Aquestive Therapeutics (AQST)
Market Price (2/1/2026): $2.94 | Market Cap: $325.1 MilSector: Health Care | Industry: Pharmaceuticals
Aquestive Therapeutics (AQST)
Market Price (2/1/2026): $2.94Market Cap: $325.1 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27% | Weak multi-year price returns2Y Excs Rtn is -18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -129% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.4% |
| Megatrend and thematic driversMegatrends include Pharmaceutical Innovation. Themes include Advanced Drug Delivery, Specialty Disease Therapeutics, and Patient-Centric Drug Development. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -116%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -117% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% | ||
| Key risksAQST key risks include [1] its critical dependence on securing regulatory approval for its lead product candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -27% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% |
| Megatrend and thematic driversMegatrends include Pharmaceutical Innovation. Themes include Advanced Drug Delivery, Specialty Disease Therapeutics, and Patient-Centric Drug Development. |
| Weak multi-year price returns2Y Excs Rtn is -18% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -129% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.3%, Rev Chg QQuarterly Revenue Change % is -5.4% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -116%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -117% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25% |
| Key risksAQST key risks include [1] its critical dependence on securing regulatory approval for its lead product candidate, Show more. |
Qualitative Assessment
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Aquestive Therapeutics (AQST) stock has lost about 55% since 10/31/2025 because of the following key factors:
1. FDA Deficiency Letter for Anaphylm
Aquestive Therapeutics (AQST) experienced a significant stock decline after announcing on January 9, 2026, that the U.S. Food and Drug Administration (FDA) had identified deficiencies in the New Drug Application (NDA) for its lead product candidate, Anaphylm. This communication indicated that the FDA's concerns currently prevent discussions regarding labeling and post-marketing commitments for the sublingual epinephrine film, causing the stock to plunge approximately 40% in pre-market trading. While the FDA confirmed that its review of the NDA remained ongoing, this setback introduced considerable uncertainty about the drug's approval timeline.
2. Increased Regulatory and Timeline Risk for Anaphylm Approval
The FDA's deficiency letter, issued ahead of the Prescription Drug User Fee Act (PDUFA) date of January 31, 2026, heightened regulatory and timeline risks for Anaphylm. Although the FDA's notice was procedural rather than a definitive rejection, it raised concerns among investors about potential delays in Anaphylm's path to market. Aquestive Therapeutics acknowledged that delays in understanding and addressing these issues could impact the approval timeline, further contributing to investor apprehension.
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1. FDA Deficiency Letter for Anaphylm
Aquestive Therapeutics (AQST) experienced a significant stock decline after announcing on January 9, 2026, that the U.S. Food and Drug Administration (FDA) had identified deficiencies in the New Drug Application (NDA) for its lead product candidate, Anaphylm. This communication indicated that the FDA's concerns currently prevent discussions regarding labeling and post-marketing commitments for the sublingual epinephrine film, causing the stock to plunge approximately 40% in pre-market trading. While the FDA confirmed that its review of the NDA remained ongoing, this setback introduced considerable uncertainty about the drug's approval timeline.
2. Increased Regulatory and Timeline Risk for Anaphylm Approval
The FDA's deficiency letter, issued ahead of the Prescription Drug User Fee Act (PDUFA) date of January 31, 2026, heightened regulatory and timeline risks for Anaphylm. Although the FDA's notice was procedural rather than a definitive rejection, it raised concerns among investors about potential delays in Anaphylm's path to market. Aquestive Therapeutics acknowledged that delays in understanding and addressing these issues could impact the approval timeline, further contributing to investor apprehension.
