MIST on Nasdaq
Milestone Pharmaceuticals Inc.
Canadian pharmaceutical preparations company, incorporated in Quebec. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerMIST on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersMontreal, Canada1
- Incorporated inQuebec, Canada2
- Business address1111 Boul. Dr.-Frederik-Philips, Ste 420, Montreal, A8 H4M 2X62
- Filer categoryNon-accelerated filer, Smaller reporting company2
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We are currently focusing our efforts and financial resources on (i) the commercialization of CARDAMYST TM (etripamil) nasal spray for the treatment of PSVT, (ii) the development of etripamil for the treatment of AFib-RVR and (iii) corporate development activities that have the potential to increase company value through strategic collaborations.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $1.5M | $0 |
| Research and development, net of tax credits | $18.1M | $14.4M |
| General and administrative | $17.3M | $16.7M |
| Commercial | $28.3M | $11.0M |
| Loss from operations | -$62.1M | -$42.1M |
| Interest income | $2.9M | $4.2M |
| Interest expense | -$3.8M | -$3.6M |
| Net loss and comprehensive loss | -$63.1M | -$41.5M |
| Weighted average number of shares and pre-funded warrants outstanding, basic (in shares) | 83.9M shares | 62.2M shares |
| Weighted average number of shares and pre-funded warrants outstanding, diluted (in shares) | 83.9M shares | 62.2M shares |
| Net loss per share, basic (in dollars per share) | -$0.75 | -$0.67 |
| Net loss per share, diluted (in dollars per share) | -$0.75 | -$0.67 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $73.0M | $25.3M | |
| Short-term investments | $32.9M | $44.4M | |
| License receivable | $1.5M | ||
| Research and development tax credits receivable | $316.0K | $901.0K | |
| Prepaid expenses | $1.8M | $1.8M | |
| Inventory, net | $648.0K | ||
| Other receivables | $1.6M | $1.5M | |
| Total current assets | $111.9M | $73.9M | |
| Operating lease right-of-use assets | $1.1M | $1.4M | $1.9M |
| Property and equipment, net | $511.0K | $197.0K | |
| Total assets | $113.6M | $75.5M | |
| Accounts payable and accrued liabilities | $13.3M | $7.6M | |
| Operating lease liabilities | $647.0K | $571.0K | |
| Other current liabilities | $43.0K | ||
| Total current liabilities | $14.0M | $8.1M | |
| Operating lease liabilities, net of current portion | $539.0K | $874.0K | |
| Senior secured convertible notes | $57.2M | $53.4M | |
| Other long-term liabilities | $83.0K | ||
| Total liabilities | $71.8M | $62.4M | |
| Common shares, no par value, unlimited shares authorized, 106,236,344 shares issued and outstanding as of December 31, 2025, 53,353,984 shares issued and outstanding as of December 31, 2024 | $352.6M | $288.0M | |
| Pre-funded warrants - 16,412,925 issued and outstanding as of December 31, 2025 and 12,910,590 as of December 31, 2024 | $55.6M | $53.1M | |
| Additional paid-in capital | $64.1M | $39.6M | |
| Accumulated deficit | -$430.6M | -$367.5M | |
| Total shareholders' equity | $41.8M | $13.1M | $16.8M |
| Total liabilities and shareholders' equity | $113.6M | $75.5M | |
| Common shares, no par value (in dollars per share) | $0 | $0 | |
| Common shares, Shares issued (in shares) | 106.2M shares | 53.4M shares | |
| Common shares, Shares outstanding (in shares) | 106.2M shares | 53.4M shares | |
| Pre-funded warrants, Warrants outstanding (in shares) | 16.4M shares | 12.9M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $73.0M | $25.3M | |
| Short-term investments | $32.9M | $44.4M | |
| License receivable | $1.5M | ||
| Research and development tax credits receivable | $316.0K | $901.0K | |
