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Saturday 7 November 2026
Export MIST’s income statement to Excel — free account
Milestone Pharmaceuticals Inc.
MIST Healthcare Biotechnology
Milestone Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 million, up 54.6% from fiscal 2023.
- Revenue
- −62.7%
- EPS
- −5.00%
- Free cash flow
- −80.8%
- Total debt
- +7.19%
Quarter to June 2026, against a year earlier
0.76
0.07
+10.14%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | 15 | 5 | 1 | — | 2 | 5 | (43.3%) | 3 | 20 | 103 | +305.3% | |
| Gross margin, % | — | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | — | 100.00 | 13.27 | +100.0 pt | ||||||
| EBT | — | (8) | (23) | (55) | (50) | (43) | (58) | (60) | (42) | (63) | (84) | +29.3% | ||||||
| EBT margin, % | — | 0.00 | 0.00 | 0.00 | 0.00 | (285.69) | (1,167.76) | (5,968.50) | 0.00 | (4,078.78) | (1,586.01) | (4,078.8) pt | ||||||
| Net income | — | (8) | (23) | (55) | (50) | (43) | (58) | (60) | (42) | (63) | (84) | +29.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.36 | 0.12 | 0.02 | 0.00 | 0.02 | 0.04 | n/m | |||||
| Earnings | — | (34.15) | (72.63) | (3.50) | (1.70) | (1.02) | (1.38) | (1.39) | (0.67) | (0.75) | (0.69) | (38.0%) | ||||||
| Cash flow | — | (34.00) | (65.93) | (3.24) | (1.73) | (0.79) | (1.24) | (1.08) | (0.46) | (0.58) | (0.44) | (39.8%) | ||||||
| Capex | — | (0.15) | (0.02) | (0.03) | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 | (37.4%) | ||||||
| Free cash flow | — | (34.16) | (65.95) | (3.27) | (1.73) | (0.79) | (1.24) | (1.08) | (0.46) | (0.59) | (0.44) | (39.8%) | ||||||
| Book value | — | (139.86) | (172.96) | 7.28 | 4.88 | 2.69 | 1.56 | 0.39 | 0.21 | 0.50 | 0.13 | n/m | ||||||
| Shares, m | — | 0 | 0 | 16 | 29 | 42 | 42 | 43 | 62 | 84 | 112 | +108.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | 0.00 | 0.00 | 3.68 | — | 8.07 | 19.90 | 2.9 | ||||||
| P/B | — | — | — | — | — | 2.43 | 2.59 | 4.61 | — | 4.06 | 5.79 | 3.4 | ||||||
| EV/Sales | — | — | — | — | — | 0.00 | 0.00 | 2.91 | — | 5.75 | (1.13) | 2.2 | ||||||
| EV/FCF | — | — | — | — | — | (4.77) | (2.07) | (1.31) | — | (2.45) | 0.10 | (2.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | (8) | (21) | (51) | (51) | (33) | (52) | (46) | (29) | (49) | (61) | +25.3% | |||||
| Capex | — | 0 | 0 | 0 | — | — | 0 | 0 | 0 | 0 | 0 | +30.5% | ||||||
| Free cash flow | — | (8) | (21) | (52) | (51) | (33) | (53) | (47) | (29) | (49) | (62) | +25.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 26 | 84 | 114 | 143 | 112 | 66 | 66 | 66 | 98 | 158 | +18.1% | |||||
| Net debt | — | (27) | (86) | (120) | (142) | (114) | (63) | (16) | (16) | (49) | (111) | +7.7% | ||||||
| Shareholders’ equity | — | (33) | (55) | 115 | 143 | 113 | 66 | 17 | 13 | 42 | 18 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (13.98) | (40.09) | (52.22) | (36.55) | (31.76) | (60.09) | (79.73) | (55.09) | (66.71) | (73.36) | (52.7) pt | |||||
| ROIC | — | 0.00 | 0.00 | 0.00 | (2,105.90) | 0.00 | (991.65) | (7,071.53) | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | 18.31 | 52.50 | (185.00) | (38.73) | (33.52) | (65.26) | (143.61) | (277.55) | (229.65) | (35,522.62) | (248.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | 23 | 30 | 28 | 29 | 39 | 47 | 33 | 38 | — | +7.4% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.00 | 0.52 | 0.13 | 0.02 | 0.00 | 0.04 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Milestone Pharmaceuticals Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SEER Seer, Inc. | $90.3M | — (loss-making) | — (loss-making) | −23.43% (below 0%: shrinking) | n/m | +36.73% (above 0%: growing) | 48.55% | (542.91%) | Compare |
| RTSN Retension Pharmaceuticals, Inc. | $89.3M | — | — | — | — | — | — | — | Compare |
| CBUS Cibus, Inc. | $87.1M | — (loss-making) | — (loss-making) | +6.54% (above 0%: growing) | n/m | +31.62% (above 0%: growing) | 100.00% | (1,300.30%) | Compare |
| PLYX Polaryx Therapeutics, Inc. | $86.7M | — (loss-making) | — | — | n/m | −93.09% (below 0%: shrinking) | — | 0.00% | Compare |
| MIST Milestone Pharmaceuticals Inc. | $86.2M | — (loss-making) | — (loss-making) | −62.73% (below 0%: shrinking) | n/m | −80.81% (below 0%: shrinking) | 94.28% | (4,584.97%) | |
| VTVT vTv Therapeutics Inc. | $86.0M | — (loss-making) | — (loss-making) | +409,222.22% (above 0%: growing) | n/m | −124.59% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| RLYB Rallybio Corporation | $84.5M | 3.3× | — (loss-making) | 0.00% | n/m | +65.25% (above 0%: growing) | 100.00% | 0.00% | Compare |
| EQ Equillium, Inc. | $84.3M | — (loss-making) | — (loss-making) | −52.32% (below 0%: shrinking) | n/m | −38.67% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| GNLX Genelux Corporation | $82.4M | — (loss-making) | — (loss-making) | — | n/m | −11.18% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| Median of peers | $86.3M | — | — | 0.00% | — | −11.18% | 100.00% | 0.00% |
Pay and ownership Proxy statement filed 30 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.12m | 2.86m | 85.59 |
| 2024 | 854.27k | 945.16k | 141.32 |
| 2023 | 1.98m | 454.21k | 42.17 |
Ownership
Directors and executive officers, together
5.03%
Entities affiliated with RTW Investments L.P.
9.99%
Adage Capital Management, L.P.
9.99%
Propel Bio Management, LLC
7.99%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement