Milestone (NASDAQ: MIST) grants CMO 204K options and 136K RSUs

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. reported new equity awards to Chief Medical Officer David Bharucha. On February 2, 2026, he received an employee stock option covering 204,000 common shares at an exercise price of $1.97 per share, expiring February 2, 2036.

One-fourth of the option vests on February 2, 2027, with the remaining shares vesting in equal monthly installments over the following 36 months, assuming continued service. He also received 136,000 restricted stock units, each representing one common share, vesting in four equal annual installments on February 2 of 2027, 2028, 2029 and 2030, subject to continued service.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Bharucha David

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	204,000	$0.00	--
Grant/Award	Restricted Stock Unit	136,000	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 204,000 shares (Direct); Restricted Stock Unit — 136,000 shares (Direct)

Footnotes (1)

1. 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. Each restricted stock unit represents a contingent right to receive one common share. One-fourth (1/4th) of the shares subject to the restricted stock unit award vest on each of February 2, 2027, February 2, 2028, February 2, 2029 and February 2, 2030, subject to the Reporting Person continuing to provide service through each such date.

Form 4 Insider Transactions: What Each Field Means →

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).

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)

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)	$1.97	02/02/2026		A		204,000		(1)	02/02/2036	Common Shares	204,000	$0	204,000	D
Restricted Stock Unit	(2)	02/02/2026		A		136,000		(3)	(3)	Common Shares	136,000	$0	136,000	D

Explanation of Responses:

1. 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.

2. Each restricted stock unit represents a contingent right to receive one common share.

3. One-fourth (1/4th) of the shares subject to the restricted stock unit award vest on each of February 2, 2027, February 2, 2028, February 2, 2029 and February 2, 2030, subject to the Reporting Person continuing to provide service through each such date.

	/s/ Joseph Oliveto, Attorney-in-Fact	02/04/2026
	** 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 equity awards to Chief Medical Officer David Bharucha. He received stock options on 204,000 shares at $1.97 and 136,000 restricted stock units, both granted on February 2, 2026, subject to multi-year vesting based on continued service.

How many stock options did the Milestone (MIST) CMO receive?

The Chief Medical Officer received options on 204,000 common shares at an exercise price of $1.97 per share. One-fourth vests on February 2, 2027, with the remaining shares vesting monthly over the next 36 months, contingent on continued service.

What are the terms of the Milestone (MIST) restricted stock units?

The CMO was granted 136,000 restricted stock units, each representing one common share. These units vest in four equal installments on February 2 of 2027, 2028, 2029, and 2030, provided he continues to provide service through each vesting date.

When do the Milestone (MIST) stock options granted to the CMO expire?

The employee stock options granted to the Chief Medical Officer expire on February 2, 2036. They carry a $1.97 exercise price, with vesting starting February 2, 2027, and continuing monthly thereafter, conditioned on ongoing service with Milestone Pharmaceuticals.

Does each Milestone (MIST) RSU equal one common share?

Yes. Each restricted stock unit granted to the Chief Medical Officer represents a contingent right to receive one common share of Milestone Pharmaceuticals, subject to the specified four-year vesting schedule and his continued service through each vesting date.

How is vesting structured for the Milestone (MIST) CMO stock option?

For the 204,000-share option, 25% vests on February 2, 2027. The remaining 75% then vests in equal monthly installments over the following 36 months, so long as the Chief Medical Officer continues providing service to Milestone Pharmaceuticals.