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    Milestone Pharmaceuticals (MIST)

    Market Price (8/7/2026): $1.18 | Market Cap: $125.1 MilSector: Health Care | Industry: Biotechnology

    Milestone Pharmaceuticals (MIST)

    Market Price (8/7/2026): $1.18
    Market Cap: $125.1 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -38%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.

    Weak multi-year price returns
    2Y Excs Rtn is -57%, 3Y Excs Rtn is -131%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.59, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -62 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4019%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 483%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3172%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3192%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55%

    Key risks
    MIST key risks include [1] significant commercialization and market adoption challenges for its lead drug, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -38%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies.
    2 Weak multi-year price returns
    2Y Excs Rtn is -57%, 3Y Excs Rtn is -131%
    3 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.59, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -62 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -4019%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 483%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3172%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3192%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -55%
    8 Key risks
    MIST key risks include [1] significant commercialization and market adoption challenges for its lead drug, Show more.

    Valuation & Metrics

    FYE: 12/31MIST [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$1.5 Mil—
    FY 2026 Sales$5.4 Mil—
    FY 2027 Sales$25.1 Mil—
    FY 2026 Sales Growth248.9%—
    FY 2027 Sales Growth366.2%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$-63.1 Mil—
    FY 2026 Net Income (Non-GAAP)$-70.9 Mil—
    FY 2027 Net Income (Non-GAAP)$-80.4 Mil—
    FY 2027 Net Income Growth—19.0%
    FY 2026 EPS (Non-GAAP)$-0.84—
    FY 2027 EPS (Non-GAAP)$-0.96—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S23.21.7
    FY 2027 P/S5.0—
    FY 2026 P/E—8.1
    FY 2027 P/E——

    [1] MIST forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    MISTS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)0.0
    Rev Chg Q�9.3%
    Rev Chg LTM�7.9%
    Rev Chg 3Y Avg-90.0%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-4,019.4%18.5%
    CFO/Rev LTM-3,172.1%21.8%
    Net Inc Mgn-4,078.8%13.0%
    VALUATIONVERY HIGH
    P/S80.93.3
    P/CFO-2.615.7
    P/FCF-2.520.3
    P/E-2.024.1
    STABILITYVERY GOOD
    Debt/Equity0.470.19
    Cash/Assets0.930.07

    AI Analysis | Feedback

    MetricValueDateSource
    PDUFA Target Action Date for CARDAMYST™ (etripamil) NDADecember 13, 20257112025Link
    Number of Employees3312312024Link
    Intellectual Property Protection for CARDAMYST™Patent protection in the U.S. extended until July 20422192025Link
    Phase 3 Clinical Trial Status for Etripamil in PSVTCompleted2192025Link
    Phase 2 Clinical Trial Status for Etripamil in AFib-RVREnrollment paused8122025Link

    Price Chart

    null
    Upcoming
    8/12/2026Earnings ReleaseRev: $0.0 Mil (E)
    EPS: $-0.18 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    Milestone Pharmaceuticals (MIST) stock has lost about 35% since 4/30/2026 because of the following key factors:

    1. Milestone Pharmaceuticals reported a significant miss in its fiscal Q1 2026 earnings and revenue, leading to investor concern. The company announced its fiscal Q1 2026 earnings on May 13, 2026, reporting an Earnings Per Share (EPS) of -$0.20, which substantially missed analysts' consensus estimates of $0.06 per share by $0.26. Additionally, quarterly revenue for fiscal Q1 2026 was $0.24 million, falling significantly short of analyst expectations that ranged from $30.12 million to $38.397 million.

    2. The initial commercial launch of CARDAMYST™ (etripamil) nasal spray showed slower-than-anticipated uptake. Despite FDA approval in December 2025 and a commercial launch in mid-February 2026, the early sales figures for CARDAMYST™ were considerably below market expectations. Through April 2026, approximately 600 prescriptions were filled for 560 patients, contributing only $0.2 million to product revenue in fiscal Q1 2026. This modest initial performance for its lead product, which generated all the company's revenue, disappointed investors who had high expectations for the new treatment.

    Show more
    Updated on 8/1/2026

    Milestone Pharmaceuticals (MIST) stock has lost about 35% since 4/30/2026 because of the following key factors:

    1. Milestone Pharmaceuticals reported a significant miss in its fiscal Q1 2026 earnings and revenue, leading to investor concern. The company announced its fiscal Q1 2026 earnings on May 13, 2026, reporting an Earnings Per Share (EPS) of -$0.20, which substantially missed analysts' consensus estimates of $0.06 per share by $0.26. Additionally, quarterly revenue for fiscal Q1 2026 was $0.24 million, falling significantly short of analyst expectations that ranged from $30.12 million to $38.397 million.

