Milestone Pharmaceuticals Inc. (MIST) Income Statement
MIST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMIST revenue and net income
Where MIST's revenue goes
2025Each bar shows an amount and its share of revenue. MIST kept −4,078.8% of revenue as net income.
MIST profit margins
MIST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | −32.4% | −36.5% | — |
| Gross profit | — | −34.1% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MIST quarterly EPS vs estimates
Milestone Pharmaceuticals beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.20).
MIST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $0 | $1.0M | $5.0M | $15.0M | $15.0M | $0 | $0 | $0 |
| Cost of revenue | $114,000 | $646,000 | $598,000 | $480,000 | $0 | $376,000 | $236,000 | $10,000 | $8,000 |
| Gross profit | $1.4M | −$646,000 | $1.0M | $5.0M | $15.0M | −$376,000 | −$236,000 | −$10,000 | −$8,000 |
| Research & development | $18.1M | $14.4M | $31.1M | $39.8M | $38.7M | $34.9M | $42.4M | $16.8M | $5.6M |
| Sales, general & admin | $17.3M | $27.7M | $31.0M | $24.8M | $19.4M | $15.9M | $15.6M | $7.0M | $2.6M |
| Total operating expenses | $63.9M | $42.1M | $62.1M | $64.6M | $58.1M | $50.7M | $57.9M | $23.8M | $8.3M |
| Operating income | −$62.5M | −$42.1M | −$61.1M | −$59.6M | −$43.1M | −$50.7M | −$57.9M | −$23.8M | −$8.3M |
| Interest income | $2.9M | $4.2M | $3.5M | $1.3M | $220,000 | $726,000 | $2.6M | $711,000 | $186,000 |
| Interest expense | $3.8M | $3.6M | $2.6M | $1.3M | $220,000 | $726,000 | $2.6M | $0 | $0 |
| Income before taxes | −$63.4M | −$41.5M | −$59.7M | −$58.4M | −$42.9M | −$50.0M | $55.3M | −$23.1M | −$8.1M |
| Income taxes | −$345,000 | −$259,000 | −$312,000 | −$1.3M | −$220,000 | −$17,000 | $56,000 | $74,000 | $4,000 |
| Net income | −$63.1M | −$41.5M | −$59.7M | −$57.1M | −$42.9M | −$50.0M | −$55.2M | −$23.2M | −$8.1M |
| EBITDA | −$59.5M | −$37.8M | −$57.0M | −$59.6M | −$42.5M | −$50.6M | −$57.8M | −$23.4M | −$8.3M |
| EPS (diluted) | −$0.78 | −$0.68 | −$1.39 | −$1.37 | −$1.02 | −$1.73 | −$2.12 | −$0.98 | — |
| Gross margin | 92.6% | — | 100.0% | 100.0% | 100.0% | −2.5% | — | — | — |
| Operating margin | −4,041.7% | — | −6,109.8% | −1,192.8% | −287.2% | −338.1% | — | — | — |
| Net margin | −4,078.8% | — | −5,968.5% | −1,142.7% | −285.7% | −333.1% | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $559,000 | $238,000 | $1.5M | $0 | $0 | $0 | $108,000 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $32,000 | $70,000 | $34,000 | $24,999 | $28,000 | $27,000 | $567,000 | $25,000 | $26,000 | $532,000 | $532,000 | $23,999 |
| Gross profit | $527,000 | $168,000 | $1.5M | −$24,999 | −$28,000 | −$27,000 | −$567,000 | −$25,000 | −$26,000 | −$532,000 | −$1.4M | −$23,999 |
| Research & development | $3.5M | $3.4M | $5.5M | $4.0M | $3.7M | $5.0M | $3.9M | $4.0M | $2.8M | $3.6M | $5.4M | $6.7M |
| Sales, general & admin | $22.6M | $4.8M | $13.3M | $7.9M | $8.9M | $15.5M | $8.4M | $5.7M | $6.8M | $6.8M | $3.4M | $8.6M |
| Total operating expenses | $26.2M | $23.9M | $18.8M | $11.9M | $12.5M | $20.5M | $12.3M | $9.6M | $9.7M | $10.5M | $13.3M | $15.4M |
| Operating income | −$25.6M | −$23.8M | −$17.3M | −$11.9M | −$12.5M | −$20.5M | −$12.3M | −$9.6M | −$9.7M | −$10.5M | −$13.9M | −$15.4M |
