Milestone Pharmaceuticals Inc. (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 Oct 17, 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 Inc. (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 remains funded by outside capital: no reported revenue, recurring operating cash outflows, and financing reshaped its balance sheet.
The latest year’s cash conversion is not the main issue: operating cash outflow was$49.0M , nearly matching free cash flow of-$49.3M , indicating that cash use was primarily operational rather than driven by heavy physical reinvestment. Across FY2024-FY2025, operating losses widened from$42.1M to$62.1M while reported R&D also increased, showing why the company still requires substantial funding without sales reported.
FY2025 financing inflow reached
A current ratio of 8.0x indicates substantial reported short-term coverage, and the liquidity comparison equaled 25.9 months of FY2025 operating outflow. However, liabilities exceeded equity, leaving the company dependent on financing rather than accumulated operating earnings.
Financial Health Signals
Milestone Pharmaceuticals Inc. 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 Inc. 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 Inc. 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 Inc. 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 Inc. generated $559K in revenue in Q2 2026. Against the prior quarter it is up 134.9%.
Milestone Pharmaceuticals Inc.'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 Inc. 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 Inc. earned -$0.21 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 5.0%.
Cash & Balance Sheet
Milestone Pharmaceuticals Inc. 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 Inc. 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 Inc.'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 Inc.'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 Inc. 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 Inc. 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 Inc. MIST | FY2025 | N/A | -$63K | N/A | $88.1M | — |
| Ventyx Biosciences, Inc. VTYX | FY2024 | N/A | -$135.1M | N/A | $1.0B | — |
| Alpha Cognition Inc. ACOG | FY2025 | $10.2M | -$20.7M | N/A | $178.4M | 34/100 |
| Greenwich LifeSciences, Inc. GLSI | FY2025 | N/A | -$19.4M | N/A | $213.6M | — |
| Kyverna Therapeutics, Inc. KYTX | FY2025 | N/A | -$161.3M | N/A | $350.7M | — |
Where Milestone Pharmaceuticals Inc. Ranks
Frequently Asked Questions
Is Milestone Pharmaceuticals Inc. profitable?
No, Milestone Pharmaceuticals Inc. (MIST) reported a net income of -$63K in fiscal year 2025.
What is Milestone Pharmaceuticals Inc.'s EBITDA?
Milestone Pharmaceuticals Inc. (MIST) had EBITDA of -$62.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Milestone Pharmaceuticals Inc. have?
As of fiscal year 2025, Milestone Pharmaceuticals Inc. (MIST) had $73.0M in cash and equivalents against $57.2M in long-term debt.
What is Milestone Pharmaceuticals Inc.'s return on equity (ROE)?
Milestone Pharmaceuticals Inc. (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 Inc.'s free cash flow?
Milestone Pharmaceuticals Inc. (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 Inc.'s operating cash flow?
Milestone Pharmaceuticals Inc. (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 Inc.'s total assets?
Milestone Pharmaceuticals Inc. (MIST) had $113.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Milestone Pharmaceuticals Inc.'s capital expenditures?
Milestone Pharmaceuticals Inc. (MIST) invested $302K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Milestone Pharmaceuticals Inc. spend on research and development?
Milestone Pharmaceuticals Inc. (MIST) invested $18.1M in research and development during fiscal year 2025.
What is Milestone Pharmaceuticals Inc.'s current ratio?
Milestone Pharmaceuticals Inc. (MIST) had a current ratio of 8.01 as of fiscal year 2025, which is generally considered healthy.
What is Milestone Pharmaceuticals Inc.'s debt-to-equity ratio?
Milestone Pharmaceuticals Inc. (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 Inc.'s return on assets (ROA)?
Milestone Pharmaceuticals Inc. (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 Inc.'s P/E ratio?
Milestone Pharmaceuticals Inc. (MIST) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $88.1M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Milestone Pharmaceuticals Inc.'s price-to-sales ratio?
Milestone Pharmaceuticals Inc. (MIST) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $88.1M as of Oct 17, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Milestone Pharmaceuticals Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Milestone Pharmaceuticals Inc. (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 Inc.'s Piotroski F-Score?
Milestone Pharmaceuticals Inc. (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 Inc.'s earnings high quality?
Milestone Pharmaceuticals Inc. (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 Inc. cover its interest payments?
Milestone Pharmaceuticals Inc. (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.