Milestone Pharmaceuticals Inc.
Business
Milestone Pharmaceuticals Inc. is a biopharmaceutical company developing and commercializing innovative cardiovascular medicines. Its lead product, CARDAMYST (etripamil nasal spray), is an FDA-approved self-administered treatment for acute episodes of paroxysmal supraventricular tachycardia (PSVT) in adults. The company is also developing etripamil for atrial fibrillation with rapid ventricular rate (AFib-RVR) and pursuing regulatory approvals in international markets including the European Union and China through partnerships.
Summary from 10-K filed 2026-03-20
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Milestone Pharmaceuticals Inc.'s CIK number?
Milestone Pharmaceuticals Inc.'s SEC CIK number is 0001408443 (1408443). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Milestone Pharmaceuticals Inc.'s SEC filings?
All of Milestone Pharmaceuticals Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Milestone Pharmaceuticals Inc. last report earnings?
Milestone Pharmaceuticals Inc. (MIST) most recently filed an earnings 8-K with the SEC on May 13, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-059780). This is Milestone Pharmaceuticals Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Milestone Pharmaceuticals Inc.'s most recent earnings 8-K?
Milestone Pharmaceuticals Inc.'s latest earnings 8-K (Item 2.02) was filed May 13, 2026 under accession 0001104659-26-059780. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Milestone Pharmaceuticals Inc.'s latest earnings 8-K →
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