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MIST on Nasdaq

Milestone Pharmaceuticals Inc.

Milestone Pharmaceuticals Inc. is a Canadian pharmaceutical preparations company, incorporated in Quebec.1 It is headquartered in Montreal, Canada.1 Its shares trade on Nasdaq under the symbol MIST.1

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Last updated Oct 21, 2026.

Overview

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  • TickerMIST on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersMontreal, Canada1
  • Incorporated inQuebec, Canada2
  • Business address1111 Boul. Dr.-Frederik-Philips, Ste 420, Montreal, A8 H4M 2X62
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We are currently focusing our efforts and financial resources on (i) the commercialization of CARDAMYST TM (etripamil) nasal spray for the treatment of PSVT, (ii) the development of etripamil for the treatment of AFib-RVR and (iii) corporate development activities that have the potential to increase company value through strategic collaborations.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income456789-$62.1M in 2025+7% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$57.9M-$57.9M20192020: -$50.7M-$50.7M2020−12%2021: -$43.1M-$43.1M2021−15%2022: -$59.6M-$59.6M2022+38%2023: -$61.1M-$61.1M2023+2%2024: -$42.1M-$42.1M2024−31%2025: -$62.1M-$62.1M2025+48%
Net income456789-$63.1M in 2025+14% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$55.2M-$55.2M20192020: -$50.0M-$50.0M2020−10%2021: -$42.9M-$42.9M2021−14%2022: -$58.4M-$58.4M2022+36%2023: -$59.7M-$59.7M2023+2%2024: -$41.5M-$41.5M2024−30%2025: -$63.1M-$63.1M2025+52%

Every line of the income statement as filed: the last 2 fiscal years, latest first.9

Period ending2025-12-312024-12-31
Revenue$1.5M$0
Research and development, net of tax credits$18.1M$14.4M
General and administrative$17.3M$16.7M
Commercial$28.3M$11.0M
Loss from operations-$62.1M-$42.1M
Interest income$2.9M$4.2M
Interest expense-$3.8M-$3.6M
Net loss and comprehensive loss-$63.1M-$41.5M
Weighted average number of shares and pre-funded warrants outstanding, basic (in shares)83.9M shares62.2M shares
Weighted average number of shares and pre-funded warrants outstanding, diluted (in shares)83.9M shares62.2M shares
Net loss per share, basic (in dollars per share)-$0.75-$0.67
Net loss per share, diluted (in dollars per share)-$0.75-$0.67

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Corporate structure

Milestone Pharmaceuticals Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Milestone Pharmaceuticals Inc.

  • Milestone Pharmaceuticals Inc. Montreal, Canada

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Milestone Pharmaceuticals Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$917.0K9 Dec 31, 2025$488.0K9 Dec 31, 2024+87.9%
Accumulated depreciation$406.0K9 Dec 31, 2025$291.0K9 Dec 31, 2024+39.5%
Property and equipment, net$511.0K9 Dec 31, 2025$197.0K9 Dec 31, 2024+159.4%
Operating-lease assets (leased space)$1.1M9 Dec 31, 2025$1.4M9 Dec 31, 2024−18.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$73.0M9 Dec 31, 2025$25.3M9 Dec 31, 2024+188.6%
Marketable securities, current$32.9M9 Dec 31, 2025$44.4M9 Dec 31, 2024−25.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$648.0K9 Dec 31, 2025
Work in process$521.0K9 Dec 31, 2025
Finished goods$127.0K9 Dec 31, 2025

Properties, in its own words

Our headquarters is currently located in Montréal (Québec), Canada and consists of 7,700 square feet of leased office space under a lease that expires in November 2027. We also have a U.S. subsidiary based in Charlotte, North Carolina. We believe that our facilities are adequate to meet our current needs, and that additional space can be obtained on commercially reasonable terms as needed.

