Milestone Pharmaceuticals Inc
Milestone Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of novel therapies for the treatment of rare diseases, primarily in the field of oncology.
Business. Milestone Pharmaceuticals Inc (MIST.O) is a biotechnology and medical research company operating within the healthcare sector. The firm is headquartered in the United States and is primarily listed on the NASDAQ stock exchange. As no specific operating segments or geographic breakdowns are provided, the company is described at the industry level as an entity engaged in pharmaceuticals and medical research activities.
Analyst recommendations
6 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Milestone Pharmaceuticals Inc (MIST.O) is a biotechnology and medical research company operating within the healthcare sector. The firm is headquartered in the United States and is primarily listed on the NASDAQ stock exchange. As no specific operating segments or geographic breakdowns are provided, the company is described at the industry level as an entity engaged in pharmaceuticals and medical research activities.
Milestone Pharmaceuticals Inc operates with a high liquidity position, as evidenced by a current ratio of 8.01 and cash and equivalents of $73.05 million, which significantly exceeds its total liabilities of $71.79 million. The company's price-to-book ratio of 4.35 suggests that the market is valuing its equity at a premium relative to its book value, which may reflect expectations of future growth or intangible assets. However, the company's liquidity is not supported by strong cash flow generation, as it reported an operating cash flow of -$49.04 million and a free cash flow of -$63.25 million in the latest period.
Profitability metrics indicate significant underperformance relative to industry norms. The company reported a net loss of $63.06 million and an operating loss of $62.14 million, resulting in a return on equity of -1.51 and a return on assets of -0.56, both of which are negative and suggest poor capital efficiency. These figures are likely to be below the median for the biotechnology and medical research industry, where positive returns are typically expected for firms in later stages of development.
Milestone's revenue is concentrated in a single business line, as the company does not disclose segment-specific revenue data. This lack of diversification increases exposure to market volatility and regulatory changes in the biopharmaceutical sector. The company's geographic exposure is not explicitly detailed, but as a U.S.-listed firm, it is likely to derive the majority of its revenue from North America, with potential international expansion in the pipeline.
The company's growth trajectory is uncertain, as it reported revenue of $1.55 million in the latest period, with no indication of significant year-over-year growth. Analysts have provided a wide range of price targets, from $2.00 to $8.00, with a mean of $6.50 and a median of $7.50, suggesting a high degree of uncertainty about the company's future performance. The company's capital expenditures were relatively modest at -$302,000, indicating limited investment in new facilities or equipment.
Risk factors include the company's negative net income and operating income, which raise concerns about its ability to sustain operations without additional financing. The debt-to-equity ratio of 1.37 suggests that the company is leveraged, and while there are no immediate liquidity or dilution flags, the risk of future dilution remains a concern given the company's current capital structure. The company's reliance on external financing to fund operations increases its vulnerability to changes in market conditions and investor sentiment.
Recent events include the publication of analyst estimates, which show a mean recommendation of 2.00 (on a scale from 1 to 5, where 1 is "strong buy" and 5 is "strong sell"). The company has not disclosed any recent filings or transcripts that would indicate significant changes in its business strategy or financial position.
- Milestone Pharmaceuticals Inc has a strong liquidity position but is currently unprofitable, with a net loss of $63.06 million.
- The company's price-to-book ratio of 4.35 suggests a premium valuation, but this is not supported by positive cash flow generation.
- Analysts have provided a wide range of price targets, indicating uncertainty about the company's future performance.
- The company's revenue is concentrated in a single business line, increasing its exposure to market volatility.
- The company's debt-to-equity ratio of 1.37 suggests a leveraged capital structure, and while there are no immediate liquidity or dilution flags, the risk of future dilution remains a concern.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,40 |
| Revenue | —no estimate | —no estimate | 38,0M USD |
| Operating income | —no estimate | —no estimate | -43,1M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- No immediate filing-based liquidity or dilution flags were detected.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Director · Stock Option (right to buy) → Common StockAcquired 77 000 @ $1,22grant · 2026-06-10
- Chief Commercial Officer · Employee Stock Option (right to buy) → Common SharesAcquired 204 000 @ $1,97grant · 2026-02-02
- Chief Medical Officer · Restricted Stock Unit → Common SharesAcquired 136 000grant · 2026-02-02
- Director, President and CEO · Restricted Stock Unit → Common SharesAcquired 453 000grant · 2026-02-02
- Director, President and CEO · Employee Stock Option (right to buy) → Common SharesAcquired 679 000 @ $1,97grant · 2026-02-02