    2. The initial commercial launch of CARDAMYST™ (etripamil) nasal spray showed slower-than-anticipated uptake. Despite FDA approval in December 2025 and a commercial launch in mid-February 2026, the early sales figures for CARDAMYST™ were considerably below market expectations. Through April 2026, approximately 600 prescriptions were filled for 560 patients, contributing only $0.2 million to product revenue in fiscal Q1 2026. This modest initial performance for its lead product, which generated all the company's revenue, disappointed investors who had high expectations for the new treatment.

    3. Milestone Pharmaceuticals experienced widening operating losses and presented troubled financial fundamentals. The company's operating loss expanded to $23.7 million in fiscal Q1 2026, marking a 15.3% increase compared to fiscal Q1 2025. Furthermore, the company demonstrated a negative pretax profit margin of -949% and negative free cash flow standing at -$13.058 million, indicating significant financial challenges and inefficiencies in utilizing capital with a return on equity at -92.5%. These metrics underpinned concerns about the company's financial health and its capacity for sustainable recovery.

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    Stock Movement Drivers

    Fundamental Drivers

    The -34.4% change in MIST stock from 4/30/2026 to 8/6/2026 was primarily driven by a -34.4% change in the company's P/S Multiple.
    (LTM values as of)43020268062026Change
    Stock Price ($)1.801.18-34.4%
    Change Contribution By: 
    Total Revenues ($ Mil)220.0%
    P/S Multiple123.580.9-34.4%
    Shares Outstanding (Mil)1061060.0%
    Cumulative Contribution-34.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/6/2026
    ReturnCorrelation
    MIST-34.4% 
    Market (SPY)6.9%47.5%
    Sector (XLV)12.6%-11.9%

    Fundamental Drivers

    The -38.2% change in MIST stock from 1/31/2026 to 8/6/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)13120268062026Change
    Stock Price ($)1.911.18-38.2%
    Change Contribution By: 
    Total Revenues ($ Mil)029.2233720368547763E17%
    P/S Multiple∞80.9 
    Shares Outstanding (Mil)96106-9.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/6/2026
    ReturnCorrelation
    MIST-38.2% 
    Market (SPY)11.4%56.3%
    Sector (XLV)6.7%11.5%

    Fundamental Drivers

    The -18.6% change in MIST stock from 7/31/2025 to 8/6/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)73120258062026Change
    Stock Price ($)1.451.18-18.6%
    Change Contribution By: 
    Total Revenues ($ Mil)029.2233720368547763E17%
    P/S Multiple∞80.9 
    Shares Outstanding (Mil)66106-37.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/6/2026
    ReturnCorrelation
    MIST-18.6% 
    Market (SPY)22.6%42.6%
    Sector (XLV)27.7%15.3%

    Fundamental Drivers

    The -63.5% change in MIST stock from 7/31/2023 to 8/6/2026 was primarily driven by a -74.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)73120238062026Change
    Stock Price ($)3.231.18-63.5%
    Change Contribution By: 
    Total Revenues ($ Mil)62-74.2%
    P/S Multiple23.180.9250.8%
    Shares Outstanding (Mil)43106-59.6%
    Cumulative Contribution-63.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/6/2026
    ReturnCorrelation
    MIST-63.5% 
    Market (SPY)73.8%23.6%
    Sector (XLV)28.3%16.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    MIST Return-2%-40%-58%41%-14%-43%-83%
    Peers Return38%-1%3%-7%21%14%82%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    MIST Win Rate50%58%42%50%50%25% 
    Peers Win Rate55%55%38%43%60%57% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    MIST Max Drawdown-41%-63%-62%-41%-73%-54% 
    Peers Max Drawdown-22%-25%-32%-26%-24%-16% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: BMY, JNJ, PFE, CYTK, MDT.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/6/2026 (YTD)

    How Low Can It Go

    EventMISTS&P 500
    2025 US Tariff Shock
      % Loss-69.3%-18.8%
      % Gain to Breakeven226.2%23.1%
      Time to Breakeven90 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-11.2%-7.8%
      % Gain to Breakeven12.6%8.5%
      Time to Breakeven18 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-29.3%-9.5%
      % Gain to Breakeven41.4%10.5%
      Time to Breakeven13 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-43.2%-24.5%
      % Gain to Breakeven76.1%32.4%
      Time to Breakeven37 days427 days

