Aquestive Therapeutics, Inc. (AQST)
Aquestive Therapeutics, Inc. is a pharmaceutical company focused on discovering, developing, and commercializing products to address significant unmet medical needs across both the United States and international markets. The company's commercialized portfolio includes: Sympazan, an oral soluble film formulation of clobazam for individuals with Lennox-Gastaut syndrome. Suboxone, a sublingual film containing buprenorphine and naloxone, indicated for the treatment of opioid dependence. Zuplenz, an oral soluble film of ondansetron, used to manage nausea and vomiting associated with chemotherapy and post-operative recovery. Azstarys, a once-daily medication for attention deficit hyperactivity disorder. Aquestive maintains a robust proprietary pipeline of drug candidates. These include: Libervant, a buccal soluble film formulation of diazepam currently in development for the treatment of seizures. Exservan, an oral soluble film of riluzole, aimed at treating amyotrophic lateral sclerosis (ALS). Within its complex molecule pipeline, the company is advancing: AQST-108, a sublingual film designed to deliver systemic epinephrine for conditions other than anaphylaxis. AQST-305, a sublingual film formulation of octreotide for managing acromegaly. AQST-109, an orally administered epinephrine product candidate intended for the emergency treatment of severe allergic reactions, including anaphylaxis. Furthermore, Aquestive Therapeutics played a role in the development of KYNMOBI, a sublingual film formulation of apomorphine, used to address episodic "off" periods in patients with Parkinson's disease. Established in 2004, Aquestive Therapeutics, Inc. is headquartered in Warren, New Jersey.
Sector: Pharmaceutical Preparations
Industry: Drug Manufacturers - Specialty & Generic
Aquestive Therapeutics, Inc.
NASDAQ:AQSTHealthcare · Drug Manufacturers - Specialty & Generic
-3.71%$3.89
AH$3.95+1.42%vs close
Mkt Cap$488.24M
Float107.68M
O/S125.51M
Vol
$ Vol
RVOL
Inst Own57.0%
SI25.6%
Earnings
Dilution
Financials Summary
Revenue$44.55M
Net Income-$83.78M
Total Assets$160.43M
Free Cash Flow-$52.99M
Debt & Equity
Debt 134%
Total Debt$131.44M
Total Equity-$33.66M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in AQST's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$160.43M
Liabilities$194.09M
Accounts Receivable$17.76M
Accounts Payable$29.86M
Inventory$6.17M
PP&E (Net)$8.51M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Revenue | $44.55M | $57.56M | $50.58M | $47.68M | $50.83M | $45.85M | $52.61M | $67.43M | $66.92M | $51.78M |
| YoY Growth | -22.6% | 13.8% | 6.1% | -6.2% | 10.9% | -12.8% | -22.0% | 0.8% | 29.2% | - |
| Cost of Revenue | $17.15M | $17.87M | $20.83M | $19.39M | $14.99M | $12.96M | $20.36M | $20.99M | $19.82M | $16.38M |
| Gross Profit | $27.39M | $39.69M | $29.75M | $28.29M | $35.84M | $32.88M | $32.25M | $46.44M | $47.1M | $35.41M |
| Gross Margin | 61.5% | 69.0% | 58.8% | 59.3% | 70.5% | 71.7% | 61.3% | 68.9% | 70.4% | 68.4% |
| Research and Development | $17.19M | $20.28M | $13.1M | $17.48M | $17.05M | $19.89M | $20.57M | $23.11M | $22.13M | $15.45M |
| Selling, General, and Administrative | $79.85M | $50.18M | $31.75M | $52.88M | $53.48M | $55.89M | $64.34M | $72.26M | $25.08M | $20.8M |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$5K | $0 | -$99K |
| Total Operating Expenses | $97.04M | $70.46M | $44.85M | $70.36M | $70.52M | $75.78M | $84.92M | $95.38M | $47.21M | $36.25M |
| Operating Income (EBIT) | -$69.65M | -$30.77M | -$15.1M | -$42.07M | -$34.68M | -$42.89M | -$52.67M | -$48.93M | -$113K | -$847K |
| Operating Margin | -156.4% | -53.5% | -29.9% | -88.2% | -68.2% | -93.6% | -100.1% | -72.6% | -0.2% | -1.6% |
| Interest Expense | $17.1M | $16.82M | $7.46M | $12.44M | $22.46M | $13.02M | $9.32M | $7.71M | $7.71M | $6.14M |
| Interest Income | $0 | $3.44M | $16.32M | $99K | $423K | $132K | $636K | $552K | $0 | $0 |
| Other Income (Expense) | -$14.13M | -$13.38M | $7.48M | -$12.34M | -$35.86M | -$12.89M | -$13.58M | -$12.44M | -$8.83M | -$8.76M |
