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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. In the quarter to June 2026, revenue fell 62.7%, EPS fell 5.00%, free cash flow fell 80.8% and total debt rose 7.19%, each against the same quarter a year earlier.

0.71 0.09 −11.25%
Market cap
$98.9M
P/E
0.0×
Fwd P/E
−1.3×
Dividend yield
—
F-score
n/a
Altman Z
−4.65
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.18
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 5 1 — — 1 — — — — — —
Insider Ownership 11.96%

Capital & Financial Ratios $m

Market Cap 98.91
Revenue 5.30
Net Income (84.01)
Free Cash Flow (61.65)
Net Debt (111.40)
Current Ratio 8.13 (at or above 1.5: strong)
Debt/Equity 3.25 (above 2: weak)
P/E ratio 0.00
Fwd P/E (1.32) (negative: loss-making)
P/S ratio 18.59 (above 10: high)
P/B ratio 5.41
Past 5Y EPS Growth —
This Y EPS Growth (12.57%) (below 0%: weak)
Next Y EPS Growth 1.02%
Next Y revenue growth 147.61% (at or above 10%: strong)
Next 5Y EPS Growth 25.35% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is −2.4×, against a ten-year median of 4.7×; over the ten years it ranged from −2.4× in 2026 to 17.4× in 2026.
P/S against its own 10 years 84.61%
10-year low 10-year high
P/B against its own 10 years 86.07%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 66 70 106 171
Receivables 3 1 3 3
Inventory — — 1 5
Other 1 1 0 1
73 74 112 180
2023 2024 2025 Q'26
Payables 7 8 13 8
ST’ Debt — — — —
Other — — 0 0
7 8 14 22

Compound Annual Growth %

10y 5y 3y
Sales — — (53.11%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (21.83%) (14.29%)

Revenue $m

Mar Jun Sep Dec Year
’26 0 1 — — —
’25 — — — — 2
’23 1 — — — 1
’22 — — 2 4 5
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (16) (23) — — —
’25 (14) (13) (10) (13) (49)
’24 (9) (6) (7) (7) (29)
’23 (14) (11) (12) (10) (46)
’22 (14) (14) (12) (13) (52)
’21 (12) 1 (9) (12) (33)
’20 (18) (17) (7) (9) (51)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (16) (23) — — —
’25 (14) (13) (10) (13) (49)
’24 (9) (6) (7) (7) (29)
’23 (14) (11) (12) (10) (47)
’22 (14) (14) (12) (13) (53)
’21 (12) 1 (9) (12) (33)
’20 (18) (17) (7) (9) (51)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.20) (0.21) — — —
’25 (0.31) (0.20) (0.12) (0.16) (0.75)
’24 (0.21) (0.14) (0.14) (0.19) (0.67)
’23 (0.35) (0.37) (0.35) (0.32) (1.39)
’22 (0.33) (0.39) (0.34) (0.31) (1.38)
’21 (0.30) 0.02 (0.34) (0.40) (1.02)
’20 (0.67) (0.53) (0.40) (0.23) (1.70)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — 12.36 1.69 5.09 3.39 1.62 1.12 0.63

