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Milestone Pharmaceuticals (MIST) Financials

Milestone Pharmaceuticals logo
$1.28 -0.03 (-2.29%)
Closing price 07/10/2026 04:00 PM Eastern
Extended Trading
$1.30 +0.02 (+1.25%)
As of 07/10/2026 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Milestone Pharmaceuticals

Annual Income Statements for Milestone Pharmaceuticals

This table shows Milestone Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -23 -55 -50 -43 -58 -60 -42 -63
Consolidated Net Income / (Loss)		 -23 -55 -50 -43 -58 -60 -42 -63
Net Income / (Loss) Continuing Operations		 -23 -55 -50 -43 -58 -60 -42 -63
Total Pre-Tax Income 		-23 -55 -50 -43 -58 -60 -42 -63
Total Operating Income		 -24 -58 -51 -43 -60 -61 -42 -62
Total Gross Profit		 0.00 0.00 0.00 15 5.00 1.00 0.00 1.55
Total Revenue		 0.00 0.00 0.00 15 5.00 1.00 0.00 1.55
Operating Revenue		 - - 0.00 15 5.00 1.00 0.00 1.55
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 24 58 51 58 65 62 42 64
Selling, General & Admin Expense		 3.05 7.00 10 12 16 16 17 17
Research & Development Expense		 17 42 34 39 40 31 14 18
Other Operating Expenses / (Income)		 3.92 8.89 5.94 7.00 9.10 15 11 28
Total Other Income / (Expense), net		 0.71 2.60 0.73 0.22 1.25 1.41 0.58 -0.92
Interest Expense		 - - - - 0.00 2.55 3.58 3.84
Interest & Investment Income		 0.71 2.60 0.73 0.22 1.25 3.97 4.16 2.92
Basic Earnings per Share		 $72.63 ($3.50) ($1.70) ($1.02) ($1.38) ($1.39) ($0.67) ($0.75)
Weighted Average Basic Shares Outstanding		 319.20K 15.78M 29.34M 41.83M 42.45M 42.96M 62.21M 117.67M
Diluted Earnings per Share		 $72.63 ($3.50) ($1.70) - ($1.38) ($1.39) ($0.67) ($0.75)
Weighted Average Diluted Shares Outstanding		 319.20K 15.78M 29.34M 41.83M 42.45M 42.96M 62.21M 117.67M
Weighted Average Basic & Diluted Shares Outstanding		 319.20K 15.78M 29.34M 41.83M 84.90M 85.91M 124.42M 167.77M

Quarterly Income Statements for Milestone Pharmaceuticals

This table shows Milestone Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Consolidated Net Income / (Loss)		 -15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Net Income / (Loss) Continuing Operations		 -15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Total Pre-Tax Income 		-15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Total Operating Income		 -15 -14 -10 -9.66 -9.62 -12 -21 -13 -12 -17 -24
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 1.55 0.22
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 1.55 0.24
Operating Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 1.55 0.24
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.01
Operating Cost of Revenue		 - - - - - - 0.00 - - - 0.01
Total Operating Expenses		 15 14 10 9.66 9.62 12 21 13 12 19 24
Selling, General & Admin Expense		 4.23 3.37 3.95 5.05 3.74 4.00 5.17 3.76 3.26 5.09 4.82
Research & Development Expense		 6.72 5.45 3.64 2.82 3.96 3.94 4.98 3.67 3.94 5.52 3.25
Other Operating Expenses / (Income)		 4.41 4.98 2.88 1.80 1.91 4.41 10 5.10 4.63 8.20 16
Total Other Income / (Expense), net		 0.28 0.19 0.12 0.30 0.18 -0.02 -0.24 -0.44 -0.09 -0.15 -2.40
Interest Expense		 0.84 0.86 0.87 0.89 0.90 0.92 0.94 0.95 0.97 0.99 4.14
Interest & Investment Income		 1.12 1.05 0.99 1.19 1.08 0.90 0.70 0.52 0.87 0.83 1.73
Basic Earnings per Share		 ($0.35) ($0.32) ($0.21) ($0.14) ($0.14) ($0.18) ($0.31) ($0.20) ($0.12) ($0.12) ($0.20)
Weighted Average Basic Shares Outstanding		 42.97M 42.96M 50.16M 66.17M 66.19M 62.21M 66.29M 84.99M 85.17M 117.67M 124.50M
Diluted Earnings per Share		 ($0.35) ($0.32) ($0.21) ($0.14) ($0.14) ($0.18) ($0.31) ($0.20) ($0.12) ($0.12) ($0.20)
Weighted Average Diluted Shares Outstanding		 42.97M 42.96M 50.16M 66.17M 66.19M 62.21M 66.29M 84.99M 85.17M 117.67M 124.50M
Weighted Average Basic & Diluted Shares Outstanding		 85.95M 85.91M 100.31M 132.33M 132.38M 124.42M 132.57M 132.76M 192.99M 167.77M 260.57M

