Aquestive Therapeutics, Inc.AQST

Aquestive Therapeutics, Inc. Earnings Per Share Disclosure

10-KFiled Mar 5, 20251 min read
Net Loss Per Share
Basic net loss per share is calculated by dividing net loss by the weighted-average number of shares of Common Stock.
Diluted EPS is adjusted by the effect of dilutive securities, including options and awards under the Company’s equity compensation plans, warrants and ESPP. As a result of the Company’s net loss incurred for the years ended December 31, 2024 and 2023, all potentially dilutive instruments outstanding would have anti-dilutive effects on per-share calculations. Therefore, basic and diluted net loss per share are the same for the years ended December 31, 2024 and 2023 as reflected below.
 Year Ended December 31, 2024Year Ended December 31, 2023
Numerator:  
Net loss$(44,137)$(7,870)
Denominator:
Weighted-average number of common shares – basic and diluted86,726,211 61,255,864 
Loss per common share – basic and diluted$(0.51)$(0.13)
(a)For the years ended December 31, 2024 and 2023, outstanding stock options of 6,301,364 and 5,733,064 to purchase shares of Common Stock, respectively, were anti-dilutive.
(b)For the years ended December 31, 2024 and 2023, outstanding restricted stock units of 3,692,876 and 3,280,313 to purchase shares of Common Stock, respectively were anti-dilutive.
(c)For the years ended December 31, 2024 and 2023, outstanding warrants of 4,594,332 and 4,624,977 to purchase shares of Common Stock, respectively, were anti-dilutive.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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