| Interest income | $1.7M | $1.7M | $833,000 | $874,000 | $516,000 | $697,000 | $904,000 | $1.1M | $1.2M | $994,000 | $1.0M | $1.1M |
| Interest expense | $4.7M | $4.1M | $985,000 | $967,000 | $951,000 | $935,000 | $919,000 | $903,000 | $887,000 | $872,000 | $857,000 | $841,000 |
| Income before taxes | −$28.6M | −$26.2M | −$17.4M | −$12.0M | −$13.0M | −$20.8M | −$12.4M | −$9.4M | −$9.4M | −$10.4M | −$13.7M | −$15.1M |
| Income taxes | — | −$109,000 | −$94,000 | −$73,000 | — | −$93,000 | −$65,000 | — | −$65,000 | −$74,000 | −$74,000 | $1.1M |
| Net income | −$28.6M | −$26.1M | −$17.4M | −$11.9M | −$13.0M | −$20.8M | −$12.4M | −$9.4M | −$9.4M | −$10.4M | −$13.6M | −$15.1M |
| EBITDA | −$23.8M | −$22.0M | −$16.4M | −$11.0M | −$12.0M | −$19.8M | −$11.4M | −$8.5M | −$8.4M | −$9.5M | −$13.3M | −$14.2M |
| EPS (diluted) | −$0.21 | −$0.20 | −$0.15 | −$0.12 | −$0.20 | −$0.31 | −$0.19 | −$0.14 | −$0.14 | −$0.21 | −$0.32 | −$0.35 |
| Gross margin | 94.3% | 70.6% | 100.0% | — | — | — | −525.0% | — | — | — | — | — |
| Operating margin | −4,585.0% | −9,988.2% | −1,116.2% | — | — | — | −11,433.3% | — | — | — | — | — |
| Net margin | −5,118.8% | −10,952.1% | −1,126.1% | — | — | — | −11,447.2% | — | — | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MIST's financial statements (latest annual report filed March 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MIST financial results
In fiscal year 2025 (ended December 31, 2025), Milestone Pharmaceuticals reported revenue of $1.5 million. It had a net loss of $63.1 million, a net profit margin of −4,078.8%. Diluted earnings per share came to −$0.78. Over five years revenue grew at an average rate of −36.5% a year.
See the MIST stock overview for the latest quote and news, or the MIST chart for price history and technical indicators.
MIST income statement FAQ
What is Milestone Pharmaceuticals's annual revenue?
Milestone Pharmaceuticals reported total revenue of $1.5 million for fiscal year 2025, which ended on December 31, 2025.
Is Milestone Pharmaceuticals profitable?
No. Milestone Pharmaceuticals reported a net loss of $63.1 million in fiscal 2025, a net profit margin of −4,078.8%; its operating margin was −4,041.7%.
What is Milestone Pharmaceuticals's gross margin?
Milestone Pharmaceuticals's gross margin was 92.6% in fiscal 2025: for every $100 of revenue, Milestone Pharmaceuticals kept $93 after the direct cost of its products and services.
How much does Milestone Pharmaceuticals spend on research and development?
Milestone Pharmaceuticals spent $18.1 million on research and development in fiscal 2025, 1,171.3% of revenue.
How fast is Milestone Pharmaceuticals growing?
Revenue grew −36.5% a year on average over the last five fiscal years, from $15.0 million to $1.5 million.
What are Milestone Pharmaceuticals's earnings per share?
Milestone Pharmaceuticals earned $-0.78 per diluted share in fiscal 2025, compared with $-0.68 a year earlier.
When will Milestone Pharmaceuticals report its next earnings?
Milestone Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Milestone Pharmaceuticals's fiscal year end?
Milestone Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 20, 2026.