MIST
Milestone Pharmaceuticals Inc.Healthcare·Biotechnology
$1.42
$122M market cap
Revenue
$1.8M
Free Cash Flow
$-28.8M
Rev Growth
+0.0%
FCF Margin
-1616.5%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Milestone Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development and commercialization of cardiovascular medicines. The company is developing etripamil, a novel channel blocker, which is in Phase III clinical trial for the treatment of paroxysmal supraventricular tachycardia in the United States and Canada; and Phase II clinical trial for the treatment of atrial fibrillation and rapid ventricular rate. It has a license and collaboration agreement with Ji Xing Pharmaceutica
2-Year Price History
$1.41-3.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.2 | -23.7 | -23.8 | -26.1 | -16.1 | -16.1 | -0.0 | 184.2 | 137.3 | 130.3 | -65.3% | -5.7x | -- |
| Act | 2025-Q4 | 1.6 | -16.4 | -17.3 | -17.4 | -12.8 | -12.8 | -0.0 | 106.0 | 58.4 | 83.9 | -95.9% | -16.6x | -- |
Valuation & Metrics
Market Stats
Price$1.42
Market Cap$122M
Enterprise Value$75M
P/S Ratio68.4x
P/FCF--
EV/FCF--
FCF Margin (TTM)-1616.5%
FCF Yield-23.6%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$1.8M
Net Income$-43.5M
Free Cash Flow$-28.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin-2248.1%
Net Margin-2436.9%
FCF Margin-1616.5%
CapEx % of Revenue3.1%
SBC % of Revenue271.0%
ROIC-80.6%
WC Change % Rev95.7%
Interest Coverage-7.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares7.8M
Days to Cover6.0
Change (vs Prior)-24.4%
Need at least 2 settlement dates for chart
Employees
Headcount33
Revenue / Employee$54,061
Gross Profit / Employee$51,939
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.2%(+19.2% YoY)
76 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.1%(+0.0% YoY)
3 filers
Vanguard, iShares, SPDR
Market makers
0.8%(+0.7% YoY)
5 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RTW INVESTMENTS, LP | $7.5M | $1.19 | +$4.6M | +$4.6M | -2.2% | $9.26B |
| Propel Bio Management, LLC | $5.1M | $1.66 | +$0 | +$3.3M | -2.5% | $159M |
| TWO SIGMA INVESTMENTS, LP | $2.8M | $1.89 | +$955K | +$2.8M | -0.9% | $117.03B |
| GOLDMAN SACHS GROUP INC | $2.4M | $2.96 | +$2.0M | +$2.4M | -0.2% | $760.93B |
| MARSHALL WACE, LLP | $2.3M | $2.35 | +$342K | +$2.3M | +0.6% | $92.71B |
| MILLENNIUM MANAGEMENT LLC | $1.8M | $2.31 | +$1.4M | +$1.5M | -0.5% | $127.40B |
| Simplify Asset Management Inc. | $1.8M | $1.64 | +$0 | +$781K | -1.4% | $6.44B |
| Point72 Asset Management, L.P. | $1.3M | $2.94 | +$718K | +$1.3M | +0.9% | $54.88B |
| BALYASNY ASSET MANAGEMENT LLC | $1.0M | $1.19 | +$1.0M | +$1.0M | -0.4% | $48.01B |
| Lion Point Capital, LP | $976K | $3.60 | +$77K | +$323K | -0.5% | $16.7M |
| TORONTO DOMINION BANK | $893K | $2.36 | +$0 | +$0 | -0.3% | $51.72B |
| MORGAN STANLEY | $862K | $2.69 | −$69K | −$291K | -0.3% | $1.65T |
| Boxer Capital Management, LLC | $793K | $2.17 | +$0 | +$793K | +19.9% | $762M |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $618K | $2.33 | −$148K | +$544K | -0.6% | $77.14B |
| UBS Group AG | $589K | $2.02 | +$4K | +$456K | -0.3% | $562.11B |
| Squarepoint Ops LLC | $401K | $1.82 | +$104K | +$401K | +0.4% | $46.27B |
| Seven Fleet Capital Management LP | $397K | $1.19 | +$397K | +$397K | +44.8% | $315M |
| GUARDIAN WEALTH ADVISORS, LLC / NC | $333K | $1.95 | +$20K | +$333K | -0.2% | $1.57B |
| Aptus Capital Advisors, LLC | $333K | $1.95 | +$20K | +$333K | -0.1% | $11.84B |
| CITADEL ADVISORS LLC | $234K | $3.48 | −$186K | +$234K | -0.4% | $138.22B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.08%
