Milestone Pharmaceuticals Inc.
MISTHealthcare|Biotechnology|CA
$0.76
+0.07 (+10.15%)
DCF Value
$0.15
Tangible Book / Share
$0.13
Cash / Share
$1.23
Financials
Financial Snapshot
Market Cap
$95.0M
Enterprise Value
$67.1M
Revenue (TTM)
$2.3M
Net Income (TTM)
-$84.0M
Cash & Investments
$170.6M
Net Cash
$28.8M
Free Cash Flow (TTM)
-$61.2M
Operating CF (TTM)
-$61.2M
Debt/Equity
7.79
Cash Runway & Burn Rate
Cash on Hand
$170.6M
Quarterly Burn
$15.3M
Monthly Burn
$5.1M
Est. Runway
~11.2 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $26.9M | $86.0M | $119.8M | $142.3M | $114.1M | $64.6M | $66.0M | $69.7M | $106.0M | $170.6M | |
| Operating Cash Flow | -$8.1M | -$21.0M | -$51.2M | -$50.7M | -$33.2M | -$52.5M | -$46.4M | -$28.8M | -$49.0M | -$61.2M | |
| Free Cash Flow | -$8.1M | -$21.1M | -$51.6M | -$50.7M | -$33.2M | -$52.7M | -$46.5M | -$28.9M | -$49.3M | -$61.2M | |
| Capital Expenditure | -$36.0K | -$5.0K | -$413.0K | $0.00 | $0.00 | -$272.0K | -$112.0K | -$33.0K | -$302.0K | -$83.7K | |
| Financing Cash Flow | $30.7M | $80.1M | $85.4M | $73.2M | $5.1M | $3.1M | $47.8M | $32.1M | $85.5M | $189.1M |
R&D Spending
R&D (TTM)
$16.4M
R&D Intensity
700.1%
R&D Growth vs Prior
-9.4%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $5.0M | $1.0M | $0.00 | $1.5M | $2.3M | |
| R&D Expense | $5.6M | $16.8M | $42.4M | $34.9M | $38.7M | $39.8M | $31.1M | $14.4M | $18.1M | $16.4M | |
| R&D % of Revenue | — | — | — | — | 257.8% | 796.6% | 3105.2% | — | 1171.3% | 700.1% | |
| SG&A | $2.6M | $7.0M | $15.6M | $15.9M | $19.4M | $24.8M | $31.0M | $27.7M | $17.3M | $48.6M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $5.0M | $1.0M | $0.00 | $1.5M | $2.3M | |
| Cost of Revenue | $8.0K | $10.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $114.0K | $127.0K | |
| Gross Profit | -$8.0K | -$10.0K | $0.00 | $0.00 | $15.0M | $5.0M | $1.0M | $0.00 | $1.4M | $2.2M | |
| R&D | $5.6M | $16.8M | $42.4M | $34.9M | $38.7M | $39.8M | $31.1M | $14.4M | $18.1M | $16.4M | |
| SG&A | $2.6M | $7.0M | $15.6M | $15.9M | $19.4M | $24.8M | $31.0M | $27.7M | $17.3M | $48.6M | |
| Operating Income | -$8.3M | -$23.8M | -$57.9M | -$50.7M | -$43.1M | -$59.6M | -$61.1M | -$42.1M | -$62.5M | -$78.6M | |
| Interest Expense | $0.00 | $0.00 | $2.6M | $726.0K | $0.00 | $0.00 | $2.6M | -$3.6M | $3.8M | $10.8M | |
| Pretax Income | -$8.1M | -$23.1M | $55.3M | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.4M | -$84.2M | |
| Net Income | -$8.1M | -$23.2M | -$55.2M | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.1M | -$84.0M | |
| EPS (Diluted) | -0.34 | -0.98 | -3.50 | -1.70 | -1.02 | -1.35 | -1.39 | -0.67 | -0.75 | -0.69 | |
| EBITDA | -$8.3M | -$23.4M | -$57.8M | -$50.6M | -$42.5M | -$58.3M | -$57.0M | -$37.8M | -$59.5M | -$73.2M | |
| Shares Out. (M) | 23.65 | 23.65 | 15.78 | 29.34 | 41.83 | 42.45 | 42.96 | 62.21 | 83.88 | 138.69 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.9M | $85.9M | $119.8M | $72.3M | $114.1M | $7.6M | $13.8M | $25.3M | $73.0M | $169.7M | |
