1.Sales and profit
See section β- Milestone Pharmaceuticals Inc. lost $63.1M in fiscal 2025.
Milestone Pharmaceuticals Inc.
MIST Nasdaq Pharmaceutical Preparations Financials FY2018βFY2025
Last close Β· Oct 23, 2026
$0.65
7.8%KIRAβs summary AI analyst
Hi! I read Milestone Pharmaceuticals Inc.βs latest annual report (fiscal 2025). Here is what stands out:
1 strength 2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$49.3M in fiscal 2025, β of revenue.
- In the last 12 months, insiders sold $1.2M of shares on the open market and bought none.
3.Financial health
See section β- Milestone Pharmaceuticals Inc. has $48.8M more cash than debt.
Milestone Pharmaceuticals Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$63.1M
No. It lost money last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
β
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$0.65 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY18
Revenue β
FY19
Revenue β
FY20
Revenue β
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Revenue
Q3 '23
Revenue β
Q4 '23
Revenue β
Q1 '24
Revenue β
Q2 '24
Revenue β
Q3 '24
Revenue β
Q4 '24
Revenue β
Q1 '25
Revenue $0.0M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue β
Q4 '25
Revenue β
Q1 '26
Revenue $0.2M
Q2 '26
Revenue $0.6M
Margins, % of revenue
FY18
Gross β
Operating β
Net β
FCF β
FY19
Gross β
Operating β
Net β
FCF β
FY20
Gross β
Operating β
Net β
FCF β
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β
FCF β
Q4 '23
Gross β
Operating β
Net β
FCF β
Q1 '24
Gross β
Operating β
Net β
FCF β
Q2 '24
Gross β
Operating β
Net β
FCF β
Q3 '24
Gross β
Operating β
Net β
FCF β
Q4 '24
Gross β
Operating β
Net β
FCF β
Q1 '25
Gross β
Operating β
Net β
FCF β
Q2 '25
Gross β
Operating β
Net β
FCF β
Q3 '25
Gross β
Operating β
Net β
FCF β
Q4 '25
Gross β
Operating β
Net β
FCF β
Q1 '26
Gross 94.1%
Operating β9,942.4%
Net β10,952.1%
FCF β6,763.9%
Q2 '26
Gross 94.3%
Operating β4,585.0%
Net β5,118.8%
FCF β4,068.0%
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Milestone Pharmaceuticals Inc. lost $63.1M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY18
Net income β$23.2M
FY19
Net income β$55.2M
FY20
Net income β$50.0M
FY21
Net income β$42.9M
FY22
Net income β$58.4M
FY23
Net income β$59.7M
FY24
Net income β$41.5M
FY25
Net income β$63.1M
Net income
Q3 '23
Net income β$15.1M
Q4 '23
Net income β$13.6M
Q1 '24
Net income β$10.4M
Q2 '24
Net income β$9.4M
Q3 '24
Net income β$9.4M
Q4 '24
Net income β$12.4M
Q1 '25
Net income β$20.8M
Q2 '25
Net income β$13.0M
Q3 '25
Net income β$11.9M
Q4 '25
Net income β$17.4M
Q1 '26
Net income β$26.1M
Q2 '26
Net income β$28.6M
Diluted EPS
FY18
Diluted EPS $72.63
FY19
Diluted EPS β$3.50
FY20
Diluted EPS β$1.70
FY21
Diluted EPS β$1.02
FY22
Diluted EPS β$1.38
FY23
Diluted EPS β$1.39
FY24
Diluted EPS β$0.67
FY25
Diluted EPS β$0.75
Diluted EPS
Q3 '23
Diluted EPS β$0.35
Q4 '23
Diluted EPS β$0.32
Q1 '24
Diluted EPS β$0.21
Q2 '24
Diluted EPS β$0.14
Q3 '24
Diluted EPS β$0.14
Q4 '24
Diluted EPS β$0.18
Q1 '25
Diluted EPS β$0.31
Q2 '25
Diluted EPS β$0.20
Q3 '25
Diluted EPS β$0.12
Q4 '25
Diluted EPS β$0.12
Q1 '26
Diluted EPS β$0.20
Q2 '26
Diluted EPS β$0.21
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$49.3M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY18
Free cash flow β$21.1M
FY19
Free cash flow β$51.6M
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β$52.7M
FY23
Free cash flow β$46.5M
FY24
Free cash flow β$28.9M
FY25
Free cash flow β$49.3M
Free cash flow
Q3 '23