| Prepaid expenses | $1.8M | $1.8M | |
| Inventory, net | $648.0K | ||
| Other receivables | $1.6M | $1.5M | |
| Total current assets | $111.9M | $73.9M | |
| Operating lease right-of-use assets | $1.1M | $1.4M | $1.9M |
| Property and equipment, net | $511.0K | $197.0K | |
| Total assets | $113.6M | $75.5M | |
| Accounts payable and accrued liabilities | $13.3M | $7.6M | |
| Operating lease liabilities | $647.0K | $571.0K | |
| Other current liabilities | $43.0K | ||
| Total current liabilities | $14.0M | $8.1M | |
| Operating lease liabilities, net of current portion | $539.0K | $874.0K | |
| Senior secured convertible notes | $57.2M | $53.4M | |
| Other long-term liabilities | $83.0K | ||
| Total liabilities | $71.8M | $62.4M | |
| Common shares, no par value, unlimited shares authorized, 106,236,344 shares issued and outstanding as of December 31, 2025, 53,353,984 shares issued and outstanding as of December 31, 2024 | $352.6M | $288.0M | |
| Pre-funded warrants - 16,412,925 issued and outstanding as of December 31, 2025 and 12,910,590 as of December 31, 2024 | $55.6M | $53.1M | |
| Additional paid-in capital | $64.1M | $39.6M | |
| Accumulated deficit | -$430.6M | -$367.5M | |
| Total shareholders' equity | $41.8M | $13.1M | $16.8M |
| Total liabilities and shareholders' equity | $113.6M | $75.5M | |
| Common shares, no par value (in dollars per share) | $0 | $0 | |
| Common shares, Shares issued (in shares) | 106.2M shares | 53.4M shares | |
| Common shares, Shares outstanding (in shares) | 106.2M shares | 53.4M shares | |
| Pre-funded warrants, Warrants outstanding (in shares) | 16.4M shares | 12.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$63.1M | -$41.5M |
| Depreciation of property and equipment | $114.0K | $105.0K |
| Amortization of debt costs | $432.0K | $370.0K |
| Accretion of investment discount | -$81.0K | -$454.0K |
| Non-cash interest expense related to Senior Secured Convertible Note | $3.4M | $3.2M |
| Share-based compensation expense | $7.5M | $5.8M |
| Loss on disposals of property and equipment | $8.0K | |
| License receivable | -$1.5M | |
| Other receivables | -$156.0K | $1.7M |
| Research and development tax credits receivable | $585.0K | -$258.0K |
| Prepaid expenses | $29.0K | $1.3M |
| Inventory | -$648.0K | |
| Operating lease assets and liabilities | -$12.0K | -$17.0K |
| Accounts payable and accrued liabilities | $4.4M | $875.0K |
| Net cash used in operating activities | -$49.0M | -$28.8M |
| Acquisition of property and equipment | -$302.0K | -$33.0K |
| Acquisition of short-term investments | -$82.9M | -$113.6M |
| Redemption of short-term investments | $94.5M | $121.9M |
| Net cash provided by investing activities | $11.2M | $8.3M |
| Proceeds from exercise of options | $444.0K | $53.0K |
| Proceeds from issuance of common shares, net of issuance costs | $37.6M | $27.3M |
| Proceeds from issuance of pre-funded warrants, net of issuance costs | $2.6M | $4.6M |
| Proceeds from employee stock purchase plan | $300.0K | $191.0K |
| Cash provided by financing activities | $85.5M | $32.1M |
| Net increase in cash and cash equivalents | $47.7M | $11.6M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Milestone Pharmaceuticals Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerJoseph Oliveto May 8, 2019 to now13
- PresidentJoseph Oliveto May 8, 2019 to now13
- Chief financial officerAmit Hasija Sep 11, 2019 to now14
Board members and other officers (18)
- Chief Medical OfficerDavid Bharucha Feb 17, 2022 to now15
- Chief Medical OfficerFrancis Plat May 8, 2019 to Mar 26, 202116
- Chief Commercial OfficerLorenz Muller May 8, 2019 to now17