| Short-Term Investments | $16.0M | $29.0K | $0.00 | $70.0M | $0.00 | $56.9M | $52.2M | $44.4M | $32.9M | $881.0K | |
| Total Current Assets | $27.6M | $88.1M | $122.5M | $148.7M | $118.9M | $71.8M | $73.0M | $73.9M | $111.9M | $180.3M | |
| Total Assets | $27.6M | $88.1M | $123.4M | $150.0M | $119.8M | $74.5M | $75.2M | $75.5M | $113.6M | $181.6M | |
| Total Current Liabilities | $1.6M | $4.5M | $8.3M | $6.2M | $6.8M | $6.1M | $7.2M | $8.1M | $14.0M | $22.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $49.8M | $53.4M | $57.2M | $141.2M | |
| Total Liabilities | $60.7M | $143.3M | $8.5M | $6.9M | $7.2M | $8.1M | $58.5M | $62.4M | $71.8M | $163.4M | |
| Stockholders' Equity | -$33.1M | -$55.2M | $114.9M | $143.1M | $112.6M | $66.3M | $16.8M | $13.1M | $41.8M | $18.2M | |
| Retained Earnings | -$35.1M | -$58.3M | -$113.5M | -$163.5M | -$206.3M | -$266.3M | -$326.0M | -$367.5M | -$430.6M | -$485.3M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.1M | -$21.0M | -$51.2M | -$50.7M | -$33.2M | -$52.5M | -$46.4M | -$28.8M | -$49.0M | -$61.2M | |
| Capital Expenditure | -$36.0K | -$5.0K | -$413.0K | $0.00 | $0.00 | -$272.0K | -$112.0K | -$33.0K | -$302.0K | -$83.7K | |
| Free Cash Flow | -$8.1M | -$21.1M | -$51.6M | -$50.7M | -$33.2M | -$52.7M | -$46.5M | -$28.9M | -$49.3M | -$61.2M | |
| Investing Cash Flow | -$16.0M | $16.0M | -$384.0K | -$70.0M | $70.0M | -$57.1M | $4.8M | $8.3M | $11.2M | -$1.1M | |
| Financing Cash Flow | $30.7M | $80.1M | $85.4M | $73.2M | $5.1M | $3.1M | $47.8M | $32.1M | $85.5M | $189.1M | |
| Issuance of Stock | $30.7M | $80.1M | $85.4M | $24.9M | $0.00 | $2.6M | $0.00 | $27.3M | $85.5M | $113.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.0M | $0.00 | $0.00 | $74.7M | |
| Stock Based Comp. | $190.0K | $633.0K | $1.2M | $4.9M | $7.3M | $9.0M | $9.5M | $5.8M | $7.5M | $8.0M | |
| Net Change in Cash | $6.6M | $75.1M | $33.9M | -$47.5M | $41.8M | -$106.5M | $6.1M | $11.6M | $47.7M | $127.2M |
Dilution Tracker
Shares outstanding grew 185.9% over 5 years — significant dilution
Shares Outstanding
124M
5-Year Share Growth
+185.9%
Stock Issuance (TTM)
$113.9M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 23.65 | 23.65 | 15.78 | 29.34 | 41.83 | 42.45 | 42.96 | 62.21 | 83.88 | 138.69 | |
| Change vs Prior % | — | 0.0% | -33.3% | 85.9% | 42.6% | 1.5% | 1.2% | 44.8% | 34.8% | 65.3% | |
| Stock Issuance | $30.7M | $80.1M | $85.4M | $24.9M | $0.00 | $2.6M | $0.00 | $27.3M | $85.5M | $113.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $190.0K | $633.0K | $1.2M | $4.9M | $7.3M | $9.0M | $9.5M | $5.8M | $7.5M | $8.0M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 100.0% | 100.0% | 100.0% | — | 92.6% | 94.6% | |
| Operating Margin % | — | — | — | — | -287.2% | -1192.8% | -6109.8% | — | -4041.7% | -3353.0% | |
| Net Margin % | — | — | — | — | -285.7% | -1167.8% | -5968.5% | — | -4078.8% | -3585.6% | |