    Compare to BMY, JNJ, PFE, CYTK, MDT

    In The Past

    Milestone Pharmaceuticals's stock fell -69.3% during the 2025 US Tariff Shock. Such a loss loss requires a 226.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventMISTS&P 500
    2025 US Tariff Shock
      % Loss-69.3%-18.8%
      % Gain to Breakeven226.2%23.1%
      Time to Breakeven90 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-29.3%-9.5%
      % Gain to Breakeven41.4%10.5%
      Time to Breakeven13 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-43.2%-24.5%
      % Gain to Breakeven76.1%32.4%
      Time to Breakeven37 days427 days

    Compare to BMY, JNJ, PFE, CYTK, MDT

    In The Past

    Milestone Pharmaceuticals's stock fell -69.3% during the 2025 US Tariff Shock. Such a loss loss requires a 226.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Milestone Pharmaceuticals (MIST)

    ```html

    Milestone Pharmaceuticals Inc. (MIST) is a biopharmaceutical company focused on the development and commercialization of new medicines for cardiovascular diseases. The company specializes in creating novel channel blockers designed to address various heart rhythm disorders, aiming to provide improved treatment options for patients.

    The company's primary product candidate is etripamil, a novel channel blocker that is currently in advanced stages of clinical development. Etripamil is undergoing Phase III clinical trials in the United States and Canada for the acute treatment of paroxysmal supraventricular tachycardia (PSVT), a condition characterized by episodes of abnormally fast heart rates. Furthermore, etripamil is also being investigated in Phase II clinical trials for its potential use in treating atrial fibrillation (AF) and rapid ventricular rate.

    Milestone Pharmaceuticals primarily serves patients suffering from cardiovascular conditions, particularly those affected by supraventricular tachycardias and atrial fibrillation. To support its global development and commercialization efforts, the company has formed a licensing and collaboration agreement with Ji Xing Pharmaceuticals, focusing on etripamil's prophylactic and therapeutic applications. Milestone Pharmaceuticals is headquartered in Montréal, Canada.

    ```

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Milestone Pharmaceuticals (MIST):

    • It's like a specialized Vertex Pharmaceuticals for heart rhythm disorders, focused on one key drug in late-stage development.
    • Think of it as a startup Gilead Sciences, but entirely dedicated to developing a novel treatment for specific cardiovascular conditions.
    • It's akin to a pre-commercial Moderna, but developing a channel blocker for heart rhythm disorders instead of mRNA vaccines.

    AI Analysis | Feedback

    • etripamil: A novel channel blocker currently in clinical trials for the treatment of cardiovascular conditions, including paroxysmal supraventricular tachycardia and atrial fibrillation.

    AI Analysis | Feedback

    Milestone Pharmaceuticals Inc. (MIST) is a biopharmaceutical company with its primary product, etripamil, currently in clinical trials and not yet approved for commercial sale. Therefore, it does not currently have traditional end-user customers such as individuals, pharmacies, or hospitals.

    Based on the provided information, Milestone Pharmaceuticals' major "customer" or strategic partner is:

    • Ji Xing Pharmaceuticals (private company) - This company has a license and collaboration agreement with Milestone Pharmaceuticals to develop and commercialize etripamil.

    AI Analysis | Feedback

    • Lonza AG (LONN)
    • Thermo Fisher Scientific Inc. (TMO)
    • AptarGroup, Inc. (ATR)

    AI Analysis | Feedback

    Joseph G. Oliveto President and Chief Executive Officer

    Mr. Oliveto has served as Milestone's President and Chief Executive Officer since March 2017. Prior to joining Milestone Pharmaceuticals, he was President, CEO, and a Director of Chelsea Therapeutics International, Ltd., where he led a successful turnaround, culminating in the FDA approval of Northera™ and the subsequent sale of Chelsea to Lundbeck, Inc. in a deal valued up to $658 million. He also served as CEO of Galleon Pharmaceuticals and as an Executive in Residence at Pappas Ventures, a life sciences venture capital firm, where he provided strategic and governance advice to portfolio companies. His career also includes 18 years in progressively senior positions at Hoffmann-La Roche Inc.

