{"url_path":"/sec/mist/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/1408443/0001104659-26-059752-index.html","accession_number":"0001104659-26-059752","cik":"0001408443","ticker":"MIST","issuer_name":"Milestone Pharmaceuticals Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1408443/0001104659-26-059752-index.html","primary_entity_key":"0001408443","primary_entity_name":"Milestone Pharmaceuticals Inc."},"word_count":1537,"has_tables":true,"body_markdown":"Milestone Pharmaceuticals Inc._March 31, 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of Contents](#TOC)\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n**FORM****10-Q**\n\n**(Mark One)**\n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the quarterly period ended****March 31, 2026**\n\n​\n\n**OR**\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n**For the transition period from                     to**\n\n​\n\n**Commission File Number:****001-38899**\n\n​\n\n​\n\n**Milestone Pharmaceuticals Inc.******\n\n(Exact Name of Registrant as Specified in its Charter)\n\n​\n\n​\n\n**Québec**\n\n**  ​ ​ ​**\n\n**Not applicable**\n\n(State or other jurisdiction of\nincorporation or organization)\n\n​\n\n(I.R.S. Employer\nIdentification No.)\n\n​\n\n**1111 Dr. Frederik-Philips Boulevard****,****Suite 420**\n\n**Montréal****,****Québec********CA********H4M 2X6**\n\n**(****514****)****336-0444**\n\n(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n**Title of each class**\n\n**  ​ ​ ​**\n\n**Trading Symbol(s)**\n\n**  ​ ​ ​**\n\n**Name of each exchange on which registered**\n\nCommon Shares\n\n​\n\nMIST\n\n​\n\nThe Nasdaq Stock Market LLC\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\n​\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n​\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☐\n\n​\n\n​\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒\n\nAs of May 13, 2026, the registrant had 124,497,980 common shares, no par value per share, outstanding.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n​\n\nTable of Contents\n\n​\n\nPage\n\n[**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**](#SPECIALNOTEREGARDINGFORWARDLOOKIN)\n\n1\n\n​\n\n​\n\n[**PART I.**](#Part1)\n\n[**FINANCIAL INFORMATION**](#Part1)\n\n3\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1FinancialStatements)\n\n[Financial Statements (Unaudited)](#Item1FinancialStatements)\n\n3\n\n​\n\n[Condensed Consolidated Balance Sheets](#CondensedConsolidatedBalanceSheets)\n\n3\n\n​\n\n[Condensed Consolidated Statements of Loss](#CondensedConsolidatedStatementsofLoss)\n\n4\n\n​\n\n[Condensed Consolidated Statements of Shareholders’ Equity](#CondensedConsolidatedStatementsofShareh)\n\n5\n\n​\n\n[Condensed Consolidated Statements of Cash Flows](#ConsolidatedStatementsofCashFlows)\n\n6\n\n​\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#a1Organizationandnatureofoperations_3301)\n\n7\n\n[Item 2.](#Item2ManagementsDiscussionandAnalysisofF)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF)\n\n25\n\n[Item 3.](#Item3QuantitativeandQualitativeDisclosur)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur)\n\n40\n\n[Item 4.](#Item4ControlsandProcedures)\n\n[Controls and Procedures](#Item4ControlsandProcedures)\n\n40\n\n​\n\n​\n\n​\n\n[**PART II.**](#PARTIIOTHERINFORMATION)\n\n****[**OTHER INFORMATION**](#PARTIIOTHERINFORMATION)\n\n41\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1LegalProceedings)\n\n[Legal Proceedings](#Item1LegalProceedings)\n\n41\n\n[Item 1A.](#Item1ARiskFactors)\n\n[Risk Factors](#Item1ARiskFactors)\n\n41\n\n[Item 2.](#Item2UnregisteredSalesofEquitySec)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySec)\n\n41\n\n[Item 3.](#Item3DefaultsUponSeniorSecurities)\n\n[Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities)\n\n41\n\n[Item 4.](#Item4MineSafetyDisclosures)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures)\n\n41\n\n[Item 5.](#Item5OtherInformation)\n\n[Other Information](#Item5OtherInformation)\n\n42\n\n[Item 6.](#Item6Exhibits)\n\n[Exhibits](#Item6Exhibits)\n\n42\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n“Milestone Pharmaceuticals” and the Milestone logo appearing in this Quarterly Report on Form 10-Q are unregistered trademarks of Milestone Pharmaceuticals Inc. All other trademarks, trade names and service marks appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.\n\nThis Quarterly Report on Form 10-Q contains references to United States dollars and Canadian dollars. All dollar amounts referenced, unless otherwise indicated, are expressed in United States dollars. References to “$” are to United States dollars and references to “C$” are to Canadian dollars.\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “positioned,” “potential,” “seek,” “should,” “target,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology.\n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, regarding, among other things:\n\n●our expectations regarding the commercialization of CARDAMYST™ (etripamil) nasal spray for the conversion of acute symptomatic episodes of paroxysmal supraventricular tachycardia, or “PSVT,” to sinus rhythm in adults as well as our plans to develop and commercialize our product candidates;\n\n●the initiation, timing, progress, and results of our current and future clinical trials of etripamil, including our Phase 3 clinical trial of etripamil for the treatment of atrial fibrillation and rapid ventricular rate, and of our research and development programs;\n\n●our ability to develop and, if approved by regulatory authorities, commercialize etripamil in China, Hong Kong, Macau, and Taiwan through our license agreement with our partner Everest Medicines, formerly partnered with Corxel Pharmaceuticals;\n\n●our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing;\n\n●our ability to establish collaborations or obtain additional funding;\n\n●our ability to obtain regulatory approval of our current products for new indications and/or of our future product candidates;\n\n●our expectations regarding the potential market size and the rate and degree of market acceptance of etripamil and any future product candidates;\n\n●our ability to fund our working capital requirements and expectations regarding the sufficiency of our capital resources;\n\n1\n\n[Table of Contents](#TOC)\n\n●the implementation of our business model and strategic plans for our business, etripamil, and any future product candidates;\n\n●our intellectual property position and the duration of our patent rights;\n\n●developments or disputes concerning our intellectual property or other proprietary rights;\n\n●our expectations regarding government and third-party payor coverage and reimbursement;\n\n●our ability to compete in the markets we serve;\n\n●the impact of government laws and regulations;\n\n●developments relating to our competitors and our industry;\n\n●the effects of international trade policies, including tariffs, sanctions, and trade barriers; and\n\n●other factors that may impact our financial results.\n\nThe foregoing list of risks is not exhaustive. Other sections of this Quarterly Report on Form 10-Q and the section titled “Risk Factors” previously disclosed in Part I, Item 1A. in our Annual Report on Form 10-K may include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements.\n\nIn light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report on Form 10-Q, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. You should refer to the section titled \"Risk Factors\" previously disclosed in Part I, Item 1A. in our Annual Report on Form 10-K, filed with the SEC and under Milestone’s SEDAR+ profile at www.sedarplus.com on March 20, 2026, for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**PART I—FINANCIAL INFORMATION**"}