Milestone Pharmaceuticals (MIST) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MIST SEC filings page.
This page shows Milestone Pharmaceuticals (MIST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 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).
Milestone’s development-stage model remains dependent on external financing as recurring cash investment has not yet become self-funded.
Operating cash outflow remained roughly$49M in FY2025 versus$46.4M in FY2023, so the lower FY2024 outflow did not establish a durable reduction in funding needs. Financing supplied$85.5M in FY2025 while debt-to-equity was 1.4x, linking the cash position to continued external funding rather than internally generated cash.
With no reported revenue and R&D of
Debt-to-equity fell from 4.1x in FY2024 to 1.4x in FY2025, indicating that the leverage ratio improved mainly as the equity base expanded. Reported liquidity equaled 25.9 months of the latest annual operating outflow, while the current ratio remained 8.0x, combining substantial short-term coverage with a financing-dependent structure.
Financial Health Signals
Milestone Pharmaceuticals does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Milestone Pharmaceuticals passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 3 leverage/liquidity signals pass.
Milestone Pharmaceuticals reported a net loss of $63K while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Milestone Pharmaceuticals reported an operating loss of $62.1M against $3.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Milestone Pharmaceuticals generated $559K in revenue in Q2 2026. Against the prior quarter it is up 134.9%.
Milestone Pharmaceuticals's EBITDA was -$25.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 104.5% from the same quarter a year earlier. Against the prior quarter it is down 8.3%.
Milestone Pharmaceuticals reported -$28.6M in net income in Q2 2026. This represents a decrease of 120.7% from the same quarter a year earlier. Against the prior quarter it is down 9.8%.
Milestone Pharmaceuticals earned -$0.21 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 5.0%.
Cash & Balance Sheet
Milestone Pharmaceuticals recorded an outflow of $22.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 80.8% from the same quarter a year earlier. Against the prior quarter it is down 41.3%.
Milestone Pharmaceuticals held $169.7M in cash against $59.2M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Milestone Pharmaceuticals's gross margin was 94.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. Against the prior quarter it is up 0.2 percentage points.
Milestone Pharmaceuticals's ROE was -157.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is down 84.8 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Milestone Pharmaceuticals invested $3.5M in research and development in Q2 2026. This represents a decrease of 4.4% from the same quarter a year earlier. Against the prior quarter it is up 7.9%.
Milestone Pharmaceuticals invested $26K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 136.4% from the same quarter a year earlier. Against the prior quarter it is down 42.2%.
Not reported for Q2 2026.
MIST Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $559K | $238K | N/A | N/A | $0 | $0 | N/A | N/A |
| Cost of Revenue | $32K | $14K | N/A | N/A | $0 | $0 | N/A | N/A |
| Gross Profit | $527K | $224K | N/A | N/A | $0 | $0 | N/A | N/A |
| R&D Expenses | $3.5M-4.4% | $3.3M-34.7% | N/A | $3.9M-0.6% | $3.7M+30.3% | $5.0M+36.8% | N/A | $4.0M-41.0% |
| SG&A Expenses | $22.6M+155.6% | $4.8M-6.6% | N/A | $3.3M-12.8% | $8.9M+75.6% | $5.2M+30.7% | N/A | $3.7M-11.5% |
| Operating Income | -$25.6M-104.5% | -$23.7M-15.3% | N/A | -$11.8M-23.0% | -$12.5M-29.7% | -$20.5M-95.9% | N/A | -$9.6M+37.4% |
| EBITDA | -$25.6M-104.5% | -$23.6M-15.2% | N/A | -$11.8M-23.1% | -$12.5M-29.8% | -$20.5M-96.2% | N/A | -$9.6M+37.5% |
| Interest Expense | $4.7M+396.8% | $4.1M+342.2% | N/A | $967K+7.1% | $951K+7.2% | $935K+7.2% | N/A | $903K+7.4% |
| Net Income | -$28.6M-120.7% | -$26.1M-25.6% | N/A | -$11.9M-26.3% | -$13.0M-38.5% | -$20.8M-100.5% | N/A | -$9.4M+37.4% |
| EPS (Basic) | -$0.21-5.0% | -$0.20+35.5% | -$0.15+21.1% | -$0.12+14.3% | -$0.20-42.9% | -$0.31-47.6% | -$0.19+40.6% | -$0.14+60.0% |
| EPS (Diluted) | -$0.21 | -$0.20 | -$0.15 | -$0.12+14.3% | -$0.20-42.9% | -$0.31-47.6% | -$0.19+40.6% | -$0.14 |
Not reported in any period shown, so not listed: Income Tax, Diluted Shares (Avg).
