Positive Outlook for Aquestive Therapeutics: Buy Rating Driven by Strong Pipeline, Financial Position, and Upcoming PDUFA DateAQST reported its 3Q25 with EPS of ($0.14) mostly in line with our esmated ($0.15) and the Street's ($0.13). As we look forward to Anaphylm's 1/31/26 PDUFA, we remain encouraged by the company's acve FDA engagement, and sll believe the path to Anaphylm's potenal approval appears clearer, especially without an AdCom. With a robust data package demonstrang rapid absorpon (T max 12 mins), injectable-comparable PK, and a highly convenient sublingual film (vs currently available medical devices), we believe Anaphylm is well- posioned for approval and commercial success (affirmed by our KOL checks). The company connues to make strides in its US commercial readiness efforts including commercial hires, and leadership transions. In AQST's pipeline, AQST-108 alopecia areata program remains on track, with the recently joined Davis leading development efforts.