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Milestone Pharmaceuticals cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$22.7M in Q2 2026 · −$61.6M over twelve months

Operating cash flow−$22.7M
Capital spending−$26K
Free cash flow−$22.7M
Cash conversion cycle-16610 days

Analysis

In Q2 2026, Milestone Pharmaceuticals generated −$22.7M of operating cash flow and spent $26K on capital projects, leaving free cash flow of −$22.7M. That is $10.2M less than in Q2 2025 (−$12.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$61.3M; the largest uses were operating cash flow ($61.3M), capital spending ($356K); besides operations, cash came from other financing ($188M), shares issued ($436K); the cash balance rose by $127M.

Operating cash flow was −$22.7M against net income of −$28.6M. The largest differences: inventory −$2.9M, accrued liabilities +$2.4M, payables −$1.6M.

Its cash conversion cycle was -16610 days (receivables 352 + inventory 9310 − payables 26272): suppliers fund its working capital.

Free cash flow

Milestone Pharmaceuticals: free cash flow by quarterMilestone Pharmaceuticals: free cash flow by quarter−$7.0MQ3 2024−$6.9MQ4 2024−$14.0MQ1 2025−$12.6MQ2 2025−$9.8MQ3 2025−$13.1MQ4 2025−$16.1MQ1 2026−$22.7MQ2 2026
Operating cash flow less capital spending.
Milestone Pharmaceuticals: operating cash flow against capital spendingMilestone Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$7.0M$4KQ3 2024−$6.8M$22KQ4 2024−$14.0M$6KQ1 2025−$12.6M$11KQ2 2025−$9.7M$2KQ3 2025−$12.8M$283KQ4 2025−$16.1M$45KQ1 2026−$22.7M$26KQ2 2026
Latest (Q2 2026): Operating cash flow −$22.7M, Capital spending $26K.

Capital allocation, year by year

Milestone Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearMilestone Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$33.2MFY2021: Shares issued $121K$121KFY2021FY2022: Operating cash flow −$52.5MFY2022: Shares issued $3.0MFY2022: Capital spending −$272K$3.0MFY2022FY2023: Operating cash flow −$46.4MFY2023: Net borrowing $50.0MFY2023: Shares issued $189KFY2023: Capital spending −$112K$50.2MFY2023FY2024: Operating cash flow −$28.8MFY2024: Shares issued $27.3MFY2024: Capital spending −$33K$27.3MFY2024FY2025: Operating cash flow −$49.0MFY2025: Shares issued $38.0MFY2025: Capital spending −$302K$38.0MFY2025
Over these 5 years operating cash flow totalled −$210M; the largest uses were operating cash flow ($210M) and capital spending ($719K). Cash-flow statements as filed.

Where the cash came from and went

Milestone Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Milestone Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Other investing$112MCash drawn (+) / kept (−)−$98.4MOperating cash flow−$22.7MOther financing$9.1MCapital spending−$26K
Milestone Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Milestone Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$188MCash drawn (+) / kept (−)−$127MOperating cash flow−$61.3MShares issued$436KCapital spending−$356KOther investing$37K

From profit to cash

Milestone Pharmaceuticals: net income to operating cash flow, Q2 2026Milestone Pharmaceuticals: net income to operating cash flow, Q2 2026Net income−$28.6MDepreciation & amortization$57KStock-based pay$1.3MReceivables−$1.1MInventory−$2.9MPayables−$1.6MAccrued liabilities$2.4MDeferred revenue$618KPrepaid and other assets$175KOperating cash flow−$22.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$22.7M−$26K—−$98.4M−$22.7M
Q1 2026−$16.1M−$45K$11.1M$1.7M−$16.1M
Q4 2025−$12.8M−$283K$14.7M−$26.4M−$13.1M
Q3 2025−$9.7M−$2K$122K−$4.2M−$9.8M
Q2 2025−$12.6M−$11K—$2.6M−$12.6M
Q1 2025−$14.0M−$6K$140K−$19.8M−$14.0M
Q4 2024−$6.8M−$22K$24K−$12.5M−$6.9M
Q3 2024−$7.0M−$4K—$463K−$7.0M

Milestone Pharmaceuticals: income statement and cash flow

Milestone Pharmaceuticals, Q2 2026: revenue $559K. The chart follows the revenue to costs, profit and cash.

Milestone Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.