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Stock Movement Drivers
Fundamental Drivers
The -56.9% change in AQST stock from 10/31/2025 to 2/1/2026 was primarily driven by a -51.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2012026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.82 | 2.94 | -56.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 43 | -1.7% |
| P/S Multiple | 15.3 | 7.5 | -51.2% |
| Shares Outstanding (Mil) | 99 | 111 | -10.2% |
| Cumulative Contribution | -56.9% |
Market Drivers
10/31/2025 to 2/1/2026| Return | Correlation | |
|---|---|---|
| AQST | -56.7% | |
| Market (SPY) | 1.5% | -9.4% |
| Sector (XLV) | 7.3% | 9.8% |
Fundamental Drivers
The -23.4% change in AQST stock from 7/31/2025 to 2/1/2026 was primarily driven by a -20.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2012026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.84 | 2.94 | -23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 43 | -20.0% |
| P/S Multiple | 6.8 | 7.5 | 10.8% |
| Shares Outstanding (Mil) | 95 | 111 | -13.6% |
| Cumulative Contribution | -23.4% |
Market Drivers
7/31/2025 to 2/1/2026| Return | Correlation | |
|---|---|---|
| AQST | -23.2% | |
| Market (SPY) | 9.8% | 9.5% |
| Sector (XLV) | 19.2% | 14.9% |
Fundamental Drivers
The -2.6% change in AQST stock from 1/31/2025 to 2/1/2026 was primarily driven by a -26.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2012026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.02 | 2.94 | -2.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 59 | 43 | -26.3% |
| P/S Multiple | 4.7 | 7.5 | 60.4% |
| Shares Outstanding (Mil) | 91 | 111 | -17.6% |
| Cumulative Contribution | -2.6% |
Market Drivers
1/31/2025 to 2/1/2026| Return | Correlation | |
|---|---|---|
| AQST | -2.3% | |
| Market (SPY) | 16.0% | 27.3% |
| Sector (XLV) | 6.8% | 24.0% |
Fundamental Drivers
The 230.3% change in AQST stock from 1/31/2023 to 2/1/2026 was primarily driven by a 657.5% change in the company's P/S Multiple.| (LTM values as of) | 1312023 | 2012026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.89 | 2.94 | 230.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 43 | -9.7% |
| P/S Multiple | 1.0 | 7.5 | 657.5% |
| Shares Outstanding (Mil) | 53 | 111 | -51.7% |
| Cumulative Contribution | 230.3% |
Market Drivers
1/31/2023 to 2/1/2026| Return | Correlation | |
|---|---|---|
| AQST | 231.5% | |
| Market (SPY) | 76.6% | 22.3% |
| Sector (XLV) | 21.4% | 18.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AQST Return | -27% | -77% | 124% | 76% | 81% | -51% | -41% |
| Peers Return | -36% | -0% | 36% | 69% | 4% | -5% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| AQST Win Rate | 42% | 33% | 50% | 58% | 58% | 0% | |
| Peers Win Rate | 33% | 44% | 54% | 52% | 50% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| AQST Max Drawdown | -39% | -84% | -20% | -0% | -38% | -51% | |
| Peers Max Drawdown | -48% | -37% | -23% | -19% | -34% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SPRY, AMPH, VTRS, ETON.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/30/2026 (YTD)
How Low Can It Go
| Event | AQST | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.6% | -25.4% |
| % Gain to Breakeven | 968.3% | 34.1% |
| Time to Breakeven | 1,201 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -77.2% | -33.9% |
| % Gain to Breakeven | 338.3% | 51.3% |
| Time to Breakeven | 147 days | 148 days |
| 2018 Correction | ||
| % Loss | -84.0% | -19.8% |
| % Gain to Breakeven | 523.7% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to SPRY, AMPH, VTRS, ETON
In The Past
Aquestive Therapeutics's stock fell -90.6% during the 2022 Inflation Shock from a high on 2/10/2021. A -90.6% loss requires a 968.3% gain to breakeven.
