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AQST

Aquestive Therapeutics, Inc.

AQST

Aquestive Therapeutics, Inc. • NASDAQ
$6.19 ▼ -0.48% (-0.03)
Market Cap $614.71 M
52w High $7.55
52w Low $2.12
Dividend Yield 0%
P/E -8.84
Volume 1.07M
Outstanding Shares 99.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $12.807M ▲ $19.78M ▲ $-15.446M ▼ -120.606% ▲ $-0.14 $-11.034M ▼
Q2-2025 $10.003M ▲ $16.81M ▼ $-13.548M ▲ -135.439% ▲ $-0.14 ▲ $-9.132M ▲
Q1-2025 $8.72M ▼ $24.433M ▲ $-22.93M ▼ -262.959% ▼ $-0.24 ▼ $-15.763M ▼
Q4-2024 $11.867M ▼ $20.926M ▲ $-17.055M ▼ -143.718% ▼ $-0.19 ▼ $-12.698M ▼
Q3-2024 $13.542M $17.395M $-11.509M -84.987% $-0.13 $-7.152M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $129.063M ▲ $163.559M ▲ $167.668M ▲ $-4.109M ▲
Q2-2025 $60.536M ▼ $93.698M ▼ $166.288M ▲ $-72.59M ▼
Q1-2025 $68.657M ▼ $102.234M ▲ $163.164M ▲ $-60.93M ▼
Q4-2024 $71.546M ▼ $101.424M ▼ $161.58M ▲ $-60.156M ▼
Q3-2024 $77.893M $109.958M $155.378M $-45.42M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-15.446M ▼ $-12.649M ▼ $-235K ▼ $81.411M ▲ $68.527M ▲ $-12.884M ▼
Q2-2025 $-13.548M ▲ $-7.914M ▲ $-107K ▲ $-100K ▼ $-8.121M ▼ $-8.021M ▲
Q1-2025 $-22.93M ▼ $-23.4M ▼ $-135K ▼ $20.646M ▲ $-2.889M ▲ $-23.535M ▼
Q4-2024 $-17.055M ▼ $-6.489M ▲ $-15K ▲ $157K ▲ $-6.347M ▲ $-6.504M ▲
Q3-2024 $-11.509M $-11.88M $-80K $-17K $-11.977M $-11.96M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
CoDevelopment and Research Fees
CoDevelopment and Research Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
License and Royalty Revenue
License and Royalty Revenue
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Manufacture and Supply Revenue
Manufacture and Supply Revenue
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Manufactured Product Other
Manufactured Product Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively small and fairly steady over the past several years, which suggests a business that has not yet scaled meaningfully but has a stable base. The company continues to run at an operating loss, reflecting heavy spending on R&D, commercialization, and overhead relative to its current size. Losses narrowed meaningfully in the middle of the period, but most recent results show that profitability is still not in sight and can fluctuate year to year. In simple terms, this is still a development‑stage, growth‑oriented pharma story rather than a mature, earnings‑driven one.

Balance Sheet

Balance Sheet The balance sheet is thin and shows signs of financial strain. Total assets are modest, and while cash has recently improved, equity remains negative, which means accumulated losses have more than offset past capital raised. Debt is meaningful relative to the company’s size, so the business has a limited cushion if results disappoint. Overall, financial flexibility looks constrained, and the company appears reliant on continued access to financing or successful product ramp‑up to strengthen its capital base.

Cash Flow

Cash Flow The company has consistently burned cash from operations, although the level of cash burn has generally improved compared with earlier years. Free cash flow tracks operating cash flow closely, since capital spending is minimal, highlighting that the core operations themselves are the main draw on cash. This pattern is typical of small, R&D‑heavy pharma companies, but it also means the business depends on outside funding or future product success to sustain itself until it can generate positive cash flow.

Competitive Edge

Competitive Edge Aquestive occupies a focused niche in drug delivery rather than trying to compete head‑on across broad therapeutic areas. Its oral film technology and related platforms give it a differentiated way to deliver existing drugs, especially where swallowing difficulties or the need for rapid action are important. Strong patent protection, specialized manufacturing, and experience navigating regulators add to its defensible position. However, the company is still small, faces competition from established products and alternative delivery forms, and is highly dependent on the commercial success of a few key assets, which raises concentration and execution risk.

Innovation and R&D

Innovation and R&D The core of the story is innovation. The PharmFilm technology and the newer Adrenaverse platform target clear patient pain points: avoiding needles, easing administration in seizures, and potentially addressing hair loss with topical approaches. Libervant and Sympazan demonstrate that the platform can produce approved, marketable products, while late‑stage candidates like the oral epinephrine film could be transformative if they reach the market and gain traction. At the same time, the pipeline carries the usual R&D risks: clinical outcomes, regulatory decisions, and adoption by doctors and patients all remain uncertain, and timelines can shift.

Summary

Aquestive is a small, innovation‑driven specialty pharma company with unique drug delivery technologies, a handful of commercial products, and a pipeline that could meaningfully change its scale if late‑stage programs succeed. Financially, it remains loss‑making, cash‑burning, and thinly capitalized, which increases dependence on future milestones and access to capital. Strategically, its strength lies in turning complex or inconvenient treatments into simple oral films that solve real patient problems, but the company must still prove it can convert that scientific edge into durable, profitable franchises. Overall, this is a high‑uncertainty, high‑dependency profile typical of early‑stage drug developers, where regulatory outcomes and commercial execution will drive the long‑term picture.

NEWS

October 27, 2025 · 7:00 AM UTC

Aquestive Therapeutics to Report Third Quarter 2025 Financial Results and Recent Business Highlights on November 5 and Host Conference Call on November 6 at 8:00 a.m. ET

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October 8, 2025 · 7:00 AM UTC

Aquestive Therapeutics Broadens Patent Estate for Anaphylm™

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