Financial leverage has increased significantly, with total debt rising to $137.3 million in 2026Q1 from $51.8 million in 2023Q4, reflecting a reliance on debt to fund clinical operations.
| Total Current Assets | 192.25M | 111.92M | 73.93M | 73.03M | 71.8M | 118.92M | 148.69M | 122.5M | 88.05M | 27.55M |
| Cash & Short-Term Investments | 184.22M | 105.96M | 69.69M | 66M | 64.58M | 114.14M | 142.31M | 119.82M | 85.98M | 26.91M |
| Cash Only | 71.32M | 73.05M | 25.31M | 13.76M | 7.64M | 114.14M | 72.31M | 119.82M | 85.95M | 10.88M |
| Short-Term Investments | 112.9M | 32.91M | 44.38M | 52.24M | 56.95M | 0 | 70M | 0 | 29K | 16.03M |
| Accounts Receivable | 5M | 3.51M | 2.39M | 3.85M | 1.21M | 483K | 0 | 0 | 677K | 543K |
| Days Sales Outstanding | 614.81 | 828.21 | - | 1.41K | 88.55 | 11.75 | - | - | - | - |
| Inventory | 1.83M | 648K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 2.38K | 2.07K | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 948K | 836K | 0 | 0 |
| Total Non-Current Assets | 1.48M | 1.64M | 1.57M | 2.19M | 2.68M | 926K | 1.29M | 929K | 30K | 35K |
| Property, Plant & Equipment | 1.48M | 1.64M | 1.57M | 2.19M | 2.68M | 926K | 1.29M | 929K | 30K | 35K |
| Fixed Asset Turnover | 1.31x | 0.94x | - | 0.46x | 1.87x | 16.20x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 193.73M | 113.56M | 75.5M | 75.23M | 74.48M | 119.85M | 149.97M | 123.43M | 88.08M | 27.59M |
| Asset Turnover | 0.02x | 0.01x | - | 0.01x | 0.07x | 0.13x | - | - | - | - |
| Asset Growth % | 222.71% | 50.41% | 0.36% | 1% | -37.85% | -20.09% | 21.51% | 40.13% | 219.25% | - |
| Total Current Liabilities | 20.94M | 13.98M | 8.13M | 7.23M | 6.14M | 6.78M | 6.16M | 8.33M | 4.53M | 1.6M |
| Accounts Payable | 10.02M | 5.64M | 1.93M | 3.98M | 2.26M | 4.38M | 4.64M | 4.38M | 2.6M | 4K |
| Days Payables Outstanding | 20.92K | 18.07K | - | - | - | - | - | - | 95.01K | 182.5 |
| Short-Term Debt | 659K | 647K | 0 | 0 | 495K | 224K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 416K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.69M | 7.69M | 0 | 1.99M | 808K | 709K | 0 | 0 | 56K | 1.11M |
| Current Ratio | 9.18x | 8.01x | 9.10x | 10.11x | 11.70x | 17.55x | 24.14x | 14.71x | 19.42x | 17.17x |
| Quick Ratio | 9.09x | 7.96x | 9.10x | 10.11x | 11.70x | 17.55x | 24.14x | 14.71x | 19.42x | 17.17x |
| Cash Conversion Cycle | -17.93K | -15.17K | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 136.74M | 57.81M | 54.23M | 51.23M | 2M | 474K | 696K | 184K | 138.76M | 59.1M |
| Long-Term Debt | 136.3M | 57.19M | 53.35M | 49.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.06M | 539K | 874K | 1.46M | 2M | 474K | 696K | 184K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 72K | 83K | 0 | 0 | 0 | 0 | 0 | 0 | 138.76M | 59.1M |
| Total Liabilities | 157.69M | 71.79M | 62.35M | 58.45M | 8.13M | 7.25M | 6.86M | 8.51M | 143.29M | 60.71M |
| Total Debt | 137.33M | 58.38M | 54.8M | 51.77M | 2.49M | 698K | 941K | 514K | 0 | 0 |
| Net Debt | 66.01M | -14.67M | 29.48M | 38.02M | -5.14M | -113.44M | -71.37M | -119.3M | -85.95M | -10.88M |
| Debt / Equity | 3.81x | 1.40x | 4.17x | 3.09x | 0.04x | 0.01x | 0.01x | 0.00x | - | - |
| Debt / EBITDA | -2.10x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.01x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -8.99x | -16.28x | -10.59x | -22.37x | - | - | -69.85x | -22.30x | - | - |
| Total Equity | 36.05M | 41.77M | 13.15M | 16.77M | 66.35M | 112.6M | 143.12M | 114.92M | -55.21M | -33.12M |
| Equity Growth % | 736.34% | 217.71% | -21.61% | -74.72% | -41.08% | -21.32% | 24.54% | 308.15% | -66.7% | - |