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About Aquestive Therapeutics (AQST)
Aquestive Therapeutics, Inc., a pharmaceutical company, focuses on identifying, developing, and commercializing various products to address unmet medical needs in the United States and internationally. The company markets Sympazan, an oral soluble film formulation of clobazam for the treatment of lennox-gastaut syndrome; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; Zuplenz, an oral soluble film formulation of ondansetron for the treatment of nausea and vomiting associated with chemotherapy and post-operative recovery; and Azstarys, a once-daily product for the treatment of attention deficit hyperactivity disorder. The company's proprietary product candidates comprise Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; and Exservan, an oral soluble film formulation of riluzole for the treatment of amyotrophic lateral sclerosis. Its proprietary pipeline of complex molecule products include AQST-108, a sublingual film formulation delivering systemic epinephrine for the treatment of conditions other than anaphylaxis; AQST-305, a sublingual film formulation of octreotide for the treatment of acromegaly; and AQST-109, an orally delivered epinephrine product candidate for the emergency treatment of allergic reactions, including anaphylaxis. Further, the company develops KYNMOBI, a sublingual film formulation of apomorphine for the treatment of episodic off-periods in Parkinson's disease. Aquestive Therapeutics, Inc. was incorporated in 2004 and is headquartered in Warren, New Jersey.
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- Like Moderna for oral film-delivered medications.
- Like Jazz Pharmaceuticals for drugs delivered as oral films.
- Like Biogen for film-based treatments in neurology.
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Aquestive Therapeutics' major products are pharmaceutical drug formulations utilizing their proprietary PharmFilm® technology:- Anaphylm™ (epinephrine) sublingual film: An investigational sublingual film formulation of epinephrine designed for the rapid and convenient treatment of severe allergic reactions, including anaphylaxis.
- Libervant™ (diazepam) buccal film: An FDA-approved buccal film formulation of diazepam intended for the acute treatment of intermittent, stereotypic epileptic seizures in patients 2 years of age and older.
- Exservan® (riluzole) oral film: An FDA-approved oral film formulation of riluzole used for the treatment of amyotrophic lateral sclerosis (ALS).
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Major Customers of Aquestive Therapeutics (AQST)
Aquestive Therapeutics (AQST) is a pharmaceutical company that sells its products primarily to other companies within the healthcare supply chain rather than directly to individuals. As is common for pharmaceutical manufacturers, its major customers are wholesale drug distributors.
According to their latest public filings, Aquestive Therapeutics' three largest customers accounted for approximately 90% of their total net product sales. These major customers are:
- AmerisourceBergen (Symbol: ABC)
- Cardinal Health (Symbol: CAH)
- McKesson (Symbol: MCK)
These wholesale drug distributors then supply pharmacies, hospitals, and other healthcare providers, who ultimately dispense the medications to patients.
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Catalent, Inc. (CTLT)
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Daniel Barber, Chief Executive Officer, President and Director
Daniel Barber joined Aquestive Therapeutics in July 2007 and was appointed CEO, President, and a board member in May 2022, after serving as Chief Operating Officer since May 2019. He has been instrumental in the company's growth, overseeing the launch activities for Aquestive's first two FDA-approved products in 2010 and leading the effort to develop an internal pipeline of proprietary assets. Prior to joining Aquestive, Mr. Barber held various positions in corporate planning and international divisions at Quest Diagnostics.
Ernie Toth, Chief Financial Officer
Ernie Toth transitioned to the permanent role of Senior Vice President and Chief Financial Officer of Aquestive Therapeutics in June 2021, after serving as interim CFO since December 2020. Before joining Aquestive, Mr. Toth was the CFO of EHE Health, a national preventive health network owned by Summit Partners and DW Healthcare Partners. He also served as CFO of ArisGlobal and Global Chief Financial Officer of Synowledge, a global life sciences solutions company. At both ArisGlobal and Synowledge, he led finance, HR, IT, and legal operations during periods of high growth, including the sale of Synowledge to Bioclinica. Mr. Toth's prior experience also includes senior financial leadership positions at Valeritas, Pharmaceutical Formulations, and World Power Technologies, and he spent 15 years in various financial roles at MacAndrews & Forbes, an investment company.
Cassie Jung, Chief Operating Officer
Cassie Jung was promoted to Chief Operating Officer in June 2024. She was previously Senior Vice President, Operations, a role she held since 2019, where she was responsible for all facets of the company's manufacturing operations. Ms. Jung was also instrumental in the execution of Aquestive's internal CNS development pipeline.