Free cash flow β$12.2M
Q4 '23
Free cash flow β$9.8M
Q1 '24
Free cash flow β
Q2 '24
Free cash flow β
Q3 '24
Free cash flow β$7.0M
Q4 '24
Free cash flow β$6.9M
Q1 '25
Free cash flow β$14.0M
Q2 '25
Free cash flow β$12.6M
Q3 '25
Free cash flow β$9.8M
Q4 '25
Free cash flow β$13.1M
Q1 '26
Free cash flow β$16.1M
Q2 '26
Free cash flow β$22.7M
Cash from operations vs capital spending
FY18
Cash from operations β$21.0M
Capital spending $0.0M
FY19
Cash from operations β$51.2M
Capital spending $0.4M
FY20
Cash from operations β$50.7M
Capital spending β
FY21
Cash from operations β$33.2M
Capital spending β
FY22
Cash from operations β$52.5M
Capital spending $0.3M
FY23
Cash from operations β$46.4M
Capital spending $0.1M
FY24
Cash from operations β$28.8M
Capital spending $0.0M
FY25
Cash from operations β$49.0M
Capital spending $0.3M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$12.2M
Capital spending $0.0M
Q4 '23
Cash from operations β$9.8M
Capital spending $0.0M
Q1 '24
Cash from operations β$8.9M
Capital spending β
Q2 '24
Cash from operations β$6.1M
Capital spending β
Q3 '24
Cash from operations β$7.0M
Capital spending $0.0M
Q4 '24
Cash from operations β$6.8M
Capital spending $0.0M
Q1 '25
Cash from operations β$14.0M
Capital spending $0.0M
Q2 '25
Cash from operations β$12.6M
Capital spending $0.0M
Q3 '25
Cash from operations β$9.7M
Capital spending $0.0M
Q4 '25
Cash from operations β$12.8M
Capital spending $0.3M
Q1 '26
Cash from operations β$16.1M
Capital spending $0.0M
Q2 '26
Cash from operations β$22.7M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY18
Dividends β
Buybacks β
FY19
Dividends β
Buybacks β
FY20
Dividends β
Buybacks β
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.03B
FY21
Diluted shares β
FY22
Diluted shares β
FY23
Diluted shares β
FY24
Diluted shares β
FY25
Diluted shares β
Insider trades
KIRA Β· In the last 12 months, insiders sold $1.2M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.2M
5 insiders
Of sales under plans
15%
$0.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Apr 16, 2026 | Joseph OlivetoPresident and CEO, Director | Sold plan | 36,500 | $2.26 | $0.1M | Form 4 |
| Jan 26, 2026 | Amit HasijaCFO & EVP of Corp. Development | Sold | 12,245 | $1.93 | $0.0M | Form 4 |
| Jan 26, 2026 | David BharuchaChief Medical Officer | Sold | 12,245 | $1.93 | $0.0M | Form 4 |
| Jan 26, 2026 | Jeffrey Edward NelsonChief Operating Officer | Sold | 12,245 | $1.93 | $0.0M | Form 4 |
| Jan 26, 2026 | Joseph OlivetoPresident and CEO, Director | Sold | 34,523 | $1.93 | $0.1M | Form 4 |
| Jan 26, 2026 | Lorenz MullerChief Commercial Officer | Sold | 11,180 | $1.93 | $0.0M | Form 4 |
| Jan 8, 2026 | Joseph OlivetoPresident and CEO, Director | Sold plan | 43,000 | $2.25 | $0.1M | Form 4 |
| Jan 7, 2026 | Joseph OlivetoPresident and CEO, Director | Sold plan | 500 | $2.25 | $0.0M | Form 4 |
| Dec 15, 2025 | Amit HasijaCFO & EVP of Corp. Development | Sold | 58,007 | $2.32 | $0.1M | Form 4 |
| Dec 15, 2025 | David BharuchaChief Medical Officer | Sold | 58,007 | $2.32 | $0.1M | Form 4 |
| Dec 15, 2025 | Jeffrey Edward NelsonChief Operating Officer | Sold | 58,007 | $2.32 | $0.1M | Form 4 |
| Dec 15, 2025 | Joseph OlivetoPresident and CEO, Director | Sold | 133,054 | $2.32 | $0.3M | Form 4 |
| Dec 15, 2025 | Lorenz MullerChief Commercial Officer | Sold | 53,566 | $2.32 | $0.1M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Milestone Pharmaceuticals Inc. has $48.8M more cash than debt.
