# EDGAR Filing Document

**Accession Number:** 0001408443
**File Stem:** 0001104659-25-076479
**Filing Date:** 2025-8
**Character Count:** 25265
**Document Hash:** 66a2fadb8471b94e640eb8fcddf6fbb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-076479.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001104659-25-076479

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289509
- **FILM NUMBER:** 251204023

**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

**As filed with the Securities and Exchange Commission on August 12, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Milestone Pharmaceuticals Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Québec** | **Not applicable** |
| **(State or other jurisdiction of<br> incorporation or organization)** | **(IRS employer<br> identification number)** |
| **1111 Dr. Frederik-Philips Boulevard, Suite 420** |  |
| **Montréal, Québec CA** | **H4M 2X6** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**2019 Equity Incentive Plan**

**(Full titles of the plans)**

**Joseph Oliveto**

**Chief Executive Officer**

**Milestone Pharmaceuticals USA Inc.**

**6210 Ardrey Kell Road**

**Suite 650**

**Charlotte, NC 28277**

**(514) 336-0444**

**(Name, address, including zip code and telephone number, including area code, of agent for service)**

***Copies to:***

**Ryan S. Sansom**

**Peter Byrne**

**Cooley LLP**

**500 Boylston Street, 14<sup>th</sup>** **Floor**

**Boston, MA 02116**

**(617) 937-2300**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ⌧ <br> Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**PART I**

**EXPLANATORY NOTE**

On June 10, 2025, shareholders of Milestone Pharmaceuticals Inc. (the "Registrant") approved an amendment to the Milestone Pharmaceuticals Inc. 2019 Equity Incentive Plan (the "2019 EIP") that increased the number of common shares, no par value, issuable thereunder by 4,000,000 shares. This Registration Statement on Form S-8 (this "Registration Statement") is being filed by the Registrant for the purpose of registering those additional 4,000,000 common shares issuable pursuant to the 2019 EIP. These additional common shares are securities of the same class as other securities for which a Registration Statement on Form S-8 of the Registrant relating to the same employee benefit plan is effective.

In accordance with the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of the Form S-8 has been omitted from this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents filed by the Registrant with the Securities and Exchange Commission ("SEC") are incorporated by reference into this registration statement (other than information furnished under Item 2.02 or Item 7.01 of Form 8-K or other portions of documents filed with the SEC which are furnished, but not filed, pursuant to applicable rules promulgated by the SEC):

[(a)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000155837025002849/mist-20241231x10k.htm) [The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 13, 2025 (the "Annual Report");](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000155837025002849/mist-20241231x10k.htm)

[(b)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925042640/tm2513454d3_def14a.htm) [The information specifically incorporated by reference into the Annual Report from the Registrant's Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 30, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925042640/tm2513454d3_def14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant's Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025,
filed with the SEC on [May 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000155837025007648/mist-20250331x10q.htm) and [August 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000155837025011141/mist-20250630x10q.htm) , respectively;

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant's Current Reports on Form 8-K filed with the SEC on [March 18, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925025055/tm259429d2_8k.htm) , [March 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925025547/tm259776d1_8k.htm) , [March 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925029047/tm2510765d1_8k.htm) , [June 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925058874/tm2517690d1_8k.htm) , [June 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925059671/tm2518093d1_8k.htm) , [July 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925067108/tm2520348d2_8k.htm) and [July 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408443/000110465925067579/tm2520713d1_8k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;(e) The description of Common Stock which is contained in a registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1408443/000110465919027182/a18-41190_88a12b.htm) filed on May 6, 2019 (File No. 001-38899)
under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including any amendment
or report filed for the purpose of updating such description;

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Registration Statement on Form S-8, previously filed with the Commission on May 9, 2019 ([File No. 333-231347](https://www.sec.gov/Archives/edgar/data/1408443/000110465919028279/a19-9652_1s8.htm)),
March 6, 2020 ([File No. 333-236971](https://www.sec.gov/Archives/edgar/data/1408443/000110465920030259/tm2011734d1_s8.htm)), March 29, 2021 ([File No. 333-254838](https://www.sec.gov/Archives/edgar/data/1408443/000110465921043392/tm2110815d1_s8.htm)), March 24, 2022 ([File No. 333-263807](https://www.sec.gov/Archives/edgar/data/1408443/000110465922037280/tm2210321d2_s8.htm)),
April 28, 2023 ([File No. 333-271522](https://www.sec.gov/Archives/edgar/data/1408443/000110465923053152/tm2313800d1_s8.htm)), November 12, 2024 ([File No. 333-283160](https://www.sec.gov/Archives/edgar/data/1408443/000110465924116855/tm2428019d1_s8.htm)) and March 13, 2025 ([333-285765](https://www.sec.gov/Archives/edgar/data/1408443/000110465925023222/tm258922d1_s8.htm));
and

&nbsp;&nbsp;&nbsp;&nbsp;(g) All other reports and documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange
Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate
to such items) on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration
Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall
be deemed to be incorporated by reference herein and to be a part of this Registration Statement from the date of the filing of such reports
and documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently
filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities**

See the description of the Registrant's registered securities contained in Exhibit 4.5 to the Annual Report.

