NASDAQ: MIST
Milestone Pharmaceuticals Inc.CIK 0001408443 · SIC 2834 · Pharmaceutical Preparations
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 0.6 | |
| Cost of revenue / cost of sales | 0.03 | — |
| Operating expenses: | ||
| Research and development | 3.5 | 3.7 |
| General and administrative | 3.8 | |
| Selling, general and administrative | 22.6 | 8.9 |
| Total operating expenses | 26.2 | 12.5 |
| Operating income | (25.6) | (12.5) |
| Interest expense | 4.7 | 1.0 |
| Net income | (28.6) | (13.0) |
| Basic earnings per share | (0.21) | (0.20) |
| Diluted earnings per share | (0.21) | (0.20) |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands of U.S. dollars, except share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 169,728 | 73,046 |
| Short-term investments | 881 | 32,914 |
| Accounts receivable, net | 2,720 | — |
| License receivable | — | 1,546 |
| Research and development tax credits receivable | 515 | 316 |
| Prepaid expenses | 1,035 | 1,805 |
| Inventory, net | 4,722 | 648 |
| Other receivables | 726 | 1,646 |
| Total current assets | 180,327 | 111,921 |
| Operating lease right-of-use assets | 829 | 1,129 |
| Property and equipment, net | 469 | 511 |
| Total assets | 181,625 | 113,561 |
| Liabilities, and Shareholders' Equity | ||
| Current liabilities | ||
| Accounts payable | 8,454 | 5,645 |
| Accrued liabilities | 11,983 | 7,644 |
| Operating lease liabilities | 670 | 647 |
| Deferred revenue | 1,034 | — |
| Other current liabilities | 43 | 43 |
| Total current liabilities | 22,184 | 13,979 |
| Operating lease liabilities, net of current portion | 192 | 539 |
| Senior secured convertible notes | 59,207 | 57,191 |
| Royalty financing obligation, long-term | 81,763 | — |
| Other long-term liabilities | 61 | 83 |
| Total liabilities | 163,407 | 71,792 |
| Shareholders’ Equity | ||
| Common shares, no par value, unlimited shares authorized, 124,497,980 shares issued and outstanding as of June 30, 2026, 106,236,344 shares issued and outstanding as of December 31, 2025 | 384,985 | 352,619 |
| Pre-funded warrants 16,412,925 issued and outstanding as of June 30, 2026, and 16,412,925 as of December 31, 2025 | 55,649 | 55,649 |
| Additional paid-in capital | 62,867 | 64,104 |
| Accumulated deficit | (485,283) | (430,603) |
| Total shareholders’ equity | 18,218 | 41,769 |
| Total liabilities and shareholders’ equity | 181,625 | 113,561 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands of U.S. dollars)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows used in operating activities | ||
| Net loss | (54,680) | (33,727) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation of property and equipment | 113 | 55 |
| Amortization of debt costs | 235 | 208 |
| Accretion of investment discount | — | (81) |
| Non-cash interest expense related to senior secured convertible note | 1,781 | 1,678 |
| Non-cash interest expense related to royalty financing obligation | 6,838 | — |
| Share-based compensation expense | 2,620 | 2,659 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (2,720) | — |
| License receivable | 1,546 | — |
| Other receivables | 920 | 566 |
| Research and development tax credits receivable | (199) | (178) |
| Prepaid expenses | 770 | 1,092 |
| Inventory | (4,074) | — |
| Operating lease assets and liabilities | (24) | (3) |
| Accounts payable | 2,809 | 996 |
| Accrued liabilities | 4,264 | 217 |
| Deferred revenue | 1,034 | — |
| Net cash used in operating activities | (38,767) | (26,518) |
| Cash flows provided by (used in) investing activities | ||
| Acquisition of property and equipment | (71) | (17) |
| Acquisition of short-term investments | (79,967) | (922) |
| Redemption of short-term investments | 112,000 | 44,466 |
| Net cash provided by investing activities | 31,962 | 43,527 |
| Cash flows provided by (used in) financing activities | ||
| Proceeds from exercise of options | 28 | 36 |
| Proceeds from Royalty Financing Arrangement | 75,000 | — |
| Proceeds from issuance of common shares, net of issuance costs | 10,890 | — |
| Proceeds from exercise of series A warrants, net of issuance costs | 17,407 | — |
| Proceeds from employee stock purchase plan | 184 | 140 |
| Payment of property and equipment financing | (22) | — |
| Cash provided by financing activities | 103,487 | 176 |
| Net increase in cash and cash equivalents | 96,682 | 17,185 |
| Cash and cash equivalents Beginning of period | 73,046 | 25,314 |
| Cash and cash equivalents End of period | 169,728 | 42,499 |
Face scale: (in thousands of U.S. dollars, except share data); (in thousands of U.S. dollars). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