Milestone Scientific
MLSS on NYSEAmerican. Market value $31m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 29 funds in all.
Largest holders overall
- Vanguard Capital Management$665,486Added
- Geode Capital Management$206,652Added
- Vanguard Fiduciary Trust$149,088Added
- State Street$85,028Added
- Nfsg$45,261Added
- Northern Trust$42,715Added
- LPL Financial$40,107
- Mariner$39,082
- Carnegie Investment Counsel$32,156
- Bridgeway Capital Management$31,940
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Bp4 S.r.l.Passive investor12.3%Since 1 February 2025
What they said
The securities currently held, as reported herein, are being held for investment purposes. The Reporting Person has entered a voluntary plan of liquidation and appointed Dr. Pedro Palau as the legal representative in place of the board of directors of the Reporting Person, as of…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Bp4 S.r.l. Passive investor | 12.3% | 1 February 2025 | What they saidThe securities currently held, as reported herein, are being held for investment purposes. The Reporting Person has entered a voluntary plan of liquidation and appointed Dr. Pedro Palau as the legal representative in place of the board of directors of the Reporting Person, as of… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Milestone Scientific’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
The Company has incurred total losses since its inception of $ 135.7 million. The Company’s operating losses were approximately $ 1.1 and $ 1.9 million for the three and six months ended June 30, 2026. On June 30, 2026, Milestone Scientific had cash and cash equivalents of approximately $ 2.1 million and working capital of approximately $ 3.7 million. For the six months ended June 30, 2026, we had cash flows used in operating activities of approximately $ 498,000 . These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On April 30, 2026, the Board of Directors of Milestone Scientific Inc. (the “Company”) approved the dismissal of CBIZ CPAs P.C. (“CBIZ CPAs”) as the independent registered public accounting firm to the Company effective as of May 15, 2026.”
From an 8-K filed 6 May 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.