- Chief Medical Officer · Employee Stock Option (right to buy) → Common SharesAcquired 204 000 @ $1,97grant · 2026-02-02
- Chief Operating Officer · Restricted Stock Unit → Common SharesAcquired 136 000grant · 2026-02-02
- Chief Operating Officer · Employee Stock Option (right to buy) → Common SharesAcquired 204 000 @ $1,97grant · 2026-02-02
- CFO & EVP of Corp. Development · Restricted Stock Unit → Common SharesAcquired 136 000grant · 2026-02-02
- CFO & EVP of Corp. Development · Employee Stock Option (right to buy) → Common SharesAcquired 204 000 @ $1,97grant · 2026-02-02
- Chief Commercial Officer · Restricted Stock Unit → Common SharesAcquired 136 000grant · 2026-02-02
- Chief Medical Officer · Restricted Stock Units → Common SharesDisposed 20 100exercise · 2026-01-26
- Chief Commercial Officer · Restricted Stock Units → Common SharesDisposed 20 100exercise · 2026-01-26
- Director, President and CEO · Restricted Stock Units → Common SharesDisposed 66 600exercise · 2026-01-26
- CFO & EVP of Corp. Development · Restricted Stock Units → Common SharesDisposed 20 100exercise · 2026-01-26
- Chief Operating Officer · Restricted Stock Units → Common SharesDisposed 20 100exercise · 2026-01-26
- Chief Medical Officer · Employee Stock Option (right to buy) → Common SharesAcquired 100 000 @ $1,74grant · 2025-12-12
- Chief Operating Officer · Employee Stock Option (right to buy) → Common SharesAcquired 100 000 @ $1,74grant · 2025-12-12
- Chief Commercial Officer · Employee Stock Option (right to buy) → Common SharesAcquired 100 000 @ $1,74grant · 2025-12-12
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Return On Equitynet_income / total_equity
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Market Capmarket_price * shares_outstanding_diluted
- Ev To Revenueenterprise_value / revenue
- Milestone Pharmaceuticals Inc Market data — financials · 2026-05-28
- Milestone Pharmaceuticals Inc Market data — analyst estimates · 2026-05-28
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2024-06-300,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$1M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Funds · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Leadership
- Joseph OlivetoPresident, Chief Executive Officer, Director
Insider activity
- Director, President and CEO · Common SharesSold 36 500 @ $2,26$82K · 2026-04-16
- Chief Commercial Officer · Common SharesSold 11 180 @ $1,93$22K · 2026-01-26
- Chief Commercial Officer · Common SharesOther 20 100 · 2026-01-26
- Chief Medical Officer · Common SharesOther 20 100 · 2026-01-26
- Chief Medical Officer · Common SharesSold 12 245 @ $1,93$24K · 2026-01-26
- Director, President and CEO · Common SharesSold 34 523 @ $1,93$67K · 2026-01-26
- Director, President and CEO · Common SharesOther 66 600 · 2026-01-26
- Chief Operating Officer · Common SharesOther 20 100 · 2026-01-26
- Chief Operating Officer · Common SharesSold 12 245 @ $1,93$24K · 2026-01-26
- CFO & EVP of Corp. Development · Common SharesSold 12 245 @ $1,93$24K · 2026-01-26
- CFO & EVP of Corp. Development · Common SharesOther 20 100 · 2026-01-26
- Director, President and CEO · Common SharesSold 43 000 @ $2,25$97K · 2026-01-08
- Director, President and CEO · Common SharesSold 500 @ $2,25$1K · 2026-01-07
- Director, President and CEO · Common SharesSold 133 054 @ $2,32$309K · 2025-12-15
- Chief Operating Officer · Common SharesSold 58 007 @ $2,32$135K · 2025-12-15
- CFO & EVP of Corp. Development · Common SharesSold 58 007 @ $2,32$135K · 2025-12-15
- Chief Medical Officer · Common SharesSold 58 007 @ $2,32$135K · 2025-12-15
- Chief Commercial Officer · Common SharesSold 53 566 @ $2,32$124K · 2025-12-15
- CFO & EVP of Corp. Development · Common SharesOther 100 000 · 2025-12-12
- Chief Commercial Officer · Common SharesOther 100 000 · 2025-12-12
- Director, President and CEO · Common SharesOther 280 000 · 2025-12-12
- Chief Operating Officer · Common SharesOther 100 000 · 2025-12-12
- Chief Medical Officer · Common SharesOther 100 000 · 2025-12-12
- Chief Commercial Officer · Common SharesOther 25 000 · 2025-12-09
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): 217.7%Derived (calculated)
- Return on equity (FY 2025-12-31): -0.2%Derived (calculated)
- Return on assets (FY 2025-12-31): -0.1%Derived (calculated)
- Current ratio (FY 2025-12-31): 8.01xDerived (calculated)
- Debt-to-equity (FY 2025-12-31): 1.72xDerived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): 815.2%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): 188.6%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): -11.9%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): -11.9%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): -51.9%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): -70.0%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): -47.6%Derived (calculated)
- R&D expense (YoY) (2025-12-31 vs 2024-12-31): 26.1%Derived (calculated)
- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): 15.1%Derived (calculated)
- Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 7.2%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): 50.4%Derived (calculated)
- Operating cash flow (annual): USD -49.04MSEC XBRL filing
- Current liabilities (annual): USD 13.98MSEC XBRL filing
- Total liabilities (annual): USD 71.79MSEC XBRL filing
- Total assets (annual): USD 113.56MSEC XBRL filing
- EPS (diluted) (annual): USD-PER-SHARES -1SEC XBRL filing
- R&D expense (annual): USD 18.11MSEC XBRL filing
- Operating income (annual): USD -62.14MSEC XBRL filing
- Long-term debt (annual): USD 57.19MSEC XBRL filing