Symbols / AQST $4.15 -4.38% Aquestive Therapeutics, Inc.

Healthcare • Drug Manufacturers - Specialty & Generic • United States • NGM
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About

Aquestive Therapeutics, Inc. operates as a pharmaceutical company in the United States and internationally. It offers Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; EMYLIF, an oral film formulation of riluzole; ONDIF, an oral soluble film formulation of ondansetron; SYMPAZAN, an oral soluble film formulation of clobazam used for the treatment of seizures associated with a rare, intractable form of epilepsy; KYNMOBI, a sublingual film formulation of apomorphine; and AZSTARYS, an fda-approved, once-daily product for the treatment of ADHD in patients age 6 years or older. The company's proprietary pipeline products include Anaphylm, an epinephrine sublingual film, which is in phase 3 clinical trial for the emergency treatment of allergic reactions, including anaphylaxis; and AQST-108, a topical gel that is in phase 2 clinical trial for the treatment of alopecia areata. In addition, it develops PharmFilm technology for patients suffering from certain central nervous system disorders; and Adrenaverse, an epinephrine prodrug platform. The company was incorporated in 2004 and is headquartered in Warren, New Jersey.

Fundamentals
Scroll to Statements
Market Cap 506.49M Enterprise Value 450.99M Income -83.78M Sales 44.55M Book/sh -0.28 Cash/sh 0.99
Dividend Yield — Payout 0.00% Employees 147 IPO — P/E — Forward P/E -7.16
PEG — P/S 11.37 P/B -15.04 P/C — EV/EBITDA -6.40 EV/Sales 10.12
Quick Ratio 2.92 Current Ratio 3.13 Debt/Eq — LT Debt/Eq — EPS (ttm) -0.78 EPS next Y -0.58
EPS Growth — Revenue Growth 9.70% Earnings 2026-05-12 ROA -33.92% ROE — ROIC —
Gross Margin 58.34% Oper. Margin -221.58% Profit Margin -188.09% Shs Outstand 122.05M Shs Float 111.69M Short Float 16.49%
Short Ratio 8.52 Short Interest — 52W High 7.55 52W Low 2.12 Beta 1.53 Avg Volume 3.18M
Volume 2.14M Target Price $8.89 Recom None Prev Close $4.34 Price $4.15 Change -4.38%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$8.89
Mean price target
2. Current target
$4.15
Latest analyst target
3. DCF / Fair value
$-4.31
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$4.15
Low
$6.00
High
$11.00
Mean
$8.89

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-11-07 main Piper Sandler Overweight → Overweight $8
2025-10-09 main JMP Securities Market Outperform → Market Outperform $12
2025-09-08 main Oppenheimer Outperform → Outperform $8
2025-06-17 reit HC Wainwright & Co. Buy → Buy $10
2025-05-15 reit HC Wainwright & Co. Buy → Buy $10
2025-04-02 reit HC Wainwright & Co. Buy → Buy $10
2025-03-10 reit HC Wainwright & Co. Buy → Buy $10
2025-03-07 main Lake Street Buy → Buy $8
2024-12-20 reit HC Wainwright & Co. Buy → Buy $10
2024-12-17 init Cantor Fitzgerald — → Overweight $17
2024-11-11 reit HC Wainwright & Co. Buy → Buy $10
2024-11-06 reit HC Wainwright & Co. Buy → Buy $10
2024-10-25 main Leerink Partners Outperform → Outperform $13
2024-10-25 reit HC Wainwright & Co. Buy → Buy $10