Annual Cash Flow Statements for Milestone Pharmaceuticals

This table details how cash moves in and out of Milestone Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 75 34 -48 42 -107 6.12 12 48
Net Cash From Operating Activities		 -21 -51 -51 -33 -52 -46 -29 -49
Net Cash From Continuing Operating Activities		 -21 -51 -51 -33 -52 -46 -29 -49
Net Income / (Loss) Continuing Operations		 -23 -55 -50 -43 -58 -60 -42 -63
Consolidated Net Income / (Loss)		 -23 -55 -50 -43 -58 -60 -42 -63
Depreciation Expense		 0.01 0.04 0.10 0.09 0.09 0.09 0.11 0.11
Amortization Expense		 - - - - 0.00 0.24 0.37 0.43
Non-Cash Adjustments To Reconcile Net Income		 0.77 0.90 4.77 7.65 9.12 11 8.28 9.83
Changes in Operating Assets and Liabilities, net		 1.36 3.14 -5.63 1.89 -3.29 1.56 3.91 3.65
Net Cash From Investing Activities		 16 -0.38 -70 70 -57 4.76 8.28 11
Net Cash From Continuing Investing Activities		 16 -0.38 -70 70 -57 4.76 8.28 11
Purchase of Property, Plant & Equipment		 -0.01 -0.41 - 0.00 -0.27 -0.11 -0.03 -0.30
Purchase of Investments		 -3.03 -35 -90 -15 -86 -137 -114 -83
Sale and/or Maturity of Investments		 19 35 20 85 29 142 122 94
Net Cash From Financing Activities		 80 85 73 5.06 3.09 48 32 86
Net Cash From Continuing Financing Activities		 80 85 73 5.06 3.09 48 32 86
Issuance of Debt		 - - 25 4.93 0.00 50 4.62 2.57
Issuance of Common Equity		 0.00 85 48 0.00 2.63 0.39 27 61
Other Financing Activities, net		 0.46 0.04 0.30 0.12 0.46 0.18 0.05 22

Quarterly Cash Flow Statements for Milestone Pharmaceuticals

This table details how cash moves in and out of Milestone Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -23 3.88 -3.63 3.13 -0.46 13 20 -2.59 4.19 26 -1.73
Net Cash From Operating Activities		 -12 -9.80 -8.93 -6.05 -7.02 -6.84 -14 -13 -9.75 -13 -16
Net Cash From Continuing Operating Activities		 -12 -9.80 -8.93 -6.05 -7.02 -6.84 -14 -13 -9.75 -13 -16
Net Income / (Loss) Continuing Operations		 -15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Consolidated Net Income / (Loss)		 -15 -14 -10 -9.36 -9.44 -12 -21 -13 -12 -17 -26
Depreciation Expense		 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.06
Amortization Expense		 0.08 0.08 0.09 0.09 0.10 0.10 0.10 0.11 0.11 0.12 0.12
Non-Cash Adjustments To Reconcile Net Income		 3.52 2.49 2.14 2.00 2.03 2.11 2.01 2.07 2.38 3.37 5.19
Changes in Operating Assets and Liabilities, net		 -0.70 1.21 -0.83 1.19 0.27 3.28 4.67 -1.80 -0.34 1.12 4.65
Net Cash From Investing Activities		 -11 14 -27 9.48 6.48 19 34 9.94 -35 2.70 -80
Net Cash From Continuing Investing Activities		 -11 14 -27 9.48 6.48 19 34 9.94 -35 2.70 -80
Purchase of Property, Plant & Equipment		 -0.02 -0.03 0.00 -0.01 -0.00 -0.02 -0.01 -0.01 -0.00 -0.28 -0.05
Purchase of Investments		 -26 -41 -53 -17 -30 -14 -0.88 -0.05 -35 -47 -80
Sale and/or Maturity of Investments		 15 55 26 27 36 33 34 10 - 50 0.00
Net Cash From Financing Activities		 0.31 0.00 32 -0.30 0.07 0.02 0.14 0.04 49 36 94
Net Cash From Continuing Financing Activities		 0.30 0.00 32 -0.30 0.07 0.02 0.14 0.04 49 36 94
Issuance of Common Equity		 0.26 0.01 28 4.34 -4.54 - 0.14 - 46 14 11
Other Financing Activities, net		 0.04 -0.01 4.66 -4.64 4.62 -4.59 0.00 0.04 2.70 19 83