Sherry Korczynski, Chief Commercial Officer
Sherry Korczynski joined Aquestive Therapeutics as Chief Commercial Officer. She brings over 20 years of experience leading product launches and commercialization efforts for biopharmaceutical companies, with prior expertise in the allergy field. Ms. Korczynski previously served as Vice President, EpiPen® Marketing and Public Relations at Mylan (now Viatris Inc.), where she directed a multi-faceted commercial strategy for the product. Her experience also includes roles as Vice President, Marketing, Public Relations and Advocacy at ANI Pharmaceuticals, Inc. and Senior Vice President, Marketing & Public Relations at Eagle Pharmaceuticals, Inc.
Peter Boyd, Chief People Officer
Peter Boyd was promoted to Chief People Officer in November 2025. He joined Aquestive Therapeutics in August 2013 and has led the Information Technology, Human Resources, and Communications functions since December 2022.
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The key risks to Aquestive Therapeutics (AQST) include:
- Regulatory Hurdles and Approval for Anaphylm and Other Product Candidates: Aquestive Therapeutics' future success is heavily dependent on obtaining regulatory approvals, particularly for its lead product candidate, Anaphylm (epinephrine sublingual film). Risks include potential delays in the regulatory approval process, failure to receive FDA approval, the need to generate sufficient clinical data, and the ability to address FDA comments or requirements for additional clinical studies. Delays in approval or difficulties in securing favorable payer coverage post-approval could significantly hinder the company's ability to achieve projected revenue.
- Financial Strain and Need for Capital: Aquestive Therapeutics faces ongoing financial strain, evidenced by recent credit rating downgrades and sustained EBITDA losses. The company's long-term viability is contingent on securing sufficient funding to sustain operations, especially as it moves towards potential commercialization of Anaphylm. Future growth and the commercialization of product candidates will require significant capital expenditures, and the company's ability to generate revenue may be reduced if management cannot effectively manage this growth.
- Market Competition and Commercialization Challenges: The pharmaceutical industry is highly competitive, and Aquestive faces competition from companies possessing greater financial, technical, manufacturing, marketing, and distribution resources. Even if Anaphylm receives approval, Aquestive must successfully navigate competitive pressures and reimbursement challenges in the market, which could impact its ability to convince payers and providers of the product's cost-effectiveness. There are also inherent risks in developing robust sales and marketing capabilities for new products.
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Regulatory and Market Access Challenges for Libervant (diazepam) Buccal Film
Aquestive Therapeutics received a Complete Response Letter (CRL) from the FDA in March 2024 for its Libervant (diazepam) buccal film. The CRL cited concerns requiring additional "real-world" data for proposed labeling and potentially a comparative study against an existing nasally administered diazepam product for seizure clusters (e.g., Valtoco by Neurelis/UCB). This directly threatens Libervant's market entry, creating significant delays, increased development costs, and providing further entrenchment for already approved, alternative-delivery competitors in the acute seizure treatment market.
Emerging Competition in the Non-Injectable Epinephrine Market for Anaphylm
While Aquestive's Anaphylm (epinephrine sublingual film) aims to provide a needle-free alternative for anaphylaxis, there is a clear emerging competitive landscape. Multiple other pharmaceutical companies are developing or have plans for non-injectable epinephrine products, including alternative oral films and nasal sprays. This growing field of competitors could fragment the market upon Anaphylm's potential approval, intensifying the fight for market share and challenging its ability to become the dominant needle-free alternative to traditional injectable auto-injectors.
