Milestone Pharmaceuticals (MIST) Registration filing summary

Company overview and business model

• Focuses on developing and commercializing innovative cardiovascular medicines, with an FDA-approved nasal spray for PSVT and ongoing development for AFib-RVR.

• Commercialization efforts are centered on the U.S. market, with plans for international expansion through partnerships.

• Incorporated in Canada, with U.S. operations and a history of strategic collaborations to enhance company value.

Financial performance and metrics

• As of March 31, 2026, 117,794,417 common shares were outstanding, with a last reported share price of $1.90 on Nasdaq.

• Net tangible book value as of March 31, 2026 was $34.8 million, or $0.30 per share; post-offering, as adjusted net tangible book value would be $0.77 per share, with dilution of $1.13 per share to new investors at the assumed offering price.

• Excludes significant potential dilution from options, warrants, and convertible notes.

Use of proceeds and capital allocation

• Net proceeds are intended for working capital, capital expenditures, and general corporate purposes.

• May allocate funds to acquisitions or investments in complementary businesses or technologies, though no current commitments exist.

• Pending use, proceeds will be invested in short-term, interest-bearing instruments.