Annual Balance Sheets for Milestone Pharmaceuticals

This table presents Milestone Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 88 123 150 120 74 75 75 114
Total Current Assets		 88 122 149 119 72 73 74 112
Cash & Equivalents		 86 120 72 114 7.64 14 25 73
Short-Term Investments		 0.03 0.00 70 0.00 57 52 44 33
Accounts Receivable		 0.39 0.26 0.22 0.13 0.88 3.21 1.49 1.65
Inventories, net		 - - - - - - 0.00 0.65
Prepaid Expenses		 1.40 1.85 5.43 4.30 6.01 3.18 1.84 1.81
Other Current Assets		 0.29 0.58 0.73 0.36 0.33 0.64 0.90 1.86
Plant, Property, & Equipment, net		 0.03 0.41 0.31 0.22 0.26 0.28 0.20 0.51
Total Noncurrent Assets		 0.00 0.52 0.98 0.71 2.42 1.92 1.38 1.13
Other Noncurrent Operating Assets		 0.00 0.52 0.98 0.71 2.42 1.92 1.38 1.13
Total Liabilities & Shareholders' Equity		 88 123 150 120 74 75 75 114
Total Liabilities		 4.53 8.51 6.86 7.25 8.14 58 62 72
Total Current Liabilities		 4.53 8.33 6.16 6.78 6.14 7.23 8.13 14
Accounts Payable		 4.48 8.00 5.91 6.55 5.64 6.68 7.56 5.65
Accrued Expenses		 - - - - - - - 7.64
Current Deferred Revenue		 - - - - - - - 0.00
Other Current Liabilities		 0.00 0.33 0.25 0.22 0.50 0.55 0.57 0.69
Total Noncurrent Liabilities		 0.00 0.18 0.70 0.47 2.00 51 54 58
Long-Term Debt		 - - - - 0.00 50 53 57
Other Noncurrent Operating Liabilities		 0.00 0.18 0.70 0.47 2.00 1.46 0.00 0.62
Total Equity & Noncontrolling Interests		 -55 115 143 113 66 17 13 42
Total Preferred & Common Equity		 -55 115 143 113 66 17 13 42
Total Common Equity		 -55 115 143 113 66 17 13 42
Common Stock		 4.69 230 260 268 298 294 328 417
Retained Earnings		 -58 -113 -163 -208 -266 -326 -368 -431
Other Equity Adjustments		 - 0.00 48 53 34 48 53 56

Quarterly Balance Sheets for Milestone Pharmaceuticals

This table presents Milestone Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 87 96 89 83 62 47 88 194
Total Current Assets		 85 94 87 81 60 46 87 192
Cash & Equivalents		 9.88 10 13 13 45 42 47 71
Short-Term Investments		 66 79 70 64 11 0.92 36 113
Accounts Receivable		 1.52 1.41 1.62 1.21 1.17 0.92 0.70 3.03
Inventories, net		 - - - - - - - 1.83
Prepaid Expenses		 6.96 2.36 1.71 2.52 2.36 0.75 2.58 1.21
Other Current Assets		 0.57 0.71 0.78 0.84 0.99 1.08 0.81 1.97
Plant, Property, & Equipment, net		 0.27 0.25 0.22 0.20 0.18 0.16 0.14 0.50
Total Noncurrent Assets		 2.05 1.79 1.65 1.52 1.23 1.09 0.94 0.98
Other Noncurrent Operating Assets		 2.05 1.79 1.65 1.52 1.23 1.09 0.94 0.98
Total Liabilities & Shareholders' Equity		 87 96 89 83 62 47 88 194
Total Liabilities		 59 56 57 59 68 65 67 158
Total Current Liabilities		 8.11 4.13 4.57 5.26 13 9.28 11 21
Accounts Payable		 7.58 3.58 4.00 4.68 12 8.77 10 10
Accrued Expenses		 - - - - - - - 9.80
Current Deferred Revenue		 - - - - - - - 0.42
Other Current Liabilities		 0.53 0.56 0.57 0.58 0.54 0.52 0.48 0.70
Total Noncurrent Liabilities		 50 52 53 53 55 56 57 137
Long-Term Debt		 49 51 52 52 54 55 56 58
Capital Lease Obligations		 1.58 1.31 - 1.00 - - - 0.37
Other Noncurrent Operating Liabilities		 - - 1.16 - 0.76 0.64 0.52 78
Total Equity & Noncontrolling Interests		 29 40 32 24 -6.12 -18 21 36
Total Preferred & Common Equity		 29 40 32 24 -6.12 -18 21 36
Total Common Equity		 29 40 32 24 -6.12 -18 21 36
Common Stock		 292 323 325 326 329 330 378 437
Retained Earnings		 -312 -336 -346 -355 -388 -401 -413 -457
Other Equity Adjustments		 48 53 53 53 53 53 56 56

