Aquestive Therapeutics, Inc.

AQST

$5.38

+2.67%

2026-09-02 16:00:01 EDT+$0.14

Healthcare

Drug Manufacturers - Specialty & Generic

NASDAQ

Active Trading

Aquestive Therapeutics, Inc. is a pharmaceutical company focused on discovering, developing, and commercializing products to address significant unmet medical needs across both ...

Price Action of AQST

$5.38

+2.67%+$0.14

High—

Low—

52W High-28.7%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Aquestive Therapeutics, Inc. is a specialty pharmaceutical company headquartered in Warren, New Jersey, founded in 2004 (originally as MonoSol Rx). The company is dedicated to advancing medicines through innovative science and delivery technologies, with a focus on addressing significant unmet medical needs in the United States and internationally. Aquestive's commercial ...Aquestive Therapeutics, Inc. is a specialty pharmaceutical company headquartered in Warren, New Jersey, founded in 2004 (originally as MonoSol Rx). The company is dedicated to advancing medicines through innovative science and delivery technologies, with a focus on addressing significant unmet medical needs in the United States and internationally. Aquestive's commercial portfolio includes Sympazan (an oral soluble film for Lennox-Gastaut syndrome), Suboxone (sublingual film for opioid dependence), Zuplenz (oral soluble film for nausea/vomiting), and Azstarys (once-daily ADHD medication). The company also has a robust pipeline of drug candidates, including Libervant (buccal soluble film for seizures), Exservan (oral soluble film for ALS), and novel candidates such as AQST-108 (sublingual epinephrine), AQST-305 (sublingual octreotide for acromegaly), and AQST-109 (oral epinephrine for anaphylaxis). Additionally, Aquestive contributed to the development of KYNMOBI, a sublingual film for Parkinson's disease. Led by CEO Daniel Barber, who joined in 2007 and was appointed CEO in May 2022, the company employs approximately 147 people. Financially, Aquestive has a market capitalization of about $494 million, with significant investment in R&D (31.9% of revenue) and SG&A (142.7% of revenue), reflecting its growth stage. The company has not yet achieved profitability, with negative margins and cash flows, but maintains a strong current ratio of 4.1, indicating liquidity. Aquestive's proprietary drug delivery platform (PharmFilm) and partnerships with larger pharmaceutical companies are key to its strategy, aiming to create differentiated products and generate long-term value for patients and shareholders.ExpandCollapse

Founded

2004

Employees

147

CEO

Daniel Barber

Full Name

Aquestive Therapeutics, Inc.

Sector

Healthcare

Industry

Drug Manufacturers - Specialty & Generic

ROE

243.68%

Market Cap

$0.68B

Current Ratio

7.19

WACC

11.55%

ROIC

-54.34%

Contact Information

https://www.aquestive.com

908 941 1900

30 Technology Drive, Warren, NJ 07059

Key Metrics of AQST

Snapshot

Latest / TTM · 6 periods

Market Cap

$675.01M

ROCE

-45.6%

EV / EBITDA

-10.31x

+16.1% YoY

FCF Yield

-6.8%

-0.1% YoY

Cash Conversion Cycle

30.2d

Current Ratio

7.19

Quick take

TTM —

Positive CCC

Financial Highlights of AQST

Profitability trend

Latest / TTM · 6 periods

Gross Margin

67.0%

Net Margin

-144.6%

P/E Ratio

-8.23x

n/a

Debt / Equity

-1.04

n/a

Current Ratio

7.19

Dividend Yield

0.0%

Understanding

TTM —

Interest coverage is weak

Calendar of AQST

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $-0.12 · Revenue $11.02M · 2 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $-0.14 · Revenue $10.63M · 2 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $-0.49 · Revenue $49.93M · 4 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $-0.13 · Revenue $12.76M · 1 analysts

Recent history

Aug 11, 2026
Q2 FY2026 · Results reported
EPS $-0.18 · Revenue $13.82M
View filing
May 13, 2026
Q1 FY2026 · Results reported
EPS $-0.07 · Revenue $14.45M
View filing
Mar 4, 2026
FY2025 · Annual results
EPS $-0.76 · Revenue $44.55M
View filing
Nov 5, 2025
Q3 FY2025 · Results reported
EPS $-0.14 · Revenue $12.81M
View filing
Aug 11, 2025
Q2 FY2025 · Results reported
EPS $-0.14 · Revenue $10.00M
View filing
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $-0.24 · Revenue $8.72M

Financial Statements of AQST

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$44.5M	-22.6%	-4.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-83.8M	-89.8%	-183.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+61.5%	-10.8%	-6.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	-156.4%	-192.5%	-104.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	-188.1%	-145.3%	-196.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-53.0M	-47.5%	+35.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-119.0%	-90.7%	+32.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	-390.5%	-518.1%	+73.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	3.14x	-33.0%	+75.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$160.4M	+58.2%	-6.4%

Actual vs Estimate

A Dec 31Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-0.76 vs -0.62	-22.8%	-0.18 vs -0.10	-71.4%
Revenue Surprise	$44.5M vs $44.8M	-0.6%	$13.8M vs $11.4M	+21.0%

Insider Transactions of AQST

Acquisitions (A)

Since Jun 10, 2026

Disposals (D)

