SCHEDULE: RTW Investments Boosts Stake in Milestone Pharma to 9.99%

RTW Investments, LP and Roderick Wong, M.D. report a 9.99% beneficial ownership stake in Milestone Pharmaceuticals Inc. through a Schedule 13G/A filing.

Summary

• RTW Investments, LP and Roderick Wong, M.D. collectively beneficially own 9,155,168 Common Shares of Milestone Pharmaceuticals Inc.
• This represents 9.99% of the company's outstanding Common Shares.
• The ownership includes warrants to purchase 6,649,066 shares, which are assumed exercised for calculation purposes, up to the 9.99% beneficial ownership limit.
• The shares were acquired in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• The calculation of the percentage is based on 84,994,261 shares outstanding as of August 12, 2025, as reported in the company's Quarterly Report on Form 10-Q.

Sentiment

Score: 7

Explanation: The filing indicates a significant and sustained passive investment by a reputable healthcare-focused fund, suggesting confidence in the company's long-term value. The inclusion of warrants further supports this positive sentiment, even though it's a passive filing.

Positives

• A significant institutional investor, RTW Investments, LP, maintains a substantial stake, indicating continued confidence in Milestone Pharmaceuticals Inc.
• The beneficial ownership includes warrants, suggesting potential for increased investment if ownership limits allow.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and 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.

Industry Context

This filing indicates continued institutional interest in the pharmaceutical/biotechnology sector, specifically in Milestone Pharmaceuticals. Large stakes by investment advisers like RTW Investments can signal confidence in a company's long-term prospects within its industry.

Comparison to Industry Standards

• RTW Investments, LP is a specialized healthcare investment firm, and its significant stake in Milestone Pharmaceuticals Inc. aligns with its strategy of investing in biotechnology and pharmaceutical companies.
• A 9.99% stake is a substantial passive investment, typical for institutional funds that aim for significant exposure without triggering active investor regulations or control-related intentions.

Stakeholder Impact

• Shareholders: The continued significant ownership by an institutional investor may be viewed positively, potentially signaling stability and long-term interest in the company's stock.
• Company Management: Awareness of a large, passive institutional holder can influence strategic decisions, though the filing explicitly states no intent to influence control.

Key Dates

Recommendation

This Schedule 13G/A filing primarily discloses a significant, passive ownership stake by RTW Investments, LP and Roderick Wong, M.D. in Milestone Pharmaceuticals Inc. The maintenance of a 9.99% stake, including warrants, by a specialized healthcare investor suggests continued confidence in the company's long-term prospects. However, as a passive filing, it does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. The information supports a 'hold' position for existing investors, indicating no immediate red flags or strong catalysts for a change in investment strategy based solely on this ownership disclosure.

Keywords

Milestone Pharmaceuticals, RTW Investments, Roderick Wong, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Shares, Biotechnology, Pharmaceuticals, Investment Adviser