MIST · NASDAQ · Biotechnology

Milestone Pharmaceuticals (MIST)

Commercializes an etripamil nasal spray for acute adult PSVT episodes.

$1.18
Pre-market+0.00 (+0.34%)
At close$1.18(+3.51%)
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Milestone Pharmaceuticals Inc.MISTHealth Care

Commercializes CARDAMYST, a self-administered etripamil nasal spray for adults experiencing acute symptomatic PSVT. The medicine is its first commercial product, while the same molecule remains in development for AFib with rapid ventricular rate.

Commercializes CARDAMYST, an FDA-approved etripamil nasal spray that adults self-administer to convert acute symptomatic PSVT episodes to sinus rhythm. The medicine is Milestone’s first commercial product and is available through retail pharmacies.

Etripamil is also in development for AFib with rapid ventricular rate, keeping one molecule at the center of the company’s commercial and development work.

A compact internal team directs vendors and consultants across an outsourced supply chain, from active ingredient production and device assembly to packaging and distribution through wholesalers.

Commercial execution depends on third-party manufacturing, release testing, and distribution, while CARDAMYST remains subject to FDA requirements.

Company facts

CEOJoseph Oliveto
ListedMay 13, 2019
ExchangeNASDAQ
HeadquartersMontréal, QC
CountryCanada
Employees38
CIK0001408443
ISINCA59935V1076

Market cap$146.9M
EPS (ttm)−$0.6900
P/E (ttm)−1.71
ROE-288.4%
P/B8.98
P/S62.70
Dividend yieldDiv yield
Beta2.39vs XLV 0.27

Price target$4.50+281.4%Avg of 7 analysts
ConsensusBuy6 of 7 analysts
Ratings

Target rangeAs of Sep 2, 2026

Latest analyst notes

DateFirmActionPrior ratingRatingTarget
Aug 20, 2026Cantor FitzgeraldInitiateOverweight$3
Apr 10, 2026Raymond JamesTarget$6
Dec 16, 2025Wells FargoReiterateOverweight$8
Dec 15, 2025H.C. WainwrightTarget$8
Dec 15, 2025TD CowenUpgradeHoldBuy

Next report
Nov 11, 2026
in 69 days
EPS estimate
−$0.20
Revenue estimate
$1.1M
Fiscal quarter
Q3 FY26

EPSReportedEstimate

Mar '25May '25Aug '25Nov '25Mar '26May '26Aug '26Nov '26
Reported−$0.19−$0.31−$0.20−$0.12−$0.16−$0.20−$0.21Pending
Estimate−$0.15−$0.19−$0.18−$0.17−$0.18$0.06−$0.20−$0.20
Surprise−26.7%−63.2%−11.1%+29.4%+11.1%−433.3%−7.7%

RevenueReportedEstimate

Mar '25May '25Aug '25Nov '25Mar '26May '26Aug '26Nov '26
Reported$1.5M$238.0K$559.0KPending
Estimate$37.5M$30.1M$816.7K$1.1M
Surprise−96.0%−99.2%−31.6%
Estimate−$0.20
ReportedDue Nov 11, 2026
Estimate$1.1M
ReportedDue Nov 11, 2026
View details

Debt to equity778.50%
Current ratio812.90%

ProfitabilityRevenueNet incomeNet margin

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$0$0$0$0$0$1.5M$238.0K$559.0K
Net income−$9.4M−$12.4M−$20.8M−$13.0M−$11.9M−$17.4M−$26.1M−$28.6M
Net margin0.0%0.0%0.0%

GrowthOperating income

Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Operating income−$9.6M−$12.3M−$20.5M−$12.5M−$11.9M−$17.3M−$23.8M−$25.6M
YoY growth

Balance sheet, Jun 30, 2026Cash & short-term investments $170.6M · Total debt $141.8M · Total assets $181.6M · Shareholders' equity $18.2M

Revenue
$559.0K
Operating income
−$25.6M
Net income
−$28.6M
View details

No dividends on record.

Institutions86 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail≈ 11.73%14.61M shares
Insiders8 holders · as of Apr 20, 20260.88%1.10M shares
Strategic holders1 holder · as of May 15, 20269.93%12.36M shares
Otherremainder≈ 77.46%96.44M shares

124.50M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing

This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.

Top shareholders13F · 13D/G · Form 4

HolderStakeSharesEvidence
RTW Investments, LP1Strategic10 percent owner
9.93%12.36M13Gfiled May 15, 2026
Pavaki Capital Management LLCInstitution
7.28%9.07M13Fas of Jun 30, 2026
Adage Capital Management, L.P.Institution
6.43%8.00M13Gfiled May 13, 2026
Two Sigma Investments, LPInstitution
1.64%2.04M13Fas of Jun 30, 2026
Marshall Wace, LLPInstitution
1.44%1.80M13Fas of Jun 30, 2026
See all 25
  1. RTW Investments, LP's transaction reports restate only vehicles that traded; the 2026 ownership statement (12.36M) is used instead.

13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Apr 16, 2026Joseph Olivetodirector, officer: President and CEO−36,500$2.26
Dec 15, 2025Joseph Olivetodirector, officer: President and CEO−133,054$2.32
Jan 26, 2026Joseph Olivetodirector, officer: President and CEO−34,523$1.93
Dec 15, 2025Amit Hasijaofficer: CFO & EVP of Corp. Development−58,007$2.32
Jan 26, 2026Amit Hasijaofficer: CFO & EVP of Corp. Development−12,245$1.93
View details

ComparePre-market

CompanyPriceChange
Milestone Pharmaceuticals$1.18+0.34%$146.9M62.7
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Median22.714.63.1+7.5%