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Aquestive Therapeutics (AQST) has several key products and product candidates with identifiable addressable markets.Anaphylm (epinephrine sublingual film for anaphylaxis)
The addressable market for Anaphylm, an epinephrine sublingual film for the emergency treatment of severe allergic reactions including anaphylaxis, is significant. The U.S. market opportunity for epinephrine in anaphylaxis was valued at $654 million per year in 2023 and is projected to reach $2 billion per year by 2031. Globally, the anaphylaxis treatment market size was $6.19 billion in 2024 and is expected to grow to $8.72 billion by 2029 with a compound annual growth rate (CAGR) of 7.2%. North America held the largest share of the global anaphylaxis treatment market in 2024. Some projections indicate a projected $5.15 billion market by 2030 for anaphylaxis treatments.Libervant (diazepam buccal film for seizure clusters)
Libervant, a diazepam buccal film for the treatment of seizure clusters, has received FDA approval for pediatric patients aged 2 to 5 years. In 2023, over 55,000 prescriptions were filled for this patient population, representing a 10.8% increase over the previous year. The broader benzodiazepine drugs market, which includes diazepam, was valued at $3,037.42 million in 2023 and is anticipated to grow to $4,201.27 million by 2032 globally. For patients 12 years and older, Libervant has tentative FDA approval, with U.S. market access contingent upon the expiration of existing orphan drug exclusivity for another product in January 2027. Peak sales for Libervant are estimated to reach $100 million to $200 million per year.Exservan (riluzole oral film for Amyotrophic Lateral Sclerosis - ALS)
Exservan, an oral film formulation of riluzole for the treatment of Amyotrophic Lateral Sclerosis (ALS), targets a global market that was valued at $1.01 billion in 2023. This market is projected to grow from $0.77 billion in 2024 to $1.80 billion by 2032, demonstrating a CAGR of 11.3% during the forecast period. In 2023, North America dominated the ALS therapeutics market, accounting for 71.29% of the market share. Global sales in the ALS market are expected to reach $1.04 billion by 2029.AQST-108 (epinephrine topical gel for alopecia areata)
AQST-108, an epinephrine topical gel, is in development for indications such as alopecia areata (AA). Alopecia areata affects approximately 6.7 million people in the U.S..AI Analysis | Feedback
Aquestive Therapeutics (AQST) is anticipated to drive future revenue growth over the next 2-3 years through the following key initiatives: * U.S. Launch of Anaphylm™: The primary expected driver of revenue growth is the potential U.S. launch of Anaphylm™ (epinephrine) in the first quarter of 2026, contingent upon FDA approval by January 31, 2026. This sublingual film for severe allergic reactions, including anaphylaxis, is positioned to enter a multi-billion dollar market. The company is actively preparing for this launch by building a commercial team and focusing on market access. * Global Expansion of Anaphylm™: Beyond the U.S. market, Aquestive is pursuing a global expansion strategy for Anaphylm™, with regulatory activities advancing in Canada and preparatory efforts underway in the European Union. These international markets are considered important opportunities to broaden access to this non-invasive epinephrine therapy. * Growth in Existing Commercial Products: While revenue from Suboxone is experiencing a gradual decline, Aquestive's manufacturing business is seeing growth across newer collaborations and increased revenues from other commercial products such as Sympazan® (clobazam) Oral Film and Ondif. This growth in certain existing products helps to offset the decrease from Suboxone. * Potential Approval and Launch of Libervant®: Libervant® (diazepam) Buccal Film has tentative FDA approval until January 11, 2027, due to orphan drug exclusivity held by another company. Aquestive remains committed to making Libervant available to patients when it receives full U.S. market access, which could contribute to revenue growth. * Advancement of AQST-108: Aquestive continues to advance its product candidate AQST-108, a topical epinephrine gel for the treatment of alopecia areata (AA). The company plans to submit an Investigational New Drug (IND) application to the FDA in the fourth quarter of 2025, with a clinical study expected to commence in the first half of 2026. This earlier-stage pipeline product represents a future growth opportunity in a market affecting approximately 6.7 million people in the U.S.AI Analysis | Feedback
Share Issuance
- In August 2025, Aquestive Therapeutics priced an underwritten offering of 21.25 million shares at $4.00 per share, expecting gross proceeds of $85 million.
