# EDGAR Filing Document

**Accession Number:** 0001408443
**File Stem:** 0001969764-25-000003
**Filing Date:** 2025-12
**Character Count:** 16536
**Document Hash:** 11e6753d8a0fe122b7b9894fa9ce058a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001969764-25-000003.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001969764-25-000003

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Milestone Pharmaceuticals Inc.
- **CENTRAL INDEX KEY:** 0001408443
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91001
- **FILM NUMBER:** 251598498

**BUSINESS ADDRESS:**
- **STREET 1:** 1111 BOUL. DR.-FREDERIK-PHILIPS, STE 420
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H4M 2X6
- **BUSINESS PHONE:** (514) 336-0444

**MAIL ADDRESS:**
- **STREET 1:** 1111 BOUL. DR.-FREDERIK-PHILIPS, STE 420
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H4M 2X6
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Propel Bio Management, LLC
- **CENTRAL INDEX KEY:** 0001969764

**ORGANIZATION NAME:**
- **EIN:** 874563546
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 11620 WILSHIRE BLVD.,
- **STREET 2:** SUITE 350
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 908-507-9629

**MAIL ADDRESS:**
- **STREET 1:** 11620 WILSHIRE BLVD.,
- **STREET 2:** SUITE 350
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

### Attached PDF Documents

**Attachment 1:** `agr.pdf`

_No text found in this document._

**Attachment 2:** `addldisc.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Milestone Pharmaceuticals Inc.

**Title of Class of Securities:** Common Stock

**CUSIP Number:** 59935V107

**Date of Event Which Requires Filing of this Statement:** 07/11/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Propel Bio Management, LLC | Names of Reporting Persons<br>Propel Bio Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G.
(2) Pursuant to the terms of the Warrants, the Reporting Persons cannot exercise any of the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Shares. The percentages set forth in Row 11 of the cover pages are calculated based upon 53,464,273 Shares outstanding as of May 14, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission in addition to 31,500,000 shares offered by the company in an offering on July 11, 2025, and assume the exercise of Warrants held by the Reporting Persons to purchase 3,736,296 Shares.

---

| 1. | Names of Reporting Persons<br>Leen Kawas | Names of Reporting Persons<br>Leen Kawas |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G.
(2) Pursuant to the terms of the Warrants, the Reporting Persons cannot exercise any of the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Shares. The percentages set forth in Row 11 of the cover pages are calculated based upon 53,464,273 Shares outstanding as of May 14, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission in addition to 31,500,000 shares offered by the company in an offering on July 11, 2025, and assume the exercise of Warrants held by the Reporting Persons to purchase 3,736,296 Shares.

---

| 1. | Names of Reporting Persons<br>Richard Kayne | Names of Reporting Persons<br>Richard Kayne |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G.
(2) Pursuant to the terms of the Warrants, the Reporting Persons cannot exercise any of the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Shares. The percentages set forth in Row 11 of the cover pages are calculated based upon 53,464,273 Shares outstanding as of May 14, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission in addition to 31,500,000 shares offered by the company in an offering on July 11, 2025, and assume the exercise of Warrants held by the Reporting Persons to purchase 3,736,296 Shares.

---

| 1. | Names of Reporting Persons<br>Propel Bio Partners LLC | Names of Reporting Persons<br>Propel Bio Partners LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>8861186.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>8861186.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.9% | Percent of Class Represented by Amount in Row (9)<br>9.9% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** (1) The beneficial ownership of the securities reported herein is described in item 4 of this Schedule 13G.
(2) Pursuant to the terms of the Warrants, the Reporting Persons cannot exercise any of the Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding Shares. The percentages set forth in Row 11 of the cover pages are calculated based upon 53,464,273 Shares outstanding as of May 14, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission in addition to 31,500,000 shares offered by the company in an offering on July 11, 2025, and assume the exercise of Warrants held by the Reporting Persons to purchase 3,736,296 Shares.

---

**Item 1(a). Name of Issuer:**
Milestone Pharmaceuticals Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1111 BOUL. DR.-FREDERIK-PHILIPS, STE 420, MONTREAL, QUEBEC, CANADA, H4M 2X6.

**Item 2(a). Name of Person Filing:**
(i) Propel Bio Management, LLC
(ii) Leen Kawas
(iii) Richard Kayne
(iv) Propel Bio Partners LLC

**Item 2(b). Address of Principal Business Office:**
(i) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025
(ii) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025
(iii) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025
(iv) 11620 Wilshire Blvd, Suite 350, Los Angeles, CA 90025

**Item 2(c). Citizenship:**
(i) Delaware
(ii) United States
(iii) United States
(iv) California

**Item 2(d). Title of Class of Securities:**
Common Stock

**Item 2(e). CUSIP Number:**
59935V107

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

(i) 8,861,186 (1)(2)(3)
(ii) 8,861,186 (1)(2)(3)
(iii) 8,861,186 (2)(3)
(iv) 8,861,186 (2)(3)

**(b) Percent of class:**

(i) 9.99% (1)(2)(3)
(ii) 9.99% (1)(2)(3)
(iii) 9.99% (2)(3)
(iv) 9.99% (2)(3)

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

(i) 8,861,186
(ii) 8,861,186
(iii) 8,861,186
(iv) 8,861,186

**(ii) Shared power to vote or to direct the vote:**

(i) 0
(ii) 0
(iii) 0
(iv) 0

**(iii) Sole power to dispose or to direct the disposition of:**

(i) 8,861,186
(ii) 8,861,186
(iii) 8,861,186
(iv) 8,861,186

**(iv) Shared power to dispose or to direct the disposition of:**

(i) 0
(ii) 0
(iii) 0
(iv) 0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Reporting persons are holding 9.99% of the shares in the aggregate on behalf of other persons who have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, such securities.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Propel Bio Management, LLC**

**Date:** 12/23/2025

**By:** Leen Kawas

**Name & Title:** Managing Member

**Leen Kawas**

**Date:** 12/23/2025

**By:** Leen Kawas

**Name & Title:** individually

**Richard Kayne**

**Date:** 12/23/2025

**By:** Richard Kayne

**Name & Title:** individually

**Propel Bio Partners LLC**

**Date:** 12/23/2025

**By:** Leen Kawas

**Name & Title:** Managing Member