2024-10-08 reit JMP Securities Market Outperform → Market Outperform $9
2024-09-30 reit JMP Securities Market Outperform → Market Outperform $9
2024-09-30 reit Leerink Partners Outperform → Outperform $12
2024-09-30 main HC Wainwright & Co. Buy → Buy $10
2024-08-14 reit HC Wainwright & Co. Buy → Buy $9
2024-08-12 reit JMP Securities Market Outperform → Market Outperform $9
News
RSS: Latest AQST news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-10 TOTH A ERNEST JR Chief Financial Officer — 58,254 $4.17 $243,094
2026-03-10 BARBER DANIEL R Chief Executive Officer — 180,677 $4.17 $753,965
2026-03-10 BOYD PETER E Officer — 29,814 $4.17 $124,414
2026-03-10 BRAENDER LORI J Officer — 40,102 $4.17 $167,346
2026-03-10 JUNG CASSIE Chief Operating Officer — 45,791 $4.17 $191,086
2026-03-10 KORCZYNSKI SHERRY Officer — 15,741 $4.17 $65,687
2026-03-10 CIOFFI MELINA Officer — 25,311 $4.17 $105,623
2026-03-09 TOTH A ERNEST JR Chief Financial Officer — 95,000 $0.00 $0
2026-03-09 BARBER DANIEL R Chief Executive Officer — 262,000 $0.00 $0
2026-03-09 BOYD PETER E Officer — 80,000 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
44.55
-22.61%
57.56
+13.80%
50.58
+6.09%
47.68
Operating Revenue
44.55
-22.61%
57.56
+13.80%
50.58
+6.09%
47.68
Cost Of Revenue
18.55
+3.82%
17.87
-14.20%
20.83
+7.45%
19.39
Reconciled Cost Of Revenue
18.55
+3.82%
17.87
-14.20%
20.83
+7.45%
19.39
Gross Profit
25.99
-34.52%
39.69
+33.40%
29.75
+5.15%
28.29
Operating Expense
97.04
+37.72%
70.46
+57.09%
44.85
-36.25%
70.36
Research And Development
17.19
-15.23%
20.28
+54.76%
13.10
-25.04%
17.48
Selling General And Administration
79.85
+59.13%
50.18
+58.05%
31.75
-39.96%
52.88
Total Expenses
115.60
+30.87%
88.33
+34.48%
65.69
-26.81%
89.75
Operating Income
-71.05
-130.90%
-30.77
-103.75%
-15.10
+64.10%
-42.07
Total Operating Income As Reported
-71.05
-130.90%
-30.77
-103.75%
-15.10
+64.10%
-42.07
EBITDA
-66.14
-148.48%
-26.62
-2351.78%
1.18
+102.99%
-39.58
Normalized EBITDA
-66.14
-148.48%
-26.62
-1138.07%
2.56
+106.48%
-39.58
Reconciled Depreciation
0.55
-23.68%
0.72
-46.62%
1.34
-43.65%
2.39
EBIT
-66.68
-143.96%
-27.33
-16669.33%
-0.16
+99.61%
-41.97
Total Unusual Items
—
0.00
+100.00%
-1.38
0.00
Total Unusual Items Excluding Goodwill
—
0.00
+100.00%
-1.38
0.00
Special Income Charges
—
0.00
+100.00%
-1.38
0.00
Other Special Charges
—
—
1.38
—
Net Income
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Pretax Income
-83.78
-89.77%
-44.15
-479.03%
-7.62
+85.99%
-54.41
Net Non Operating Interest Income Expense
-12.73
+4.84%
-13.38
-251.03%
8.86
+171.77%
-12.34
Interest Expense Non Operating
17.10
+1.68%
16.82
+125.37%
7.46
-40.03%
12.44
Net Interest Income
-12.73
+4.84%
-13.38
-251.03%
8.86
+171.77%
-12.34
Interest Expense
17.10
+1.68%
16.82
+125.37%
7.46
-40.03%
12.44
Interest Income Non Operating
4.37
+27.06%
3.44
-78.94%
16.32
+16385.86%
0.10
Interest Income
4.37
+27.06%
3.44
-78.94%
16.32
+16385.86%
0.10
Other Income Expense
—
—
-1.38
—
Tax Provision
0.00
+100.00%
-0.01
-105.71%
0.24
0.00
Tax Rate For Calcs
0.00
-100.00%
0.00
-99.85%
0.00
+104900.00%
0.00
Tax Effect Of Unusual Items
0.00
0.00
+100.00%
-0.29
0.00
