The company's revenue remains non-operational and episodic, contributing to a severe structural deficit evidenced by a 2026Q1 operating margin of -99.9%.
| Sales/Revenue | 1.78M | 1.55M | 0 | 1M | 5M | 15M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | -100% | -80% | -66.67% | - | - | - | - | - |
| Cost of Goods Sold | 95K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 8K |
| COGS % of Revenue | - | 7.37% | - | - | - | - | - | - | - | - |
| Gross Profit | 1.69M | 1.43M | 0 | 1M | 5M | 15M | 0 | 0 | -10K | -8K |
| Gross Margin % | 94.67% | 92.63% | - | 100% | 100% | 100% | - | - | - | - |
| Gross Profit Growth % | - | - | -100% | -80% | -66.67% | - | - | 100% | -25% | - |
| Operating Expenses | 67.15M | 63.92M | 42.1M | 62.1M | 64.64M | 58.07M | 50.71M | 57.88M | 23.82M | 8.27M |
| OpEx % of Revenue | - | 4134.35% | - | 6209.8% | 1292.84% | 387.15% | - | - | - | - |
| Selling, General & Admin | 34.83M | 17.27M | 27.75M | 31.05M | 24.81M | 19.4M | 15.9M | 15.62M | 6.97M | 2.63M |
| SG&A % of Revenue | - | 1117.34% | - | 3104.6% | 496.26% | 129.35% | - | - | - | - |
| Research & Development | 16.56M | 18.11M | 14.36M | 31.05M | 39.83M | 38.67M | 34.86M | 42.38M | 16.85M | 5.64M |
| R&D % of Revenue | - | 1171.28% | - | 3105.2% | 796.58% | 257.81% | - | - | - | - |
| Other Operating Expenses | 1000K | 28.54M | 0 | 0 | 0 | 0 | -55K | -115K | 0 | 0 |
| Operating Income | -65.46M | -62.48M | -42.1M | -61.1M | -59.64M | -43.07M | -50.71M | -57.88M | -23.82M | -8.27M |
| Operating Margin % | -3669.39% | -4041.72% | - | -6109.8% | -1192.84% | -287.15% | - | - | - | - |
| Operating Income Growth % | - | -48.41% | 31.09% | -2.44% | -38.47% | 15.06% | 12.39% | -142.97% | -188.12% | - |
| EBITDA | -65.32M | -62.37M | -42M | -61.01M | -59.55M | -42.98M | -50.61M | -57.84M | -23.81M | -8.26M |
| EBITDA Margin % | -3661.38% | -4034.35% | - | -6100.6% | -1191.06% | -286.53% | - | - | - | - |
| EBITDA Growth % | -25.5% | -48.51% | 31.16% | -2.44% | -38.56% | 15.08% | 12.5% | -142.92% | -188.28% | - |
| D&A (Non-Cash Add-back) | 143K | 114K | 105K | 92K | 89K | 93K | 97K | 38K | 10K | 8K |
| EBIT | -63.24M | -62.48M | -37.94M | -57.13M | -58.39M | -43.07M | -50.71M | -57.88M | -23.37M | -8.27M |
| Net Interest Income | -3.08M | -918K | 7.75M | 1.41M | 1.25M | 220K | 0 | 0 | 0 | 0 |
| Interest Income | 3.96M | 2.92M | 4.16M | 3.97M | 1.25M | 220K | 726K | 2.6M | 711K | 186K |
| Interest Expense | 7.04M | 3.84M | -3.58M | 2.55M | 0 | 0 | 726K | 2.6M | 0 | 0 |
| Other Income/Expense | -3.08M | -918K | 583K | 1.41M | 1.25M | 220K | 726K | 2.6M | 711K | 186K |
| Pretax Income | -68.55M | -63.4M | -41.52M | -59.69M | -58.39M | -42.85M | -49.98M | 55.28M | -23.11M | -8.08M |
| Pretax Margin % | -3842.21% | -4101.1% | - | -5968.5% | -1167.76% | -285.69% | - | - | - | - |
| Income Tax | -182K | -345K | 0 | 0 | 0 | 0 | -17K | 56K | 74K | 4K |
| Effective Tax Rate % | 0.27% | 0.54% | 0% | 0% | 0% | 0% | 0.03% | 0.1% | -0.32% | -0.05% |
| Net Income | -68.36M | -63.06M | -41.52M | -59.69M | -58.39M | -42.85M | -49.97M | -55.23M | -23.18M | -8.09M |
| Net Margin % | -3832.01% | -4078.78% | - | -5968.5% | -1167.76% | -285.69% | - | - | - | - |
| Net Income Growth % | -31.65% | -51.88% | 30.44% | -2.22% | -36.25% | 14.24% | 9.53% | -138.21% | -186.73% | - |
| Net Income (Continuing) | -68.36M | -63.06M | -41.52M | -59.69M | -58.39M | -42.85M | -49.97M | -55.23M | -23.18M | -8.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -0.75 | -0.67 | -1.39 | -1.35 | -1.02 | -1.70 | -3.50 | -0.98 | -0.34 |
| EPS Growth % | 13.92% | -11.94% | 51.8% | -2.96% | -32.35% | 40% | 51.43% | -257.14% | -188.24% | - |
