• Like Moderna for oral film-delivered medications.
• Like Jazz Pharmaceuticals for drugs delivered as oral films.
• Like Biogen for film-based treatments in neurology.

• 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).

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.

Catalent, Inc. (CTLT)

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.

The key risks to Aquestive Therapeutics (AQST) include:

1. 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.
2. 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.
3. 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.

Anaphylm (epinephrine sublingual film for anaphylaxis)

Libervant (diazepam buccal film for seizure clusters)

Exservan (riluzole oral film for Amyotrophic Lateral Sclerosis - ALS)

AQST-108 (epinephrine topical gel for alopecia areata)

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.