Analyst estimates 2026–2028

Powerpack
High — — — 27.95 23.25 9.03 9.85 4.49 2.75 3.06
People
People Employees — — 23 30 28 29 39 47 33 38
Revenue/emp, $m — — 0.00 0.00 0.00 0.52 0.13 0.02 0.00 0.04
Income, $m
Income, $m Revenue — — — — — 15 5 1 — 2
Gross margin, % — 0.00 0.00 0.00 0.00 100.00 100.00 100.00 — 100.00
EBT — (8) (23) (55) (50) (43) (58) (60) (42) (63)
EBT margin, % — 0.00 0.00 0.00 0.00 (285.69) (1,167.76) (5,968.50) 0.00 (4,078.78)
Net income — (8) (23) (55) (50) (43) (58) (60) (42) (63)
Depreciation — 0 0 0 0 0 0 0 0 0
Per share, $
Per share, $ Revenue — 0.00 0.00 0.00 0.00 0.36 0.12 0.02 0.00 0.02
Earnings — (34.15) (72.63) (3.50) (1.70) (1.02) (1.38) (1.39) (0.67) (0.75)
Cash flow — (34.00) (65.93) (3.24) (1.73) (0.79) (1.24) (1.08) (0.46) (0.58)
Capex — (0.15) (0.02) (0.03) 0.00 0.00 (0.01) 0.00 0.00 0.00
Free cash flow — (34.16) (65.95) (3.27) (1.73) (0.79) (1.24) (1.08) (0.46) (0.59)
Book value — (139.86) (172.96) 7.28 4.88 2.69 1.56 0.39 0.21 0.50
Shares, m — 0 0 16 29 42 42 43 62 84
Valuation, ×
Valuation, × P/E — — — — — 0.00 0.00 0.00 — 0.00
P/S — — — — — 0.00 0.00 3.68 — 8.07
P/B — — — — — 2.43 2.59 4.61 — 4.06
EV/Sales — — — — — 0.00 0.00 2.91 — 5.75
EV/FCF — — — — — (4.77) (2.07) (1.31) — (2.45)
Cash, $m
Cash, $m Operating cash flow — (8) (21) (51) (51) (33) (52) (46) (29) (49)
Capex — 0 0 0 — — 0 0 0 0
Free cash flow — (8) (21) (52) (51) (33) (53) (47) (29) (49)
Balance, $m
Balance, $m Working capital — 26 84 114 143 112 66 66 66 98
Total debt — — — 0 1 0 2 50 53 57
Net debt — (27) (86) (120) (142) (114) (63) (16) (16) (49)
Shareholders’ equity — (33) (55) 115 143 113 66 17 13 42
Returns, %
Returns, % ROA — (13.98) (40.09) (52.22) (36.55) (31.76) (60.09) (79.73) (55.09) (66.71)
ROIC — 0.00 0.00 0.00 (2,105.90) 0.00 (991.65) (7,071.53) 0.00 0.00
ROE — 18.31 52.50 (185.00) (38.73) (33.52) (65.26) (143.61) (277.55) (229.65)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
UNCY Unicycive Therapeutics, Inc. $100.0M — (loss-making) — (loss-making) — n/m +9.77% (above 0%: growing) 0.00% 0.00% Compare
BDTX Black Diamond Therapeutics, Inc. $100.0M — (loss-making) — (loss-making) — n/m +12.91% (above 0%: growing) 100.00% 0.00% Compare
PYPD PolyPid Ltd. $99.5M — (loss-making) — — n/m −64.96% (below 0%: shrinking) 0.00% 0.00% Compare
MIST Milestone Pharmaceuticals Inc. $98.9M — (loss-making) — (loss-making) −62.73% (below 0%: shrinking) n/m −80.81% (below 0%: shrinking) 94.28% (4,584.97%)
CBUS Cibus, Inc. $98.6M — (loss-making) — (loss-making) +6.54% (above 0%: growing) n/m +31.62% (above 0%: growing) 100.00% (1,300.30%) Compare
PMVP PMV Pharmaceuticals, Inc. $97.4M — (loss-making) — — n/m +20.27% (above 0%: growing) 0.00% 0.00% Compare
NRXS Neuraxis, Inc. $97.2M — (loss-making) — (loss-making) +115.71% (above 0%: growing) n/m +29.76% (above 0%: growing) 85.87% (110.16%) Compare
IMUX Immunic, Inc. $96.9M — (loss-making) — — n/m −26.79% (below 0%: shrinking) 0.00% 0.00% Compare
ATRA Atara Biotherapeutics, Inc. $96.9M — (loss-making) — (loss-making) −96.42% (below 0%: shrinking) n/m +52.10% (above 0%: growing) 69.68% (749.21%) Compare
Median of peers $98.0M — — +6.54% — +16.59% 34.84% 0.00%

All 614 Biotechnology stocks →

Milestone Pharmaceuticals Inc. (MIST) key facts

  • Concern: Milestone Pharmaceuticals Inc. reported a net loss of $63.1 million, or a loss of $0.75 per share, for fiscal 2025.
  • Strength: Milestone Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 million, up 54.6% from fiscal 2023.
  • Milestone Pharmaceuticals Inc. (MIST) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, MIST traded at $0.71, a market capitalization of $98.9 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 18.6× sales.
  • Return on equity was −229.7% and debt-to-equity 3.25.
  • Its Altman Z-score is −4.65 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Milestone Pharmaceuticals Inc. (MIST) Latest News

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stockrow.com/MIST · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com