Milestone Pharma GC holds options on 400K shares

Milestone Pharmaceuticals Inc. filed an initial ownership report for its GC & Chief Compliance Officer, David I. Sandoval.

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. filed an initial ownership report for its GC & Chief Compliance Officer, David I. Sandoval. He holds an employee stock option to buy 400,000 common shares at an exercise price of $1.9600 per share, expiring on January 19, 2036. One-fourth of the option vests on January 19, 2027, with the remaining shares vesting monthly over the following 36 months, subject to continued service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sandoval David I.

Role GC & Chief Compliance Officer

Type	Security	Shares	Price	Value
holding	Employee Stock Option (right to buy)	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 400,000 contracts (Direct)

Footnotes (1)

1. F1. One-fourth (1/4th) of the shares subject to the option vest on January 19, 2027, and one thirty-sixth (1/36th) of the remaining shares subject to this option shall vest each month thereafter, subject to the Reporting Person continuing to provide service through each such date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Milestone Pharmaceuticals (MIST) Form 3 filing report?

The filing reports David I. Sandoval’s initial equity holdings. It shows he holds an employee stock option to purchase 400,000 Milestone Pharmaceuticals common shares, providing equity-linked compensation aligned with his role as General Counsel and Chief Compliance Officer.

How many shares are covered by David Sandoval’s stock option at Milestone Pharmaceuticals (MIST)?

The option covers 400,000 underlying common shares. This employee stock option represents potential future ownership if exercised, tying a meaningful portion of the executive’s compensation to Milestone Pharmaceuticals’ share performance over the option’s life.

What is the exercise price of David Sandoval’s Milestone Pharmaceuticals (MIST) stock option?

The exercise price is $1.9600 per share. This means Sandoval can purchase Milestone Pharmaceuticals common shares at $1.9600 if and when the option vests and he chooses to exercise during the option term.

When does David Sandoval’s Milestone Pharmaceuticals (MIST) stock option vest?

Vesting begins on January 19, 2027. One-fourth of the option vests on that date, with one thirty-sixth of the remaining shares vesting each month afterward, conditioned on Sandoval continuing to provide service through each vesting date.

When does David Sandoval’s Milestone Pharmaceuticals (MIST) stock option expire?

The option expires on January 19, 2036. After that expiration date, any unexercised portion of the 400,000-share employee stock option can no longer be exercised, limiting its useful life as part of his long-term compensation.

What role does David I. Sandoval hold at Milestone Pharmaceuticals (MIST)?

He serves as GC & Chief Compliance Officer. The Form 3 identifies him as an officer of Milestone Pharmaceuticals, and his reported employee stock option aligns his incentives with the company’s long-term performance and shareholder interests.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/23/2026 - 06:51 PM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Sandoval David I.

(Last) (First) (Middle)

C/O MILESTONE PHARMACEUTICALS INC.

1111 DR. FREDERIK-PHILIPS BLVD, STE 420

(Street)

MONTREAL H4M 2X6

(City) (State) (Zip)

QUEBEC, CANADA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Milestone Pharmaceuticals Inc. [ MIST ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GC & Chief Compliance Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	(1)	01/19/2036	Common Shares	400,000	$1.96	D

Explanation of Responses:

1. One-fourth (1/4th) of the shares subject to the option vest on January 19, 2027, and one thirty-sixth (1/36th) of the remaining shares subject to this option shall vest each month thereafter, subject to the Reporting Person continuing to provide service through each such date.

	/s/ David Sandoval	03/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)