MIST revenueQ2 2026$559.0K
- QoQ
- +134.9%
MIST revenue was $559.0K in fiscal Q2 2026 (ended Jun 30, 2026), compared with $0 a year earlier and up 134.9% from the prior quarter.
Milestone Pharmaceuticals Inc. (MIST) financials
For the twelve months ended Jun 30, 2026, Milestone Pharmaceuticals Inc. reported -$84.01M of net income.
- Net income, TTM
- -$84.01M
- Free cash flow, TTM
- -$61.65M
- Cash
- $169.73M
- Total debt
- $59.21M
- Market cap
- $92.5M
FY2018FY2025
FY2018FY2025
MIST revenue and earnings growth
MIST net incomeQ2 2026-$28.61M
MIST net income was -$28.61M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$12.97M a year earlier. For the full fiscal 2025 it was -$63.06M, compared with -$41.52M in fiscal 2024.
MIST EPSQ2 2026-$0.21
MIST diluted EPS was -$0.21 in fiscal Q2 2026 (ended Jun 30, 2026). For the full fiscal 2025 it was -$0.75, compared with -$0.67 in fiscal 2024.
MIST free cash flowQ2 2026-$22.74M
MIST free cash flow was -$22.74M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$12.58M a year earlier. For the full fiscal 2025 it was -$49.34M, compared with -$28.88M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Research and development | $18.11M | $14.36M | $31.05M | $39.83M | $38.67M | $34.49M | $41.98M | $16.85M |
| Selling, general and admin | $17.27M | $16.74M | $15.93M | $15.72M | $12.40M | $10.29M | $7.00M | $3.05M |
| Operating income | -$62.14M | -$42.10M | -$61.10M | -$59.64M | -$43.07M | -$50.71M | -$57.88M | -$23.82M |
| Interest expense | $3.84M | $3.58M | $2.55M | - | - | - | - | - |
| Pre-tax income | -$63.06M | -$41.52M | -$59.69M | -$58.39M | -$42.85M | -$49.98M | -$55.28M | -$23.11M |
| Income tax | - | - | - | - | - | -$17.0K | -$56.0K | $74.0K |
| Net income | -$63.06M | -$41.52M | -$59.69M | -$58.39M | -$42.85M | -$49.97M | -$55.23M | -$23.18M |
| EPS, basic | -$0.75 | -$0.67 | -$1.39 | -$1.38 | -$1.02 | -$1.70 | -$3.50 | $72.63 |
| EPS, diluted | -$0.75 | -$0.67 | -$1.39 | -$1.38 | -$1.02 | -$1.70 | -$3.50 | $72.63 |
| Diluted shares | - | - | - | - | - | 29.3M | 15.8M | 319,202 |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $73.05M | $25.31M | $13.76M | $7.64M | $114.14M | $72.31M | $119.82M | $85.95M |
| Short-term investments | $32.91M | $44.38M | $52.24M | $56.95M | $0 | $70.00M | - | $29.0K |
| Inventory | $648.0K | - | - | - | - | - | - | - |
| Current assets | $111.92M | $73.93M | $73.03M | $71.80M | $118.92M | $148.69M | $122.50M | $88.05M |
| Total assets | $113.56M | $75.50M | $75.23M | $74.48M | $119.85M | $149.97M | $123.43M | $88.08M |
| Current liabilities | $13.98M | $8.13M | $7.23M | $6.14M | $6.78M | $6.16M | $8.33M | $4.53M |
| Total debt | $57.19M | $53.35M | $49.77M | - | - | - | $0 | - |
| Total liabilities | $71.79M | $62.35M | $58.45M | $8.13M | $7.25M | $6.86M | $8.51M | $4.53M |
| Shareholders' equity | $41.77M | $13.15M | $16.77M | $66.35M | $112.60M | $143.12M | $114.92M | $83.55M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$49.04M | -$28.85M | -$46.42M | -$52.47M | -$33.22M | -$50.73M | -$51.15M | -$21.05M |
| Capital expenditures | $302.0K | $33.0K | $112.0K | $272.0K | - | - | $413.0K | $5.0K |
| Free cash flow | -$49.34M | -$28.88M | -$46.54M | -$52.74M | - | - | -$51.56M | -$21.05M |