**Item 8. Exhibits.**

The exhibits to this Registration Statement are listed below:

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Exhibit Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/1408443/000110465919029792/a18-41190_11ex3d1.htm) | [Amended Articles of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-38899), filed with the SEC on May 15, 2019).](https://www.sec.gov/Archives/edgar/data/1408443/000110465919029792/a18-41190_11ex3d1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/1408443/000110465919029792/a18-41190_11ex3d2.htm) | [Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K (File No. 001-38899), filed with the SEC on May 15, 2019).](https://www.sec.gov/Archives/edgar/data/1408443/000110465919029792/a18-41190_11ex3d2.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/1408443/000104746919002654/a2238612zex-4_1.htm) | [Form of Common Share Certificate (incorporated herein by reference to Exhibit 4.1 to Amendment No. 1 to the Registrant's Registration Statement on Form S 1 (File No. 333-230846), filed with the SEC on April 29, 2019).](https://www.sec.gov/Archives/edgar/data/1408443/000104746919002654/a2238612zex-4_1.htm) |
| [4.4](https://www.sec.gov/Archives/edgar/data/1408443/000110465925058874/tm2517690d1_ex10-1.htm) | [2019 Equity Incentive Plan, as amended (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38899), filed with the SEC on June 12, 2025).](https://www.sec.gov/Archives/edgar/data/1408443/000110465925058874/tm2517690d1_ex10-1.htm) |
| [4.5](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_4.htm) | [Form of U.S. Stock Option Grant Notice and Stock Option Agreement under the 2019 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (File No. 333-230846), filed with the SEC on April 29, 2019).](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_4.htm) |
| [4.6](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_5.htm) | [Form of U.S. Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement under the 2019 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.5 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (File No. 333-230846), filed with the SEC on April 29, 2019).](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_5.htm) |
| [4.7](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_6.htm) | [Form of Canadian Stock Option Grant Notice and Option Agreement under the 2019 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.6 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (File No. 333-230846), filed with the SEC on April 29, 2019).](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_6.htm) |
| [4.8](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_7.htm) | [Form of Canadian Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement under the 2019 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.7 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (File No. 333-230846), filed with the SEC on April 29, 2019).](http://www.sec.gov/Archives/edgar/data/1408443/000104746919002213/a2238338zex-10_7.htm) |
| [5.1\*](tm2522667d1_ex5-1.htm) | [Opinion of Osler, Hoskin & Harcourt LLP.](tm2522667d1_ex5-1.htm) |
| [23.1\*](tm2522667d1_ex23-1.htm) | [Consent of Independent Registered Public Accounting Firm.](tm2522667d1_ex23-1.htm) |
| [23.2\*](tm2522667d1_ex5-1.htm) | [Consent of Osler, Hoskin & Harcourt LLP. (included in Exhibit 5.1).](tm2522667d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on the signature page to this Registration Statement).](#a_001) |
| [107\*](tm2522667d1_ex-filingfees.htm) | [Filing Fee Table](tm2522667d1_ex-filingfees.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Montréal, Province of Québec, Canada on August 12, 2025.

---

| | |
|:---|:---|
| **Milestone Pharmaceuticals Inc.** | **Milestone Pharmaceuticals Inc.** |
| By: | /s/ Joseph Oliveto |
|  | Joseph Oliveto |
|  | President and Chief Executive Officer |

---

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS,** that each person whose signature appears below constitutes and appoints Joseph Oliveto and Amit Hasija, and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Joseph Oliveto | President, Chief Executive Officer and Director |  |
| Joseph Oliveto | (Principal Executive Officer) | August 12, 2025 |
| /s/ Amit Hasija | Chief Financial Officer |  |
| Amit Hasija | (Principal Financial and Accounting Officer) | August 12, 2025 |
| /s/ Stuart Duty |  |  |
| Stuart Duty | Director | August 12, 2025 |
| /s/ Seth Fischer |  |  |
| Seth Fischer | Director | August 12, 2025 |
| /s/ Lisa Giles |  |  |
| Lisa Giles | Director | August 12, 2025 |
| /s/ Joseph Papa |  |  |
| Joseph Papa | Director | August 12, 2025 |
| /s/ Andrew Saik |  |  |
| Andrew Saik | Director | August 12, 2025 |
| /s/ Michael Tomsicek |  |  |
| Michael Tomsicek | Director | August 12, 2025 |
| /s/ Robert Wills |  |  |
| Robert Wills | Director | August 12, 2025 |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of Milestone Pharmaceuticals Inc. has signed this registration statement or amendment thereto on August 12, 2025.