Annual Metrics And Ratios for Milestone Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Milestone Pharmaceuticals' official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 24,493,242.00 29,822,897.00 29,872,535.00 34,286,002.00 33,483,111.00 53,327,908.00 85,169,344.00
DEI Adjusted Shares Outstanding		 0.00 24,493,242.00 29,822,897.00 29,872,535.00 34,286,002.00 33,483,111.00 53,327,908.00 85,169,344.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -2.25 -1.68 -1.43 -1.70 -1.78 -0.78 -0.74
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% -66.67% -80.00% -100.00% 0.00%
EBITDA Growth		 0.00% -142.92% 12.50% 15.08% -38.56% -2.03% 31.49% -47.97%
EBIT Growth		 0.00% -142.97% 12.39% 15.06% -38.47% -2.44% 31.09% -47.59%
NOPAT Growth		 0.00% -142.97% 12.39% 15.06% -38.47% -2.44% 31.09% -47.59%
Net Income Growth		 0.00% -138.21% 9.53% 14.24% -36.25% -2.22% 30.44% -51.88%
EPS Growth		 0.00% -104.82% 51.43% 0.00% 0.00% -0.72% 51.80% -11.94%
Operating Cash Flow Growth		 0.00% -143.05% 0.82% 34.51% -57.93% 11.52% 37.86% -70.00%
Free Cash Flow Firm Growth		 0.00% 0.00% -8.31% 32.53% -62.06% 7.79% 35.95% -45.89%
Invested Capital Growth		 0.00% -101.85% 116.51% -290.48% 214.41% -69.37% -530.00% -201.46%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 233.33% -77.78% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% -361,618.75% -52,821.88% -23.43% 5.03% 0.09% 3.40% -8.61%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -23.36% 5.03% -0.07% 3.33% -8.58%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -23.36% 5.03% -0.07% 3.33% -8.58%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -742.86% 5.97% -0.73% 2.92% -8.70%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.28% 7.41%
Operating Cash Flow Q/Q Growth		 0.00% -22.20% 13.39% -12.23% -0.93% 6.20% 9.29% -13.76%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -1,293.54% -6.33% -5.04% 9.83% 5.84% -17.09%
Invested Capital Q/Q Growth		 0.00% -33.58% 213.62% -255.50% 2,360.26% -83.42% -325.66% -19.09%
Profitability Metrics		 - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 100.00% 100.00% 100.00% 0.00% 100.00%
EBITDA Margin		 0.00% 0.00% 0.00% -286.53% -1,191.06% -6,076.20% 0.00% -3,984.09%
Operating Margin		 0.00% 0.00% 0.00% -287.15% -1,192.84% -6,109.80% 0.00% -4,019.40%
EBIT Margin		 0.00% 0.00% 0.00% -287.15% -1,192.84% -6,109.80% 0.00% -4,019.40%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -285.69% -1,167.76% -5,968.50% 0.00% -4,078.78%
Tax Burden Percent		 100.32% 99.90% 99.97% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 97.02% 95.51% 98.57% 99.49% 97.90% 97.69% 98.62% 101.48%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% -37,612.07% -3,714.16% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% -37,593.45% -3,672.30% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 37,546.82% 3,570.55% 0.00% 0.00%
Return on Equity (ROE)		 -27.75% -55.66% -38.73% -33.52% -65.26% -143.61% -277.55% -229.65%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -5,093.57% 0.00% -2,555.50% -3,607.95% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -31.93% -61.38% -81.62% 0.00% -65.74%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -31.76% -60.09% -79.73% 0.00% -66.71%
Return on Common Equity (ROCE)		 18.34% -16.74% -38.73% -33.52% -65.26% -143.61% -277.55% -229.65%
Return on Equity Simple (ROE_SIMPLE)		 41.99% -48.06% -34.91% -38.06% -88.00% -355.88% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -41 -35 -30 -42 -43 -29 -43
NOPAT Margin		 0.00% 0.00% 0.00% -201.01% -834.99% -4,276.86% 0.00% -2,813.58%
Net Nonoperating Expense Percent (NNEP)		 -7.57% -14.30% -11.04% -9.91% -18.62% -41.86% -76.01% -60.90%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - -64.27% -43.74% -43.96%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 82.66% 314.36% 1,593.20% 0.00% 1,117.34%
R&D to Revenue		 0.00% 0.00% 0.00% 257.81% 796.58% 3,105.20% 0.00% 1,171.28%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 387.15% 1,292.84% 6,209.80% 0.00% 4,119.40%
Earnings before Interest and Taxes (EBIT)		 -24 -58 -51 -43 -60 -61 -42 -62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -24 -58 -51 -43 -60 -61 -42 -62
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 3.41 1.40 1.74 2.05 3.33 9.57 4.12
Price to Tangible Book Value (P/TBV)		 0.00 3.41 1.40 1.74 2.05 3.33 9.57 4.12
Price to Revenue (P/Rev)		 0.00 0.00 0.00 13.04 27.15 55.92 0.00 111.28
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 71.08 0.00 40.38 73.49 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 5.43 14.24 39.69 0.00 79.74
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 2.97 4.12 1.37
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 2.97 4.12 1.37
Financial Leverage		 -1.03 -1.04 -1.02 -1.00 -1.00 -0.97 -1.06 -1.17
Leverage Ratio		 1.05 1.07 1.06 1.06 1.09 1.80 5.04 3.44
Compound Leverage Factor		 1.02 1.02 1.04 1.05 1.06 1.76 4.97 3.49
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 74.80% 80.49% 57.79%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 74.80% 80.49% 57.79%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 166.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -66.08% 100.00% 100.00% 100.00% 100.00% 25.20% 19.51% 42.21%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.82 -1.30 -0.93
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.27 0.37 0.79
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.82 -1.30 -0.93
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -1.16 -1.84 -1.31
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.38 0.52 1.12
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -1.16 -1.84 -1.31
Altman Z-Score		 10.24 25.92 15.99 13.83 3.49 -7.11 -6.40 -4.63
Noncontrolling Interest Sharing Ratio		 166.08% 69.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 19.42 14.71 24.14 17.55 11.70 10.11 9.10 8.01
Quick Ratio		 19.05 14.42 23.14 16.87 10.66 9.58 8.76 7.70
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -38 -41 -28 -45 -42 -27 -39
Operating Cash Flow to CapEx		 -420,920.00% -12,385.47% 0.00% 0.00% -19,290.07% -41,450.00% -87,418.18% -16,238.74%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -16.27 -7.43 -10.11
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -18.18 -8.06 -12.78
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -18.22 -8.07 -12.86
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.11 0.05 0.01 0.00 0.02
Accounts Receivable Turnover		 0.00 0.00 0.00 85.71 9.91 0.49 0.00 0.99
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 57.36 21.19 3.75 0.00 4.37
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 4.26 36.83 746.43 0.00 370.19
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 4.26 36.83 746.43 0.00 370.19
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 -2.43 -4.90 0.81 -1.54 1.76 0.54 -2.32 -7.00
Invested Capital Turnover		 0.00 0.00 0.00 -40.98 45.05 0.87 0.00 -0.33