Net Income Including Noncontrolling Interests
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Net Income From Continuing Operation Net Minority Interest
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Net Income From Continuing And Discontinued Operation
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Net Income Continuous Operations
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Normalized Income
-83.78
-89.83%
-44.14
-551.16%
-6.78
+87.54%
-54.41
Net Income Common Stockholders
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Diluted EPS
—
-0.51
-292.31%
-0.13
+88.39%
-1.12
Basic EPS
—
-0.51
-292.31%
-0.13
+88.39%
-1.12
Basic Average Shares
—
86.73
+41.58%
61.26
+25.69%
48.73
Diluted Average Shares
—
86.73
+41.58%
61.26
+25.69%
48.73
Diluted NI Availto Com Stockholders
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Line Item Trend 2023-12-31
Total Assets
57.42
Current Assets
40.97
Cash Cash Equivalents And Short Term Investments
23.87
Cash And Cash Equivalents
23.87
Receivables
8.47
Accounts Receivable
5.57
Receivables Adjustments Allowances
-0.01
Other Receivables
2.92
Inventory
6.77
Raw Materials
2.12
Finished Goods
1.62
Prepaid Assets
—
Other Current Assets
1.85
Total Non Current Assets
16.45
Net PPE
9.74
Gross PPE
52.62
Accumulated Depreciation
-42.88
Properties
0.00
Machinery Furniture Equipment
23.64
Construction In Progress
2.03
Other Properties
5.56
Leases
21.39
Goodwill And Other Intangible Assets
1.28
Other Intangible Assets
1.28
Non Current Accounts Receivable
4.00
Other Non Current Assets
1.44
Total Liabilities Net Minority Interest
163.91
Current Liabilities
18.31
Payables And Accrued Expenses
11.22
Payables
9.26
Accounts Payable
8.93
Current Accrued Expenses
1.96
Pensionand Other Post Retirement Benefit Plans Current
4.20
Total Tax Payable
0.34
Current Debt And Capital Lease Obligation
0.41
Current Debt
0.02
Other Current Borrowings
0.02
Current Capital Lease Obligation
0.39
Current Deferred Liabilities
1.55
Current Deferred Revenue
1.55
Other Current Liabilities
0.92
Total Non Current Liabilities Net Minority Interest
145.60
Liabilities Heldfor Sale Non Current
63.57
Long Term Debt And Capital Lease Obligation
32.91
Long Term Debt
27.51
Long Term Capital Lease Obligation
5.40
Non Current Deferred Liabilities
32.34
Non Current Deferred Revenue
32.34
Other Non Current Liabilities
16.78
Stockholders Equity
-106.49
Common Stock Equity
-106.49
Capital Stock
0.07
Common Stock
0.07
Share Issued
68.53
Ordinary Shares Number
68.53
Treasury Shares Number
0.00
Additional Paid In Capital
212.52
Retained Earnings
-319.08
Total Equity Gross Minority Interest
-106.49
Total Capitalization
-78.98
Working Capital
22.66
Invested Capital
-78.96
Total Debt
33.32
Net Debt
3.66
Capital Lease Obligations
5.79
Net Tangible Assets
-107.77
Tangible Book Value
-107.77
Interest Payable
1.01
Other Inventories
3.03
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-52.43
-46.63%
-35.76
-460.49%
-6.38
+35.02%
-9.82
Cash Flow From Continuing Operating Activities
-52.43
-46.63%
-35.76
-460.49%
-6.38
+35.02%
-9.82
Net Income From Continuing Operations