- Chief Scientific OfficerPhilippe Douville May 8, 2019 to May 14, 201918
- Vice President, FinanceTimothy Maness May 8, 2019 to Sep 11, 201919
- Board memberAndrew Saik Jul 17, 2024 to now20
- Board memberStuart Duty Jul 17, 2024 to now21
- Board memberJoseph C. Papa Sep 5, 2024 to now22
- Board memberLisa M. Giles Oct 5, 2020 to now23
- Board memberRobert James Wills Oct 5, 2020 to now24
- Board memberDebra K. Liebert May 8, 2019 to now25
- Board memberJoseph Oliveto May 8, 2019 to now13
- Board memberMarco Boorsma May 8, 2019 to May 8, 201926
- Board memberMichael John Tomsicek May 8, 2019 to now27
- Board memberNilesh Kumar May 8, 2019 to May 8, 201928
- Board memberPaul F. Truex May 8, 2019 to Jun 1, 202229
- Board memberPaul R. Edick May 8, 2019 to Jun 8, 202030
- Board memberRichard C. Pasternak Nov 14, 2019 to Jun 9, 202331
Timeline
- May 8, 2019New chief executive Joseph Oliveto becomes CEO13
Filings
252 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 54 major events, 90 insider forms, 35 large holders, 51 other. The latest 20:
- Sep 3, 20268-K EDGAR
- Aug 12, 20268-K EDGAR
- Aug 12, 202610-Q EDGAR
- Aug 7, 2026SCHEDULE 13G EDGAR
- Jun 15, 20268-K EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- May 22, 2026EFFECT EDGAR
- May 20, 2026CORRESP EDGAR
- May 18, 2026UPLOAD EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
- May 13, 2026S-3 EDGAR
- May 13, 20268-K EDGAR
- May 13, 202610-Q EDGAR
- May 13, 2026SCHEDULE 13G/A EDGAR
The 252 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
23 open-market trades by officers, directors and large owners since October 2021: 9 buys and 14 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 16, 2026 | Oliveto JosephPresident and CEO | Sale | 36,500 | $2.26 | $82.5K | Form 4 |
| Jan 26, 2026 | Nelson Jeffrey EdwardChief Operating Officer | Sale | 12,245 | $1.93 | $23.6K | Form 4 |
| Jan 26, 2026 | Bharucha DavidChief Medical Officer | Sale | 12,245 | $1.93 | $23.6K | Form 4 |
| Jan 26, 2026 | Hasija AmitCFO & EVP of Corp. Development | Sale | 12,245 | $1.93 | $23.6K | Form 4 |
| Jan 26, 2026 | Muller LorenzChief Commercial Officer | Sale | 11,180 | $1.93 | $21.6K | Form 4 |
| Jan 26, 2026 | Oliveto JosephPresident and CEO | Sale | 34,523 | $1.93 | $66.6K | Form 4 |
| Jan 8, 2026 | Oliveto JosephPresident and CEO | Sale | 43,000 | $2.25 | $96.8K | Form 4 |
| Jan 7, 2026 | Oliveto JosephPresident and CEO | Sale | 500 | $2.25 | $1.1K | Form 4 |
| Dec 15, 2025 | Nelson Jeffrey EdwardChief Operating Officer | Sale | 58,007 | $2.32 | $134.6K | Form 4 |
| Dec 15, 2025 | Bharucha DavidChief Medical Officer | Sale | 58,007 | $2.32 | $134.6K | Form 4 |
| Dec 15, 2025 | Hasija AmitCFO & EVP of Corp. Development | Sale | 58,007 | $2.32 | $134.6K | Form 4 |
| Dec 15, 2025 | Muller LorenzChief Commercial Officer | Sale | 53,566 | $2.32 | $124.3K | Form 4 |
| Dec 15, 2025 | Oliveto JosephPresident and CEO | Sale | 133,054 | $2.32 | $308.7K | Form 4 |
| Dec 5, 2022 | Bharucha DavidChief Medical Officer | Buy | 7,000 | $4.69 | $32.8K | Form 4 |
| Dec 1, 2022 | Bharucha DavidChief Medical Officer | Buy | 3,000 | $4.86 | $14.6K | Form 4 |
| Oct 21, 2022 | Liebert Debra K.Director | Buy | 4,000 | $5.26 | $21.0K | Form 4 |
| Oct 20, 2022 | Pasternak Richard CDirector | Buy | 10,000 | $5.20 | $52.0K | Form 4 |
| Oct 20, 2022 | Liebert Debra K.Director | Buy | 10,000 | $5.29 | $52.9K | Form 4 |
| Oct 19, 2022 | Wills Robert JamesDirector | Buy | 15,000 | $4.93 | $74.0K | Form 4 |
| Oct 19, 2022 | TOMSICEK MICHAEL JOHNDirector | Buy | 15,000 | $5.32 | $79.8K | Form 4 |
All 23 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Pavaki Capital Management LLCSCHEDULE 13G, 1 filing Aug 7, 202632