    Amit Hasija Chief Financial Officer and Executive Vice President, Corporate Development

    Mr. Hasija joined Milestone as Chief Financial Officer in September 2019. Before Milestone, he was the Chief Financial Officer and Chief Business Officer at Fulcrum Therapeutics, a publicly traded biopharmaceutical company. He previously spent five years at Sanofi, serving as Vice President of Integrated Care and also as Vice President of North America Pharmaceutical Business Development, where he was responsible for identifying external opportunities and executing in-licensing, co-promotion, partnership, and acquisition activities across multiple therapeutic areas. Earlier in his career, he spent more than a decade at Goldman Sachs, Credit Suisse, and Deutsche Bank, executing mergers and acquisitions and corporate finance transactions for healthcare clients.

    Dr. David Bharucha Chief Medical Officer

    Jeffrey Nelson Chief Operating Officer

    Lorenz Muller Chief Commercial Officer

    AI Analysis | Feedback

    The key risks for Milestone Pharmaceuticals (MIST) primarily revolve around the commercial success of its lead product, the ongoing development of etripamil for additional indications, and its financial sustainability.

    1. Commercialization Risk for Etripamil (CARDAMYST) in PSVT: While Milestone Pharmaceuticals has received U.S. Food and Drug Administration (FDA) approval for CARDAMYST (etripamil) nasal spray for the at-home treatment of paroxysmal supraventricular tachycardia (PSVT), with retail availability targeted for early 2026, the company currently reports zero revenue and negative profitability. The successful commercial launch of CARDAMYST is critical, and the company faces significant challenges in achieving market penetration, securing payer coverage, and driving prescription traction. Failure to effectively commercialize this product could severely impact the company's financial viability.

    2. Clinical Trial and Regulatory Risk for Pipeline Indications: Although etripamil is approved for PSVT, its development for other cardiovascular indications, such as atrial fibrillation with rapid ventricular rate (AFib-RVR) and pediatric PSVT, remains subject to the inherent risks of clinical trials and regulatory approval processes. Etripamil is currently in Phase III development for AFib-RVR and Phase II for pediatric PSVT. The initial complete response letter (CRL) from the FDA for CARDAMYST for PSVT, although related to Chemistry, Manufacturing, and Controls (CMC) issues rather than safety or efficacy, underscores the complexities and potential for setbacks in the regulatory pathway for new indications. Unfavorable results from ongoing trials or further regulatory hurdles could limit the drug's overall market potential and impede the company's growth.

    3. Financial Health and Funding Risk: As a biopharmaceutical company in its early commercialization phase, Milestone Pharmaceuticals operates with negative earnings per share and significant negative operating and net margins, reporting zero revenue. The substantial costs associated with launching CARDAMYST, coupled with ongoing research and development expenses for pipeline indications, will increase the company's operational burn rate. This heightened expenditure could lead to a shorter cash runway and the need for additional capital, potentially through dilutive equity financing, to sustain operations and further drug development.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Milestone Pharmaceuticals Inc. (symbol: MIST) is developing etripamil for the treatment of Paroxysmal Supraventricular Tachycardia (PSVT) and Atrial Fibrillation with rapid ventricular rate (AFib-RVR). The addressable markets for these conditions are as follows:

    Paroxysmal Supraventricular Tachycardia (PSVT)

    • Milestone Pharmaceuticals estimates the peak demand potential for CARDAMYST (etripamil) to be 2.5 to 4 million episodes treated per year in the U.S..
    • PSVT affects over two million Americans, with a target addressable market of approximately 60% of patients managed by cardiologists in the U.S..
    • The global paroxysmal supraventricular tachycardia (PSVT) market size was valued at USD 1.2 billion in 2023 and is projected to reach USD 2.1 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.2%.
    • In North America, the PSVT market was valued at USD 103.05 million in 2024 and is expected to reach USD 169.14 million in 2032. The U.S. accounted for 72.40% of this North American market in 2024.

    Atrial Fibrillation (AFib) and rapid ventricular rate (AFib-RVR)

    • Milestone Pharmaceuticals projects a target addressable market of up to four to five million patients by 2030 for etripamil in AFib-RVR, with an estimated 10 million Americans suffering from AFib.
    • Approximately 5 million Americans were living with AFib as of March 2025, with projections indicating this number will surpass 12 million by 2030.
    • The global atrial fibrillation market size was valued at USD 17.24 billion in 2025 and is projected to grow to USD 25.75 billion by 2034.
    • North America is a dominant region in the global atrial fibrillation market, holding a 38.33% market share in 2025, which translates to USD 6.61 billion in revenue, and is projected to reach USD 6.85 billion in 2026.

