Milestone Pharmaceuticals Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Milestone Pharmaceuticals Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
16.8
42
34.5
38.7
39.8
31.1
14.4
18.1
General and administrative
3.05
7
10.3
12.4
15.7
15.9
16.7
17.3
Operating income
-23.8
-57.9
-50.7
-43.1
-59.6
-61.1
-42.1
-62.1
Interest expense
2.55
3.58
3.84
Interest income
3.97
4.16
2.92
Pre-tax income
-23.1
-55.3
-50
-42.9
-58.4
-59.7
-41.5
-63.1
Income tax
0.07
-0.06
-0.02
Net income
-23.2
-55.2
-50
-42.9
-58.4
-59.7
-41.5
-63.1
EBITDA
-23.8
-57.8
-50.6
-43
-59.6
-61
-42
-62
EPS, basic
72.63
-3.50
-1.70
-1.02
-1.38
-1.39
-0.67
-0.75
EPS, diluted
72.63
-3.50
-1.70
-1.02
-1.38
-1.39
-0.67
-0.75
Shares, basic (weighted)
0.32
15.8
29.3
Shares, diluted (weighted)
0.32
15.8
29.3
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
85.9
120
72.3
114
7.64
13.8
25.3
73
Short-term investments
0.03
70
0
56.9
52.2
44.4
32.9
Inventory
0.65
Other current assets
1.4
1.85
5.43
4.3
6.01
3.18
1.84
1.81
Total current assets
88.1
122
149
119
71.8
73
73.9
112
Property, plant and equipment
0.03
0.41
0.31
0.22
0.26
0.28
0.2
0.51
Lease right-of-use assets
0.32
0.52
0.98
0.71
2.42
1.92
1.38
1.13
Total assets
88.1
123
150
120
74.5
75.2
75.5
114
Accounts payable
2.6
4.38
4.64
4.38
2.26
3.98
1.93
5.65
Accrued liabilities
0.7
1.78
0.96
1.46
2.57
0.71
2.5
7.64
Total current liabilities
4.53
8.33
6.16
6.78
6.14
7.23
8.13
14
Lease liabilities
0.18
0.7
0.47
2
1.46
0.87
0.54
Other non-current liabilities
0.08
Total liabilities
4.53
8.51
6.86
7.25
8.14
58.5
62.4
71.8
Total debt
0
49.8
53.4
57.2
Paid-in capital
2.66
3.81
8.53
15.7
24.4
33.8
39.6
64.1
Retained earnings
-58.3
-113
-163
-208
-266
-326
-368
-431
Shareholders' equity
83.5
115
143
113
66.3
16.8
13.1
41.8
Total equity
-55.2
115
143
113
66.3
16.8
13.1
41.8
Total liabilities and equity
88.1
123
150
120
74.5
75.2
75.5
114
Shares outstanding
0.6
24.5
29.8
29.9
34.3
33.5
53.4
106
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-23.2
-55.2
-50
-42.9
-58.4
-59.7
-41.5
-63.1
Depreciation and amortization
0.01
0.04
0.1
0.09
0.09
0.09
0.11
0.11
Stock-based compensation
0.63
1.19
4.95
7.28
9.05
9.53
5.78
7.46
Change in inventory
-0.65
Change in payables
2.88
3.52
-2.08
0.64
-0.91
1.04
0.88
4.43
Cash from operations
-21
-51.2
-50.7
-33.2
-52.5
-46.4
-28.8
-49
Capital expenditures
-0.01
-0.41
-0.27
-0.11
-0.03
-0.3
Purchases of investments
-3.03
-35
-90
-15
-85.9
-137
-114
-82.9
Cash from investing
16
-0.38
-70
70
-57.1
4.76
8.28
11.2
Stock issued
0.46
0.04
24.9
0.12
2.63
0.19
27.3
37.6
Cash from financing
80.1
85.4
73.2
5.06
3.09
47.8
32.1
85.5
Net change in cash
75.1
33.9
-47.5
41.8
-107
6.12
11.6
47.7
Free cash flow
-21.1
-51.6
-52.7
-46.5
-28.9
-49.3
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.79 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-461.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-46.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
217.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-14.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-21.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
50.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
15.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-5.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
8.13x
Current assets / current liabilities.
Quick ratio
7.81x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.69x
(Cash + short-term investments) / current liabilities.
Debt / equity
3.25x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
32.6%
Total debt / total assets.
Liabilities / assets
90.0%
Total liabilities / total assets.
Net debt
-$111.4M
Total debt - cash - short-term investments. Negative means more cash than debt.
Market cap + total debt - cash - short-term investments.
P/B
5.39x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.39x
Market cap / tangible book value, when positive.
FCF yield
-62.8%
Free cash flow / market cap.
Earnings yield
-85.6%
Net income / market cap (the inverse of P/E).
Was Milestone Pharmaceuticals Inc. profitable in fiscal 2025?
No. It reported a net loss of $63.1M.
How much free cash flow did Milestone Pharmaceuticals Inc. generate in fiscal 2025?
Cash from operations of $49.0M minus capital expenditures of $302.0K left free cash flow of -$49.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.