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Milestone Pharmaceuticals
(NASDAQ:MIST)
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Rating:52Neutral
Price Target:
$1.00
▼(-15.97% Downside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial performance (large ongoing losses, heavy cash burn, and elevated leverage), partially offset by encouraging earnings-call indicators of improving commercial access and early launch momentum, plus a positive China approval event. Technicals are modestly supportive near term, while valuation signals are limited due to negative earnings and no dividend yield data.
Positive Factors
China regulatory approval expands etripamil’s commercial pathway
China’s first approval outside the United States validates etripamil’s clinical and regulatory profile while opening a partner-led commercialization route. The milestone payment, potential development and commercial milestones, and tiered royalties could create durable international revenue leverage if regional adoption develops.
Negative Factors
Severe losses and cash burn remain far ahead of revenue
The company is spending heavily while product revenue remains small, creating a substantial gap between operating costs and commercial inflows. Persistent losses and cash outflows could require additional financing before profitability, potentially limiting flexibility and increasing dependence on launch execution.
Read all positive and negative factors
Positive Factors
Negative Factors
China regulatory approval expands etripamil’s commercial pathway
China’s first approval outside the United States validates etripamil’s clinical and regulatory profile while opening a partner-led commercialization route. The milestone payment, potential development and commercial milestones, and tiered royalties could create durable international revenue leverage if regional adoption develops.
Read all positive factors
Milestone Pharmaceuticals (MIST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$149.40M
Dividend YieldN/A
Average Volume (3M)1.64M
Price to Earnings (P/E)―
Beta (1Y)2.82
Revenue GrowthN/A
EPS Growth21.42%
CountryUS
Employees38
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.69
Shares Outstanding124,497,980
10 Day Avg. Volume1,280,677
30 Day Avg. Volume1,637,718
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)4.06
Price to Sales (P/S)109.60
P/FCF Ratio-3.43
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$6.50Price Target Upside446.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.84
Revenue Forecast (FY)$3.83M
Milestone Pharmaceuticals Business Overview & Revenue Model
Company Description
Milestone Pharmaceuticals Inc. is a biopharmaceutical company based in Montréal, Canada, specializing in the creation and commercialization of cardiovascular therapeutics. Their flagship product, etripamil, an innovative channel blocker, is curren...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Milestone Pharmaceuticals’ ability to generate recurring commercial revenue depends primarily on successfully obtaining regulatory approval and commercializing its lead product candidate, etripamil; h...
Milestone Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call conveyed clear early commercial momentum and important strategic progress: rapid increases in prescribers and prescriptions, a recent and meaningful expansion of commercial formulary coverage to ~50%, initiation of a pivotal Phase III AFib-RVR trial, and a healthy cash position (≈$170.6M) with runway into H2 2027. Offsetting these positives are material near-term financial pressures — minimal product revenue to date, heavy SG&A related to the launch, widening net losses, and dependencies on payer decisions and trial execution (notably patient-reported endpoints and event misclassification risk). Overall the company appears to be in a typical early-launch, high-investment phase with encouraging uptake signals and defined paths to improve revenue as coverage and ASPs normalize, but substantial execution and reimbursement risks remain.Positive Updates
Strong Early Launch Traction - Prescribers and Scripts
Broad and growing prescriber base: >800 unique prescribers in the first half of 2026 (≈600 in Q2 vs ≈200 in Q1). Prescription growth: >1,200 total prescriptions in Q2 vs ≈300 in Q1 (first half >1,500 scripts). Patient reach: >1,000 patients in Q2 vs nearly 300 in Q1 (first half >1,300 patients). Early repeat use is emerging (Q2 scripts > Q2 patients), signaling real-world adoption beyond one-time trials.
Negative Updates
Very Limited Product Revenue to Date
Product revenue remains immaterial: $0.6 million (Q2 2026) and $0.8 million (first half 2026); no product revenue in comparable 2025 periods. Revenue is currently suppressed by limited coverage and co-pay/denial conversion.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Early Launch Traction - Prescribers and Scripts
Broad and growing prescriber base: >800 unique prescribers in the first half of 2026 (≈600 in Q2 vs ≈200 in Q1). Prescription growth: >1,200 total prescriptions in Q2 vs ≈300 in Q1 (first half >1,500 scripts). Patient reach: >1,000 patients in Q2 vs nearly 300 in Q1 (first half >1,300 patients). Early repeat use is emerging (Q2 scripts > Q2 patients), signaling real-world adoption beyond one-time trials.
