Milestone Pharmaceuticals

MIST

Biotechnology · Healthcare

Price

$1.19

-0.06 (-4.44%)

Market Cap

$101.8M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+100.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 41.8M (2021) → 83.9M (2025)

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

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

+35.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$18M/ year

↑ Rising (+26% vs prior year)

>1,000% of revenue

65.1x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

1.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~13 months

$71M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Milestone Pharmaceuticals is putting 1171% of revenue into R&D and that number is rising. That's 65.1x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

70.6%

Premium pricing power — 70.6% gross margin

Operating Margin

-9988.2%

Losing money on operations — -9988.2%

ROCE

-13.7%

Weak — -13.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-2874.4%

Burning cash (-2874.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

3.80

Heavy debt load (3.80)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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