MIST Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $181.6M+283.0% | $193.7M+213.1% | $113.6M+50.4% | $87.8M+6.1% | $47.4M-46.9% | $61.9M-35.5% | $75.5M+0.4% | $82.7M-5.1% |
| Current Assets | $180.3M+290.6% | $192.3M+217.9% | $111.9M+51.4% | $86.7M+7.0% | $46.2M-47.2% | $60.5M-35.6% | $73.9M+1.2% | $81.0M-4.5% |
| Cash & Equivalents | $169.7M+299.4% | $71.3M+58.2% | $73.0M+188.6% | $46.7M+264.8% | $42.5M+220.5% | $45.1M+345.0% | $25.3M+84.0% | $12.8M+29.6% |
| Short-Term Investments | $881K-4.0% | $112.9M+938.3% | $32.9M-25.8% | $35.9M-43.6% | $918K-98.7% | $10.9M-86.3% | $44.4M-15.0% | $63.6M-3.4% |
| Inventory | $4.7M | $1.8M | $648K | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.7M | $1.6M | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $163.4M+150.8% | $157.7M+131.9% | $71.8M+15.1% | $67.2M+14.6% | $65.2M+13.8% | $68.0M+21.3% | $62.4M+6.7% | $58.7M+0.1% |
| Current Liabilities | $22.2M+139.0% | $20.9M+61.6% | $14.0M+72.0% | $10.5M+100.2% | $9.3M+103.3% | $13.0M+213.9% | $8.1M+12.5% | $5.3M-35.2% |
| Non-Current Liabilities | $141.2M+152.7% | $136.7M+148.4% | $57.8M+6.6% | $56.7M+6.2% | $55.9M+6.1% | $55.0M+6.0% | $54.2M+5.9% | $53.4M+5.8% |
| Long-Term Debt | $59.2M+7.2% | $58.2M+7.2% | $57.2M+7.2% | $56.2M+7.2% | $55.2M+7.2% | $54.3M+7.2% | $53.4M+7.2% | $52.4M+7.2% |
| Total Equity | $18.2M+202.7% | $36.0M+688.7% | $41.8M+217.7% | $20.5M-14.6% | -$17.7M-155.5% | -$6.1M-115.3% | $13.1M-21.6% | $24.0M-15.8% |
| Retained Earnings | -$485.3M-20.9% | -$456.7M-17.6% | -$430.6M-17.2% | -$413.2M-16.3% | -$401.3M-16.1% | -$388.3M-15.4% | -$367.5M-12.7% | -$355.2M-13.7% |
Not reported in any period shown, so not listed: Goodwill.
