Milestone Pharmaceuticals Financials

MIST

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Milestone Pharmaceuticals (MIST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Milestone Pharmaceuticals passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.69x

For every $1 of reported earnings, Milestone Pharmaceuticals generates $0.69 in operating cash flow (-$28.8M OCF vs -$41.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-11.8x

Milestone Pharmaceuticals earns $-11.8 in operating income for every $1 of interest expense (-$42.1M vs $3.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$42.0M

YoY+31.2%

Milestone Pharmaceuticals's EBITDA was -$42.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.2% from the prior year.

Free Cash Flow

-$28.9M

YoY+37.9%

Milestone Pharmaceuticals generated -$28.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 37.9% from the prior year.

Net Income

-$41.5M

YoY+30.4%

Milestone Pharmaceuticals reported -$41.5M in net income in fiscal year 2024. This represents an increase of 30.4% from the prior year.

EPS (Diluted)

$-0.67

YoY+51.8%

Milestone Pharmaceuticals earned $-0.67 per diluted share (EPS) in fiscal year 2024. This represents an increase of 51.8% from the prior year.

Cash & Debt

$25.3M

YoY+84.0%

5Y CAGR-26.7%

Milestone Pharmaceuticals held $25.3M in cash against $53.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

53M

YoY+59.3%

5Y CAGR+16.8%

Milestone Pharmaceuticals had 53M shares outstanding in fiscal year 2024. This represents an increase of 59.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$14.4M

YoY-53.8%

5Y CAGR-19.3%

Milestone Pharmaceuticals invested $14.4M in research and development in fiscal year 2024. This represents a decrease of 53.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$33K

YoY-70.5%

5Y CAGR-39.7%

Milestone Pharmaceuticals invested $33K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 70.5% from the prior year.

MIST Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$14.4M-53.8%	$31.1M-22.0%	$39.8M+3.0%	$38.7M+12.1%	$34.5M-17.9%	$42.0M
SG&A Expenses	$16.7M+5.1%	$15.9M+1.4%	$15.7M+26.8%	$12.4M+20.6%	$10.3M+46.8%	$7.0M
Operating Income	-$42.1M+31.1%	-$61.1M-2.4%	-$59.6M-38.5%	-$43.1M+15.1%	-$50.7M+12.4%	-$57.9M
Interest Expense	$3.6M+40.2%	$2.6M	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	-$17K+69.6%	-$56K
Net Income	-$41.5M+30.4%	-$59.7M-2.2%	-$58.4M-36.3%	-$42.9M+14.2%	-$50.0M+9.5%	-$55.2M
EPS (Diluted)	$-0.67+51.8%	$-1.39-0.7%	$-1.38-35.3%	$-1.02+40.0%	$-1.70	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.9M+7.4%	$3.7M-26.3%	$5.0M	N/A	$4.0M+40.8%	$2.8M-22.6%	$3.6M	N/A
SG&A Expenses	$3.3M-13.2%	$3.8M-27.2%	$5.2M	N/A	$3.7M-25.8%	$5.0M+27.6%	$4.0M	N/A
Operating Income	-$11.8M+5.6%	-$12.5M+38.9%	-$20.5M	N/A	-$9.6M+0.5%	-$9.7M+7.8%	-$10.5M	N/A
Interest Expense	$967K+1.7%	$951K+1.7%	$935K	N/A	$903K+1.8%	$887K+1.7%	$872K	N/A
Income Tax	N/A	N/A	N/A	N/A	-$73K-1725.0%	-$4K-118.2%	$22K	N/A
Net Income	-$11.9M+8.1%	-$13.0M+37.5%	-$20.8M	N/A	-$9.4M-0.8%	-$9.4M+9.6%	-$10.4M	N/A
EPS (Diluted)	$-0.12+40.0%	$-0.20+35.5%	$-0.31	N/A	$-0.140.0%	$-0.14+33.3%	$-0.21	N/A