Cash, debt and the ratios that show how comfortably Milestone Pharmaceuticals Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY18
Cash $86.0M
Debt β
FY19
Cash $120M
Debt $0.0M
FY20
Cash $142M
Debt β
FY21
Cash $114M
Debt β
FY22
Cash $64.6M
Debt β
FY23
Cash $66.0M
Debt $49.8M
FY24
Cash $69.7M
Debt $53.4M
FY25
Cash $106M
Debt $57.2M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $114M | $64.6M | $66.0M | $69.7M | $106M |
| Debt incl. finance leases | β | β | $49.8M | $53.4M | $57.2M |
| Debt / equity | β | β | 3.0x | 4.1x | 1.4x |
| Interest coverage | β | β | β23.9x | β11.8x | β16.2x |
| Current ratio | 17.6x | 11.7x | 10.1x | 9.1x | 8.0x |
| Quick ratio | 17.6x | 11.7x | 10.1x | 9.1x | 8.0x |
| Total assets | $120M | $74.5M | $75.2M | $75.5M | $114M |
| Total liabilities | $7.2M | $8.1M | $58.5M | $62.4M | $71.8M |
| Shareholders' equity | $113M | $66.3M | $16.8M | $13.1M | $41.8M |
| Net debt (β = net cash) | β | β | β$16.2M | β$16.3M | β$48.8M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY18
Return on capital β
Return on equity β27.8%
Return on assets β26.3%
FY19
Return on capital β
Return on equity β55.7%
Return on assets β52.2%
FY20
Return on capital β
Return on equity β38.7%
Return on assets β36.6%
FY21
Return on capital β
Return on equity β33.5%
Return on assets β31.8%
FY22
Return on capital β
Return on equity β65.3%
Return on assets β60.1%
FY23
Return on capital β8,938.4%
Return on equity β143.6%
Return on assets β79.7%
FY24
Return on capital β
Return on equity β277.6%
Return on assets β55.1%
FY25
Return on capital β
Return on equity β229.7%
Return on assets β66.7%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 5 | β / 5 | β / 5 | β / 6 | β / 6 |
| Accruals ratio | β2.4% | β3.9% | 0.6% | β7.1% | β6.1% | β17.7% | β16.8% | β14.8% |
| Altman Z'' | 21.60 | 14.10 | 22.33 | 14.38 | β2.69 | β13.55 | β13.68 | β9.77 |
All figures
Every number, year by year.