- In March 2024, the company completed an underwritten public offering of 16,666,667 shares of common stock at $4.50 per share, resulting in net proceeds of $72.868 million, including the partial exercise of the underwriters' option.
- In April 2022, Aquestive entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC, providing the right to sell up to $40 million worth of shares of its common stock over 36 months at the company's discretion.
Inbound Investments
- Aquestive secured a $75 million strategic funding agreement with RTW Investments, LP, in August 2025, contingent on FDA approval of Anaphylm. This funding is intended to support the company through 2027 for the potential commercial launch of Anaphylm.
- The $85 million equity raise in August 2025 was led by RTW Investments and included participation from other institutional investors such as Samsara BioCapital, EcoR1 Capital, Perceptive Advisors, Sio Capital Management, ADAR1 Capital Management, and Nantahala Capital.
Capital Expenditures
- Capital expenditures were $135,000 in the first quarter of 2025 and $29,000 in the first quarter of 2024.
- The company expanded its manufacturing capabilities in 2022 to include serialization and secondary packaging and continued to explore additional manufacturing capabilities in 2023, primarily at its over 90,000 square feet of GMP facilities in Indiana.
- Net proceeds from the August 2025 $85 million offering are intended to support working capital, capital expenditures, and general corporate purposes, among other uses.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Aquestive Therapeutics Earnings Notes | 12/16/2025 | |
| Is Aquestive Therapeutics Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.09 |
| Mkt Cap | 1.0 |
| Rev LTM | 143 |
| Op Inc LTM | -3 |
| FCF LTM | 13 |
| FCF 3Y Avg | 8 |
| CFO LTM | 21 |
| CFO 3Y Avg | 11 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.0% |
| Rev Chg 3Y Avg | 6.8% |
| Rev Chg Q | 0.3% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Mgn LTM | -3.8% |
| Op Mgn 3Y Avg | -4.4% |
| QoQ Delta Op Mgn LTM | -4.4% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 15.4% |
| FCF/Rev LTM | 11.3% |
| FCF/Rev 3Y Avg | 12.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.0 |
| P/S | 5.7 |
| P/EBIT | -6.3 |
| P/E | -4.7 |
| P/CFO | 7.7 |
| Total Yield | -8.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.6% |
| 3M Rtn | 3.9% |
| 6M Rtn | 6.4% |
| 12M Rtn | -15.0% |
| 3Y Rtn | 38.6% |
| 1M Excs Rtn | -11.1% |
| 3M Excs Rtn | 8.1% |
| 6M Excs Rtn | -3.3% |
| 12M Excs Rtn | -26.9% |
| 3Y Excs Rtn | -20.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Development and advancement of a product pipeline for the treatment of severe allergic reactions | 51 | ||||
| Co-development and research fees | 1 | 2 | 1 | 4 | |
| License and royalty revenue | 2 | 5 | 14 | 7 | |
| Manufacture and supply revenue | 36 | 35 | 25 | 39 | |
| Proprietary product sales, net | 8 | 9 | 6 | 3 | |
| Total | 51 | 48 | 51 | 46 | 53 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Development and advancement of a product pipeline for the treatment of severe allergic reactions | -15 | ||||
| Total | -15 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Development and advancement of a product pipeline for the treatment of severe allergic reactions | -8 | ||||
| Total | -8 |
Price Behavior
Price Behavior
| Market Price | $2.95 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 07/25/2018 | |
