Estados financieros detallados de Milestone Pharmaceuticals Inc. (MIST): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 94.6%, margen operativo -33.5%, margen neto -35.9%.
Al precio actual de $0.89, MIST presenta beneficios negativos (P/E no significativo) y un ROE del -150.97%. La capitalización bursátil es de $111M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | $15.0M | $5.0M | $1.0M | 0 | $1.5M |
| Coste de Ventas | $8000 | $10000 | 0 | 0 | 0 | 0 | 0 | 0 | $114000 |
| Beneficio Bruto | -$8000 | -$10000 | 0 | 0 | $15.0M | $5.0M | $1.0M | 0 | $1.4M |
| I+D | $5.6M | $16.8M | $42.4M | $34.9M | $38.7M | $39.8M | $31.1M | $14.4M | $18.1M |
| Generales y Administrativos | $2.6M | $7.0M | $15.6M | $15.9M | $19.4M | $24.8M | $31.0M | $27.7M | $17.3M |
| Gastos Operativos | $8.3M | $23.8M | $57.9M | $50.7M | $58.1M | $64.6M | $62.1M | $42.1M | $63.9M |
| Beneficio Operativo | -$8.3M | -$23.8M | -$57.9M | -$50.7M | -$43.1M | -$59.6M | -$61.1M | -$42.1M | -$62.5M |
| EBITDA | -$8.3M | -$23.4M | -$57.8M | -$50.6M | -$42.8M | -$58.3M | -$57.0M | -$37.8M | -$59.5M |
| Gastos por Intereses | 0 | 0 | $2.6M | $726000 | 0 | 0 | $2.6M | -$3.6M | $3.8M |
| Beneficio Antes de Impuestos | -$8.1M | -$23.1M | $55.3M | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.4M |
| Impuestos | $4000 | $74000 | $56000 | -$17000 | 0 | 0 | 0 | 0 | -$345000 |
| Beneficio Neto | -$8.1M | -$23.2M | -$55.2M | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.1M |
| BPA | $-0.34 | $-0.98 | $-3.50 | $-1.70 | $-1.02 | $-1.35 | $-1.39 | $-0.67 | $-0.75 |
| BPA Diluido | $-0.34 | $-0.98 | $-3.50 | $-1.70 | $-1.02 | $-1.35 | $-1.39 | $-0.67 | $-0.75 |
| Acciones en Circulación (Diluidas) | $23.6M | $23.6M | $15.8M | $29.3M | $41.8M | $42.5M | $43.0M | $62.2M | $83.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | $1.5M | $238000 | $559000 |
| Beneficio Bruto | -$24999 | $1.5M | $168000 | $527000 |
| Beneficio Operativo | -$11.9M | -$17.3M | -$23.8M | -$25.6M |
| EBITDA | -$11.0M | -$16.4M | -$22.0M | -$23.8M |
| Beneficio Neto | -$11.9M | -$17.4M | -$26.1M | -$28.6M |
| BPA | $-0.12 | $-0.16 | $-0.20 | $-0.21 |
| BPA Diluido | $-0.12 | $-0.16 | $-0.20 | $-0.21 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.9M | $85.9M | $119.8M | $72.3M | $114.1M | $7.6M | $13.8M | $25.3M | $73.0M |
| Inversiones a Corto | $16.0M | $29000 | 0 | $70.0M | 0 | $56.9M | $52.2M | $44.4M | $32.9M |
| Cuentas por Cobrar | $543000 | $677000 | $836000 | $948000 | $483000 | $1.2M | $3.9M | $2.4M | $3.5M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $648000 |
| Activos Corrientes | $27.6M | $88.1M | $122.5M | $148.7M | $118.9M | $71.8M | $73.0M | $73.9M | $111.9M |
| Inmovilizado Material | $35000 | $30000 | $929000 | $1.3M | $926000 | $2.7M | $2.2M | $1.6M | $1.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $27.6M | $88.1M | $123.4M | $150.0M | $119.8M | $74.5M | $75.2M | $75.5M | $113.6M |
| Cuentas por Pagar | $4000 | $2.6M | $4.4M | $4.6M | $4.4M | $2.3M | $4.0M | $1.9M | $5.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $224000 | $495000 | 0 | 0 | $647000 |
| Pasivos Corrientes | $1.6M | $4.5M | $8.3M | $6.2M | $6.8M | $6.1M | $7.2M | $8.1M | $14.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | $49.8M | $53.4M | $57.2M |
| Pasivos Totales | $60.7M | $143.3M | $8.5M | $6.9M | $7.2M | $8.1M | $58.5M | $62.4M | $71.8M |
| Reservas | -$35.1M | -$58.3M | -$113.5M | -$163.5M | -$206.3M | -$266.3M | -$326.0M | -$367.5M | -$430.6M |
| Patrimonio Neto | -$33.1M | -$55.2M | $114.9M | $143.1M | $112.6M | $66.3M | $16.8M | $13.1M | $41.8M |
| Deuda Total | 0 | 0 | $514000 | $941000 | $698000 | $2.5M | $51.8M | $54.8M | $58.4M |