Since Jun 10, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 17, 2026	Barber Daniel	director, officer: President and CEO	Common Stock	D	25,000	$4.29
Aug 14, 2026	Korczynski Sherry	officer: Chief Commercial Officer	Common Stock	D	2,714	$4.25
Jul 16, 2026	Barber Daniel	officer: President and CEO	Common Stock	D	20,369	$4.00
Jul 15, 2026	Barber Daniel	officer: President and CEO	Common Stock	D	4,631	$4.03
Jun 23, 2026	Krop Julie	director	Common Stock	A	25,000	$0.71

Earnings Call Transcript of AQST

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter Aquestive Therapeutics Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Faith Pomeroy-Ward, Investor Relations. Please go ahead. Faith Pomeroy: Thank you, operator. Good morning, and welcome to today's call. On today's call, I'm joined by Dan Barber, President and Chief Executive Officer; and Ernie Toth, Chief Financial Officer, who are going to provide an overview of the company's reported financial results for the second quarter ended June 30, 2026, and a progress update on the company's key 2026 objectives, followed by a Q&A session. During the Q&A session, the team will be joined by Dr. Matt Greenhawt, Chief Medical Officer; Melina Cioffi, Senior Vice President, Regulatory Affairs; Sherry Korczynski, Chief Commercial Officer; and Dr. Matthew Davis, Chief Development Officer. As a reminder, the company's remarks today correspond with the earnings release that was issued after market close yesterday. In addition, a recording of today's call and related supplemental materials will be made available on Aquestive's website within the Investors section shortly following the conclusion of this call. To remind you, the Aquestive team will be discussing some non-GAAP financial measures this morning as part of its review of second quarter 2026 results. A description of these measures, along with a reconciliation to GAAP, can be found in the earnings release issued yesterday, which is posted on the Investors section of Aquestive's website. During the call, the company will be making forward-looking statements. We remind you of the company's safe harbor language as outlined in yesterday's earnings release as well as the risks and uncertainties affecting the company as described in the Risk Factors section and in other sections included in the company's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 4, 2026. As with any pharmaceutical company with product candidates under development and products being commercialized, there are significant risks and uncertainties with respect to the company's business and the development, regulatory approval and commercialization of its products and other matters related to operations. Given these uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. Actual results may differ materially from these statements. All forward-looking statements attributable to Aquestive or any person acting on its behalf are expressly qualified in their entirety by this cautionary statement and the cautionary statements contained in the earnings release issued yesterday. The company assumes no obligation to update its forward-looking statements after the date of this conference call, whether as a result of new information, future …

Leadership Team of AQST

10 executives

Name	Title	Compensation	Gender	Year Born	Status
Daniel Barber	Chief Executive Officer, President & Director	USD 1,069,017	Male	1976	Active
Lori J. Braender BSBA	Corporate Secretary	USD 695,088	Female	1956	Active
A. Ernest Toth Jr.	Senior VP & CFO	USD 670,397	Male	1959	Active
Cassie Jung	Chief Operating Officer	—	Female	1979	Active
Peter E. Boyd	Senior Vice President of Information Technology & Chief People Officer	—	Male	1966	Active
Sherry Korczynski	Chief Commercial Officer	—	Female	1970	Active
Matthew Greenhawt	Chief Medical Officer	—	—	1974	Active
Melina T. Cioffi	Senior Vice President of Regulatory Affairs	—	—	1983	Active
Thomas A. Zalewski	Chief Legal Officer & Chief Compliance Officer	—	Male	1972	Active
Matthew William Davis	Chief Development Officer	—	—	1966	Active

Recent News of AQST

Seeking Alpha8/12/2026Neutral

Aquestive Therapeutics, Inc. (AQST) Q2 2026 Earnings Call Transcript

MarketBeat8/12/2026Neutral

Aquestive Therapeutics Q2 Earnings Call Highlights

Aquestive Therapeutics NASDAQ: AQST said it plans to resubmit its new drug application for Anaphylm, its epinephrine sublingual film candidate for type 1 allergic reactions including anaphylaxis, before the end of the third quarter after completing studies requested by the U.S. Food and Drug Administration.

Zacks Investment Research8/11/2026Neutral

Aquestive Therapeutics (AQST) Reports Q2 Loss, Tops Revenue Estimates

Aquestive Therapeutics (AQST) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.1. This compares to a loss of $0.14 per share a year ago.

GlobeNewsWire8/11/2026Neutral

Aquestive Therapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update

WARREN, N.J., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Aquestive Therapeutics, Inc. (NASDAQ: AQST) ("Aquestive" or the "Company"), a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies, today announced financial results for the second quarter ended June 30, 2026, and provided a strategic business update.

Benzinga8/10/2026Neutral

Aquestive Prepares FDA Resubmission for Severe Allergy Treatment Following Successful Study

Aquestive Therapeutics Inc. (NASDAQ:AQST) announced positive findings from human factors and pharmacokinetic validation studies for its Anaphylm (dibutepinephrine) sublingual film.

Historical Employee Count of AQST

Current

147

Change

+3.52%

Minimum

130

Maximum

157

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	147	10-K	Mar 4, 2026	View
Dec 31, 2024	142	10-K	Mar 5, 2025	View
Dec 31, 2023	135	10-K	Mar 5, 2024	View
Dec 31, 2022	130	10-K	Mar 31, 2023	View
Dec 31, 2021	157	10-K	Mar 8, 2022	View

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Aquestive Therapeutics, Inc.