−97,000	—
Non-cash interest expense related to Senior Secured Convertible Note	3	3	2	—	—
Share-based compensation expense	7	6	10	9	7
Loss on disposals of property and equipment	—	8,000	—	141,000	—
License receivable	−2	—	—	—	—
Other receivables	−156,000	2	−2	−755,000	96,000
Research and development tax credits receivable	585,000	−258,000	−312,000	25,000	369,000
Prepaid expenses	29,000	1	3	−2	1
Inventory	−648,000	—	—	—	—
Operating lease assets and liabilities	−12,000	−17,000	18,000	81,000	26,000
Accounts payable and accrued liabilities	4	875,000	1	−907,000	637,000
Net cash used in operating activities	−49	−29	−46	−52	−33
Acquisition of property and equipment	−302,000	−33,000	−112,000	−272,000	—
Acquisition of short-term investments	−83	−114	−137	−86	−15
Redemption of short-term investments	94	122	—	—	—
Net cash provided by investing activities	11	8	5	−57	70
Proceeds from exercise of options	444,000	53,000	189,000	420,000	121,000
Proceeds from issuance of common shares, net of issuance costs	38	27	—	3	—
Proceeds from issuance of pre-funded warrants, net of issuance costs	3	5	—	—	—
Proceeds from employee stock purchase plan	300,000	191,000	393,000	—	—
Cash provided by financing activities	86	32	48	3	5
Net increase in cash and cash equivalents	48	12	6	−107	42

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