| Income Before Tax (EBT) | -$83.78M | -$44.15M | -$7.63M | -$54.41M | -$70.54M | -$55.78M | -$66.25M | -$61.38M | -$8.94M | -$9.6M |
| Income Tax Expense | $0 | -$14K | $245K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$83.78M | -$44.14M | -$7.87M | -$54.41M | -$70.54M | -$55.78M | -$66.25M | -$61.38M | -$8.94M | -$9.6M |
| Net Income Margin | -188.1% | -76.7% | -15.6% | -114.1% | -138.8% | -121.7% | -125.9% | -91.0% | -13.4% | -18.5% |
| Supplementary Data | ||||||||||
| EPS | -0.76 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | -2.87 | -2.96 | -0.45 | -0.39 |
| Diluted EPS | -0.76 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | -2.87 | -2.96 | -0.45 | -0.39 |
| Weighted Average OS | 121.97M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M | 25.36M | 20.73M | 20.00M | 24.50M |
| EBITDA | -$66.14M | -$26.62M | $1.18M | -$39.58M | -$45.11M | -$39.32M | -$54.02M | -$50.43M | $2.56M | $2.94M |
| EBITDA Margin | -148.5% | -46.2% | 2.3% | -83.0% | -88.8% | -85.8% | -102.7% | -74.8% | 3.8% | 5.7% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $121.17M | $71.55M | $23.87M | $27.27M | $28.02M | $31.81M | $49.33M | $60.6M | $17.38M | $9.21M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $121.17M | $71.55M | $23.87M | $27.27M | $28.02M | $31.81M | $49.33M | $60.6M | $17.38M | $9.21M |
| Accounts Receivable | $17.76M | $7.34M | $8.47M | $4.7M | $12.12M | $6.96M | $13.13M | $6.48M | $6.18M | $10.82M |
| Inventory | $6.17M | $6.04M | $6.77M | $5.78M | $4.04M | $2.46M | $2.86M | $5.44M | $4.01M | $2.89M |
| Other Current Assets | $4.17M | $3.29M | $1.85M | $2.13M | $0 | $0 | $0 | $1.68M | $0 | $59K |
| Total Current Assets | $149.27M | $88.22M | $40.97M | $39.89M | $47.26M | $44.63M | $68.31M | $74.2M | $28.16M | $23.33M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $8.51M | $8.98M | $9.74M | $9.3M | $7.78M | $10.32M | $9.73M | $12.21M | $13.46M | $15.12M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $286K | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $1.28M | $1.44M | $51K | $102K | $153K | $204K | $254K | $305K |
| Long-Term Investments | $2M | $3M | $4M | $0 | $6M | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | -$6M | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $642K | $1.22M | $1.44M | $6.45M | $6.9M | $7.84M | $0 | $239K | $1.24M | $630K |
| Total Long-Term Assets | $11.16M | $13.2M | $16.45M | $17.18M | $14.73M | $18.26M | $10.16M | $12.65M | $14.95M | $16.06M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $160.43M | $101.42M | $57.42M | $57.07M | $61.99M | $62.88M | $78.48M | $86.85M | $43.12M | $39.39M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $29.86M | $10.29M | $8.93M | $9.95M | $8.31M | $7.09M | $12.27M | $20.44M | $9.6M | $6.64M |
| Short-Term Debt | $11.63M | $26K | $22K | $18.7M | $2.02M | $2.58M | $0 | $4.6M | $0 | $0 |
| Current Income Tax Payable | $0 | $365K | $337K | $322K | $349K | $316K | $300K | $2.9M | $340K | $0 |
| Current Unearned Revenue | $1.09M | $1.05M | $1.55M | $1.51M | $765K | $693K | $806K | $721K | $1.35M | $802K |
| Other Current Liabilities | $1.32M | $1M | $5.12M | $7.54M | $7.19M | $7.78M | $1.72M | $3.59M | $597K | $0 |
| Total Current Liabilities | $47.61M | $18.86M | $18.31M | $39.53M | $21.96M | $21.1M | $18.55M | $32.95M | $15.35M | $10.81M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $115.48M | $32.5M | $27.51M | $33.45M | $51.55M | $34.33M | $60.34M | $42.6M | $45.51M | $38.65M |
| Long-Term Unearned Revenue | $19.39M | $20M | $32.34M | $31.42M | $7.12M | $3.63M | $4.35M | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $59.06M | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $7.27M | $85.24M | $80.34M | $66.15M | $2.48M | $49.47M | $1.36M | $1.22M | $8.75M | $7.51M |
| Total Long-Term Liabilities | $146.48M | $142.72M | $145.6M | $136.1M | $122.16M | $90.28M | $66.05M | $43.82M | $54.26M | $46.16M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $194.09M | $161.58M | $163.91M | $175.62M | $144.13M | $111.38M | $84.6M | $76.77M | $69.61M | $56.97M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80.87M | $78.39M |