Item 2 of the 10-K filed Mar 20, 2026.3

Leadership

Who has led Milestone Pharmaceuticals Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph Oliveto2019–now

President

  1. Joseph Oliveto2019–now

Chief financial officer

  1. Amit Hasija2019–now
20202025
Board members and other officers (18)

Timeline

  1. Sep 3, 20268-K Other events32
  2. Aug 12, 20268-K Results of operations33
  3. Jun 15, 20268-K Executive or director change; Shareholder vote34
  4. May 13, 20268-K Results of operations35
  5. Mar 20, 20268-K Results of operations36
  6. Jan 26, 20268-K Other events37
  7. Jan 13, 20268-K Other events38
  8. Jan 6, 20268-K Other events39
  9. Dec 15, 20258-K Regulation FD disclosure; Other events40
  10. Nov 12, 20258-K Results of operations41
  11. Aug 12, 20258-K Results of operations42
  12. Jul 14, 20258-K Entered a material agreement; Other events43
  13. May 8, 2019New chief executive Joseph Oliveto becomes CEO13

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.12) a share, on Nov 12, 2025.44

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results33
  2. May 13, 2026Reported quarterly or annual results35
  3. Mar 20, 2026Reported quarterly or annual results36
  4. Nov 12, 2025Reported quarterly or annual results41
  5. Aug 12, 2025Reported quarterly or annual results42
  6. May 14, 2025Reported quarterly or annual results45
  7. Mar 13, 2025Reported quarterly or annual results46
  8. Nov 12, 2024Reported quarterly or annual results47

Drug trials and FDA: recently

  1. Dec 12, 2025FDA approval FDA approved Cardamyst (etripamil), a new molecular entity (NDA 218571).48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

255 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 54 major events, 90 insider forms, 38 large holders, 51 other. The latest 20:

  1. Sep 3, 20268-K EDGAR
  2. Aug 12, 20268-K EDGAR
  3. Aug 12, 202610-Q EDGAR
  4. Aug 7, 2026SCHEDULE 13G EDGAR
  5. Jun 15, 20268-K EDGAR
  6. Jun 12, 20264 EDGAR
  7. Jun 12, 20264 EDGAR
  8. Jun 12, 20264 EDGAR
  9. Jun 12, 20264 EDGAR
  10. Jun 12, 20264 EDGAR
  11. Jun 12, 20264 EDGAR
  12. Jun 12, 20264 EDGAR
  13. May 22, 2026EFFECT EDGAR
  14. May 20, 2026CORRESP EDGAR
  15. May 18, 2026UPLOAD EDGAR
  16. May 15, 2026SCHEDULE 13G/A EDGAR
  17. May 13, 2026S-3 EDGAR
  18. May 13, 20268-K EDGAR
  19. May 13, 202610-Q EDGAR
  20. May 13, 2026SCHEDULE 13G/A EDGAR

The 255 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

23 open-market trades by officers, directors and large owners since October 2021: 9 buys and 14 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 16, 2026Oliveto JosephPresident and CEOSale36,500$2.26$82.5KForm 4
Jan 26, 2026Nelson Jeffrey EdwardChief Operating OfficerSale12,245$1.93$23.6KForm 4
Jan 26, 2026Bharucha DavidChief Medical OfficerSale12,245$1.93$23.6KForm 4
Jan 26, 2026Hasija AmitCFO & EVP of Corp. DevelopmentSale12,245$1.93$23.6KForm 4
Jan 26, 2026Muller LorenzChief Commercial OfficerSale11,180$1.93$21.6KForm 4
Jan 26, 2026Oliveto JosephPresident and CEOSale34,523$1.93$66.6KForm 4
Jan 8, 2026Oliveto JosephPresident and CEOSale43,000$2.25$96.8KForm 4
Jan 7, 2026Oliveto JosephPresident and CEOSale500$2.25$1.1KForm 4
Dec 15, 2025Nelson Jeffrey EdwardChief Operating OfficerSale58,007$2.32$134.6KForm 4
Dec 15, 2025Bharucha DavidChief Medical OfficerSale58,007$2.32$134.6KForm 4
Dec 15, 2025Hasija AmitCFO & EVP of Corp. DevelopmentSale58,007$2.32$134.6KForm 4
Dec 15, 2025Muller LorenzChief Commercial OfficerSale53,566$2.32$124.3KForm 4
Dec 15, 2025Oliveto JosephPresident and CEOSale133,054$2.32$308.7KForm 4
Dec 5, 2022Bharucha DavidChief Medical OfficerBuy7,000$4.69$32.8KForm 4
Dec 1, 2022Bharucha DavidChief Medical OfficerBuy3,000$4.86$14.6KForm 4
Oct 21, 2022Liebert Debra K.DirectorBuy4,000$5.26$21.0KForm 4
Oct 20, 2022Pasternak Richard CDirectorBuy10,000$5.20$52.0KForm 4
Oct 20, 2022Liebert Debra K.DirectorBuy10,000$5.29$52.9KForm 4
Oct 19, 2022Wills Robert JamesDirectorBuy15,000$4.93$74.0KForm 4
Oct 19, 2022TOMSICEK MICHAEL JOHNDirectorBuy15,000$5.32$79.8KForm 4