- RTW INVESTMENTS, LPSCHEDULE 13G/A, 5 filings Feb 14, 2022 to May 15, 202633
- Adage Capital Management, L.P.SCHEDULE 13G/A, 2 filings Nov 13, 2025 to May 13, 202634
- Trails Edge Capital Partners, LPSCHEDULE 13G/A, 3 filings Jul 21, 2025 to Mar 26, 202635
- Propel Bio Management, LLCSCHEDULE 13G, 1 filing Dec 23, 202536
- INTEGRATED CORE STRATEGIES (US) LLCSCHEDULE 13G/A, 5 filings Oct 31, 2022 to Apr 30, 202537
- BlackRockSCHEDULE 13G/A, 1 filing Feb 5, 202538
- Alta Fundamental Advisers LLCSC 13D/A, 2 filings Nov 9, 2023 to Jul 16, 202439
- Venrock Healthcare Capital Partners III, L.P.SC 13G/A, 3 filings Sep 20, 2022 to Feb 14, 202440
- Boxer Capital, LLCSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202341
- Ikarian Capital, LLCSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202342
- ORBIMED CAPITAL LLCSC 13G/A, 2 filings Feb 11, 2022 to Feb 14, 202343
- RA CAPITAL MANAGEMENT, L.P.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202344
- Novo Holdings A/SSC 13D/A, 2 filings Sep 26, 2022 to Oct 24, 202245
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 78. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Pavaki Capital Management LLC | 9,067,848 | $12.2M | 6.9% | +5,000 |
| Rtw Investments, LP | 7,833,336 | $10.5M | 0.1% | +1,502,335 |
| Propel Bio Management, LLC | 7,429,590 | $10.0M | 5.2% | +3,311,269 |
| Point72 Asset Management, L.P. | 5,411,138 | $7.3M | 0.0% | +4,325,455 |
| Simplify Asset Management Inc. | 3,349,379 | $4.5M | 0.1% | +1,842,974 |
| Millennium Management LLC | 3,142,219 | $4.2M | 0.0% | +1,597,894 |
| Kalehua Capital Management LLC | 2,538,474 | $3.4M | 1.1% | New |
| Two Sigma Investments, LP | 2,040,015 | $2.7M | 0.0% | −277,161 |
| Marshall Wace, Llp | 1,797,695 | $2.4M | 0.0% | −146,835 |
| Lion Point Capital, LP | 820,000 | $1.1M | 5.3% | No change |
| Toronto Dominion Bank | 750,000 | $1.0M | 0.0% | No change |
| Ameriprise Financial Inc | 666,666 | $893.3K | 0.0% | No change |
| Boxer Capital Management, LLC | 666,666 | $893.3K | 0.1% | No change |
| Morgan Stanley | 635,211 | $851.2K | 0.0% | −88,930 |
| UBS Group AG | 465,403 | $623.6K | 0.0% | −29,505 |
| Boothbay Fund Management, LLC | 462,669 | $620.0K | 0.0% | +293,994 |
| Susquehanna International Group, Llp | 359,895 | $482.3K | 0.0% | −159,151 |
| Aptus Capital Advisors, LLC | 339,450 | $454.9K | 0.0% | +59,200 |
| Guardian Wealth Advisors, LLC / Nc | 339,450 | $454.9K | 0.0% | +59,200 |
| Seven Fleet Capital Management LP | 270,233 | $362.1K | 0.1% | −63,100 |
| Squarepoint Ops LLC | 231,824 | $310.6K | 0.0% | −105,001 |
| LPL Financial LLC | 220,873 | $296.0K | 0.0% | +27,500 |
| Balyasny Asset Management L.P. | 220,498 | $295.5K | 0.0% | −630,827 |
| Bnp Paribas Financial Markets | 173,704 | $232.8K | 0.0% | −2,800 |
| Tru Independence Asset Management 2, LLC | 150,000 | $201.0K | 0.1% | +50,000 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARAmit Hasija, Chief financial officer
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- 16SEC EDGARFrancis Plat, Chief Medical Officer
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- 20SEC EDGARAndrew Saik, Board member
- 21SEC EDGARStuart Duty, Board member
- 22SEC EDGARJoseph C. Papa, Board member
- 23SEC EDGARLisa M. Giles, Board member
- 24SEC EDGARRobert James Wills, Board member
- 25SEC EDGARDebra K. Liebert, Board member
- 26SEC EDGARMarco Boorsma, Board member
- 27SEC EDGARMichael John Tomsicek, Board member
- 28SEC EDGARNilesh Kumar, Board member
- 29SEC EDGARPaul F. Truex, Board member
- 30SEC EDGARPaul R. Edick, Board member
- 31SEC EDGARRichard C. Pasternak, Board member
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