| Book Value per Share | 0.28 | 0.50 | 0.21 | 0.39 | 1.56 | 2.69 | 4.88 | 7.28 | -2.33 | -1.40 |
| Total Shareholders' Equity | 36.05M | 41.77M | 13.15M | 16.77M | 66.35M | 112.6M | 143.12M | 114.92M | -55.21M | -33.12M |
| Common Stock | 373.7M | 352.62M | 288.05M | 260.5M | 273.9M | 251.9M | 251.68M | 226.25M | 2.04M | 1.23M |
| Retained Earnings | -456.67M | -430.6M | -367.55M | -326.03M | -266.34M | -206.32M | -163.47M | -113.5M | -58.27M | -35.09M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 55.65M | 55.65M | 53.08M | 48.46M | 34.35M | 51.31M | 46.37M | -1.63M | -1.63M | -1.63M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary regulatory and liquidity risk
As reported in financial statements, MIST's equity base has experienced significant volatility, swinging from a negative $17.7 million in 2025Q2 to $36.0 million by 2026Q1, a trend that underscores the firm's reliance on dilutive financing to sustain its pre-commercial clinical development trajectory.
The erratic movement in shareholder equity suggests that the company is perpetually balancing on the edge of capital exhaustion. Investors should monitor whether the recent equity expansion is sufficient to bridge the gap to commercialization or if further dilution is inevitable given the persistent operating losses.
Based on recent SEC filings, the company's total debt has surged to $137.3 million in 2026Q1, representing a substantial increase from the $51.8 million reported in 2023Q4, which indicates that management is increasingly utilizing debt instruments to fund ongoing clinical trial and regulatory overhead.
This rising debt load, coupled with a D/E ratio of 3.81, suggests a precarious leverage position for a firm without recurring product revenue. The reliance on debt to finance R&D warrants caution, as it increases the company's sensitivity to interest rate fluctuations and potential refinancing hurdles.
According to the provided quarterly data, the company's cash position of $71.3 million in 2026Q1 provides a limited buffer against its high burn rate, as the current ratio of 9.18 is heavily influenced by short-term liabilities rather than operational liquidity strength.
While the current ratio appears high, the underlying cash runway remains a primary concern for a pre-revenue entity. The firm's liquidity profile suggests that management may be forced to seek additional capital in the near term to support the anticipated commercial launch of etripamil.
As evidenced by the balance sheet, the accumulation of $456.7 million in accumulated deficit by 2026Q1 highlights the profound structural fragility of the business model, which relies on non-recurring milestone payments to offset the massive costs of clinical-stage pharmaceutical development.
The absence of tangible assets, with PPE net remaining at a negligible $1.5 million, confirms that the company's value is entirely tied to intangible intellectual property. This makes the balance sheet highly sensitive to any regulatory setbacks, as there is no significant asset base to provide a floor for valuation.
Quick answers to the most common questions about buying MIST stock.
As of 2025, Milestone Pharmaceuticals Inc. (MIST) had total assets of $113.6M including $111.9M in current assets.
Milestone Pharmaceuticals Inc. (MIST) carries total debt of $58.4M, offset by $106.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Milestone Pharmaceuticals Inc. (MIST) has total shareholders' equity (book value) of $41.8M ($0.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Milestone Pharmaceuticals Inc. (MIST) reported a current ratio of 8.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.