All 23 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Joseph Oliveto59$649.6K$2.1M64
2025David Bharucha64$504.2K$1.0M64
2025Amit Hasija53$472.8K$991.9K64
2024Chief Executive Officer & President$601.5K$854.3K64
2024Chief Medical Officer$458.4K$608.2K64
2024Chief Financial Officer and Executive Vice President of Corporate Development$437.8K$573.4K64

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 78. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Pavaki Capital Management LLC9,067,848$12.2M6.9%+5,000
Rtw Investments, LP7,833,336$10.5M0.1%+1,502,335
Propel Bio Management, LLC7,429,590$10.0M5.2%+3,311,269
Point72 Asset Management, L.P.5,411,138$7.3M0.0%+4,325,455
Simplify Asset Management Inc.3,349,379$4.5M0.1%+1,842,974
Millennium Management LLC3,142,219$4.2M0.0%+1,597,894
Kalehua Capital Management LLC2,538,474$3.4M1.1%New
Two Sigma Investments, LP2,040,015$2.7M0.0%−277,161
Marshall Wace, Llp1,797,695$2.4M0.0%−146,835
Lion Point Capital, LP820,000$1.1M5.3%No change
Toronto Dominion Bank750,000$1.0M0.0%No change
Ameriprise Financial Inc666,666$893.3K0.0%No change
Boxer Capital Management, LLC666,666$893.3K0.1%No change
Morgan Stanley635,211$851.2K0.0%−88,930
UBS Group AG465,403$623.6K0.0%−29,505
Boothbay Fund Management, LLC462,669$620.0K0.0%+293,994
Susquehanna International Group, Llp359,895$482.3K0.0%−159,151
Aptus Capital Advisors, LLC339,450$454.9K0.0%+59,200
Guardian Wealth Advisors, LLC / Nc339,450$454.9K0.0%+59,200
Seven Fleet Capital Management LP270,233$362.1K0.1%−63,100
Squarepoint Ops LLC231,824$310.6K0.0%−105,001
LPL Financial LLC220,873$296.0K0.0%+27,500
Balyasny Asset Management L.P.220,498$295.5K0.0%−630,827
Bnp Paribas Financial Markets173,704$232.8K0.0%−2,800
Tru Independence Asset Management 2, LLC150,000$201.0K0.1%+50,000

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Milestone Pharmaceuticals Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMilestone Pharmaceuticals Inc.1
  • CIK0001408443
  • Employer ID (EIN)00-00000003
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inQuébec3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address1111 Boul. Dr.-Frederik-Philips, Ste 420, Montreal, A8 H4M 2X61
  • Phone(514) 336-04441
  • Shares outstanding124,497,980 as of Aug 12, 202611
  • Public float$98.9M as of Jun 30, 20253
  • AuditorPricewaterhouseCoopers LLP, Montreal, Canada PCAOB ID 271; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJul 30, 20071
  • Filings420 in all: 4 (127), 8-K (73), 3 (26), SC 13G/A (26), 10-Q (23), CORRESP (13), SC 13G (13), UPLOAD (10)1
    All 37 form types

    424B5 (9), SCHEDULE 13G/A (9), DEFA14A (8), EFFECT (8), S-8 (8), 10-K (7), DEF 14A (7), S-3 (7), SC 13D/A (6), 4/A (5), ARS (4), D (4), SCHEDULE 13G (4), 10-K/A (3), 144 (3), DRS/A (2), DRSLTR (2), SC 13D (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), PRE 14A (1), REGDEX (1), S-1 (1), S-1/A (1), S-1MEF (1), S-3/A (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Mar 20, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 3, 2026