Increase / (Decrease) in Invested Capital		 0.00 -2.47 5.71 -2.35 3.30 -1.22 -2.86 -4.68
Enterprise Value (EV)		 135 272 58 82 71 40 110 123
Market Capitalization		 83 392 200 196 136 56 126 172
Book Value per Share		 ($172.96) $4.69 $4.80 $3.77 $1.94 $0.50 $0.25 $0.49
Tangible Book Value per Share		 ($172.96) $4.69 $4.80 $3.77 $1.94 $0.50 $0.25 $0.49
Total Capital		 84 115 143 113 66 67 67 99
Total Debt		 0.00 0.00 0.00 0.00 0.00 50 54 57
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 50 54 57
Net Debt		 -86 -120 -142 -114 -65 -16 -15 -49
Capital Expenditures (CapEx)		 0.01 0.41 0.00 0.00 0.27 0.11 0.03 0.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.46 -5.65 0.22 -1.99 1.08 -0.20 -3.90 -8.02
Debt-free Net Working Capital (DFNWC)		 84 114 143 112 66 66 66 98
Net Working Capital (NWC)		 84 114 143 112 66 66 66 98
Net Nonoperating Expense (NNE)		 6.51 15 14 13 17 17 12 20
Net Nonoperating Obligations (NNO)		 -86 -120 -142 -114 -65 -16 -15 -49
Total Depreciation and Amortization (D&A)		 0.01 0.04 0.10 0.09 0.09 0.34 0.48 0.55
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -13.29% 21.58% -19.70% 0.00% -518.63%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 747.65% 1,313.28% 6,580.60% 0.00% 6,335.19%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 747.65% 1,313.28% 6,580.60% 0.00% 6,335.19%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($1.70) ($1.02) ($1.38) ($1.39) ($0.67) ($0.75)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 29.85M 29.92M 33.29M 53.15M 53.35M 117.67M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($1.70) ($1.02) $0.00 ($1.39) ($0.67) ($0.75)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 29.85M 29.92M 33.29M 53.15M 53.35M 117.67M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($1.70) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 29.34M 41.83M 42.45M 85.91M 124.42M 167.77M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -41 -35 -30 -42 -43 -29 -43
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -201.01% -834.99% -4,276.86% 0.00% -2,813.58%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -285.69% -1,167.76% -5,968.50% 0.00% -4,078.78%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -23.92 -11.76 -16.19
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -16.75 -8.23 -11.33
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -23.97 -11.77 -16.27
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 -16.79 -8.24 -11.41
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Milestone Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Milestone Pharmaceuticals' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 33,382,769.00 33,483,111.00 53,149,778.00 53,260,467.00 53,269,565.00 53,327,908.00 53,353,984.00 53,464,273.00 84,994,261.00 85,169,344.00 117,667,277.00
DEI Adjusted Shares Outstanding		 33,382,769.00 33,483,111.00 53,149,778.00 53,260,467.00 53,269,565.00 53,327,908.00 53,353,984.00 53,464,273.00 84,994,261.00 85,169,344.00 117,667,277.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.45 -0.41 -0.19 -0.18 -0.18 -0.23 -0.39 -0.24 -0.14 -0.20 -0.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -100.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -1.69% 0.39% 33.09% 41.56% 37.76% 10.70% -96.83% -29.88% -23.16% -39.94% -15.18%
EBIT Growth		 -2.20% -0.30% 32.42% 41.21% 37.40% 10.52% -95.90% -29.69% -23.01% -39.76% -15.30%
NOPAT Growth		 -2.20% -0.30% 32.42% 41.21% 37.40% 10.52% -95.90% -29.69% -23.01% -39.76% -15.30%
Net Income Growth		 -3.61% -3.29% 30.74% 41.64% 37.41% 9.17% -100.51% -38.48% -26.31% -40.82% -25.55%
EPS Growth		 -2.94% 0.00% 40.00% 62.16% 60.00% 43.75% -47.62% -42.86% 14.29% 33.33% 35.48%
Operating Cash Flow Growth		 -5.07% 23.84% 35.75% 42.70% 42.29% 30.15% -56.17% -107.60% -38.90% -86.69% -15.06%
Free Cash Flow Firm Growth		 -49.03% 34.78% 12.02% 48.81% 68.02% 31.47% 55.45% 57.72% 69.51% -28.03% 1,660.24%
Invested Capital Growth		 4,274.36% -69.37% 613.43% -71.24% -68.40% -530.00% -426.11% -2,414.06% -671.23% -201.46% -1,049.72%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -84.61%
EBITDA Q/Q Growth		 6.59% 10.26% 24.32% 7.88% 0.51% -28.74% -66.82% 39.21% 5.66% -46.28% -37.30%
EBIT Q/Q Growth		 6.55% 10.16% 24.09% 7.77% 0.48% -28.41% -66.21% 38.94% 5.60% -45.89% -37.12%
NOPAT Q/Q Growth		 6.55% 10.16% 24.09% 7.77% 0.48% -28.41% -66.21% 38.94% 5.60% -45.89% -37.12%
Net Income Q/Q Growth		 6.00% 9.75% 23.93% 9.57% -0.81% -30.98% -67.93% 37.55% 8.05% -46.02% -49.73%
EPS Q/Q Growth		 5.41% 8.57% 34.38% 33.33% 0.00% -28.57% -72.22% 35.48% 40.00% 0.00% -66.67%
Operating Cash Flow Q/Q Growth		 -15.11% 19.44% 8.80% 32.25% -15.94% 2.49% -103.89% 9.93% 22.43% -31.05% -25.66%
Free Cash Flow Firm Q/Q Growth		 -17.65% 40.10% -11.27% 34.71% 26.51% -28.36% 27.67% 38.03% 47.01% -438.99% 981.54%
Invested Capital Q/Q Growth		 265.84% -83.42% 342.59% -89.29% 301.95% -325.66% -235.66% 23.99% 0.78% -19.09% -1,180.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 94.12%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,106.60% -9,869.75%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,116.24% -9,942.44%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,116.24% -9,942.44%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,126.07% -10,952.10%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 98.18% 98.63% 98.84% 96.91% 98.16% 100.12% 101.16% 103.47% 100.79% 100.88% 110.16%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 0.00% -117.39% -133.75% -162.87% -277.55% -307.27% -780.29% -260.65% -229.65% -456.88%
Cash Return on Invested Capital (CROIC)		 -1,415.05% -3,607.95% -3,031.59% -5,911.80% -1,319.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -18.26% -138.78%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -18.42% -152.87%
Return on Common Equity (ROCE)		 0.00% 0.00% -117.39% -133.75% -162.87% -277.55% -307.27% -780.29% -260.65% -229.65% -456.88%
Return on Equity Simple (ROE_SIMPLE)		 -207.87% 0.00% -138.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -9.66 -7.33 -6.76 -6.73 -8.64 -14 -8.77 -8.28 -12 -17
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -781.36% -6,959.71%
Net Nonoperating Expense Percent (NNEP)		 -8.45% -9.78% -6.63% -7.30% -11.23% -23.47% -32.63% -42.15% -14.76% -16.59% -14.93%
Return On Investment Capital (ROIC_SIMPLE)		 - -14.52% -7.98% -8.10% -8.69% -12.83% -29.83% -23.40% -10.79% -12.21% -17.51%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.88%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 328.91% 2,026.89%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 357.12% 1,365.97%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1,216.24% 10,036.55%
Earnings before Interest and Taxes (EBIT)		 -15 -14 -10 -9.66 -9.62 -12 -21 -13 -12 -17 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -14 -10 -9.55 -9.50 -12 -20 -12 -12 -17 -23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.63 3.33 2.38 2.20 3.37 9.57 0.00 0.00 8.29 4.12 3.88