    AI Analysis | Feedback

    Milestone Pharmaceuticals (MIST) is poised for significant revenue growth over the next 2-3 years, primarily driven by the advancement and commercialization of its lead product, etripamil. Key growth drivers include:

    1. U.S. Commercialization of CARDAMYST (etripamil) for Paroxysmal Supraventricular Tachycardia (PSVT): Milestone Pharmaceuticals received FDA approval for CARDAMYST (etripamil) nasal spray in December 2025 for the acute treatment of symptomatic PSVT in adults. The product is expected to be available in retail pharmacies in the first quarter of 2026. This represents the first self-administered treatment for PSVT, addressing a significant unmet medical need for an estimated two million Americans.

    2. Potential European Approval and Commercialization of TACHYMIST (etripamil) for PSVT: The European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for etripamil nasal spray (conditionally branded TACHYMIST) in January 2026, seeking approval for the self-administered treatment of PSVT. A regulatory decision from the EMA is anticipated by the first quarter of 2027.

    3. Milestone and Royalty Payments from Ji Xing Pharmaceuticals for Etripamil in Greater China: Under an exclusive license and collaboration agreement, Ji Xing Pharmaceuticals is developing and commercializing etripamil in Greater China. Ji Xing announced positive topline results from its Phase 3 study of etripamil in PSVT in China in September 2024. Milestone Pharmaceuticals is eligible to receive up to $107.5 million in milestone payments and royalties on future sales of etripamil in the region.

    4. Advancement of Etripamil for Atrial Fibrillation with Rapid Ventricular Rate (AFib-RVR): Beyond PSVT, etripamil is also in Phase II clinical trials for the treatment of atrial fibrillation and rapid ventricular rate (AFib-RVR). The FDA approval of CARDAMYST for PSVT enables further development of etripamil for AFib-RVR under a supplemental New Drug Application (sNDA) pathway, potentially expanding its market reach into another significant cardiovascular indication.

    AI Analysis | Feedback

    Share Issuance

    • Shareholders of Milestone Pharmaceuticals experienced substantial dilution, with total shares outstanding increasing by 53.3% in the past year.
    • The number of shares outstanding for MIST increased by 31.08% in one year, reaching 101.58 million shares.
    • In February 2026, stock options were granted to the CFO and COO, each for 204,000 common shares at an exercise price of $1.96 per share.

    Inbound Investments

    • Milestone Pharmaceuticals secured a $125 million strategic funding agreement with existing shareholder RTW Investments, LP and its affiliates in March 2023.

    Capital Expenditures

    • Over the last 12 months, Milestone Pharmaceuticals reported capital expenditures of -$41,000.

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    Peer Comparisons

    Peers to compare with:

    Financials

    MISTBMYJNJPFECYTKMDTMedian
    NameMileston.Bristol-.Johnson .Pfizer Cytokine.Medtronic 
    Mkt Price1.1864.15256.9826.2081.3785.9272.76
    Mkt Cap0.1131.0618.7149.310.0110.1120.5
    Rev LTM249,18797,92963,69510636,36342,775
    Op Inc LTM-6213,84226,25617,019-6406,82710,334
    FCF LTM-4911,44022,22810,985-5495,4268,206
    FCF 3Y Avg-4212,98819,4869,411-4595,2707,341
    CFO LTM-4912,78227,60813,401-5247,33010,056
    CFO 3Y Avg-4114,28225,09312,198-4487,0549,626

    Growth & Margins

    MISTBMYJNJPFECYTKMDTMedian
    NameMileston.Bristol-.Johnson .Pfizer Cytokine.Medtronic 
    Rev Chg LTM-3.1%8.1%-0.2%450.6%8.4%8.1%
    Rev Chg 3Y Avg-2.9%6.0%-5.2%255.5%5.2%5.2%
    Rev Chg Q-5.7%6.6%2.6%1,125.8%9.9%6.6%
    QoQ Delta Rev Chg LTM-1.5%1.6%0.6%20.2%2.5%1.6%
    Op Inc Chg LTM-47.6%39.1%21.4%2.1%-13.2%4.4%3.3%
    Op Inc Chg 3Y Avg-6.3%22.3%6.7%233.9%-20.4%5.8%6.3%
    Op Mgn LTM-4,019.4%28.1%26.8%26.7%-605.1%18.8%22.7%
    Op Mgn 3Y Avg-21.4%25.6%18.7%-5,606.8%18.4%18.7%
    QoQ Delta Op Mgn LTM-0.1%0.0%-0.5%90.4%0.1%0.1%
    CFO/Rev LTM-3,172.1%26.0%28.2%21.0%-495.1%20.2%20.6%
    CFO/Rev 3Y Avg-29.9%27.4%19.7%-4,600.5%20.7%20.7%
    FCF/Rev LTM-3,191.7%23.3%22.7%17.2%-518.8%14.9%16.1%
    FCF/Rev 3Y Avg-27.2%21.2%15.1%-4,630.7%15.5%15.5%