Securities registered for trading

ClassSymbolExchange
Common SharesMISTThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Milestone Pharmaceuticals Inc. names in Item 1A of its 10-K filed Mar 20, 2026: 69 risks under these headings, as written.3

  • Risks Related to Our Financial Position and Capital Needs
  • We have incurred significant operating losses since inception and anticipate that we will continue to incur substantial operating losses for the foreseeable future until revenue from CARDAMYST is sufficient to fund our operations, if ever, and may never achieve or maintain profitability.
  • Our limited operating history and limited history of commercializing products may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
  • We will require substantial additional funding to finance our operations. If we are unable to raise capital when needed, we could be forced to delay, reduce or terminate our development of etripamil or other operations, including the continued commercialization of CARDAMYST.
  • Greater than expected returns of CARDAMYST may exceed our reserve for returns, which would adversely affect our revenue and operating results.
  • Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
  • Raising additional capital may cause dilution to our shareholders, restrict our operations or require us to relinquish rights to our product candidates.
  • Our ability to use our non-capital loss carry-forwards to offset future taxable income may be subject to certain limitations.
  • Our subsidiary’s ability to use its U.S. net operating loss carryforwards and certain other tax attributes for U.S. income tax purposes may be limited.
  • Risks Related to the Development of Our Product Candidates
  • We currently have one approved product, CARDAMYST™ (etripamil) nasal spray, a prescription medication for the conversion of acute symptomatic episodes of PSVT. We are currently pursuing clinical development for subsequent etripamil indications. If we are not able to obtain required regulatory approvals for subsequent etripamil indications or any future product candidates, our ability to generate revenue will be adversely affected.
  • We may not be successful in our efforts to expand our pipeline of product candidates beyond etripamil for PSVT.
The other 59 risks
  • The development of additional product candidates is risky and uncertain.
  • Success in preclinical studies or earlier clinical trials may not be indicative of results in future clinical trials, and we cannot assure you that any ongoing, planned, or future clinical trials will lead to results sufficient for the necessary regulatory approvals.
  • We may encounter substantial delays or difficulties in our clinical trials.
  • Clinical trials are very expensive, time-consuming, and difficult to design and implement.
  • Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be delayed, made more difficult or rendered impossible by multiple factors outside our control.
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial potential, or result in significant negative consequences following any potential marketing approval.
  • Interim, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • We may explore additional strategic collaborations that may never materialize, or we may be required to relinquish important rights to and control over the development of our product candidates to any future collaborators.
  • Risks Related to the Commercialization of Our Product and Product Candidates
  • If we are unable to successfully implement and maintain sales, marketing and distribution capabilities for CARDAMYST for the treatment of PSVT or any product candidate that may receive regulatory approval, we may not be successful in commercializing CARDAMYST for the treatment of PSVT or our product candidates if and when they are approved .
  • CARDAMYST, along with any subsequent etripamil indications or any other product candidates, if approved, may fail to achieve market acceptance by physicians, patients, third-party payors or others in the medical community necessary for commercial success
  • The success of etripamil for the treatment of PSVT will be dependent on its proper use.
  • If the market opportunities for CARDAMYST, any subsequent indications for etripamil and any future product candidates are smaller than we estimate, our business may suffer.
  • We may face substantial competition, which may result in others developing or commercializing drugs before or more successfully than us.
  • If we commercialize etripamil or any future product candidates outside of the United States, a variety of risks associated with international operations could harm our business.
  • The pharmaceutical industry in China is highly regulated, and such regulations are subject to change, which may negatively affect the commercialization of the Company’s medicines and drug candidates in that country.
  • Coverage and adequate reimbursement may not be available for CARDAMSYT or any future product candidates, which could make it difficult for us to gain market acceptance.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any product candidates that we may develop.
  • Risks Related to Regulatory Compliance
  • Even if we maintain approval for CARDAMYST, or we obtain and maintain approval for subsequent etripamil indications or any future product candidates from the FDA, we may never obtain approval of etripamil or any future product candidates outside of the United States, which would limit our market opportunities and could harm our business.
  • CARDAMYST, and any subsequent etripamil indications or any future product candidates, if approved, will remain subject to ongoing regulatory oversight.
  • Our relationships with customers, physicians, and third-party payors are subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, health information privacy and security laws, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Healthcare legislative reform measures may have a negative impact on our business and results of operations.
