Pavaki Capital Partners, LP, together with Pavaki Capital Management, LLC and Ashok Rambhai Patel, reports beneficial ownership of 9,067,848 common shares of Milestone Pharmaceuticals Inc. as of December 31, 2025. This position represents 7.3% of the company’s outstanding common shares.
The shares are held directly by Pavaki Capital Partners, LP, with Pavaki Capital Management, LLC acting as general partner and investment manager, and Ashok Rambhai Patel as managing member. The group reports 0 shares with sole voting or dispositive power and 9,067,848 shares with shared voting and shared dispositive power. Smita Ashok Ram LLC, as limited partner, has rights to dividends and sale proceeds in line with its partnership interest.
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:9,067,848 sharesOwnership percentage:7.3%Shared voting power:9,067,848 shares+2 more
5 metrics
Shares beneficially owned9,067,848 sharesCommon shares of Milestone Pharmaceuticals Inc. beneficially owned by the Pavaki group
Ownership percentage7.3%Percent of Milestone Pharmaceuticals common share class reported as beneficially owned
Shared voting power9,067,848 sharesNumber of shares over which the reporting persons have shared power to vote
Shared dispositive power9,067,848 sharesNumber of shares over which the reporting persons have shared power to dispose
Sole voting power0 sharesShares over which the reporting persons have sole power to vote
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"Shared Voting Power 9,067,848.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 9,067,848.00"
Schedule 13Gregulatory
""form_type": "SCHEDULE 13G""
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
limited partnership interestfinancial
"in accordance with its limited partnership interest."
How many MIST shares does Pavaki Capital report owning on Schedule 13G?
Pavaki Capital reports 9,067,848 Milestone Pharmaceuticals (MIST) common shares beneficially owned. This stake equals 7.3% of the outstanding common shares, all held through Pavaki Capital Partners, LP with shared voting and dispositive power.
What percentage of Milestone Pharmaceuticals (MIST) does Pavaki Capital’s 13G filing represent?
The filing states Pavaki Capital’s group beneficially owns 7.3% of Milestone Pharmaceuticals’ common shares. This percentage is based on 9,067,848 shares with shared voting and dispositive power as of December 31, 2025.
Who are the reporting persons in the Milestone Pharmaceuticals (MIST) Schedule 13G?
The reporting persons are Pavaki Capital Management, LLC, Pavaki Capital Partners, LP, and Ashok Rambhai Patel. Pavaki Capital Partners holds the shares, Pavaki Capital Management is its general partner and investment manager, and Patel is managing member.
Does Pavaki Capital have sole or shared voting power over its MIST shares?
The group reports 0 shares with sole voting power and 9,067,848 shares with shared voting power. It also reports the same 9,067,848 shares with shared dispositive power and no sole dispositive power.
Who is entitled to dividends and sale proceeds from Pavaki’s MIST holdings?
The filing states the securities are held by Pavaki Capital Partners, LP and that Smita Ashok Ram LLC, as the Fund’s limited partner, has rights to receive dividends and sale proceeds according to its limited partnership interest.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Milestone Pharmaceuticals Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
59935V107
(CUSIP Number)
12/31/2025
(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 Number(s):
59935V107
1
Names of Reporting Persons
Pavaki Capital Management LLC
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
COLORADO
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
9,067,848.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,067,848.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,067,848.00
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)
7.3 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
59935V107
1
Names of Reporting Persons
Pavaki 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
0.00
6
Shared Voting Power
9,067,848.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,067,848.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,067,848.00
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)
7.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
59935V107
1
Names of Reporting Persons
Ashok Rambhai Patel
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
0.00
6
Shared Voting Power
9,067,848.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
9,067,848.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,067,848.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Pavaki Capital Management, LLC; Pavaki Capital Partners, LP; Ashok Rambhai Patel
(b)
Address or principal business office or, if none, residence:
4104 Muirfield Court, Pueblo, CO 81001
(c)
Citizenship:
Pavaki Capital Management, LLC, Colorado, USA, Pavaki Capital Partners, LP, Delaware, USA, Ashok Rambhai Patel, United States
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP Number(s):
59935V107
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:
9,067,848
(b)
Percent of class:
7.3%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
9,067,848
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
9,067,848
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The securities reported herein are held directly by Pavaki Capital Partners, LP (the 'Fund'), a Delaware limited partnership. Pavaki Capital Management, LLC serves as the general partner and investment manager of the Fund, and Ashok Rambhai Patel is the managing member of Pavaki Capital Management, LLC. The limited partner of the Fund, Smita Ashok Ram LLC, has the right to receive distributions of dividends from, and proceeds from the sale of, the securities held by the Fund in accordance with its limited partnership interest. No other person is known to have such rights relating to more than 5% of the class.
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.
Pavaki Capital Management LLC
Signature:
Ashok Rambhai Patel
Name/Title:
Ashok Rambhai Patel, Managing Member
Date:
08/07/2026
Pavaki Capital Partners, LP
Signature:
Ashok Rambhai Patel
Name/Title:
Ashok Rambhai Patel, Managing Member of Pavaki Capital Management, LLC, its General Partner