    Valuation

    MISTBMYJNJPFECYTKMDTMedian
    NameMileston.Bristol-.Johnson .Pfizer Cytokine.Medtronic 
    Mkt Cap0.1131.0618.7149.310.0110.1120.5
    P/S80.92.76.32.394.83.04.7
    P/Op Inc-2.09.523.68.8-15.716.19.1
    P/EBIT-2.19.623.621.6-14.016.112.8
    P/E-2.014.129.434.5-12.122.918.5
    P/CFO-2.610.222.411.1-19.115.010.7
    Total Yield-50.4%11.0%5.4%9.5%-8.3%7.7%6.6%
    Dividend Yield0.0%3.9%2.0%6.6%0.0%3.3%2.7%
    FCF Yield 3Y Avg-46.4%13.5%4.6%6.7%-7.7%5.0%4.8%
    D/E0.50.30.10.40.10.30.3
    Net D/E-0.40.30.00.30.00.20.1

    Returns

    MISTBMYJNJPFECYTKMDTMedian
    NameMileston.Bristol-.Johnson .Pfizer Cytokine.Medtronic 
    1M Rtn-8.5%10.7%-3.8%10.8%-4.9%2.5%-0.7%
    3M Rtn-37.6%15.3%16.2%2.3%9.5%11.2%10.4%
    6M Rtn-31.4%10.1%9.3%2.3%35.1%-15.1%5.8%
    12M Rtn-22.9%50.0%54.4%17.2%131.6%-0.7%33.6%
    3Y Rtn-60.0%22.2%62.0%-10.9%159.6%11.9%17.0%
    1M Excs Rtn-6.3%8.5%-5.5%7.8%-7.2%1.7%-1.9%
    3M Excs Rtn-44.8%10.0%10.4%-2.5%4.0%7.0%5.5%
    6M Excs Rtn-48.9%1.7%-1.2%-10.8%16.1%-26.2%-6.0%
    12M Excs Rtn-45.8%24.2%31.9%-9.1%102.6%-23.5%7.6%
    3Y Excs Rtn-131.2%-48.4%-2.4%-79.2%81.9%-60.3%-54.4%

    Comparison Analyses

    null

    FDA Approved Drugs Data

    Expand for More
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA218571  CARDAMYSTetripamilspray12122025-29.5%-47.3%-51.0%-51.0%-51.0%
     Collapse to Preview
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA218571  CARDAMYSTetripamilspray12122025-29.5%-47.3%-51.0%-51.0%-51.0%

