Aquestive Therapeutics, Inc.AQST
Aquestive Therapeutics, Inc. Revenue Disclosure
Revenues and Trade Receivables, Net
The Company’s revenue was comprised of the following:
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Manufacture and supply revenue | $ | 40,225 | $ | 39,976 | |||||||
| License and royalty revenue | 3,519 | 15,345 | |||||||||
| Co-development and research fees | 1,279 | 1,925 | |||||||||
Proprietary product revenue, net | (478) | 315 | |||||||||
Total revenues | $ | 44,545 | $ | 57,561 | |||||||
Disaggregation of Revenue
The following table provides disaggregated net revenue by geographic area:
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| United States | $ | 29,604 | $ | 39,930 | |||||||
| Ex-United States | 14,941 | 17,631 | |||||||||
| Revenues | $ | 44,545 | $ | 57,561 | |||||||
For the year ended December 31, 2025, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Hypera (manufacture and supply revenue, and license and royalty revenue), and Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.
For the year ended December 31, 2024, United States revenues were derived primarily from Indivior (manufacture and supply revenue, and co-development and research fees), MTPA (license and royalty revenue that was previously recorded as deferred revenue and now recognized due to the termination of the contract), and Assertio (manufacture and supply revenue, license and royalty revenue and co-development and research fees). Ex-United States revenues were derived primarily from Haisco (license and royalty revenue that was previously recorded as deferred revenue and now recognized due to the termination of the contract), Indivior (manufacture and supply revenue, license and royalty revenue and co-development and research fees), and Hypera (manufacture and supply revenue, license and royalty revenue and co-development and research fees) for revenue markets outside of the United States.
Trade and other receivable, net consist of the following:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Trade receivables | $ | 8,013 | $ | 4,919 | |||||||
| Contract and other receivables | 9,750 | 2,473 | |||||||||
| Less: sales-related allowances | (582) | (48) | |||||||||
| Reclassification into Accrued distribution expenses and sales-related allowances | 582 | — | |||||||||
| Trade and other receivables, net | $ | 17,763 | $ | 7,344 | |||||||
Contract and other receivables totaled $9,750 and $2,473 as of December 31, 2025 and 2024, respectively, consisting primarily of contract assets and other receivables. Contract assets consist of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Other receivables also include the current portion related to the Monetization royalty receivable and other receivables. As of December 31, 2025, other receivables also include an insurance reimbursement. Sales-related allowances as of December 31, 2025 and 2024 were estimated in relation to revenues recognized for sales of Libervant for patients between two to five years of age while Libervant had U.S. market access.
The following table presents the changes in the allowance for credit losses:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Balance at beginning of the period | $ | — | $ | 14 | |||||||
| Allowance reduction | — | (14) | |||||||||
Balance at end of the period | $ | — | $ | — | |||||||
Sales-Related Allowances
Revenues from sales of products are recorded net of prompt payment discounts, wholesaler service fees, returns allowances, chargebacks, rebates and co-pay support redemptions. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts and other related information that may become known in the future. The adequacy of these provisions is reviewed on no less than a quarterly basis.
The following table presents the changes in sales-related allowances:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Balance at beginning of period | $ | 48 | $ | — | |||||||
Provision | 568 | 71 | |||||||||
Payments / credits | (34) | (23) | |||||||||
| Reclassifications into Accrued distribution expenses and sales-related allowances | (582) | — | |||||||||
Balance at end of period | $ | — | $ | 48 | |||||||
Accruals for returns allowances and prompt pay discounts are reflected as a direct reduction of trade receivables as of December 31, 2025 and 2024, and accruals for wholesaler service fees, co-pay support redemptions and other rebates are reflected as current liabilities. The accrued balances relative to these provisions included in Trade and other receivables, net and accrued expenses were $0 and $906, respectively, as of December 31, 2025, and $48 and $665, respectively, as of December 31, 2024. See Note 14, Accrued Expenses.
Concentration of Major Customers
Customers are considered major customers when net revenue exceeds 10% of total revenue for the period or outstanding receivable balances exceed 10% of total receivables. For the year ended December 31, 2025, Indivor and Hypera represented approximately 73% and 17% of total revenue, respectively. As of December 31, 2025, Indivor and Hypera exceeded the 10% threshold for outstanding receivable balances and represented 69% and 25%, respectively, of total trade and other receivables. For the year ended December 31, 2024, Indivor and Haisco represented approximately 62% and 12% of total revenue including the one-time recognition of deferred revenue for Haisco, respectively. As of December 31, 2024, Indivor and Hypera exceeded the 10% threshold for outstanding receivable balances and represented 41% and 16%, respectively of total trade and other receivables.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 5, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 11, 2020 | |
| 2018 | Mar 14, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.