MIST Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$75.5M+0.4%	$75.2M+1.0%	$74.5M-37.9%	$119.8M-20.1%	$150.0M+21.5%	$123.4M
Current Assets	$73.9M+1.2%	$73.0M+1.7%	$71.8M-39.6%	$118.9M-20.0%	$148.7M+21.4%	$122.5M
Cash & Equivalents	$25.3M+84.0%	$13.8M+80.2%	$7.6M-93.3%	$114.1M+57.8%	$72.3M-39.7%	$119.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$62.4M+6.7%	$58.5M+618.6%	$8.1M+12.2%	$7.2M+5.7%	$6.9M-19.5%	$8.5M
Current Liabilities	$8.1M+12.5%	$7.2M+17.7%	$6.1M-9.4%	$6.8M+10.0%	$6.2M-26.0%	$8.3M
Long-Term Debt	$53.4M+7.2%	$49.8M	N/A	N/A	N/A	$0
Total Equity	$13.1M-21.6%	$16.8M-74.7%	$66.3M-41.1%	$112.6M-21.3%	$143.1M+24.5%	$114.9M
Retained Earnings	-$367.5M-12.7%	-$326.0M-22.4%	-$266.3M-28.1%	-$208.0M-27.2%	-$163.5M-44.0%	-$113.5M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$87.8M+85.1%	$47.4M-23.4%	$61.9M-18.0%	$75.5M-8.7%	$82.7M-7.3%	$89.2M-7.1%	$96.0M+27.6%	$75.2M
Current Assets	$86.7M+87.7%	$46.2M-23.7%	$60.5M-18.2%	$73.9M-8.7%	$81.0M-7.3%	$87.4M-7.0%	$94.0M+28.7%	$73.0M
Cash & Equivalents	$46.7M+9.8%	$42.5M-5.7%	$45.1M+78.1%	$25.3M+97.8%	$12.8M-3.5%	$13.3M+30.9%	$10.1M-26.4%	$13.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$67.2M+3.2%	$65.2M-4.2%	$68.0M+9.1%	$62.4M+6.2%	$58.7M+2.5%	$57.3M+2.1%	$56.1M-4.1%	$58.5M
Current Liabilities	$10.5M+13.4%	$9.3M-28.4%	$13.0M+59.5%	$8.1M+54.5%	$5.3M+15.1%	$4.6M+10.6%	$4.1M-42.8%	$7.2M
Long-Term Debt	$56.2M+1.8%	$55.2M+1.8%	$54.3M+1.8%	$53.4M+1.8%	$52.4M+1.8%	$51.5M+1.8%	$50.6M+1.8%	$49.8M
Total Equity	$20.5M+215.5%	-$17.7M-189.8%	-$6.1M-146.6%	$13.1M-45.2%	$24.0M-24.9%	$32.0M-19.9%	$39.9M+138.0%	$16.8M
Retained Earnings	-$413.2M-3.0%	-$401.3M-3.3%	-$388.3M-5.6%	-$367.5M-3.5%	-$355.2M-2.7%	-$345.7M-2.8%	-$336.4M-3.2%	-$326.0M