MIST Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.7M-80.8% | -$16.1M-15.1% | -$12.8M-86.7% | -$9.7M-38.9% | -$12.6M-107.6% | -$14.0M-56.2% | -$6.8M+30.1% | -$7.0M+42.3% |
| Depreciation & Amortization | $57K+103.6% | $56K+107.4% | $34K+30.8% | $25K0.0% | $28K+7.7% | $27K-3.6% | $26K0.0% | $25K+4.2% |
| Stock-Based Compensation | $1.3M+2.3% | $1.3M-5.1% | N/A | $1.3M-10.7% | $1.3M-6.0% | $1.4M-10.6% | N/A | $1.4M-51.3% |
| Capital Expenditures | $26K+136.4% | $45K+650.0% | $283K+1186.4% | $2K-50.0% | $11K | $6K | $22K-29.0% | $4K-77.8% |
| Free Cash Flow | -$22.7M-80.8% | -$16.1M-15.3% | -$13.1M-90.2% | -$9.8M-38.8% | -$12.6M | -$14.0M | -$6.9M+30.1% | -$7.0M+42.3% |
| Investing Cash Flow | $112.0M+1026.2% | -$80.0M-338.3% | $2.7M-86.0% | -$35.0M-639.8% | $9.9M+4.9% | $33.6M+224.3% | $19.3M+41.4% | $6.5M+159.7% |
| Financing Cash Flow | $9.1M+25269.4% | $94.4M+67295.7% | $36.4M+151704.2% | $48.9M+66005.4% | $36K+112.1% | $140K-99.6% | $24K+2300.0% | $74K-75.7% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MIST Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3% | 94.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -4585.0% | -9942.4% | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -5118.8% | -10952.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -157.1% | -72.3% | N/A | -58.1%-18.8pp | N/A | N/A | N/A | -39.3%+13.6pp |
| Return on Assets | -15.8%+11.6pp | -13.5%+20.1pp | N/A | -13.6%-2.2pp | -27.3%-16.8pp | -33.6%-22.8pp | N/A | -11.4%+5.9pp |
| Current Ratio | 8.13+3.2x | 9.18+4.5x | 8.01-1.1x | 8.24-7.2x | 4.97-14.2x | 4.67-18.1x | 9.10-1.0x | 15.40+5.0x |
| Debt-to-Equity | 3.25 | 1.61 | 1.37-2.7x | 2.74+0.6x | N/A | N/A | 4.06+1.1x | 2.18+0.5x |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | N/A | 0.00 | 0.00 | N/A | N/A |
| FCF Margin | -4068.0% | -6763.9% | N/A | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Milestone Pharmaceuticals MIST | FY2025 | N/A | -$63K | N/A | $146.9M | — |
| Ventyx Biosciences, Inc. VTYX | FY2024 | N/A | -$135.1M | N/A | $1.0B | — |
| Alpha Cognition ACOG | FY2025 | $10.2M | -$20.7M | N/A | $202.9M | 34/100 |
| Greenwich Lifesciences Inc GLSI | FY2025 | N/A | -$19.4M | N/A | $231.0M | — |
| Kyverna Therapeutics KYTX | FY2025 | N/A | -$161.3M | N/A | $532.8M | — |
Where Milestone Pharmaceuticals Ranks
Frequently Asked Questions
Is Milestone Pharmaceuticals profitable?
No, Milestone Pharmaceuticals (MIST) reported a net income of -$63K in fiscal year 2025.
What is Milestone Pharmaceuticals's EBITDA?
Milestone Pharmaceuticals (MIST) had EBITDA of -$62.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Milestone Pharmaceuticals have?
As of fiscal year 2025, Milestone Pharmaceuticals (MIST) had $73.0M in cash and equivalents against $57.2M in long-term debt.
What is Milestone Pharmaceuticals's return on equity (ROE)?
Milestone Pharmaceuticals (MIST) has a return on equity of -0.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Milestone Pharmaceuticals's free cash flow?
Milestone Pharmaceuticals (MIST) recorded an outflow of $49.3M in free cash flow during fiscal year 2025. This represents a -70.8% 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) recorded an outflow of $49.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Milestone Pharmaceuticals's total assets?
Milestone Pharmaceuticals (MIST) had $113.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Milestone Pharmaceuticals's capital expenditures?
Milestone Pharmaceuticals (MIST) invested $302K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Milestone Pharmaceuticals spend on research and development?
Milestone Pharmaceuticals (MIST) invested $18.1M in research and development during fiscal year 2025.
What is Milestone Pharmaceuticals's current ratio?
Milestone Pharmaceuticals (MIST) had a current ratio of 8.01 as of fiscal year 2025, which is generally considered healthy.
What is Milestone Pharmaceuticals's debt-to-equity ratio?
Milestone Pharmaceuticals (MIST) had a debt-to-equity ratio of 1.37 as of fiscal year 2025, 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 -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Milestone Pharmaceuticals's P/E ratio?
Milestone Pharmaceuticals (MIST) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $146.9M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Milestone Pharmaceuticals's price-to-sales ratio?
Milestone Pharmaceuticals (MIST) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $146.9M as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Milestone Pharmaceuticals's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Milestone Pharmaceuticals (MIST) held $106.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $49.0M over that year. Dividing the one by the other, the reported balance equals about 26 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Milestone Pharmaceuticals's Piotroski F-Score?
Milestone Pharmaceuticals (MIST) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $63K while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $62.1M against $3.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.