| Deuda Neta | -$26.9M | -$86.0M | -$119.3M | -$141.4M | -$113.4M | -$62.1M | -$14.2M | -$14.9M | -$47.6M |
| Capital Circulante | $25.9M | $83.5M | $114.2M | $142.5M | $112.1M | $65.7M | $65.8M | $65.8M | $97.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $46.7M | $73.0M | $71.3M | $169.7M |
| Activos Totales | $87.8M | $113.6M | $193.7M | $181.6M |
| Pasivos Totales | $67.2M | $71.8M | $157.7M | $163.4M |
| Patrimonio Neto | $20.5M | $41.8M | $36.0M | $18.2M |
| Deuda Total | $57.2M | $58.4M | $137.3M | $141.8M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.1M | -$23.2M | -$55.2M | -$50.0M | -$42.9M | -$58.4M | -$59.7M | -$41.5M | -$63.1M |
| Amortizaciones | $8000 | $10000 | $38000 | $97000 | $362000 | $89000 | $92000 | $105000 | $114000 |
| Compensación en Acciones | $190000 | $633000 | $1.2M | $4.9M | $7.3M | $9.0M | $9.5M | $5.8M | $7.5M |
| Cambio en Capital Circulante | -$164000 | $1.5M | $2.8M | -$5.8M | $1.6M | -$3.3M | $1.2M | $3.7M | $2.7M |
| Flujo de Caja Operativo | -$8.1M | -$21.0M | -$51.2M | -$50.7M | -$33.2M | -$52.5M | -$46.4M | -$28.8M | -$49.0M |
| Inversiones (CapEx) | -$36000 | -$5000 | -$413000 | 0 | 0 | -$272000 | -$112000 | -$33000 | -$302000 |
| Adquisiciones | 0 | 0 | $35.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.1M | -$21.1M | -$51.6M | -$50.7M | -$33.2M | -$52.7M | -$46.5M | -$28.9M | -$49.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$9.8M | -$12.8M | -$16.1M | -$22.5M |
| Inversiones (CapEx) | -$1982 | -$11000 | -$44999 | -$25671 |
| Flujo de Caja Libre | -$9.8M | -$12.8M | -$16.1M | -$22.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $3.6M | $1.3M | $3.1M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | -66.7% | -80.0% | -100.0% | |
| Crecimiento Beneficio Neto (anual) | | -186.7% | -138.2% | +9.5% | +14.2% | -36.3% | -2.2% | +30.4% | -51.9% |
| Crecimiento BPA (anual) | | -188.2% | -257.1% | +51.4% | +40.0% | -32.4% | -3.0% | +51.8% | -11.9% |
| Cambio en Acciones (anual) | | +0.0% | -33.3% | +85.9% | +42.6% | +1.5% | +1.2% | +44.8% | +34.8% |
| Crecimiento FCF (anual) | | -160.3% | -145.0% | +1.6% | +34.5% | -58.7% | +11.8% | +37.9% | -70.8% |
| Margen Bruto | | | | | 100.0% | 100.0% | 100.0% | | 92.6% |
| Margen Operativo | | | | | -287.2% | -1192.8% | -6109.8% | | -4041.7% |
| Margen EBITDA | | | | | -285.1% | -1166.0% | -5703.9% | | -3845.5% |
| Margen Neto | | | | | -285.7% | -1167.8% | -5968.5% | | -4078.8% |
| Margen FCF | | | | | -221.5% | -1054.8% | -4653.6% | | -3191.7% |
| Tasa Impositiva Efectiva | -0.0% | -0.3% | 0.1% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.5% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.34 | $-0.89 | $-3.27 | $-1.73 | $-0.79 | $-1.24 | $-1.08 | $-0.46 | $-0.59 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $23.6M | $23.6M | $15.8M | $29.3M | $41.8M | $42.5M | $43.0M | $62.2M | $83.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -150.97% |
| Rentabilidad sobre capital invertido | -62.00% |
| Rentabilidad sobre activos | -55.53% |
| Margen bruto | 94.58% |
| Margen operativo | -3353.01% |
| Margen neto | -3585.62% |
Salud financiera
| Deuda / Patrimonio | 7.79 |
| Ratio corriente | 8.13 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -45.21 | -15.68 | -4.57 | -3.94 | -6.42 | -2.93 | -1.20 | -3.52 | -2.69 |
| P/VC | -10.97 | -6.58 | 2.20 | 1.37 | 2.43 | 2.53 | 4.28 | 11.17 | 4.06 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 18.27 | 33.62 | 71.74 | 0.00 | 109.60 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 0.0% | 92.6% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | -287.2% | -1192.8% | -6109.8% | 0.0% | -4041.7% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | -285.7% | -1167.8% | -5968.5% | 0.0% | -4078.8% |