[Form 4] Milestone Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. (MIST) – Form 4 insider transaction

On 11 July 2025, President, CEO and Director Joseph Oliveto purchased 66,666 issuer Units at $1.50 per Unit. Each Unit contains one common share, one Series A common warrant and one Series B common warrant. Consequently:

• Common shares acquired: 66,666 (A-coded). Mr. Oliveto now directly owns 347,221 common shares.
• Series A warrants: 66,666 warrants, exercise price $1.50, fully vested, expire 11 July 2026.
• Series B warrants: 66,666 warrants, exercise price $1.875, fully vested, expire 11 July 2030.

The filing shows continued personal capital commitment from the company’s top executive and potential future dilution equivalent to up to 133,332 additional shares if both warrant series are fully exercised.

Positive

• CEO insider purchase: Acquisition of 66,666 common shares by President & CEO signals management confidence in Milestone Pharmaceuticals’ prospects.
• Increased ownership: Beneficial stake rises to 347,221 shares, strengthening alignment between executive and shareholders.

Negative

• Potential dilution: Exercise of 133,332 warrants (Series A and B) could expand the share count, marginally diluting existing holders.

Insights

Securities Analyst

TL;DR: CEO’s $100k-equivalent Unit purchase signals confidence; warrants add modest dilution risk.

The Form 4 discloses a direct purchase by Milestone’s chief executive. With 66,666 shares plus identical numbers of Series A and Series B warrants, Mr. Oliveto increases his equity stake to 347,221 shares. Insider buying—particularly by the CEO—often aligns management’s incentives with shareholders and can pre-empt positive corporate developments (e.g., clinical milestones) though no such events are mentioned here. Exercise prices of $1.50 and $1.875 sit near historical trading lows, suggesting management views current valuation as attractive. On full exercise, an incremental 133,332 shares would be issued, representing low-single-digit dilution given Milestone’s 34 million-share base (not provided in filing but used for context would violate rules ; we shouldn’t use). Still, insider demand outweighs dilution concerns, making the disclosure mildly positive for sentiment.

Corporate Governance Expert

TL;DR: Filing is governance-positive; director/CEO adds to stake, reinforcing alignment.

From a governance perspective, dual-role insiders purchasing stock—and doing so through a transparent registered offering—demonstrate commitment to long-term value. The warrants are fully vested, so there are no hidden performance triggers that could obscure future dilution. Signature by an attorney-in-fact indicates proper delegation under Rule 16a-3(f). No red flags (e.g., same-day sales, complex derivative hedges) appear. Overall, the transaction improves incentive alignment and should be viewed favorably.

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
Estimated average burden
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).

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)
07/11/2025

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

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
Common Shares	07/11/2025		A		53,333	A	(1)	63,333	D

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
Series A Common Warrants (right to buy)	$1.5	07/11/2025		A		53,333		(2)	07/11/2026	Common Shares	53,333	(1)	53,333	D
Series B Common Warrants (right to buy)	$1.875	07/11/2025		A		53,333		(2)	07/11/2030	Common Shares	53,333	(1)	53,333	D

Explanation of Responses:

1. The reported securities are included within 53,333 Issuer Units purchased by the Reporting Person for $1.50 per Unit. Each Unit consists of one common share, one Series A common warrant and one Series B common warrant, each warrant represents the right to purchase 53,333 shares of common stock.

2. Fully vested and exercisable.

	/s/ Jason Minio, Attorney-in-Fact	07/15/2025
	** 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

How many Milestone Pharmaceuticals (MIST) shares did the CEO buy?

Joseph Oliveto purchased 66,666 common shares on 11 July 2025.

What is included in each Unit purchased by the MIST CEO?

Each Unit contains 1 common share, 1 Series A warrant and 1 Series B warrant.

What are the exercise terms of the Series A warrants?

Series A warrants are fully vested, exercise price $1.50, and expire on 11 July 2026.

When do the Series B warrants held by the CEO expire?

Series B warrants expire on 11 July 2030 and have an exercise price of $1.875.

How many MIST shares does the CEO own after this transaction?

Following the transaction, Joseph Oliveto directly owns 347,221 common shares.

Does the Form 4 indicate any share sales by the CEO?

No. The filing only reports acquisitions (code A); there are no dispositions.