Milestone Pharmaceuticals Inc. (MIST) | Investment Case

1. Company Snapshot

1.a. 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 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 Pharmaceuticals to develop and commercialize etripamil prophylactic and therapeutic uses in humans.

The company was incorporated in 2003 and is headquartered in Montréal, Canada.

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1.b. Last Insights on MIST

Milestone Pharmaceuticals' recent performance was positively driven by progress on its investigational etripamil nasal spray for paroxysmal supraventricular tachycardia (PSVT). The FDA accepted the company's response to a Complete Response Letter (CRL), setting a new PDUFA target date of December 13, 2025. Additionally, the company presented positive data on etripamil's efficacy, safety, and tolerability at the American Heart Association Scientific Sessions 2025. These developments likely boosted investor confidence. The company also granted equity awards to a new employee, indicating business continuity.

1.c. Company Highlights

Last Price	2.68
Change Percentage	1.52%
Open	2.67
Previous Close	2.64
Market Cap ( Millions)	228
Volume	3453749
Year High	2.77
Year Low	0.62
M A 50	2.09
M A 200	1.72

FCF Yield	-18.90%
Dividend Yield	0.00%
ROE	-1885.07%
Debt / Equity	279.05%
Net Debt / EBIDTA	-18.78%
Price To Book	12.61
Price Earnings Ratio	-5.61
Price To FCF	-5.29
Price To sales	2113.46
EV / EBITDA	-4.26

2. Transcript Summary

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3. NewsRoom

Milestone Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Dec -02

Source: globenewswire.com

Milestone Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Regulatory and Corporate Update

Nov -12

Source: globenewswire.com

Milestone Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Nov -04

Source: globenewswire.com

Milestone Pharmaceuticals to Present New Analysis from Investigational Etripamil Nasal Spray Clinical Trials for PSVT at the American Heart Association Scientific Sessions 2025

Nov -03

Source: globenewswire.com

Milestone® Pharmaceuticals to Present Data on Etripamil at the American Heart Association Scientific Sessions 2025

Oct -09

Source: globenewswire.com

Milestone® Pharmaceuticals to Present at Upcoming Conferences

Aug -19

Source: globenewswire.com

Milestone Pharmaceuticals Reports Second Quarter 2025 Financial Results and Provides Regulatory and Corporate Update

Aug -12

Source: globenewswire.com

Milestone Pharmaceuticals Remains A Buying Opportunity Despite Recent Dilution

Jul -18

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Cardiovascular Medicines

Expected Growth: 8.5%

Milestone Pharmaceuticals Inc.'s cardiovascular medicines segment growth of 8.5% is driven by increasing prevalence of cardiovascular diseases, aging population, and rising healthcare expenditure. Additionally, the company's focus on R&D, strategic partnerships, and expanding product portfolio are contributing to the growth. Furthermore, growing demand for effective treatments and improving access to healthcare in emerging markets are also driving the segment's growth.

7. Detailed Products

Etripamil

Etripamil is a novel, potent, and short-acting calcium channel blocker that is being developed for the acute treatment of paroxysmal supraventricular tachycardia (PSVT).

8. Milestone Pharmaceuticals Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Milestone Pharmaceuticals Inc. faces moderate threat from substitutes, as there are limited alternative treatments available for certain cardiovascular diseases.

Bargaining Power Of Customers

Customers have limited bargaining power due to the specialized nature of Milestone Pharmaceuticals Inc.'s products and the lack of alternative treatments.

Bargaining Power Of Suppliers

Milestone Pharmaceuticals Inc. has a moderate dependence on suppliers, but has diversified its supply chain to mitigate risks.

Threat Of New Entrants

The pharmaceutical industry is highly competitive, and new entrants can easily disrupt the market with innovative products and technologies.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players and new entrants vying for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	75.00%
Debt Cost	4.96%
Equity Weight	25.00%
Equity Cost	12.77%
WACC	6.91%
Leverage	300.03%

11. Quality Control: Milestone Pharmaceuticals Inc. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Coherus BioSciences

A-Score: 4.9/10

Value: 8.2

Growth: 3.6

Quality: 6.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

Milestone Pharmaceuticals

A-Score: 4.5/10

Value: 8.0

Growth: 5.6

Quality: 3.5

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

Inhibrx

A-Score: 3.8/10

Value: 6.0

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

Codexis

A-Score: 2.7/10

Value: 7.0

Growth: 0.7

Quality: 3.9

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

INmune Bio

A-Score: 2.7/10

Value: 7.2

Growth: 3.2

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

Adverum Biotechnologies

A-Score: 2.6/10

Value: 8.0

Growth: 1.9

Quality: 3.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

17.10%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.91%

Milestone Pharmaceuticals Inc. - CA59935V1076

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MIST

1.c. Company Highlights

Better Quality

Cheaper

Weak Momentum

Earnings Beats

Average Quality

Average Growth

Fairly Valued

Strong Momentum

Earnings Miss

Lower Quality

Medium Volatility

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Cardiovascular Medicines

Expected Growth: 8.5%

7. Detailed Products

Etripamil

8. Milestone Pharmaceuticals Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Milestone Pharmaceuticals Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.68$

Current Price

2.68$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA