# Milestone Pharmaceuticals Inc.: overview

MIST · Nasdaq · CIK 1408443 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/mist.md) · [Financials](/companies/mist/financials.md) · [Filings](/companies/mist/filings.md) · [Insiders](/companies/mist/insiders.md)

Latest reported revenue: [$559.0k](/filings/0001104659-26-094435.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 12, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001104659-26-094435).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | [0.0](/filings/0001104659-26-059752.md) | [0.0](/filings/0001104659-26-094435.md) | not reported | not reported | [0.2](/filings/0001104659-26-059752.md) | [0.6](/filings/0001104659-26-094435.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported | not reported | [(9942.4%)](/filings/0001104659-26-059752.md) | [(4585.0%)](/filings/0001104659-26-094435.md) |
| Net margin | % | not reported | not reported | not reported | not reported | not reported | not reported | [(10952.1%)](/filings/0001104659-26-059752.md) | [(5118.8%)](/filings/0001104659-26-094435.md) |
| Diluted EPS | $ per share | [(0.14)](/filings/0001104659-25-109689.md) | not reported | [(0.31)](/filings/0001104659-26-059752.md) | [(0.20)](/filings/0001104659-26-094435.md) | [(0.12)](/filings/0001104659-25-109689.md) | not reported | [(0.20)](/filings/0001104659-26-059752.md) | [(0.21)](/filings/0001104659-26-094435.md) |
| Free cash flow | $m | [(7.0) d](/filings/0001104659-25-109689.md) | [(6.9) d](/filings/0001104659-26-032415.md) | [(14.0)](/filings/0001104659-26-059752.md) | [(12.6) d](/filings/0001104659-26-094435.md) | [(9.8) d](/filings/0001104659-25-109689.md) | [(13.1) d](/filings/0001104659-26-032415.md) | [(16.1)](/filings/0001104659-26-059752.md) | [(22.7) d](/filings/0001104659-26-094435.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | not reported | not reported | not reported | not reported |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | not reported | not reported | not reported | not reported | not reported |
| Net margin | % | not reported | not reported | not reported | not reported | not reported |
| Diluted EPS | $ per share | [(1.02)](/filings/0001558370-22-004205.md) | [(1.38)](/filings/0001558370-24-003666.md) | [(1.39)](/filings/0001558370-25-002849.md) | [(0.67)](/filings/0001104659-26-032415.md) | [(0.75)](/filings/0001104659-26-032415.md) |
| Free cash flow | $m | not reported | [(52.7)](/filings/0001558370-24-003666.md) | [(46.5)](/filings/0001558370-25-002849.md) | [(28.9)](/filings/0001104659-26-032415.md) | [(49.3)](/filings/0001104659-26-032415.md) |

- Revenue. XBRL not reported.
- Gross margin (gross profit / revenue). XBRL not reported.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/mist/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Pavaki Capital Management LLC](/funds/2143027.md) | 2026-06-30 | $12.2m | 9,067,848 |  | Not compared |
| [RTW INVESTMENTS, LP](/funds/1493215.md) | 2026-06-30 | $10.5m | 7,833,336 |  | Added +1,502,335 |
| [Propel Bio Management, LLC](/funds/1969764.md) | 2026-06-30 | $10.0m | 7,429,590 |  | Added +3,311,269 |
| [Point72 Asset Management, L.P.](/funds/1603466.md) | 2026-06-30 | $7.3m | 5,411,138 |  | Added +4,325,455 |
| [Simplify Asset Management Inc.](/funds/1846368.md) | 2026-06-30 | $4.5m | 3,349,379 |  | Added +1,842,974 |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $4.2m | 3,142,219 |  | Added +1,597,894 |
| [TWO SIGMA INVESTMENTS, LP](/funds/1179392.md) | 2026-06-30 | $2.7m | 2,040,015 |  | Reduced −277,161 |
| [MARSHALL WACE, LLP](/funds/1318757.md) | 2026-06-30 | $2.4m | 1,797,695 |  | Reduced −146,835 |
| [Kalehua Capital Management LLC](/funds/2106181.md) | 2026-06-30 | $1.7m | 1,269,237 |  | New +1,269,237 |
| [Kalehua Capital Management LLC](/funds/2106181.md) | 2026-06-30 | $1.7m | 1,269,237 |  | New +1,269,237 |

## Recent filings

[All 415 filings](/companies/mist/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-09-03 | 16:03 ET | [8-K](/filings/0001104659-26-105052.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-105052 |
| 2026-08-12 | 07:28 ET | [8-K](/filings/0001104659-26-094466.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-094466 |
| 2026-08-12 | 07:01 ET | [10-Q](/filings/0001104659-26-094435.md) | Quarterly report, period 2026-06-30 | 0001104659-26-094435 |
| 2026-06-15 | 16:05 ET | [8-K](/filings/0001104659-26-074025.md) | 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001104659-26-074025 |
| 2026-05-13 | 07:23 ET | [8-K](/filings/0001104659-26-059780.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-059780 |
| 2026-05-13 | 07:04 ET | [10-Q](/filings/0001104659-26-059752.md) | Quarterly report, period 2026-03-31 | 0001104659-26-059752 |
| 2026-04-30 | 16:06 ET | [DEF 14A](/filings/0001104659-26-052880.md) | Proxy statement, period 2026-06-10 | 0001104659-26-052880 |
| 2026-03-20 | 07:25 ET | [8-K](/filings/0001104659-26-032427.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001104659-26-032427 |
| 2026-03-20 | 07:07 ET | [10-K](/filings/0001104659-26-032415.md) | Annual report, period 2025-12-31 | 0001104659-26-032415 |
| 2026-01-26 | 09:27 ET | [8-K](/filings/0001104659-26-006483.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-006483 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001104659-26-032415.md), filed Mar 20, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/2e52c7c7-1d41-4314-af6f-4fadf4865059)

## About the filer

- CIK: 1408443
- Tickers: MIST
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: A8
- Filer category: Non-accelerated filer<br>Smaller reporting company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:39 ET. No prices; not investment advice.