| Investing cash flow | $11.25M | $8.28M | $4.76M | -$57.12M | $70.00M | -$70.00M | -$384.0K | $16.00M |
| Financing cash flow | $85.53M | $32.12M | $47.79M | $3.09M | $5.05M | $73.22M | $85.41M | $80.11M |
| Stock-based compensation | $7.46M | $5.78M | $9.53M | $9.05M | $7.28M | $4.95M | $1.19M | $633.0K |
| Depreciation and amortization | $114.0K | $105.0K | $92.0K | $89.0K | $93.0K | $97.0K | $38.0K | $10.0K |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -151.0% | -315.8% | -355.9% | -88.0% | -38.1% | -34.9% | -48.1% | -27.8% |
| Return on assets | -55.5% | -55.0% | -79.3% | -78.4% | -35.8% | -33.3% | -44.7% | -26.3% |
| Current ratio | 8.01 | 9.10 | 10.11 | 11.70 | 17.55 | 24.14 | 14.71 | 19.42 |
| Debt to equity | 1.37 | 4.06 | 2.97 | - | - | - | 0.00 | - |
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $559.0K | $238.0K | - | - | $0 | $0 | - | - | - | - | - | - |
| Cost of revenue | $32.0K | $14.0K | - | - | $0 | $0 | - | - | - | - | - | - |
| Gross profit | $527.0K | $224.0K | - | - | $0 | $0 | - | - | - | - | - | - |
| Research and development | $3.51M | $3.25M | $5.52M | $3.94M | $3.67M | $4.98M | $3.94M | $3.96M | $2.81M | $3.64M | $5.45M | $6.72M |
| Selling, general and admin | $22.65M | $4.82M | $5.08M | $3.26M | $8.86M | $5.17M | $4.00M | $3.74M | $5.05M | $3.95M | $3.37M | $4.23M |
| Operating income | -$25.63M | -$23.66M | -$17.26M | -$11.83M | -$12.53M | -$20.52M | -$12.35M | -$9.62M | -$9.66M | -$10.48M | -$13.80M | -$15.36M |
| Interest expense | $4.72M | $4.13M | $985.0K | $967.0K | $951.0K | $935.0K | $919.0K | $903.0K | $887.0K | $872.0K | $857.0K | $841.0K |
| Net income | -$28.61M | -$26.07M | -$17.41M | -$11.92M | -$12.97M | -$20.76M | -$12.36M | -$9.44M | -$9.36M | -$10.35M | -$13.61M | -$15.08M |
| EPS, basic | -$0.21 | -$0.20 | - | -$0.12 | -$0.20 | -$0.31 | - | -$0.14 | -$0.14 | -$0.21 | - | -$0.35 |
| EPS, diluted | -$0.21 | -$0.20 | - | -$0.12 | -$0.20 | -$0.31 | - | -$0.14 | -$0.14 | -$0.21 | - | -$0.35 |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $169.73M | $71.32M | $73.05M | $46.69M | $42.50M | $45.09M | $25.31M | $12.80M | $13.26M | $10.13M | $13.76M | $9.88M |
| Short-term investments | $881.0K | $112.90M | $32.91M | $35.90M | $918.0K | $10.87M | $44.38M | $63.62M | $69.99M | $79.35M | $52.24M | $65.87M |
| Receivables | $2.72M | $1.60M | - | - | - | - | - | - | - | - | - | - |
| Inventory | $4.72M | $1.83M | $648.0K | - | - | - | - | - | - | - | - | - |
| Current assets | $180.33M | $192.25M | $111.92M | $86.67M | $46.17M | $60.48M | $73.93M | $80.99M | $87.36M | $93.97M | $73.03M | $84.80M |
| Total assets | $181.63M | $193.73M | $113.56M | $87.75M | $47.42M | $61.88M | $75.50M | $82.71M | $89.23M | $96.00M | $75.23M | $87.12M |
| Current liabilities | $22.18M | $20.94M | $13.98M | $10.52M | $9.28M | $12.96M | $8.13M | $5.26M | $4.57M | $4.13M | $7.23M | $8.11M |
| Total debt | $59.21M | $58.19M | $57.19M | $56.21M | $55.24M | $54.29M | $53.35M | $52.43M | $51.53M | $50.64M | $49.77M | $48.91M |
| Total liabilities | $163.41M | $157.69M | $71.79M | $67.25M | $65.16M | $68.01M | $62.35M | $58.69M | $57.25M | $56.08M | $58.45M | $58.61M |