Read all positive updates
Company Guidance
Milestone guided that it expects launch acceleration in H2 2026 as recent market-access momentum has expanded formulary coverage from ~25% at quarter‑end to >50% of commercially insured lives (commercial comprises ~45% of the PSVT population), which should reduce denial conversions and increase ASPs; operational launch metrics reported were >1,200 scripts in Q2 vs ~300 in Q1 ( >1,500 scripts in H1), >600 unique prescribers in Q2 vs ~200 in Q1 ( >800 unique prescribers in H1), and >1,000 patients treated in Q2 vs ~300 in Q1 ( >1,300 patients in H1), with early signs of repeat use. Financial guidance/key figures: $170.6M cash, cash equivalents and short‑term investments as of June 30, 2026 (vs $106M at 12/31/25) expected to fund operations into the second half of 2027; product revenue $0.6M in Q2 ($0.8M H1); Q2 net loss $28.6M ($0.21/sh) and H1 net loss $54.7M ($0.41/sh). Development/regulatory guidance: Phase III ReVeRA‑301 for AFib‑RVR is underway with first patient enrollment expected soon (70 mg repeat‑dose regimen, sNDA pathway), Milestone estimates an AFib‑RVR addressable population of 3–4M of >10M AFib patients in the U.S., and an EMA decision for PSVT is expected in H1 2027.Milestone Pharmaceuticals Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
27
Negative
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.34M | 1.55M | 0.00 | 1.00M | 5.00M | 15.00M |
| Gross Profit | 2.22M | 1.43M | 0.00 | 1.00M | 5.00M | 15.00M |
| EBITDA | -73.21M | -59.45M | -37.83M | -57.04M | -58.30M | -42.76M |
| Net Income | -84.01M | -63.06M | -41.52M | -59.69M | -58.39M | -42.85M |
Balance Sheet | ||||||
| Total Assets | 181.63M | 113.56M | 75.50M | 75.23M | 74.48M | 119.85M |
| Cash, Cash Equivalents and Short-Term Investments | 170.61M | 105.96M | 69.69M | 66.00M | 64.58M | 114.14M |
| Total Debt | 141.83M | 58.38M | 54.80M | 51.77M | 2.49M | 698.00K |
| Total Liabilities | 163.41M | 71.79M | 62.35M | 58.45M | 8.13M | 7.25M |
| Stockholders Equity | 18.22M | 41.77M | 13.15M | 16.77M | 66.35M | 112.60M |
Cash Flow | ||||||
| Free Cash Flow | -61.22M | -49.34M | -28.88M | -46.54M | -52.74M | -33.22M |
| Operating Cash Flow | -61.18M | -49.04M | -28.85M | -46.42M | -52.47M | -33.22M |
| Investing Cash Flow | -1.13M | 11.25M | 8.28M | 4.76M | -57.12M | 70.00M |
| Financing Cash Flow | 189.10M | 85.53M | 32.12M | 47.79M | 3.09M | 5.05M |
Milestone Pharmaceuticals Technical Analysis
Positive
1.19
Price Trends
1.19
Positive
1.39
Negative
1.66
Negative
Market Momentum
<0.01
Negative
54.78
Neutral
73.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIST, the sentiment is Positive. The current price of 1.19 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.19, and below the 200-day MA of 1.66, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.78 is Neutral, neither overbought nor oversold. The STOCH value of 73.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MIST.
Milestone Pharmaceuticals Risk Analysis
Milestone Pharmaceuticals disclosed 70 risk factors in its most recent earnings report. Milestone Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Milestone Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $1.40B | -14.44 | -46.46% | ― | ― | -3.04% | |
53 Neutral | $214.30M | -1.64 | -87.05% | ― | ― | -29.66% | |
52 Neutral | $149.40M | -1.63 | -288.36% | ― | ― | 21.42% | |
52 Neutral | $1.03B | -4.16 | -58.03% | ― | -86.62% | 14.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $56.86M | -2.30 | -60.32% | ― | ― | 71.26% | |
44 Neutral | $63.34M | -1.10 | -1266.43% | ― | ― | 49.43% |
* Healthcare Sector Average
MIST
Milestone Pharmaceuticals
1.13
-0.60
-34.59%
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10.60
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11.18%
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ELTX
Elicio Therapeutics
2.35
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ANRO
Alto Neuroscience, Inc.
35.81
32.04
849.87%
Milestone Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related Announcements
Milestone Wins China Approval for Etripamil Nasal Spray
Positive
Sep 3, 2026
On September 3, 2026, Milestone Pharmaceuticals announced that China’s National Medical Products Administration approved etripamil nasal spray for treating paroxysmal supraventricular tachycardia in adults, marking the first regulatory autho...
Executive/Board ChangesShareholder Meetings
Milestone Pharmaceuticals Shareholders Approve Governance and Compensation Measures
Positive
Jun 15, 2026
At its recent annual meeting, Milestone Pharmaceuticals’ shareholders elected eight directors to serve until the 2027 annual meeting, confirming the existing board slate and maintaining continuity in the company’s governance structure....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.