8 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Research and development | $16.8M | $42.0M | $34.5M | $38.7M | $39.8M | $31.1M | $14.4M | $18.1M |
| Operating income | β$23.8M | β$57.9M | β$50.7M | β$43.1M | β$59.6M | β$61.1M | β$42.1M | β$62.1M |
| Interest expense | β | β | β | β | β | $2.6M | $3.6M | $3.8M |
| Pretax income | β$23.1M | β$55.3M | β$50.0M | β$42.9M | β$58.4M | β$59.7M | β$41.5M | β$63.1M |
| Income tax | $0.1M | β$0.1M | β$0.0M | β | β | β | β | β |
| Net income | β$23.2M | β$55.2M | β$50.0M | β$42.9M | β$58.4M | β$59.7M | β$41.5M | β$63.1M |
| Diluted EPS | $72.63 | β$3.50 | β$1.70 | β$1.02 | β$1.38 | β$1.39 | β$0.67 | β$0.75 |
| Diluted shares | 0.00B | 0.02B | 0.03B | β | β | β | β | β |
| Cash flow | ||||||||
| Cash from operations | β$21.0M | β$51.2M | β$50.7M | β$33.2M | β$52.5M | β$46.4M | β$28.8M | β$49.0M |
| Capital expenditure | $0.0M | $0.4M | β | β | $0.3M | $0.1M | $0.0M | $0.3M |
| Free cash flow | β$21.1M | β$51.6M | β | β | β$52.7M | β$46.5M | β$28.9M | β$49.3M |
| Depreciation and amortization | $0.0M | $0.0M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M | $0.1M |
| Stock-based compensation | $0.6M | $1.2M | $4.9M | $7.3M | $9.0M | $9.5M | $5.8M | $7.5M |
| Balance sheet | ||||||||
| Cash and short-term investments | $86.0M | $120M | $142M | $114M | $64.6M | $66.0M | $69.7M | $106M |
| Total debt | β | $0.0M | β | β | β | $49.8M | $53.4M | $57.2M |
| Current assets | $88.1M | $122M | $149M | $119M | $71.8M | $73.0M | $73.9M | $112M |
| Current liabilities | $4.5M | $8.3M | $6.2M | $6.8M | $6.1M | $7.2M | $8.1M | $14.0M |
| Inventory | β | β | β | β | β | β | β | $0.6M |
| Property and equipment, net | $0.0M | $0.4M | $0.3M | $0.2M | $0.3M | $0.3M | $0.2M | $0.5M |
| Total assets | $88.1M | $123M | $150M | $120M | $74.5M | $75.2M | $75.5M | $114M |
| Total liabilities | $4.5M | $8.5M | $6.9M | $7.2M | $8.1M | $58.5M | $62.4M | $71.8M |
| Shareholders' equity | $83.5M | $115M | $143M | $113M | $66.3M | $16.8M | $13.1M | $41.8M |
| Returns | ||||||||
| Return on capital | β | β | β | β | β | β8,938.4% | β | β |
| Return on capital employed | β28.5% | β50.3% | β35.3% | β38.1% | β87.3% | β89.9% | β62.5% | β62.4% |
| Return on equity | β27.8% | β55.7% | β38.7% | β33.5% | β65.3% | β143.6% | β277.6% | β229.7% |
| Return on assets | β26.3% | β52.2% | β36.6% | β31.8% | β60.1% | β79.7% | β55.1% | β66.7% |
| Return on tangible equity | β27.8% | β48.1% | β34.9% | β38.1% | β88.0% | β355.9% | β315.8% | β151.0% |
| Growth | ||||||||
| EPS growth | β | β104.8% | β | β | β | β | β | β |
| Share count change | β | 4,845.1% | 85.9% | β | β | β | β | β |
| Financial health | ||||||||
| Debt / equity | β | 0.0x | β | β | β | 3.0x | 4.1x | 1.4x |
| Interest coverage | β | β | β | β | β | β23.9x | β11.8x | β16.2x |
| Current ratio | 19.4x | 14.7x | 24.1x | 17.6x | 11.7x | 10.1x | 9.1x | 8.0x |
| Quick ratio | 19.4x | 14.7x | 24.1x | 17.6x | 11.7x | 10.1x | 9.1x | 8.0x |
| Quality scores | ||||||||
| Altman Z'' | 21.6 | 14.1 | 22.3 | 14.4 | β2.7 | β13.5 | β13.7 | β9.8 |
| Accruals ratio | β2.4% | β3.9% | 0.6% | β7.1% | β6.1% | β17.7% | β16.8% | β14.8% |
Source: SEC EDGAR XBRL filings (CIK 0001408443). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.