Price to Tangible Book Value (P/TBV)		 3.63 3.33 2.38 2.20 3.37 9.57 0.00 0.00 8.29 4.12 3.88
Price to Revenue (P/Rev)		 23.00 55.92 0.00 0.00 0.00 0.00 0.00 0.00 0.00 111.28 78.49
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 24.03 73.49 24.10 150.71 56.35 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 17.39 39.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 79.74 8.05
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.77 2.97 1.30 1.61 2.23 4.12 -8.87 -3.11 2.74 1.37 1.62
Long-Term Debt to Equity		 1.77 2.97 1.30 1.61 2.23 4.12 -8.87 -3.11 2.74 1.37 1.62
Financial Leverage		 -0.97 -0.97 -0.97 -0.98 -0.92 -1.06 -1.16 -1.40 -1.11 -1.17 -4.25
Leverage Ratio		 1.64 1.80 2.21 2.57 3.23 5.04 4.67 9.60 3.83 3.44 8.54
Compound Leverage Factor		 1.61 1.78 2.18 2.49 3.17 5.04 4.73 9.93 3.86 3.47 9.41
Debt to Total Capital		 63.92% 74.80% 56.55% 61.71% 69.00% 80.49% 112.71% 147.33% 73.27% 57.79% 61.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 63.92% 74.80% 56.55% 61.71% 69.00% 80.49% 112.71% 147.33% 73.27% 57.79% 61.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 36.08% 25.20% 43.45% 38.29% 31.00% 19.51% -12.71% -47.33% 26.73% 42.21% 38.10%
Debt to EBITDA		 -0.83 -0.82 -0.93 -1.05 -1.24 -1.30 -1.05 -1.01 -0.99 -0.93 -0.91
Net Debt to EBITDA		 0.42 0.27 0.67 0.65 0.53 0.37 0.03 -0.22 0.47 0.79 1.94
Long-Term Debt to EBITDA		 -0.83 -0.82 -0.93 -1.05 -1.24 -1.30 -1.05 -1.01 -0.99 -0.93 -0.91
Debt to NOPAT		 -1.18 -1.16 -1.32 -1.49 -1.75 -1.84 -1.49 -1.43 -1.40 -1.31 -1.28
Net Debt to NOPAT		 0.59 0.38 0.96 0.92 0.75 0.52 0.05 -0.31 0.66 1.12 2.75
Long-Term Debt to NOPAT		 -1.18 -1.16 -1.32 -1.49 -1.75 -1.84 -1.49 -1.43 -1.40 -1.31 -1.28
Altman Z-Score		 -3.44 -5.04 -3.12 -3.93 -4.47 -5.10 -8.58 -10.83 -4.48 -3.32 -2.10
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 10.45 10.11 22.75 19.13 15.40 9.10 4.67 4.97 8.24 8.01 9.18
Quick Ratio		 9.52 9.58 22.01 18.58 14.76 8.76 4.41 4.78 7.91 7.70 8.94
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -8.44 -9.39 -6.13 -4.50 -5.78 -4.18 -2.59 -1.37 -7.40 65
Operating Cash Flow to CapEx		 -67,555.56% -31,600.00% 0.00% -86,471.43% -175,450.00% -31,104.55% -232,533.33% -114,236.36% -487,400.00% -4,514.13% -35,673.33%
Free Cash Flow to Firm to Interest Expense		 -16.75 -9.81 -10.77 -6.91 -4.99 -6.29 -4.47 -2.73 -1.42 -7.51 15.78
Operating Cash Flow to Interest Expense		 -14.46 -11.39 -10.25 -6.82 -7.77 -7.45 -14.92 -13.21 -10.08 -12.97 -3.88
Operating Cash Flow Less CapEx to Interest Expense		 -14.48 -11.43 -10.25 -6.83 -7.78 -7.47 -14.93 -13.23 -10.08 -13.26 -3.89
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01
Accounts Receivable Turnover		 4.60 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.99 0.85
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 15.65 3.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.37 5.28
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 79.33 746.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 370.19 429.35
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 292,573.57
Cash Conversion Cycle (CCC)		 79.33 746.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 370.19 -292,144.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3.26 0.54 2.39 0.26 1.03 -2.32 -7.79 -5.92 -5.88 -7.00 -90
Invested Capital Turnover		 2.83 0.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.33 -0.04
Increase / (Decrease) in Invested Capital		 3.33 -1.22 2.06 -0.63 -2.23 -2.86 -10 -6.18 -6.91 -4.68 -82
Enterprise Value (EV)		 78 40 58 39 58 110 41 116 144 123 14
Market Capitalization		 103 56 95 70 81 126 43 104 170 172 140
Book Value per Share		 $0.85 $0.50 $0.75 $0.60 $0.45 $0.25 ($0.11) ($0.33) $0.24 $0.49 $0.31
Tangible Book Value per Share		 $0.85 $0.50 $0.75 $0.60 $0.45 $0.25 ($0.11) ($0.33) $0.24 $0.49 $0.31
Total Capital		 79 67 92 84 77 67 48 37 77 99 95
Total Debt		 50 50 52 52 53 54 54 55 56 57 59
Total Long-Term Debt		 50 50 52 52 53 54 54 55 56 57 59
Net Debt		 -25 -16 -38 -32 -23 -15 -1.67 12 -26 -49 -126
Capital Expenditures (CapEx)		 0.02 0.03 0.00 0.01 0.00 0.02 0.01 0.01 0.00 0.28 0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.94 -0.20 0.36 -0.46 -0.69 -3.90 -8.45 -6.53 -6.44 -8.02 -13
Debt-free Net Working Capital (DFNWC)		 77 66 90 83 76 66 48 37 76 98 171
Net Working Capital (NWC)		 77 66 90 83 76 66 48 37 76 98 171
Net Nonoperating Expense (NNE)		 4.33 3.95 3.02 2.60 2.71 3.72 6.39 4.19 3.64 5.33 9.50
Net Nonoperating Obligations (NNO)		 -25 -16 -38 -32 -23 -15 -1.67 12 -26 -49 -126
Total Depreciation and Amortization (D&A)		 0.10 0.11 0.12 0.12 0.12 0.12 0.13 0.13 0.13 0.15 0.17
Debt-free, Cash-free Net Working Capital to Revenue		 20.82% -19.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -518.63% -723.49%
Debt-free Net Working Capital to Revenue		 1,704.07% 6,580.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6,335.19% 9,602.52%
Net Working Capital to Revenue		 1,704.07% 6,580.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6,335.19% 9,602.52%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.35) ($0.32) ($0.21) ($0.14) ($0.14) ($0.18) ($0.31) ($0.20) ($0.12) ($0.12) ($0.20)
Adjusted Weighted Average Basic Shares Outstanding		 33.48M 42.96M 53.26M 53.27M 53.33M 62.21M 53.46M 84.99M 85.17M 117.67M 124.50M
Adjusted Diluted Earnings per Share		 ($0.35) ($0.32) ($0.21) ($0.14) ($0.14) ($0.18) ($0.31) ($0.20) ($0.12) ($0.12) ($0.20)
Adjusted Weighted Average Diluted Shares Outstanding		 33.48M 42.96M 53.26M 53.27M 53.33M 62.21M 53.46M 84.99M 85.17M 117.67M 124.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 85.95M 85.91M 100.31M 132.33M 132.38M 124.42M 132.57M 132.76M 192.99M 167.77M 260.57M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -9.66 -7.33 -6.76 -6.73 -8.64 -14 -8.77 -8.28 -12 -17
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -781.36% -6,959.71%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1,126.07% -10,952.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -18.26 -16.05 -12.01 -10.89 -10.65 -13.44 -21.95 -13.18 -12.23 -17.52 -5.72
NOPAT to Interest Expense		 -12.78 -11.23 -8.41 -7.63 -7.45 -9.41 -15.36 -9.22 -8.56 -12.26 -4.01
EBIT Less CapEx to Interest Expense		 -18.29 -16.08 -12.01 -10.90 -10.65 -13.46 -21.96 -13.19 -12.23 -17.81 -5.73
NOPAT Less CapEx to Interest Expense		 -12.81 -11.27 -8.41 -7.63 -7.46 -9.43 -15.37 -9.24 -8.56 -12.55 -4.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Milestone Pharmaceuticals (NASDAQ: MIST) continues to look like a clinical-stage biotech with meaningful cash resources, but also persistent losses and high operating cash burn. Based on the latest quarter, the company generated very little revenue, posted a sizable net loss, and remained dependent on financing and investment activity to support operations.

