Aquestive Therapeutics, Inc.
Business
Aquestive Therapeutics is a pharmaceutical company developing and commercializing drugs using proprietary oral film delivery and epinephrine prodrug technologies. Its pipeline includes Anaphylm, a sublingual epinephrine film for anaphylaxis, Libervant, a buccal diazepam film for seizure clusters in young children, and AQST-108, a topical epinephrine gel for alopecia areata. The company manufactures four licensed commercialized products including Suboxone (buprenorphine-naloxone film) and operates manufacturing facilities in Indiana serving domestic and international markets.
Summary from 10-K filed 2026-03-04
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Aquestive Therapeutics, Inc.'s CIK number?
Aquestive Therapeutics, Inc.'s SEC CIK number is 0001398733 (1398733). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Aquestive Therapeutics, Inc.'s SEC filings?
All of Aquestive Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Aquestive Therapeutics, Inc. last report earnings?
Aquestive Therapeutics, Inc. (AQST) most recently filed an earnings 8-K with the SEC on May 13, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001398733-26-000029). This is Aquestive Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Aquestive Therapeutics, Inc.'s most recent earnings 8-K?
Aquestive Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 13, 2026 under accession 0001398733-26-000029. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Aquestive Therapeutics, Inc.'s latest earnings 8-K →
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