MIST Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$28.8M+37.9%	-$46.4M+11.5%	-$52.5M-57.9%	-$33.2M+34.5%	-$50.7M+0.8%	-$51.2M
Capital Expenditures	$33K-70.5%	$112K-58.8%	$272K	N/A	N/A	$413K
Free Cash Flow	-$28.9M+37.9%	-$46.5M+11.8%	-$52.7M	N/A	N/A	-$51.6M
Investing Cash Flow	$8.3M+74.2%	$4.8M+108.3%	-$57.1M-181.6%	$70.0M+200.0%	-$70.0M-18129.2%	-$384K
Financing Cash Flow	$32.1M-32.8%	$47.8M+1447.7%	$3.1M-38.9%	$5.1M-93.1%	$73.2M-14.3%	$85.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$9.7M+22.4%	-$12.6M+9.9%	-$14.0M-103.9%	-$6.8M+2.5%	-$7.0M-15.9%	-$6.1M+32.2%	-$8.9M+8.8%	-$9.8M
Capital Expenditures	$2K-81.8%	$11K+83.3%	$6K-72.7%	$22K+450.0%	$4K	N/A	N/A	$31K
Free Cash Flow	-$9.8M+22.5%	-$12.6M+9.9%	-$14.0M-103.3%	-$6.9M+2.2%	-$7.0M	N/A	N/A	-$9.8M
Investing Cash Flow	-$35.0M-451.8%	$9.9M-70.4%	$33.6M+73.7%	$19.3M+198.3%	$6.5M-31.6%	$9.5M+135.1%	-$27.0M-297.5%	$13.7M
Financing Cash Flow	$48.9M+135783.3%	$36K-74.3%	$140K+483.3%	$24K-67.6%	$74K+124.8%	-$298K-100.9%	$32.3M+3231800.0%	$1K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MIST Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-55.0%+24.3pp	-79.3%-0.9pp	-78.4%-42.6pp	-35.8%-2.4pp	-33.3%+11.4pp	-44.8%
Current Ratio	9.10-1.0	10.11-1.6	11.70-5.9	17.55-6.6	24.14+9.4	14.71
Debt-to-Equity	4.06+1.1	2.97+2.8	0.12+0.1	0.06+0.0	0.05+0.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-13.6%+13.7pp	-27.3%+6.2pp	-33.6%	N/A	-11.4%-0.9pp	-10.5%+0.3pp	-10.8%	N/A
Current Ratio	8.24+3.3	4.97+0.3	4.67-4.4	9.10-6.3	15.40-3.7	19.13-3.6	22.75+12.6	10.11
Debt-to-Equity	2.74+5.9	-3.11+5.8	-8.87-12.9	4.06+1.9	2.18+0.6	1.61+0.3	1.27-1.7	2.97
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Milestone Pharmaceuticals profitable?

No, Milestone Pharmaceuticals (MIST) reported a net income of -$41.5M in fiscal year 2024.

What is Milestone Pharmaceuticals's earnings per share (EPS)?

Milestone Pharmaceuticals (MIST) reported diluted earnings per share of $-0.67 for fiscal year 2024. This represents a 51.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Milestone Pharmaceuticals's EBITDA?

Milestone Pharmaceuticals (MIST) had EBITDA of -$42.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Milestone Pharmaceuticals have?

As of fiscal year 2024, Milestone Pharmaceuticals (MIST) had $25.3M in cash and equivalents against $53.4M in long-term debt.

What is Milestone Pharmaceuticals's free cash flow?

Milestone Pharmaceuticals (MIST) generated -$28.9M in free cash flow during fiscal year 2024. This represents a 37.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Milestone Pharmaceuticals's operating cash flow?

Milestone Pharmaceuticals (MIST) generated -$28.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Milestone Pharmaceuticals's total assets?

Milestone Pharmaceuticals (MIST) had $75.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Milestone Pharmaceuticals's capital expenditures?

Milestone Pharmaceuticals (MIST) invested $33K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Milestone Pharmaceuticals spend on research and development?

Milestone Pharmaceuticals (MIST) invested $14.4M in research and development during fiscal year 2024.

How many shares does Milestone Pharmaceuticals have outstanding?

Milestone Pharmaceuticals (MIST) had 53M shares outstanding as of fiscal year 2024.

What is Milestone Pharmaceuticals's current ratio?

Milestone Pharmaceuticals (MIST) had a current ratio of 9.10 as of fiscal year 2024, which is generally considered healthy.

What is Milestone Pharmaceuticals's debt-to-equity ratio?

Milestone Pharmaceuticals (MIST) had a debt-to-equity ratio of 4.06 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Milestone Pharmaceuticals's return on assets (ROA)?

Milestone Pharmaceuticals (MIST) had a return on assets of -55.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Milestone Pharmaceuticals's cash runway?

Based on fiscal year 2024 data, Milestone Pharmaceuticals (MIST) had $25.3M in cash against an annual operating cash burn of $28.8M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Milestone Pharmaceuticals's Piotroski F-Score?

Milestone Pharmaceuticals (MIST) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Milestone Pharmaceuticals's earnings high quality?

Milestone Pharmaceuticals (MIST) has an earnings quality ratio of 0.69x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Milestone Pharmaceuticals cover its interest payments?

Milestone Pharmaceuticals (MIST) has an interest coverage ratio of -11.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.