| Shareholders' equity | $18.22M | $36.05M | $41.77M | $20.50M | -$17.75M | -$6.12M | $13.15M | $24.01M | $31.98M | $39.92M | $16.77M | $28.50M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22.71M | -$16.05M | -$12.78M | -$9.75M | -$12.57M | -$13.95M | -$6.84M | -$7.02M | -$6.05M | -$8.93M | -$9.80M | -$12.16M |
| Capital expenditures | $26.0K | $45.0K | $283.0K | $2.0K | $11.0K | $6.0K | $22.0K | $4.0K | - | - | $31.0K | $18.0K |
| Free cash flow | -$22.74M | -$16.10M | -$13.06M | -$9.75M | -$12.58M | -$13.96M | -$6.87M | -$7.02M | - | - | -$9.83M | -$12.18M |
| Investing cash flow | $111.99M | -$80.03M | $2.70M | -$34.98M | $9.94M | $33.58M | $19.33M | $6.48M | $9.48M | -$27.01M | $13.68M | -$10.86M |
| Financing cash flow | $9.13M | $94.35M | $36.43M | $48.92M | $36.0K | $140.0K | $24.0K | $74.0K | -$298.0K | $32.32M | $1.0K | $305.0K |
| Stock-based compensation | $1.34M | $1.28M | $3.55M | $1.25M | $1.31M | $1.35M | $1.47M | $1.40M | $1.39M | $1.51M | $1.88M | $2.87M |
| Depreciation and amortization | $57.0K | $56.0K | $34.0K | $25.0K | $28.0K | $27.0K | $26.0K | $25.0K | $26.0K | $28.0K | $26.0K | $24.0K |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 94.3% | 94.1% | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -4585.0% | -9942.4% | - | - | - | - | - | - | - | - | - | - |
| Net margin | -5118.8% | -10952.1% | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | -4068.0% | -6763.9% | - | - | - | - | - | - | - | - | - | - |
| Current ratio | 8.13 | 9.18 | 8.01 | 8.24 | 4.97 | 4.67 | 9.10 | 15.40 | 19.13 | 22.75 | 10.11 | 10.45 |
| Debt to equity | 3.25 | 1.61 | 1.37 | 2.74 | - | - | 4.06 | 2.18 | 1.61 | 1.27 | 2.97 | 1.72 |
Source: XBRL data Milestone Pharmaceuticals Inc. files with the SEC, latest filing dated Aug 12, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
MIST peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MIST | - | - | -$84.01M | - | $92.5M |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.33T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $679.13B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $518.44B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $366.73B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $312.35B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $293.69B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $191.40B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $183.23B |
MIST FAQ
5 questionsIs MIST profitable?
No. Milestone Pharmaceuticals Inc. reported a net loss of $84.01M for the twelve months ended Jun 30, 2026.How much cash and debt does MIST have?
Milestone Pharmaceuticals Inc. reported $169.73M in cash and cash equivalents and $59.21M of debt on its most recent balance sheet in SEC filings.What is MIST free cash flow?
Milestone Pharmaceuticals Inc. generated -$61.65M of free cash flow for the twelve months ended Jun 30, 2026, which is operating cash flow of -$61.29M less capital expenditures.When did MIST last report financial results?
The latest statements here come from Milestone Pharmaceuticals Inc.'s 10-Q filed on Aug 12, 2026, covering the period ended Jun 30, 2026.Where does this MIST financial data come from?
Quantisnow builds these statements from the structured XBRL data Milestone Pharmaceuticals Inc. files with the SEC. It is provided for information only and is not investment advice.