---

| | |
|:---|:---|
| **MILESTONE PHARMACEUTICALS USA, INC.** | **MILESTONE PHARMACEUTICALS USA, INC.** |
| By: | /s/ Joseph Oliveto |
|  | Joseph Oliveto |
|  | President and Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| **Osler, Hoskin & Harcourt s.e.n.c.r.l./s.r.l.**<br> 1000, rue De La Gauchetière Ouest<br> bureau 2100<br> Montréal (Québec) Canada H3B 4W5<br> 514.904.8100 téléphone<br> 514.904.8101 télécopieur  | &nbsp;&nbsp;![](tm2522667d1_ex5-1img01.jpg) |

---

Montréal

Toronto

Calgary

Ottawa

Vancouver

New York

August 12, 2025

**Milestone Pharmaceuticals Inc.**

1111 Dr. Frederik-Philips Boulevard, Suite 420

Montreal, Québec

H4M 2X6

Dear Sirs/Mesdames:

**Re: <u>Milestone Pharmaceuticals Inc. – Registration Statement on Form S-8</u>**

We have acted as Canadian counsel to Milestone Pharmaceuticals Inc. (the "**Corporation**"), a corporation governed by the *Business Corporations Act* (Québec), in connection with the registration of an additional 4,000,000 common shares of the Corporation (the "**Shares**") issuable pursuant to the Corporation's 2019 equity incentive plan (the "**Plan**"), pursuant to a Registration Statement on Form S-8 (the "**Registration Statement**") filed on the date hereof with the Securities and Exchange Commission under the *Securities Act of 1933*, as amended, relating to the registration of the Shares.

We have examined the Registration Statement, the Plan and all such corporate and public records, statutes and regulations and have made such investigations and have reviewed such other documents as we have deemed relevant and necessary and have considered such questions of law as we have considered relevant and necessary in order to give the opinion hereinafter set forth. As to various questions of fact material to such opinions which were not independently established, we have relied upon a certificate of an officer of the Corporation.

In reviewing the foregoing documents and in giving this opinion, we have assumed the legal capacity of all individuals, the genuineness of all signatures, the veracity of the information contained therein, the authenticity of all documents submitted to us as originals and the conformity to authentic or original documents of all documents submitted to us as certified, conformed, electronic, photostatic or facsimile copies.

We are qualified to practice law in the Province of Québec and this opinion is rendered solely with respect to the Province of Québec and the federal laws of Canada applicable in the Province of Québec.

On the basis of the foregoing, we are of the opinion that, when the Shares shall have been issued and sold pursuant to the terms of the Plan and the Registration Statement, the Shares will be validly issued, fully paid and non-assessable.

![](tm2522667d1_ex5-1img01.jpg)

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Yours very truly,

*(signed) Osler, Hoskin & Harcourt LLP*

Osler, Hoskin & Harcourt LLP

## Exhibit 23.1

**Exhibit 23.1**

**Consent o** **f Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Milestone Pharmaceuticals Inc. of our report dated March 13, 2025, relating to the consolidated financial statements, which appears in Milestone Pharmaceuticals Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024.

**/s/ PricewaterhouseCoopers LLP**

Montréal, Canada

August 12, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Milestone Pharmaceuticals Inc.**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | 2019 Equity Incentive Plan (Common shares, no par value per share) | Other | 4000000 | $1.51 | $6040000.00 | 0.0001531 | $924.72 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $6040000.00  |  | $924.72  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $924.72  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1(a) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional common shares that become issuable under the above-named plans by reason of any share dividend, share split, recapitalization or any other similar transaction effected without receipt of consideration which results in an increase in the number of Milestone Pharmaceuticals Inc.'s (the "Registrant") outstanding common shares, no par value per share (the "Common Shares"). 1(b) Represents additional Common Shares that shareholders of the Registrant approved to be added to the reserve for the Milestone Pharmaceuticals Inc. 2019 Equity Incentive Plan (the "2019 EIP") on June 10, 2025 pursuant to an amendment to the 2019 EIP. 1(c) Estimated pursuant to Rule 457(c) and Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee. The proposed maximum offering price per share and proposed maximum aggregate offering price are based on the average of the high and low sale prices of the Registrant's common stock as reported on the Nasdaq Global Select Market on August 8, 2025.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---