Milestone Pharmaceuticals (MIST)
NASDAQ:MIST
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Milestone Pharmaceuticals
(NASDAQ:MIST)
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Rating:49Neutral
Price Target:
$1.50
▼(-28.57% Downside)
Action:Reiterated
Date:05/14/26
The score is held down primarily by weak financial performance (large losses, cash burn, and high leverage) and only modest technical momentum (price below key moving averages). Earnings-call fundamentals provide partial offset via improved cash runway and early launch traction, but revenue is still minimal and spending/burn remain high; valuation metrics provided do not add support.
Positive Factors
Cash runway and funding
A strengthened cash position (~$184M) after a $75M milestone payment and equity raises provides multi-quarter runway to fund CARDAMYST launch and the ReVeRa‑301 Phase III program. This reduces near-term refinancing risk and allows management to execute commercial and clinical milestones without immediate capital raises.
Negative Factors
High leverage
Elevated leverage (~3.8x debt/equity) is a structural vulnerability for a loss-making biotech: it increases refinancing and covenant risk, constrains strategic flexibility, and raises the likelihood of dilutive financings if operating losses persist or trial/commercial costs exceed projections.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash runway and funding
A strengthened cash position (~$184M) after a $75M milestone payment and equity raises provides multi-quarter runway to fund CARDAMYST launch and the ReVeRa‑301 Phase III program. This reduces near-term refinancing risk and allows management to execute commercial and clinical milestones without immediate capital raises.
Read all positive factors
Milestone Pharmaceuticals (MIST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$175.54M
Dividend YieldN/A
Average Volume (3M)1.60M
Price to Earnings (P/E)―
Beta (1Y)2.69
Revenue GrowthN/A
EPS Growth17.64%
CountryUS
Employees33
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.68
Shares Outstanding124,497,980
10 Day Avg. Volume1,941,326
30 Day Avg. Volume1,596,545
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 Cap1.07
Enterprise Value/Revenue104.88
Enterprise Value/Gross Profit110.78
Enterprise Value/Ebitda-2.97
Forecast
1Y Price Target
$7.25Price Target Upside245.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.44
Revenue Forecast (FY)$33.27M
Milestone Pharmaceuticals Business Overview & Revenue Model
Company Description
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 t...
How the Company Makes Money
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Milestone Pharmaceuticals Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive early-launch narrative: Milestone executed a rapid launch, secured an important Express Scripts formulary placement, achieved early prescriber breadth (≈400 writers) and initiated a Phase III AFib-RVR program, while ending the quarter with a strengthened cash position (~$184M) and a planned, ROI-driven commercial strategy. Offsetting these positives are very small product revenues ($0.2M), elevated launch-driven commercial spend (+51.9% YoY), an increased quarterly net loss (~+25.5% YoY) and continued operating cash burn (~$23.7M in Q1). Coverage remains limited (~25% commercial) and scale/refill dynamics are in the earliest stages, so near-term sales will likely remain modest until broader payer coverage, patient activation and increased promotional frequency deliver deeper adoption.Positive Updates
Successful and Fast Commercial Launch of CARDAMYST
CARDAMYST (etripamil) launched within ~2 months of FDA approval (approved Dec 12, 2025; available in retail by end of Jan 2026). National sales force (~60 reps) deployed mid-February and promotion began in mid-February.
Negative Updates
Very Limited Product Revenue to Date
Product revenues for Q1 2026 were only $0.2M despite ~600 prescriptions to end-April, reflecting extremely early commercial stage and limited net sales to date.
Read all updates
Q1-2026 Updates
Positive
Negative
Successful and Fast Commercial Launch of CARDAMYST
CARDAMYST (etripamil) launched within ~2 months of FDA approval (approved Dec 12, 2025; available in retail by end of Jan 2026). National sales force (~60 reps) deployed mid-February and promotion began in mid-February.
