Trails Edge files amended 4.3% stake disclosure in Milestone Pharmaceuticals (MIST)

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. reports amended Schedule 13G disclosures identifying beneficial ownership by Trails Edge-related filers. The filing states that, as of March 20, 2026, each Filer may be deemed to beneficially own 5,333,333 shares underlying Series B warrants, representing 4.3% of the issued and outstanding shares reported as 117,667,277 in the company's Form 10-K. The disclosure clarifies voting and dispositive power is held solely by the Filers and is filed jointly under a previously executed joint filing agreement.

Insights

Institutional Ownership Analyst

Trails Edge-affiliated entities report a 4.3% stake via Series B warrants.

Trails Edge Biotechnology Master Fund holds 5,333,333 Series B warrants that are reported as beneficial ownership as of March 20, 2026. The filing ties the percentage to 117,667,277 shares reported as outstanding in the Issuer's Form 10-K on the same date.

The disclosure notes sole voting and dispositive power over the reported securities. Cash-flow treatment or conversion timing for the Series B warrants is not described in the excerpt; subsequent filings would state any exercises or sales.

Compliance & SEC Filings Specialist

Amendment corrects/updates prior Schedule 13G information under a joint filing agreement.

The amended Schedule 13G/A is filed jointly by Trails Edge Capital, Trails Edge Biotechnology, and Ortav Yehudai, referencing a Joint Filing Agreement dated July 21, 2025. Signatures show factual attribution and the filer relationships (manager, fund, CIO).

Ownership is presented on a beneficial basis tied to Series B warrants; the filing documents voting/dispositive powers explicitly. Materiality for investors depends on future conversions or dispositions disclosed in later reports.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Milestone Pharmaceuticals Inc.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

(CUSIP Number)

03/20/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Trails Edge Capital Partners, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,333,333.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,333,333.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,333,333.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: See Item 4 for additional information.

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Trails Edge Biotechnology Master Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,333,333.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,333,333.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,333,333.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: See Item 4 for additional information.

SCHEDULE 13G

CUSIP No.

1

Names of Reporting Persons

Ortav Yehudai

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,333,333.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,333,333.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,333,333.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 4 for additional information.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Milestone Pharmaceuticals Inc.
(b)	Address of issuer's principal executive offices: 1111 Dr. Frederik-Philips Boulevard, Suite 420, Montreal, A8, H4M 2X6
Item 2.
(a)	Name of person filing: This report on Schedule 13G/A, to the Schedule 13G filed on July 21, 2025, as amended on November 14, 2025 (as amended, the "Schedule 13G"), is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)	Address or principal business office or, if none, residence: The address for each Filer is 3455 Peachtree Road NE, 5th Floor, Atlanta, GA 30326.
(c)	Citizenship: See Item 4 of the cover page of each Filer.
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.:
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of March 20, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 5,333,333 common shares, no par value (the "Shares"), of Milestone Pharmaceuticals Inc. (the "Issuer"). The 5,333,333 Shares reported as beneficially owned on this Schedule 13G by each Filer consists of 5,333,333 Shares underlying Series B warrants (the "Series B Warrants") held directly by Trails Edge Biotechnology. As a result, Trails Edge Biotechnology beneficially owns approximately 4.3% of the outstanding Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own approximately 4.3% of the outstanding Shares of the Issuer as of the Event Date. Ownership percentages are based on 117,667,277 Shares reported as issued and outstanding as of March 20, 2026 in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2026.
(b)	Percent of class: 4.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,333,333
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,333,333
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Trails Edge Capital Partners, LP

Signature:	By: Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:	03/26/2026

Trails Edge Biotechnology Master Fund, LP

Signature:	By: Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Chief Investment Officer of Trails Edge GP, LLC
Date:	03/26/2026

Ortav Yehudai

Signature:	/s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Individual
Date:	03/26/2026

Exhibit Information

Exhibit 1 - Joint Filing Agreement dated as of July 21, 2025, by and between Trails Edge Capital Partners, LP, Trails Edge Biotechnology Master Fund, LP and Ortav Yehudai (incorporated by reference to Exhibit 1 to the Schedule 13G filed with the Securities and Exchange Commission on July 21, 2025).

FAQ

What stake does Trails Edge report in Milestone Pharmaceuticals (MIST)?

They report beneficial ownership of 5,333,333 shares each, represented by Series B warrants. The filing states this equals 4.3% of the 117,667,277 shares reported as issued and outstanding as of March 20, 2026.

Are the holdings direct shares or warrants for MIST?

The holdings are reported as shares underlying Series B warrants rather than direct common shares. The filing specifies the 5,333,333 figure represents securities underlying the Series B Warrants held by Trails Edge Biotechnology.

Who are the filers named on the Schedule 13G/A for MIST?

The joint filing is by Trails Edge Capital Partners, LP; Trails Edge Biotechnology Master Fund, LP; and Ortav Yehudai. The filing notes Trails Edge Capital is the manager and Mr. Yehudai is CIO.

Does the filing state voting or dispositive power for these securities?

Yes. The filing states sole voting power and sole dispositive power over the 5,333,333 reported securities for each Filer. Shared voting/dispositive power are reported as 0.

What outstanding share count is used to calculate the 4.3% figure for MIST?

The percentage is calculated using 117,667,277 shares reported as issued and outstanding in the Issuer's Form 10-K filed on March 20, 2026, as cited in the Schedule 13G/A.