avg per quarter
Holders (ex-self)
-0.01%
excl. this stock
Buyers (this Q)
+1.56%
22 buyers · $0.01B in
Sellers (this Q)
-0.85%
22 sellers · $0.01B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-9.2%
how holders react when this stock falls
On quiet Qs
+4.9%
−10% to +10% baseline
On rallies (+10%+)
+9.7%
how they react when this stock rises
Holders' portfolio flow this Q
+15.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+8.5%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-6.0%
Holder mid (any stock)
-5.0%
Holder rally (any stock)
-7.1%
Biggest decreases this quarter
ADAGE CAPITAL PARTNERS GP, L.L.C.exited−$5.7MStonepine Capital Management, LLCexited−$1.3MJANE STREET GROUP, LLC−$1.1Mα-0.1NOMURA HOLDINGS INCexited−$455KGraham Capital Management, L.P.exited−$270KCITADEL ADVISORS LLC−$186Kα-0.4Cascades Capital Asset Management, LLCexited−$157KSUSQUEHANNA INTERNATIONAL GROUP, LLP−$148Kα-0.6Engineers Gate Manager LPexited−$119KQube Research & Technologies Ltdexited−$70K
New buyers this quarter
Top-5 holders · 56.3%
RTW INVESTMENTS, LP--
Propel Bio Management, LLC--
TWO SIGMA INVESTMENTS, LP--
GOLDMAN SACHS GROUP INC--
MARSHALL WACE, LLP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RTW INVESTMENTS, LP6.3MVR Adviser, LLC—RA CAPITAL MANAGEMENT, L.P.—Novo Holdings A/S—ORBIMED ADVISORS LLC—Boxer Capital, LLC—ADAGE CAPITAL PARTNERS GP, L.L.C.—Ikarian Capital, LLC—MORGAN STANLEY724KLion Point Capital, LP820K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$6.0032250.0%
Last Year (3 analysts)$7.3341620.0%
Current Price$1.42
Analyst Ratings
6
1
Buy: 6Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$1.18M
13 txns · 5 insiders · 523,079 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-16 | SELL | Oliveto Joseph | director, officer: President and CEO | 36,500 | $2.26 | $82K | $1.01M |
| 2026-01-26 | SELL | Bharucha David | officer: Chief Medical Officer | 12,245 | $1.93 | $24K | $218K |
| 2026-01-26 | SELL | Hasija Amit | officer: CFO & EVP of Corp. Development | 12,245 | $1.93 | $24K | $193K |
| 2026-01-26 | SELL | Muller Lorenz | officer: Chief Commercial Officer | 11,180 | $1.93 | $22K | $396K |
| 2026-01-26 | SELL | Nelson Jeffrey Edward | officer: Chief Operating Officer | 12,245 | $1.93 | $24K | $96K |
| 2026-01-26 | SELL | Oliveto Joseph | director, officer: President and CEO | 34,523 | $1.93 | $67K | $932K |
| 2026-01-08 | SELL | Oliveto Joseph | director, officer: President and CEO | 43,000 | $2.25 | $97K | $683K |
| 2026-01-07 | SELL | Oliveto Joseph | director, officer: President and CEO | 500 | $2.25 | $1K | $780K |
| 2025-12-15 | SELL | Bharucha David | officer: Chief Medical Officer | 58,007 | $2.32 | $135K | $244K |
| 2025-12-15 | SELL | Hasija Amit | officer: CFO & EVP of Corp. Development | 58,007 | $2.32 | $135K | $213K |
| 2025-12-15 | SELL | Muller Lorenz | officer: Chief Commercial Officer | 53,566 | $2.32 | $124K | $456K |
| 2025-12-15 | SELL | Nelson Jeffrey Edward | officer: Chief Operating Officer | 58,007 | $2.32 | $135K | $97K |
| 2025-12-15 | SELL | Oliveto Joseph | director, officer: President and CEO | 133,054 | $2.32 | $309K | $1.05M |
Order Flow (FINRA, ~3w lag)
41.5%retail+3.0pp
10.2%dark+0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Milestone Pharmaceuticals: Dilution Death Spiral and Regulatory Rejection Fallout
Overall Risk
8/10
Fraud
4/10
Dilution
10/10
Insolvency
7/10
Earnings Overstated
2/10
Hidden Liabilities
6/10
Legal
6/10
Audit Warnings
5/10
Hidden Upside
3/10
Contextually Acceptable
3/10