| EBITDA Margin % | — | — | — | — | -283.3% | -1166.0% | -5703.9% | — | -3845.5% | -3124.6% | |
| FCF Margin % | — | — | — | — | -221.5% | -1054.8% | -4653.6% | — | -3191.7% | -2612.7% | |
| ROE % | 24.4% | 42.0% | -48.1% | -34.9% | -38.1% | -88.0% | -355.9% | -315.8% | -151.0% | -288.4% | |
| ROA % | -29.3% | -26.3% | -44.7% | -33.3% | -35.8% | -78.4% | -79.3% | -55.0% | -55.5% | -46.3% | |
| ROIC % | -31.8% | -28.5% | -50.1% | -35.2% | -38.0% | -86.6% | -89.1% | -62.0% | -62.0% | -49.0% | |
| R&D / Revenue % | — | — | — | — | 257.8% | 796.6% | 3105.2% | — | 1171.3% | 700.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -66.7% | -80.0% | -100.0% | 0.0% | |
| Gross Profit | 0.0% | -25.0% | 100.0% | 0.0% | 0.0% | -66.7% | -80.0% | -100.0% | 0.0% | |
| Operating Income | 0.0% | -188.1% | -143.0% | 12.4% | 15.1% | -38.5% | -2.4% | 31.1% | -48.4% | |
| Net Income | 0.0% | -186.7% | -138.2% | 9.5% | 14.2% | -36.3% | -2.2% | 30.4% | -51.9% | |
| EPS (Diluted) | 0.0% | -188.2% | -257.1% | 51.4% | 40.0% | -32.4% | -3.0% | 51.8% | -11.9% | |
| Operating Cash Flow | 0.0% | -161.4% | -143.0% | 0.8% | 34.5% | -57.9% | 11.5% | 37.9% | -70.0% | |
| Free Cash Flow | 0.0% | -160.3% | -145.0% | 1.6% | 34.5% | -58.7% | 11.8% | 37.9% | -70.8% | |
| R&D Expense | 0.0% | 199.0% | 151.5% | -17.7% | 10.9% | 3.0% | -22.0% | -53.8% | 26.1% | |
| SG&A Expense | 0.0% | 164.9% | 124.0% | 1.8% | 22.0% | 27.9% | 25.1% | -10.6% | -37.7% | |
| Total Assets | 0.0% | 219.2% | 40.1% | 21.5% | -20.1% | -37.9% | 1.0% | 0.4% | 50.4% | |
| Book Value / Share | 0.0% | -66.7% | 411.8% | -33.0% | -44.8% | -41.9% | -75.0% | -45.9% | 135.6% | |
| Debt | 0.0% | 0.0% | 0.0% | 83.1% | -25.8% | 256.9% | 1978.5% | 5.8% | 6.5% | |
| Diluted Shares | 0.0% | 0.0% | -33.3% | 85.9% | 42.6% | 1.5% | 1.2% | 44.8% | 34.8% |
Valuation
P/E (TTM)At Loss
P/S40.53
10Y Low / Med / High18.27 / 71.74 / 109.60
P/B5.81
10Y Low / Med / High1.37 / 2.53 / 11.17
EV/EBITDAAt Loss
EV/Revenue28.63
10Y Low / Med / High10.70 / 100.11 / 109.75
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.15
Tangible Book / Share
$0.13
Net Current Assets / Share
$0.14
Graham Net-Net
$0.09
Cash / Share
$1.23
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -45.21 | -15.68 | -4.57 | -3.94 | -6.42 | -2.93 | -1.20 | -3.52 | -2.69 | -1.11 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 18.27 | 33.62 | 71.74 | 0.00 | 109.60 | 40.53 | |
| P/B Ratio | -10.97 | -6.58 | 2.20 | 1.37 | 2.43 | 2.53 | 4.28 | 11.17 | 4.06 | 5.81 | |
| EV/EBITDA | -42.69 | -11.88 | -2.31 | -2.47 | -3.78 | -2.80 | -1.92 | -4.66 | -2.60 | -0.92 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 10.70 | 32.59 | 109.75 | 0.00 | 100.11 | 28.63 |
Analyst Estimates & Quality
Altman Z-Score
-3.67
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.4M | $19.6M | $102.9M |
| Net Income | -$70.8M | -$67.5M | -$26.7M |
| EPS | $-0.84 | $-0.80 | $-0.32 |
| # Analysts (EPS) | 5 | 5 | 2 |