    Financials

    $ Mil | FY: 12/312025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1
    Period End12/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/2023
    Filing Date3/20/202611/12/20258/12/20255/14/20253/13/202511/12/20248/8/20245/13/20243/21/202411/13/20238/10/20235/11/2023
    Key Financials Quarterly            
    Total Revenue200000000001
    Ebitda-16-11-12-20-11-9-8-9-13-14-15-15
    Operating Income-17-12-13-21-12-10-10-10-14-15-16-16
    Net Income-17-12-13-21-12-9-9-10-14-15-16-15
    EPS-0.15-0.12-0.20-0.31-0.19-0.14-0.14-0.21-0.32-0.35-0.37-0.35
    Key Financials TTM            
    Total Revenue TTM200000001466
    Ebitda TTM-59-54-52-48-38-39-45-52-57-57-58-59
    Operating Income TTM-62-57-55-52-42-44-49-56-61-61-61-61
    Net Income TTM-63-58-56-52-42-43-48-55-60-59-59-59
    Growth Rates Quarterly            
    Total Revenue Growth--------100.0%-100.0%-100.0%--
    EBITDA Growth-43.5%-28.4%-41.9%-109.4%10.3%40.1%44.4%36.5%3.3%2.2%8.6%-6.2%
    Operating Income Growth-39.8%-23.0%-29.7%-95.9%10.5%37.4%41.2%32.4%-0.3%-2.2%2.2%-10.4%
    Net Income Growth-40.8%-26.3%-38.5%-100.5%9.2%37.4%41.6%30.7%-3.3%-3.6%3.6%-6.7%
    Margins Quarterly            
    EBITDA Margin-1060.2%-----------1489.9%
    Operating Income Margin-1116.2%-----------1550.2%
    Net Income Margin-1126.1%-----------1495.0%
    Cash & Debt            
    Total Cash10683435670768389667688101
    Total Debt585756565554535352515050
    Net Debt / (Cash)-48-2513-0-15-22-30-37-14-25-37-51
    Cash Flows Quarterly            
    FCF from Operations-13-10-13-14-7-7-6-9-10-12-11-14
    Cash Flows TTM            
    FCF from Operations TTM-49-43-40-34-29-32-37-41-46-49-49-52
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-16.2%-11.6%-12.6%-21.5%-13.5%-10.8%-11.1%-12.3%-16.8%-19.4%-21.9%-21.8%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-14.6%-14.0%-13.9%-13.7%-11.5%-12.2%-14.2%-16.5%-18.6%-19.3%-20.2%-21.5%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Development and commercialization of innovative cardiovascular medicines20   
    Single Segment  1515
    Total201515


    Net Income by Segment
    $ Mil20252024
    Development and commercialization of innovative cardiovascular medicines-63-42
    Total-63-42


    Assets by Segment
    $ Mil20232022202120202019
    Single Segment7574120150123
    Total7574120150123


    Price Behavior

    Price Behavior
    Market Price$1.18 
    Market Cap ($ Bil)0.1 
    First Trading Date05/09/2019 
    Distance from 52W High-60.0% 
       50 Days200 Days
    DMA Price$1.26$1.75
    DMA Trenddowndown
    Distance from DMA-6.5%-32.4%
     3M1YR
    Volatility56.7%70.7%
    Downside Capture247.66251.78
    Upside Capture-4.37164.85
    Correlation (SPY)46.6%42.8%
    MIST Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta2.821.911.933.052.321.30
    Up Beta8.785.755.454.263.471.57
    Down Beta-0.100.120.522.222.041.17
    Up Capture49%61%6%267%228%82%
    Bmk +ve Days11223567138427
    Stock +ve Days5132048104330
    Down Capture318%194%228%235%163%109%
    Bmk -ve Days11212859114326
    Stock -ve Days14253668128365

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MIST
    MIST-23.5%70.5%-0.09-
    Sector ETF (XLV)25.8%15.6%1.2715.2%
    Equity (SPY)23.5%12.9%1.3742.7%
    Gold (GLD)25.3%28.3%0.7918.0%
    Commodities (DBC)32.4%19.8%1.30-7.9%
    Real Estate (VNQ)12.9%13.8%0.6423.1%
    Bitcoin (BTCUSD)-43.6%43.0%-1.2124.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MIST
    MIST-28.2%77.8%-0.04-
    Sector ETF (XLV)6.1%15.0%0.2215.9%
    Equity (SPY)13.2%17.2%0.5922.3%
    Gold (GLD)17.9%18.5%0.785.6%
    Commodities (DBC)8.0%19.6%0.31-2.0%
    Real Estate (VNQ)2.3%18.9%0.0216.5%
    Bitcoin (BTCUSD)10.0%53.0%0.3814.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with MIST
    MIST-22.8%104.5%0.19-
    Sector ETF (XLV)10.0%16.6%0.486.6%
    Equity (SPY)15.3%17.9%0.739.8%
    Gold (GLD)11.8%16.2%0.593.5%
    Commodities (DBC)7.4%18.0%0.331.6%
    Real Estate (VNQ)4.9%20.7%0.208.9%
    Bitcoin (BTCUSD)58.3%66.2%0.989.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity14.6 Mil
    Short Interest: % Change Since 630202615.8%
    Average Daily Volume1.1 Mil
    Days-to-Cover Short Interest13.6 days
    Basic Shares Quantity106.0 Mil
    Short % of Basic Shares13.8%

