Logo

MIST

Milestone Pharmaceuticals Inc.

MIST

Milestone Pharmaceuticals Inc. • NASDAQ
$2.69 ▲ 3.07% (+0.08)
Market Cap $229.11 M
52w High $2.77
52w Low $0.63
Dividend Yield 0%
P/E -3.41
Volume 2.09M
Outstanding Shares 85.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $11.877M ▼ $-11.922M ▲ 0% $-0.12 ▲ $-11.003M ▲
Q2-2025 $0 $12.531M ▼ $-12.966M ▲ 0% $-0.2 ▲ $-11.987M ▲
Q1-2025 $0 $20.523M ▲ $-20.761M ▼ 0% $-0.31 ▼ $-19.799M ▼
Q4-2024 $0 $11.846M ▲ $-12.363M ▼ 0% $-0.2 ▼ $-10.942M ▼
Q3-2024 $0 $9.616M $-9.439M 0% $-0.14 $-8.511M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $82.585M ▲ $87.75M ▲ $67.249M ▲ $20.501M ▲
Q2-2025 $43.417M ▼ $47.417M ▼ $65.162M ▼ $-17.745M ▼
Q1-2025 $55.958M ▼ $61.885M ▼ $68.008M ▲ $-6.123M ▼
Q4-2024 $69.695M ▼ $75.499M ▼ $62.352M ▲ $13.147M ▼
Q3-2024 $76.419M $82.706M $58.694M $24.012M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-11.922M ▲ $-9.816M ▲ $-35.649M ▼ $49.662M ▲ $4.186M ▲ $-9.818M ▲
Q2-2025 $-12.966M ▲ $-12.566M ▲ $9.944M ▼ $36K ▼ $-2.586M ▼ $-12.577M ▲
Q1-2025 $-20.761M ▼ $-13.952M ▼ $33.583M ▲ $139.999K ▲ $19.771M ▲ $-13.958M ▼
Q4-2024 $-12.363M ▼ $-6.843M ▲ $19.334M ▲ $24K ▼ $12.515M ▲ $-6.865M ▲
Q3-2024 $-9.439M $-7.018M $6.481M $74K $-463K $-7.022M

Five-Year Company Overview

Income Statement

Income Statement Milestone is still a pure development‑stage biotech: it has essentially no product revenue yet, and all spending is aimed at R&D and overhead. Losses have been consistent over the last several years, reflecting steady investment rather than any sign of commercial traction. The good news is that the size of the loss per share has started to narrow recently, suggesting tighter cost control or some scale benefits, but the company remains firmly unprofitable until its lead drug is approved and launched.

Balance Sheet

Balance Sheet The balance sheet is small and relatively thin. Cash once was more comfortable but declined and then ticked back up recently, likely helped by new financing. Debt has become a meaningful part of the capital structure, while the equity cushion has shrunk, which reduces financial flexibility and leaves less room for setbacks. Overall, the company can support current operations for a time, but it is not sitting on a large financial buffer and will likely remain dependent on outside funding until it generates meaningful sales.

Cash Flow

Cash Flow Cash flow is negative and driven almost entirely by operating expenses, as you would expect for a clinical‑stage biotech. There is little to no spending on physical assets, so cash burn is mostly tied to clinical trials, regulatory work, and staffing. The burn rate has been fairly stable over several years—moderate by biotech standards—but still requires periodic capital raises or partnerships to keep programs moving forward. There is no internally generated cash from operations yet.

Competitive Edge

Competitive Edge Milestone’s competitive position centers on a single, highly differentiated product concept: a fast‑acting nasal spray for certain rapid heart rhythm problems that can be used at home. If approved, it would be the first self‑administered treatment in an area that today often forces patients into the emergency room, which gives the company a clear first‑mover edge. Patent protection, the complexity of the drug‑device combination, and the focus on patient convenience all help create barriers for direct competitors. The flip side is concentration risk: the company’s fortunes are heavily tied to this one asset and its ability to win approval, gain physician trust, and change entrenched treatment habits.

Innovation and R&D

Innovation and R&D R&D is tightly focused and ambitious rather than broad. The lead drug, etripamil, is built around a novel chemical design and an intranasal delivery system that aims to act quickly and wear off quickly—important in heart rhythm management. The program already has extensive late‑stage clinical data for one indication, with plans to extend into a second, larger heart rhythm condition. This creates a clear innovation path: first prove and launch in a niche but well‑defined condition, then expand into a broader market. The main R&D risks are clinical and regulatory: any safety concerns, weaker‑than‑expected real‑world performance, or delays in trial execution could significantly affect the value of the whole pipeline.

Summary

Milestone is a classic late‑stage, single‑asset biotech: little to no revenue, steady operating losses, and a balance sheet that has enough capital to advance its lead program but not a deep margin of safety. The company’s story is highly binary around etripamil—regulatory approval and successful commercialization could transform its financial profile, while setbacks would be painful given the lack of diversification. Its innovation is genuinely differentiated in terms of convenience and patient empowerment, with a potentially strong first‑mover advantage and patent protection. From here, the key things to watch are regulatory milestones, launch execution plans, cash runway and financing strategy, and progress in expanding the drug into additional heart rhythm indications.

NEWS

November 12, 2025 · 7:01 AM UTC

Milestone Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Regulatory and Corporate Update

Read more

November 4, 2025 · 4:05 PM UTC

Milestone Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more

November 3, 2025 · 8:00 AM UTC

Milestone Pharmaceuticals to Present New Analysis from Investigational Etripamil Nasal Spray Clinical Trials for PSVT at the American Heart Association Scientific Sessions 2025

Read more

October 9, 2025 · 8:00 AM UTC

Milestone® Pharmaceuticals to Present Data on Etripamil at the American Heart Association Scientific Sessions 2025

Read more