  • Cash and short-term investments were strong at the end of Q1 2026, totaling about $184.2 million ($71.3 million cash and $112.9 million short-term investments).
  • The balance sheet showed more current assets than current liabilities in Q1 2026, with $192.3 million in current assets versus $20.9 million in current liabilities.
  • Interest and investment income helped offset some operating losses in recent quarters, including $1.7 million in Q1 2026.
  • The company has kept capital spending extremely low, with only $45,000 of property and equipment purchases in Q1 2026.
  • Revenue remains minimal and inconsistent: Q1 2026 revenue was only $238,000, while several prior quarters reported no revenue.
  • Operating expenses remain the main driver of losses, led by R&D, SG&A, and other operating costs tied to development-stage activity.
  • Long-term debt has been relatively stable in the mid-$50 million range, at $58.2 million in Q1 2026 versus $54.3 million in Q1 2025.
  • Milestone posted a Q1 2026 net loss of $26.1 million, worse than the $17.4 million loss in Q4 2025 and the $20.8 million loss in Q1 2025.
  • Operating cash flow was negative in Q1 2026 at negative $16.1 million, showing the business is still burning cash from core operations.
  • Investing cash flow was heavily negative in Q1 2026 at negative $80.0 million, mainly due to $79.99 million of investment purchases.
  • Although financing provided a large inflow in Q1 2026, that included $83.3 million of other financing activities, which suggests the company still relies on external capital and balance-sheet maneuvers to fund itself.