| Common Stock | $122K | $91K | $69K | $55K | $41K | $35K | $34K | $25K | $12.73M | $11.24M |
| Retained Earnings | -$447M | -$363.21M | -$319.08M | -$311.21M | -$256.8M | -$186.26M | -$130.47M | -$61.38M | -$120.09M | -$108.67M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$35.19M | -$32.01M | -$28.25M |
| Other Stockholders' Equity | $413.21M | $302.97M | $212.52M | $192.6M | $174.62M | $137.72M | $124.32M | $71.43M | $80.87M | $79.85M |
| Total Equity | -$33.66M | -$60.16M | -$106.49M | -$118.55M | -$82.13M | -$48.5M | -$6.12M | $10.08M | -$26.5M | -$17.58M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $160.43M | $101.42M | $57.42M | $57.07M | $61.99M | $62.88M | $78.48M | $86.85M | $43.12M | $39.39M |
| Supplementary Data | ||||||||||
| Total Debt | $131.44M | $38M | $33.32M | $57.49M | $56.42M | $40.48M | $60.34M | $47.2M | $45.51M | $38.65M |
| Net Debt | $10.28M | -$33.54M | $9.45M | $30.21M | $28.4M | $8.67M | $11.01M | -$13.4M | $28.13M | $29.44M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Operating Activities | ||||||||||
| Net Income | -$83.78M | -$44.14M | -$7.87M | -$54.41M | -$70.54M | -$55.78M | -$66.25M | -$61.38M | -$8.94M | -$9.6M |
| Depreciation & Amortization | $548K | $718K | $1.34M | $2.39M | $2.96M | $3.44M | $2.9M | $3.24M | $3.8M | $3.89M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.28M | $0 | $0 |
| Stock-Based Compensation | $7.62M | $7.1M | $2.69M | $4.38M | $6.82M | $6.58M | $7.07M | $29.94M | $0 | $0 |
| Changes in Working Capital: | ||||||||||
| Accounts Receivable | -$10.37M | $1.09M | -$3.07M | $7.35M | -$5.35M | $1.2M | -$6.82M | -$409K | $4.69M | -$6.51M |
| Inventory | -$126K | $725K | -$989K | -$1.74M | -$1.58M | $398K | $2.58M | -$1.43M | -$1.13M | -$1.59M |
| Accounts Payable | $19.52M | $2.78M | -$1.02M | $1.63M | $1.23M | -$5.18M | -$7.87M | $11.32M | $2.94M | $1.65M |
| Other Working Capital | $3.16M | -$14.56M | -$259K | $24.77M | $3.98M | -$828K | $981K | -$1.49M | $1.38M | $152K |
| Total Working Capital Change | $12.18M | -$9.96M | -$5.34M | $32.01M | -$1.73M | -$4.41M | -$11.12M | $8M | $7.88M | -$6.29M |
| Other Non-Cash Items | $11M | $10.52M | $2.8M | $5.85M | $29.51M | $4.71M | $7.18M | $1.93M | $3.08M | $3.83M |
| Net Cash from Operating | -$52.43M | -$35.76M | -$6.38M | -$9.79M | -$32.98M | -$45.46M | -$60.21M | -$12.99M | $5.82M | -$8.18M |
| Investing Activities | ||||||||||
| Capital Expenditures | -$562K | -$159K | -$995K | -$2.52M | -$913K | -$517K | -$663K | -$1.82M | -$2.07M | -$976K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.17M |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.17M |
| Net Cash from Investing | -$562K | -$159K | -$995K | -$2.52M | -$913K | -$517K | -$663K | -$1.82M | -$2.07M | $190K |
| Financing Activities | ||||||||||
| Debt Repaid | $37K | $23K | $20.39M | $2.02M | - | $22.5M | -$17.06M | - | -$5M | -$6.94M |
| Common Stock Issuance | $103.46M | $83.76M | $8.91M | $13.59M | $29.78M | $6.21M | $39.32M | $68.83M | $24K | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$810K | -$142K | $15.45M | $1K | $329K | $44.74M | -$6.77M | -$10.79M | -$586K | -$1.25M |
| Net Cash from Financing | $102.62M | $83.59M | $3.97M | $11.56M | $30.11M | $28.46M | $49.6M | $58.03M | $4.41M | $5.69M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $49.62M | $47.67M | -$3.4M | -$751K | -$3.78M | -$17.52M | -$11.27M | $43.22M | $8.17M | -$2.3M |
| Supplementary Data | ||||||||||
| Operating Cash Flow | -$52.43M | -$35.76M | -$6.38M | -$9.79M | -$32.98M | -$45.46M | -$60.21M | -$12.99M | $5.82M | -$8.18M |
| Capital Expenditure | -$562K | -$159K | -$995K | -$2.52M | -$913K | -$517K | -$663K | -$1.82M | -$2.07M | -$976K |
| Free Cash Flow | -$52.99M | -$35.92M | -$7.38M | -$12.31M | -$33.89M | -$45.98M | -$60.87M | -$14.81M | $3.76M | -$9.15M |
| Cash at Beginning | $71.55M | $23.87M | $27.27M | $28.02M | $31.81M | $49.33M | $60.6M | $17.38M | $9.21M | $11.51M |
| Cash at End | $121.17M | $71.55M | $23.87M | $27.27M | $28.02M | $31.81M | $49.33M | $60.6M | $17.38M | $9.21M |