Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Shares Series A common stock warrants	Common Shares Series B common stock warrants	Common Shares	Pre-funded warrants	Additional paid-in capital Series A common stock warrants	Additional paid-in capital Series B common stock warrants	Additional paid-in capital	Accumulated deficit	Series A common stock warrants	Series B common stock warrants	Total
Beginning balance at Dec. 31, 2023			$ 260,504	$ 48,459			$ 33,834	$ (326,026)			$ 16,771
Beginning Balance, warrants (in shares) at Dec. 31, 2023				9,577,257
Beginning Balance (in shares) at Dec. 31, 2023			33,483,111
Increase (Decrease) in Stockholders' Equity
Net loss								(41,519)			(41,519)
Exercise of stock options			$ 95				(42)				53
Exercise of stock options (in shares)			50,476
Pre-funded warrants, net of issuance costs				$ 4,617							4,617
Pre-funded warrants, net of issuance costs (in shares)				3,333,333
Share-based compensation							5,776				5,776
Issuance of common shares, net of issuance costs			$ 27,258								27,258
Issuance of common shares, net of issuance costs (in shares)			19,666,667
Employee stock purchase plan purchases			$ 191								191
Employee stock purchase plan purchases (in shares)			153,730
Ending balance at Dec. 31, 2024			$ 288,048	$ 53,076			39,568	(367,545)			$ 13,147
Ending Balance, warrants (in shares) at Dec. 31, 2024				12,910,590							12,910,590
Ending Balance (in shares) at Dec. 31, 2024			53,353,984								53,353,984
Increase (Decrease) in Stockholders' Equity
Net loss								(63,058)			$ (63,058)
Exercise of stock options			$ 776				(332)				444
Exercise of stock options (in shares)			293,497
Pre-funded warrants, net of issuance costs				$ 2,573							2,573
Pre-funded warrants, net of issuance costs (in shares)				3,502,335
Share-based compensation							7,461				7,461
Issuance of common shares, vesting of performance stock units			$ 1,558				(1,558)
Issuance of common shares, vesting of performance stock units (in shares)			895,500
Issuance of common shares, net of issuance costs			$ 37,587								37,587
Issuance of common shares, net of issuance costs (in shares)			37,190,920
Issuance of warrants, net of issuance costs					$ 9,504	$ 13,416			$ 9,504	$ 13,416
Exercise of common stock warrants, net of issuance costs	$ 22,919	$ 1,431			$ (3,700)	$ (255)			$ 19,219	$ 1,176
Exercise of common stock warrants, net of issuance costs (in shares)	13,630,007	666,666							13,630,007	666,666
Employee stock purchase plan purchases			$ 300								300
Employee stock purchase plan purchases (in shares)			205,770
Ending balance at Dec. 31, 2025			$ 352,619	$ 55,649			$ 64,104	$ (430,603)			$ 41,769
Ending Balance, warrants (in shares) at Dec. 31, 2025				16,412,925					21,372,328	34,335,669	16,412,925
Ending Balance (in shares) at Dec. 31, 2025			106,236,344								106,236,344

Milestone Pharmaceuticals Inc. 10-K