  • Our business involves the use of hazardous materials and we and our third-party manufacturers and suppliers must comply with environmental laws and regulations, which can be expensive and restrict how we do business.
  • Risks Related to Our Dependence on Third Parties
  • We will rely on third parties to produce clinical and commercial supplies of etripamil and any future product candidates.
  • We rely on third parties to conduct, supervise and monitor our preclinical studies and clinical trials, and if those third parties perform in an unsatisfactory manner, it may harm our business.
  • Etripamil is intended to be used with a nasal-spray device, which may result in additional regulatory and supply risks.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain patent protection for etripamil or any future product candidates, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize drugs similar or identical to ours, and our ability to commercialize successfully our product candidates may be impaired.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property rights, which could be expensive, time consuming and unsuccessful.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a negative impact on the success of our business.
  • We may need to license intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
  • We may be subject to claims asserting that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect etripamil and any future product candidates.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • Reliance on third parties requires us to share our proprietary information, which increases the possibility that such information will be misappropriated or disclosed.
  • Any trademarks we may obtain may be infringed or successfully challenged, resulting in harm to our business.
  • If we are unable to protect the confidentiality of our proprietary information, our business and competitive position would be harmed.
  • Risks Related to Our Business Operations, Employee Matters and Managing Growth
  • Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
  • We may expand our organization in the future, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our internal computer systems, or those of our collaborators, contractors, consultants, or other third parties with whom we work, may fail or suffer security breaches, which could result in a material disruption of our product development programs and can lead to adverse consequences, including but not limited to regulatory investigations or actions; litigation; fines and penalties; reputational harm; loss of revenue or profits; loss of customers or sales; disruption of our business operations.
  • Our employees, principal investigators, consultants, and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Disruptions at the FDA, the SEC and other government agencies and regulatory authorities caused by funding shortages or global health concerns could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Our current or future acquisitions or strategic collaborations could increase our capital requirements, dilute our shareholders, cause us to incur debt, or assume contingent liabilities and subject us to other risks.
  • Risks Related to Ownership of Our Common Shares
  • The market price of our common shares has been and may continue to be volatile and fluctuate substantially, and you could lose all or part of your investment.
  • Unstable market and economic conditions, including as a result of recent bank closures, public health crises or geopolitical tensions may have serious adverse consequences on our business, financial condition, and share price.
  • Our common shares are thinly traded, and our shareholders may be unable to sell their shares quickly or at market price.
  • Concentration of ownership of our common shares among our existing executive officers, directors, and principal shareholders may prevent new investors from influencing significant corporate decisions.
  • If research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our share price and trading volume could decline.
  • Because we do not anticipate paying any cash dividends on our share capital in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • We have broad discretion in the use of our cash and cash equivalents and may use them in ways in which you do not agree or in ways that do not increase the value of your investment.
  • If we are a passive foreign investment company, there could be adverse U.S. federal income tax consequences to U.S. Holders (as defined below).
  • Future changes to tax laws could materially adversely affect our Company and reduce net returns to our shareholders.
  • Tax authorities may disagree with our positions and conclusions regarding certain tax positions, resulting in unanticipated costs, taxes, or non-realization of expected benefits.
  • We are a “smaller reporting company” and, because we have opted to use the reduced reporting requirements available to us, certain investors may find investing in our securities less attractive.
  • We are incurring, and expect to continue to incur, additional costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • Because we are a Canadian company, it may be difficult to serve legal process or enforce judgments against us.
  • We are governed by the corporate laws of Québec, Canada which in some cases have a different effect on shareholders than the corporate laws of Delaware.
  • Our bylaws and certain Canadian legislation contain provisions that may have the effect of delaying or preventing certain change in control transactions or shareholder proposals.

Legal proceedings

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have an adverse effect on our business, operating results or financial condition.

The opening of Item 3, Legal Proceedings.3

Sources

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