    Earnings Returns History

    Updated 6/16/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/13/2026-9.5%-24.7%-33.2%
    3/20/2026-20.0%-32.4%20.0%
    11/12/20251.0%26.2%26.2%
    8/12/20257.1%9.7%10.3%
    5/14/2025-1.7%16.8%41.2%
    3/13/20255.2%3.1%-61.1%
    11/12/2024-3.6%-12.4%-3.1%
    8/8/20240.0%-4.3%2.1%
    ...
    SUMMARY STATS   
    # Positive131111
    # Negative577
    Median Positive5.2%9.7%10.3%
    Median Negative-9.5%-12.4%-11.8%
    Max Positive9.3%26.2%41.2%
    Max Negative-20.0%-32.4%-61.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/13/2026-9.5%-24.7%-33.2%
    3/20/2026-20.0%-32.4%20.0%
    11/12/20251.0%26.2%26.2%
    8/12/20257.1%9.7%10.3%
    5/14/2025-1.7%16.8%41.2%
    3/13/20255.2%3.1%-61.1%
    11/12/2024-3.6%-12.4%-3.1%
    8/8/20240.0%-4.3%2.1%
    5/13/20240.0%2.4%-15.3%
    3/21/20244.0%20.0%9.3%
    11/13/2023-19.6%-24.4%-11.0%
    8/10/20235.8%-1.3%-7.1%
    5/11/20239.0%2.8%1.3%
    11/10/20223.1%1.3%-11.8%
    8/10/20227.9%0.5%34.6%
    3/24/20229.3%13.2%22.0%
    11/12/20218.9%13.0%6.1%
    3/30/20210.0%-3.5%1.0%
    SUMMARY STATS   
    # Positive131111
    # Negative577
    Median Positive5.2%9.7%10.3%
    Median Negative-9.5%-12.4%-11.8%
    Max Positive9.3%26.2%41.2%
    Max Negative-20.0%-32.4%-61.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    12/31/202503/20/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/21/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/29/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/10/202210-Q
    03/31/202205/12/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    12/31/202503/20/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/12/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/13/202510-K
    09/30/202411/12/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/13/202410-Q
    12/31/202303/21/202410-K
    09/30/202311/13/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/11/202310-Q
    12/31/202203/29/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/10/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/24/202210-K
    09/30/202111/12/202110-Q
    06/30/202108/11/202110-Q
    03/31/202105/17/202110-Q
    12/31/202003/29/202110-K
    09/30/202011/13/202010-Q
    06/30/202008/12/202010-Q
    03/31/202005/14/202010-Q
    12/31/201903/06/202010-K
    09/30/201911/13/201910-Q
    06/30/201908/13/201910-Q
    03/31/201906/19/201910-Q

    Insider Activity

    Updated 6/12/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Oliveto, JosephPresident and CEODirectSell42020262.2636,50082,4901,008,511Form
    2Bharucha, DavidChief Medical OfficerDirectSell12820261.9312,24523,633218,439Form
    3Nelson, Jeffrey EdwardChief Operating OfficerDirectSell12820261.9312,24523,63396,207Form
    4Hasija, AmitCFO & EVP of Corp. DevelopmentDirectSell12820261.9312,24523,633192,707Form
    5Muller, LorenzChief Commercial OfficerDirectSell12820261.9311,18021,577396,434Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Oliveto, JosephPresident and CEODirectSell42020262.2636,50082,4901,008,511Form
    2Bharucha, DavidChief Medical OfficerDirectSell12820261.9312,24523,633218,439Form
    3Nelson, Jeffrey EdwardChief Operating OfficerDirectSell12820261.9312,24523,63396,207Form
    4Hasija, AmitCFO & EVP of Corp. DevelopmentDirectSell12820261.9312,24523,633192,707Form
    5Muller, LorenzChief Commercial OfficerDirectSell12820261.9311,18021,577396,434Form
    6Oliveto, JosephPresident and CEODirectSell12820261.9334,52366,629931,696Form
    7Bharucha, DavidChief Medical OfficerDirectSell12820262.3258,007134,576244,356Form
    8Nelson, Jeffrey EdwardChief Operating OfficerDirectSell12820262.3258,007134,57697,424Form
    9Hasija, AmitCFO & EVP of Corp. DevelopmentDirectSell12820262.3258,007134,576213,424Form
    10Muller, LorenzChief Commercial OfficerDirectSell12820262.3253,566124,273455,848Form
    11Oliveto, JosephPresident and CEODirectSell12820262.32133,054308,6851,045,547Form
    12Oliveto, JosephPresident and CEODirectSell10920262.2543,00096,750683,372Form
    13Oliveto, JosephPresident and CEODirectSell10920262.255001,125780,122Form

    Industry Resources

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