| EPS (Basic) | - | -0.75 | -0.67 | -1.39 | -1.35 | -1.02 | -1.70 | -3.50 | -0.98 | -0.34 |
| Diluted Shares Outstanding | 130.29M | 83.88M | 62.21M | 42.96M | 42.45M | 41.83M | 29.34M | 15.78M | 23.65M | 23.65M |
| Basic Shares Outstanding | 130.29M | 83.88M | 62.21M | 42.96M | 42.45M | 41.83M | 29.34M | 15.78M | 23.65M | 23.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Binary regulatory and liquidity risk
As indicated by the company's historical financial statements, revenue remains entirely non-operational and episodic, characterized by sporadic milestone payments rather than recurring product sales, which leaves the firm's top-line trajectory entirely dependent on the timing of licensing agreements and regulatory progress in specific geographic markets.
The absence of consistent revenue growth underscores the company's pre-commercial status. Investors should interpret the intermittent revenue spikes as accounting artifacts of partnership milestones rather than indicators of underlying market demand or product adoption.
Based on reported quarterly figures, the firm's cost structure is dominated by heavy R&D and SG&A outlays, with operating expenses frequently exceeding $10 million per quarter, reflecting the significant capital intensity required to support the ongoing regulatory and clinical trial programs for its lead asset.
The high level of SG&A relative to revenue suggests that the company is already incurring significant administrative overhead in anticipation of a commercial launch. This expense discipline warrants close monitoring as the firm approaches potential regulatory milestones, as the current burn rate is unsustainable without further capital infusion.
According to recent SEC filings, the company consistently reports significant net losses, with quarterly deficits reaching as high as $26.1 million in 2026Q1, a trend that highlights the disconnect between accounting net income and the actual cash requirements of a clinical-stage biotechnology enterprise.
The inclusion of stock-based compensation, which reached $1.3 million in the most recent quarter, further complicates the assessment of true operational cash burn. Analysts should adjust for these non-cash items to better understand the actual runway available to management before additional dilutive financing becomes necessary.
While the company focuses on regulatory approval, financial data suggests that the transition to a commercial entity may be more difficult than anticipated, as the current operating margin of -99.9% reflects a massive structural deficit that will require a successful, high-margin product launch to rectify.
Short-sellers may focus on the potential for a 'commercialization gap,' where the clinical efficacy of the nasal spray fails to translate into widespread physician adoption. The reliance on a single asset creates a binary risk profile that is not fully captured by the current income statement metrics.
Quick answers to the most common questions about buying MIST stock.
For fiscal year 2025, Milestone Pharmaceuticals Inc. (MIST) reported total revenue of $1.5M.
Milestone Pharmaceuticals Inc. (MIST) reported a net loss of $63.1M for the fiscal year ending 2025.
Milestone Pharmaceuticals Inc. (MIST) reported an operating income of $-62.5M, resulting in an operating profit margin of -4041.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Milestone Pharmaceuticals Inc. (MIST) generated $1.4M in gross profit for the year, representing a gross profit margin of 92.6%. This demonstrates the company's core pricing power and production efficiency.