CMO option grant at Milestone (MIST) corrected to $1.96 exercise price

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. reported an amended insider transaction for its Chief Medical Officer. The officer received an employee stock option to buy 204,000 common shares at an exercise price of $1.96 per share, granted on February 2, 2026 and expiring on February 2, 2036.

The amendment corrects an initially misstated exercise price. One-fourth of the option shares vest on February 2, 2027, with one thirty-sixth of the remaining shares vesting monthly thereafter, as long as the officer continues providing services.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bharucha David

(Last) (First) (Middle)

C/O MILESTONE PHARMACEUTICALS INC.

1111 DR. FREDERIK-PHILIPS BLVD, STE 420

(Street)

MONTREAL A8 H4M 2X6

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)
02/04/2026

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$1.96(1)	02/02/2026		A		204,000		(2)	02/02/2036	Common Shares	204,000	$0	204,000	D

Explanation of Responses:

1. The exercise price on the initial filings was incorrectly stated.

2. One-fourth (1/4th) of the shares subject to the option vest on February 2, 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/ Joseph Oliveto, Attorney-in-Fact	02/05/2026
	** 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 4 (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.

FAQ

What insider transaction did Milestone Pharmaceuticals (MIST) report?

Milestone Pharmaceuticals reported an amended insider transaction granting its Chief Medical Officer an employee stock option for 204,000 common shares at an exercise price of $1.96 per share, correcting an error in the originally reported exercise price.

Why was this Form 4/A amendment filed for Milestone Pharmaceuticals (MIST)?

The Form 4/A was filed to correct the exercise price on the initial filings, which the company states was incorrectly reported. The amended filing specifies an accurate exercise price of $1.96 per share for the employee stock option grant.

How many stock options were granted to the Milestone Pharmaceuticals CMO?

The Chief Medical Officer received an employee stock option covering 204,000 common shares. These options were granted on February 2, 2026, with all 204,000 shares underlying the derivative security and expiring on February 2, 2036.

What is the vesting schedule for the Milestone Pharmaceuticals CMO’s options?

The vesting schedule provides that one-fourth of the option shares vest on February 2, 2027. Thereafter, one thirty-sixth of the remaining shares vests each month, assuming the reporting person continues to provide service through each vesting date.

What is the expiration date of the Milestone Pharmaceuticals (MIST) CMO’s option grant?

The employee stock option granted to the Chief Medical Officer expires on February 2, 2036. Until that date, subject to vesting and continued service requirements, the holder may exercise the option at the corrected $1.96 per-share exercise price.

How many derivative securities does the Milestone Pharmaceuticals CMO own after this transaction?

Following the reported transaction, the Chief Medical Officer beneficially owns 204,000 derivative securities in the form of employee stock options. These options relate to 204,000 common shares and are reported as held with direct ownership.