Milestone Pharmaceuticals falls below Nasdaq's $1.00 minimum bid rule

Milestone Pharmaceuticals Inc. received a letter on October 23, 2026 from the Listing Qualifications Department of The Nasdaq Stock Market LLC. Nasdaq said the company's common shares do not meet Listing Rule 5450(a)(1), the minimum bid requirement for continued listing on the Nasdaq Global Select Market, because the bid price was under $1.00 for the previous 30 consecutive business days. The Montréal-based company, incorporated in Québec, disclosed the letter under Item 3.01 of a Form 8-K dated October 28, 2026, signed by Chief Financial Officer Amit Hasija. Its common shares trade under the symbol MIST.

The compliance deadline

Under Listing Rule 5810(c)(3)(A), Milestone has 180 calendar days, until April 21, 2027, to regain compliance. To do so, its shares must close at $1.00 or more for at least 10 consecutive business days within that period. The notice has no present effect on the listing. The 8-K does not give the recent closing price or the date on which the shares first fell below $1.00.

If Milestone does not regain compliance in that window, it may be eligible for a second compliance period by transferring to the Nasdaq Capital Market. The filing lists what that takes: a Transfer Application, a $5,000 application fee, the market value of publicly held shares requirement, the Capital Market's other initial listing standards apart from the bid price, and written notice that the company intends to cure the deficiency by a reverse stock split if necessary.

Nasdaq staff would then decide whether they believe the company can cure the deficiency. If they conclude it cannot, or if the company does not apply to transfer, Nasdaq will tell the company that its shares will be subject to delisting. The company could then appeal that decision to a Hearings Panel.

What the company says it will do

Milestone says it intends to monitor its minimum bid price actively and to consider options, including applying to transfer to the Capital Market or effecting a reverse stock split. A reverse split changes the per-share price but brings in no cash, and the filing gives no ratio, shareholder meeting date or timetable for one.

The approved product

Milestone's commercial product is CARDAMYST (etripamil), a nasal spray for the treatment of paroxysmal supraventricular tachycardia, or PSVT. The company says the FDA approved it on December 12, 2025, and that it became available in retail pharmacies in the first quarter of 2026. The annual report, filed March 20, 2026, calls it the first and only FDA-approved self-administered treatment for PSVT attacks.

The company has approximately 60 representatives and expects to reach providers who, it believes, will treat around 500,000 patients with PSVT in 2026. Those are company expectations, not reported sales. It is also developing etripamil for AFib-RVR.

The money behind the listing

The company's 2025 annual report shows revenue of $1.5 million, against none in 2024. Research and development expense was $18.1 million, up from $14.4 million. The net loss was $63.1 million, against $41.5 million, and cash used in operations was $49.0 million, against $28.8 million.

Year-end cash and cash equivalents were $73.0 million at the end of 2025, with short-term investments of $32.9 million. A year earlier the figures were $25.3 million and $44.4 million. A 10-Q gives cash and cash equivalents of $169.7 million at June 30, 2026, with short-term investments of $881,000 at that date. The 8-K does not say what raised the cash.

What the filing leaves open

The 8-K does not give the share count, the market value of publicly held shares or the current bid price. It sets no timetable for a transfer application or a reverse split. It gives no 2026 operating cash figure, so the June 30 balance cannot be set against a recent cash burn.

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