-83.78
-89.83%
-44.14
-460.83%
-7.87
+85.54%
-54.41
Depreciation Amortization Depletion
0.55
-23.68%
0.72
-46.62%
1.34
-43.65%
2.39
Depreciation
0.55
-14.37%
0.64
-52.42%
1.34
-43.65%
2.39
Amortization Cash Flow
—
0.08
—
—
Depreciation And Amortization
0.55
-23.68%
0.72
-46.62%
1.34
-43.65%
2.39
Amortization Of Intangibles
—
0.08
—
—
Other Non Cash Items
11.00
+4.54%
10.52
+494.91%
1.77
-69.76%
5.85
Stock Based Compensation
7.62
+7.40%
7.10
+164.00%
2.69
-38.62%
4.38
Operating Gains Losses
—
—
1.03
—
Change In Working Capital
12.18
+222.37%
-9.96
-86.43%
-5.34
-116.70%
31.98
Change In Receivables
-10.37
-1048.08%
1.09
+135.60%
-3.07
-141.80%
7.35
Change In Inventory
-0.13
-117.38%
0.72
+173.31%
-0.99
+43.26%
-1.74
Change In Prepaid Assets
0.70
+413.00%
-0.22
-117.29%
1.29
-7.79%
1.40
Change In Payables And Accrued Expense
22.55
+1648.45%
1.29
+136.49%
-3.54
-4677.03%
-0.07
Change In Accrued Expense
3.03
+303.22%
-1.49
+40.68%
-2.52
-5.58%
-2.38
Change In Payable
19.52
+601.76%
2.78
+372.75%
-1.02
-144.19%
2.31
Change In Account Payable
19.52
+601.76%
2.78
+372.75%
-1.02
-162.46%
1.63
Change In Other Working Capital
-0.57
+95.55%
-12.84
-1429.50%
0.97
-96.14%
25.04
Change In Other Current Liabilities
—
—
—
0.68
Investing Cash Flow
-0.56
-253.46%
-0.16
+84.02%
-0.99
+60.58%
-2.52
Cash Flow From Continuing Investing Activities
-0.56
-253.46%
-0.16
+84.02%
-0.99
+60.58%
-2.52
Capital Expenditure
-0.56
-253.46%
-0.16
+84.02%
-0.99
+60.58%
-2.52
Capital Expenditure Reported
-0.56
-253.46%
-0.16
+84.02%
-0.99
+2.83%
-1.02
Net Intangibles Purchase And Sale
—
—
0.00
+100.00%
-1.50
Purchase Of Intangibles
—
—
0.00
+100.00%
-1.50
Financing Cash Flow
102.62
+22.76%
83.59
+2003.47%
3.97
-65.72%
11.59
Cash Flow From Continuing Financing Activities
102.62
+22.76%
83.59
+2003.47%
3.97
-65.72%
11.59
Net Issuance Payments Of Debt
-0.03
-13.04%
-0.02
+99.90%
-22.49
-1010.47%
-2.02
Issuance Of Debt
—
0.00
-100.00%
31.14
0.00
Repayment Of Debt
-0.03
-13.04%
-0.02
+99.96%
-53.63
-2548.44%
-2.02
Long Term Debt Issuance
—
0.00
-100.00%
31.14
0.00
Long Term Debt Payments
-0.03
-13.04%
-0.02
+99.96%
-53.63
-2548.44%
-2.02
Net Long Term Debt Issuance
-0.03
-13.04%
-0.02
+99.90%
-22.49
-1010.47%
-2.02
Net Common Stock Issuance
100.65
+20.17%
83.76
+839.82%
8.91
-34.40%
13.59
Proceeds From Stock Option Exercised
2.81
+191.49%
0.96
-88.45%
8.35
+24450.00%
0.03
Net Other Financing Charges
-0.82
+25.77%
-1.11
-112.02%
9.20
+306833.33%
-0.00
Changes In Cash
49.62
+4.09%
47.67
+1501.76%
-3.40
-352.86%
-0.75
Beginning Cash Position
71.55
+199.71%
23.87
-12.47%
27.27
-2.68%
28.02
End Cash Position
121.17
+69.36%
71.55
+199.71%
23.87
-12.47%
27.27
Free Cash Flow
-52.99
-47.54%
-35.92
-387.02%
-7.38
+40.25%
-12.34
Interest Paid Supplemental Data
6.10
-14.08%
7.10
+54.22%
4.60
-28.50%
6.44
Income Tax Paid Supplemental Data
0.00
-100.00%
0.30
0.00
—
Common Stock Issuance
100.65
+20.17%
83.76
+839.82%
8.91
-34.40%
13.59
Issuance Of Capital Stock
100.65
+20.17%
83.76
+839.82%
8.91
-34.40%
13.59
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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