Milestone Pharmaceuticals Inc 2026年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934For the quarterly period ended March 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the transition period fromtoCommission File Number: 001-38899 Milestone Pharmaceuticals Inc. (Exact Name of Registrant as Specified in its Charter) Not applicable(I.R.S. EmployerIdentification No.) Québec(State or other jurisdiction of incorporation or organization) 1111 Dr. Frederik-Philips Boulevard, Suite 420Montréal, Québec CA H4M 2X6(514) 336-0444(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregisteredThe Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate 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,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Largeacceleratedfiler☐Non-accelerated filer☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☒ As of May 13, 2026, the registrant had 124,497,980 common shares, no par value per share, outstanding. Table of Contents PageSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS1 PARTI.FINANCIAL INFORMATION3 Item 1.Financial Statements (Unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Loss4Condensed Consolidated Statements of Shareholders’ Equity5Condensed Consolidated Statements of Cash Flows6Notes to Unaudited Condensed Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations25Item 3.Quantitative and Qualitative Disclosures About Market Risk40Item 4.Controls and Procedures40 Item 1.Legal Proceedings41Item 1A.Risk Factors41Item 2.Unregistered Sales of Equity Securities and Use of Proceeds41Item 3.Defaults Upon Senior Securities41Item 4.Mine Safety Disclosures41Item 5.Other Information42Item 6.Exhibits42 “Milestone Pharmaceuticals” and the Milestone logo appearing in this Quarterly Report on Form10-Q areunregistered trademarks of Milestone Pharmaceuticals Inc. All other trademarks, trade names and servicemarks appearing in this Quarterly Report on Form10-Q are the property of their respective owners. Solelyfor convenience, the trademarks and trade names in this Quarterly Report on Form10-Q may be referredto without the ® and ™ symbols, but such references should not be construed as any indicator that theirrespective owners will not assert their rights thereto. This Quarterly Report on Form10-Q contains references to United States dollars and Canadian dollars. Alldollar amounts referenced, unless otherwise indicated, are expressed in United States dollars. Referencesto “$” are to United States dollars and references to “C$” are to Canadian dollars. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form10-Q contains forward-looking statements about us and our industry thatinvolve substantial risks and uncertainties. All statements other than statements of historical factscontained in this Quarterly Report on Form10-Q, including statements regarding our strategy, futurefinancial condition, future operations, projected costs, prospects, plans, objectives of management, andexpected market growth, are forward-looking statements. In some cases, you can identify forward-lookingstatements 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 thatare predictions of or indicate future even