| Distance from 52W High | -60.6% | |
| 50 Days | 200 Days | |
| DMA Price | $5.28 | $4.54 |
| DMA Trend | up | down |
| Distance from DMA | -44.1% | -35.0% |
| 3M | 1YR | |
| Volatility | 96.6% | 84.7% |
| Downside Capture | 144.51 | 138.22 |
| Upside Capture | -354.02 | 114.90 |
| Correlation (SPY) | -10.0% | 27.3% |
AQST Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -4.56 | -2.19 | -0.80 | 0.81 | 1.19 | 1.21 |
| Up Beta | -6.63 | -4.87 | -1.09 | 1.98 | 1.11 | 1.20 |
| Down Beta | -4.22 | -3.00 | -0.92 | -0.07 | 1.12 | 1.24 |
| Up Capture | -917% | -412% | -246% | 15% | 122% | 224% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 4 | 15 | 25 | 60 | 125 | 356 |
| Down Capture | 321% | 244% | 140% | 116% | 121% | 102% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 15 | 25 | 35 | 62 | 118 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQST | |
|---|---|---|---|---|
| AQST | -5.4% | 84.5% | 0.33 | - |
| Sector ETF (XLV) | 7.7% | 17.2% | 0.27 | 24.0% |
| Equity (SPY) | 16.1% | 19.2% | 0.65 | 27.3% |
| Gold (GLD) | 76.5% | 23.4% | 2.38 | -0.5% |
| Commodities (DBC) | 11.1% | 15.9% | 0.48 | 4.1% |
| Real Estate (VNQ) | 5.3% | 16.5% | 0.14 | 23.8% |
| Bitcoin (BTCUSD) | -18.9% | 39.9% | -0.43 | 16.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQST | |
|---|---|---|---|---|
| AQST | -12.3% | 82.4% | 0.21 | - |
| Sector ETF (XLV) | 7.1% | 14.5% | 0.31 | 21.0% |
| Equity (SPY) | 14.0% | 17.1% | 0.65 | 27.3% |
| Gold (GLD) | 20.8% | 16.5% | 1.03 | 7.0% |
| Commodities (DBC) | 12.2% | 18.8% | 0.53 | 4.0% |
| Real Estate (VNQ) | 4.8% | 18.8% | 0.16 | 22.6% |
| Bitcoin (BTCUSD) | 21.1% | 57.5% | 0.56 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AQST | |
|---|---|---|---|---|
| AQST | -15.6% | 88.0% | 0.16 | - |
| Sector ETF (XLV) | 10.4% | 16.6% | 0.52 | 23.4% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 27.7% |
| Gold (GLD) | 15.6% | 15.3% | 0.85 | 8.1% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 9.7% |
| Real Estate (VNQ) | 5.9% | 20.8% | 0.25 | 22.8% |
| Bitcoin (BTCUSD) | 71.5% | 66.4% | 1.11 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2025 | 2.2% | -7.0% | 10.3% |
| 8/11/2025 | -2.1% | 8.3% | 26.4% |
| 5/12/2025 | -19.6% | -14.0% | 19.6% |
| 1/13/2025 | 1.0% | 0.6% | -3.6% |
| 11/4/2024 | -7.7% | -1.6% | -16.3% |
| 8/6/2024 | 0.9% | 15.3% | 24.4% |
| 5/7/2024 | -8.7% | -5.3% | -16.9% |
| 8/7/2023 | -5.4% | -9.8% | -22.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 13 |
| # Negative | 9 | 8 | 6 |
| Median Positive | 3.7% | 17.0% | 24.4% |
| Median Negative | -4.7% | -10.2% | -16.6% |
| Max Positive | 13.2% | 26.4% | 64.3% |
| Max Negative | -19.6% | -35.2% | -26.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/05/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/08/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jung, Cassie | Chief Operating Officer | Direct | Sell | 10162025 | 7.01 | 67,575 | 473,701 | 1,687,805 | Form |
| 2 | Kraus, Carl N | Chief Medical Officer | Direct | Sell | 10162025 | 7.00 | 20,272 | 141,904 | 1,977,325 | Form |
| 3 | Boyd, Peter E | See Remarks | Direct | Sell | 10162025 | 7.00 | 10,000 | 70,000 | 1,878,261 | Form |
| 4 | Barber, Daniel | President and CEO | Direct | Sell | 9292025 | 6.03 | 91,343 | 551,191 | 5,572,254 | Form |
| 5 | Boyd, Peter E | See Remarks | Direct | Sell | 9292025 | 6.30 | 10,000 | 63,000 | 1,753,435 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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