Trend summary: Over the last four years, Milestone has not shown a consistent move toward profitability. Revenue is still tiny, losses remain substantial, and quarterly cash burn has been recurring. The main bright spot is liquidity: the company currently has a large cash and investment cushion, which gives it room to continue operating. For retail investors, the story still looks more like a cash-rich development-stage biotech than a self-sustaining commercial business.

07/11/26 10:32 PM ETAI Generated. May Contain Errors.

Milestone Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Milestone Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Milestone Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$63.06 million in 2025, rising from -$23.19 million in 2018. The previous period was -$41.52 million in 2024. See where experts think Milestone Pharmaceuticals is headed by visiting Milestone Pharmaceuticals' forecast page.

Milestone Pharmaceuticals' total operating income in 2025 was -$62.14 million, based on the following breakdown:
  • Total Gross Profit: $1.55 million
  • Total Operating Expenses: $63.69 million

Over the last 7 years, Milestone Pharmaceuticals' total revenue changed from $0.00 in 2018 to $1.55 million in 2025, a change of 154,600,000.0%.

Milestone Pharmaceuticals' total liabilities were at $71.79 million at the end of 2025, a 15.1% increase from 2024, and a 1,483.8% increase since 2018.

In the past 7 years, Milestone Pharmaceuticals' cash and equivalents has ranged from $7.64 million in 2022 to $119.82 million in 2019, and is currently $73.05 million as of their latest financial filing in 2025.

Over the last 7 years, Milestone Pharmaceuticals' book value per share changed from -172.96 in 2018 to 0.49 in 2025, a change of -100.3%.


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Financial statements for NASDAQ:MIST last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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