Read all positive updates
Company Guidance
Management provided specific operational and financial guidance and milestones: as of March 31, 2026 Milestone holds ~$184M in cash (up from $106M at 12/31/25, boosted by a $75M RTW payment and ~$19M net ATM/warrant proceeds) which the company says funds launch and ReVeRa‑301 into the second half of 2027 given Q1 operating cash burn of ~ $23.7M; Q1 product revenue was ~$0.2M and net loss was ~$26.1M (‑$0.20/share) with Q1 R&D $3.3M, G&A $4.8M and commercial expense $15.8M. Commercial guidance/early launch metrics include ~600 total prescriptions through April (Feb ~100, Mar ~200, Apr ~300) written by >400 unique HCPs for ~560 unique patients via a ~60‑rep field force, ~25% of commercially insured lives estimated covered after Express Scripts, ~3,000–4,000 of ~10,000 target physicians engaged (~10% prescribing rate among reached), and clinical guidance for ReVeRa‑301 calling for first patient in H2 2026 in a double‑blind, event‑driven trial powered at 90% (α=0.05) targeting ~150–200 events (≈600‑patient enrollment funnel) with ~2 years to data and additional PBM/Medicare coverage expected.Milestone Pharmaceuticals Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.78M | 1.55M | 0.00 | 1.00M | 5.00M | 15.00M |
| Gross Profit | 1.69M | 1.43M | 0.00 | 1.00M | 5.00M | 15.00M |
| EBITDA | -63.10M | -62.14M | -37.83M | -57.04M | -58.30M | -42.98M |
| Net Income | -68.36M | -63.06M | -41.52M | -59.69M | -58.39M | -42.85M |
Balance Sheet | ||||||
| Total Assets | 193.73M | 113.56M | 75.50M | 75.23M | 74.48M | 119.85M |
| Cash, Cash Equivalents and Short-Term Investments | 184.22M | 105.96M | 69.69M | 66.00M | 64.58M | 114.14M |
| Total Debt | 137.33M | 58.38M | 54.80M | 51.77M | 2.49M | 698.00K |
| Total Liabilities | 157.69M | 71.79M | 62.35M | 58.45M | 8.13M | 7.25M |
| Stockholders Equity | 36.05M | 41.77M | 13.15M | 16.77M | 66.35M | 112.60M |
Cash Flow | ||||||
| Free Cash Flow | -51.23M | -49.34M | -28.88M | -46.54M | -52.74M | -33.22M |
| Operating Cash Flow | -51.21M | -49.04M | -28.85M | -46.42M | -52.47M | -33.22M |
| Investing Cash Flow | -103.03M | 11.25M | 8.28M | 4.76M | -57.12M | 70.00M |
| Financing Cash Flow | 180.48M | 85.53M | 32.12M | 47.79M | 3.09M | 5.05M |
Milestone Pharmaceuticals Technical Analysis
Negative
2.10
Price Trends
1.69
Negative
1.77
Negative
1.90
Negative
Market Momentum
-0.09
Positive
33.48
Neutral
11.90
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIST, the sentiment is Negative. The current price of 2.1 is above the 20-day moving average (MA) of 1.74, above the 50-day MA of 1.69, and above the 200-day MA of 1.90, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 33.48 is Neutral, neither overbought nor oversold. The STOCH value of 11.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $210.29M | -1.36 | -70.89% | ― | ― | -37.60% | |
54 Neutral | $859.45M | -3.82 | -97.55% | ― | -86.62% | -1121.44% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $175.54M | -1.49 | -339.38% | ― | ― | 17.64% | |
48 Neutral | $744.69M | -7.05 | -47.22% | ― | ― | -6.01% | |
46 Neutral | $189.91M | -4.12 | -2748.16% | ― | ― | 43.68% | |
43 Neutral | $76.70M | -1.07 | -127.30% | ― | ― | 49.74% |
* Healthcare Sector Average
MIST
Milestone Pharmaceuticals
1.41
-0.01
-0.70%
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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.