Aquestive Therapeutics, Inc.

Listed Company

AQSTCIK 0001398733NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$44.55M

Net Income

$-83.78M

Total Assets

$160.43M

Equity

$-33.66M

Shares Out

122.05M

Op. Cash Flow

$-52.43M

Business

Aquestive Therapeutics, Inc. is a pharmaceutical company that develops and commercializes medicines using proprietary delivery technologies to provide alternatives to invasive or inconvenient standard-of-care therapies. Its main offerings include PharmFilm oral film technology, the approved Libervant buccal film, the Anaphylm sublingual epinephrine film, the Adrenaverse epinephrine prodrug platform, and multiple licensed oral film products it exclusively manufactures. The company operates distinct activities for proprietary pipeline development (complex molecules and CNS programs), licensed product manufacturing, and collaboration-driven commercialization. Aquestive supplies products domestically from U.S.-based manufacturing facilities and distributes through retail, pharmacy and licensee channels in the U.S. and internationally.

Summary from filing dated 2025-03-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	45	58	51	48	51
Manufacture and supply	19	18	21	19	—
Research and development	17	20	13	17	17
Selling, general and administrative	80	50	32	53	53
Total costs and expenses	116	88	66	90	—
Loss from operations	−71	−31	−15	−42	−35
Interest expense	−11	−11	−6	—	—
Interest expense related to royalty obligations	−6	−5	−905,000	0	—
Interest expense related to the sale of future revenue	−243,000	−236,000	−220,000	−6	−12
Interest income and other income, net	4	3	16	99,000	—
Net loss before income taxes	−84	−44	−8	−54	−71
Income taxes benefit	0	14,000	−245,000	0	0
Net loss	−84	−44	−8	−54	−71
Comprehensive loss	−84	−44	−8	−54	−71
Basic (in dollars per share)	−0.78	−0.51	−0.13	−1.12	−1.85
Diluted (in dollars per share)	−0.78	−0.51	−0.13	−1.12	−1.85
Basic (in shares)	107	87	61	49	38
Diluted (in shares)	107	87	61	49	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	121	72	24	27	28
Trade and other receivables, net	18	7	8	—	—
Inventories, net	6	6	7	6	4
Prepaid expenses and other current assets	4	3	2	2	3
Total current assets	149	88	41	40	47
Property and equipment, net	4	4	4	4	5
Right-of-use assets, net	5	5	6	5	3
Other non-current assets	3	4	5	6	7
Total assets	160	101	57	57	62
Accounts payable	30	10	9	10	8
Accrued expenses	5	6	6	8	9
Lease liabilities, current	631,000	510,000	390,000	255,000	899,000
Deferred revenue, current	1	1	2	2	765,000
Liability related to the sale of future revenue, current	1	1	922,000	1	1
Royalty obligations, current	0	87,000	0	—	—
Loans payable, current	10	26,000	22,000	19	2
Total current liabilities	48	19	18	40	22
Notes payable, net	28	33	28	33	—
Royalty obligations, net	26	20	15	—	—
Liability related to the sale of future revenue, net	62	63	64	64	—
Lease liabilities	4	5	5	5	2
Deferred revenue, net of current portion	19	20	32	31	7
Other non-current liabilities	7	2	2	2	2
Total liabilities	194	162	164	176	144
Contingencies (Note 23)	—	—	—	—	—
Common stock, $0.001 par value. Authorized 250,000,000 shares; 122,044,299 and 91,413,742 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	122,000	91,000	69,000	55,000	41,000
Additional paid-in capital	413	303	213	193	175
Accumulated deficit	−447	−363	−319	−311	−257
Total stockholders deficit	−34	−60	−106	−119	−82
Total liabilities and stockholders deficit	160	101	57	57	62

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	548,000	718,000	1	2	3
Share-based compensation	8	7	3	4	7
Amortization of debt issuance costs and discounts	11	11	2	215,000	4
Gain on contract termination	0	−300,000	0	—	—
Other, net	1,000	104,000	−204,000	−52,000	−299,000
Trade receivables and other receivables, net	−10	1	−3	7	−5
Inventories	−126,000	725,000	−989,000	−2	−2
Prepaid expenses and other assets	698,000	−223,000	1	1	1
Accounts payable	20	3	−1	2	1
Accrued expenses and other liabilities	3	−1	−3	−2	−844,000
Deferred revenue	−571,000	−13	966,000	25	4
Net cash used for operating activities	−52	−36	−6	−10	−33
Capital expenditures	−562,000	−159,000	−995,000	−1	−913,000
Net cash used for investing activities	−562,000	−159,000	−995,000	−3	−913,000
Proceeds from issuance of common stock under public equity offering-ATM, net	21	12	9	4	30
Proceeds from common stock issued under public equity offering, net	79	72	0	10	0
Proceeds from exercise of warrants, net	1	165,000	8	0	—
Proceeds from shares issued under employee stock purchase plan	110,000	67,000	39,000	34,000	158,000
Proceeds from exercise of stock options	1	732,000	1,000	0	185,000
Repayment of debt principal including lease liabilities	−26,000	−23,000	−52	0	0
Payments for royalty obligations	−11,000	−5,000	0	—	—
Payments for taxes on share-based compensation	−810,000	−1	−11,000	−3,000	−14,000
Net cash provided by financing activities	103	84	4	12	30
Net increase in cash and cash equivalents	50	48	−3	−751,000	−4
Cash payments for interest	6	7	5	6	6
Cash payments for income taxes	0	305,000	0	—	—
Cash refunds received for income taxes	−65,000	0	—	—	—
Non-cash investing activities: capital expenditures in accounts payable	52,000	78,000	0	—	—
Non-cash financing activities: accrued taxes on share-based compensation	0	250,000	0	—	—

Filings

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