Aquestive Therapeutics (AQST) AI Stock Analysis

• Market Cap: $485.74M
• Dividend Yield: N/A
• Average Volume (3M): 2.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: -26.32%
• EPS Growth: -56.54%
• Country: US
• Employees: 142
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.26
• Shares Outstanding: 122,045,050
• 10 Day Avg. Volume: 1,974,284
• 30 Day Avg. Volume: 2,226,197
• PEG Ratio: -0.19
• Price to Book (P/B): -23.41
• Price to Sales (P/S): 17.69
• P/FCF Ratio: -14.87
• Enterprise Value/Market Cap: 0.86
• Enterprise Value/Revenue: 9.33
• Enterprise Value/Gross Profit: 15.98
• Enterprise Value/Ebitda: -6.43
• 1Y Price Target: $8.86
• Price Target Upside: 122.61% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.45
• Revenue Forecast (FY): $49.35M

• Rating: 47 Neutral
• Price Target: $4.00 ▲(0.50% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is primarily held down by weak financial performance—negative gross profit, widening losses, negative equity, and persistent cash burn. Offsetting factors include a more defined regulatory/commercial roadmap and financing support discussed on the earnings call, while technicals and valuation provide only neutral-to-limited support.

Positive Factors

Clear regulatory roadmap for ANNAFILM

A defined resubmission plan with contracted CROs and written protocols materially reduces regulatory execution uncertainty. Over 2-6 months this raises the probability of meeting milestones, concentrates resources on required studies, and makes timing for approval and launch more predictable for strategic planning.

Commercial launch preparedness

Pre-committing to a larger commercial footprint signals preparedness to capture demand upon approval. Durable benefit: greater territory coverage and faster HCP engagement can accelerate adoption, improving odds of sustainable revenue generation post-approval versus a constrained sales rollout.

Strengthened financing and runway support

A solid cash balance, recent equity infusion and an amended revenue‑share facility that offers conditional funding materially extend the company’s runway. Structurally, this reduces immediate refinancing risk and supports completion of FDA-requested studies and prelaunch investments.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow indicate the business is relying on external financing to fund operations. Over the medium term this creates dilution and refinancing risk if commercial launches or milestone payments are delayed, pressuring strategic flexibility and investment capacity.

Weakened balance sheet (negative equity)

An equity deficit constrains capital structure options and can complicate borrowing or partnership terms. Structurally, negative equity heightens vulnerability to adverse events and limits the company’s ability to absorb setbacks without additional dilutive financing or onerous funding arrangements.

Profitability deterioration and margin volatility

A swing to negative gross profit and substantially wider losses signals margin instability and that revenue growth is not yet translating to scalable profitability. Over months this raises the bar for future launches to deliver strong unit economics and increases dependence on cost control and higher sales volumes.

Aquestive Therapeutics Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Aquestive makes money primarily through (1) net product sales of its commercial medicines and (2) revenue from licensing/partnership and drug-delivery technology activities. Product revenue is generated by selling its branded therapies to the pharmaceutical distribution channel (e.g., wholesalers/specialty pharmacies) and ultimately to patients, with revenue influenced by demand, pricing, payer coverage/rebates, and commercialization spend. In addition, the company generates revenue by leveraging its oral film technologies via collaborations with other pharmaceutical companies, which can include upfront payments, development funding, regulatory/commercial milestone payments, and ongoing royalties on partners’ sales when applicable. If the company performs development or manufacturing-related work for partners (e.g., formulation or supply associated with its film technology), it may also recognize service or supply revenue under those agreements. Specific partner names, product-level revenue mix, and exact terms/percentages are null.

Aquestive Therapeutics Financial Statement Overview

Summary

Financials remain high-risk: despite strong reported 2025 revenue growth off a depressed base, gross profit turned negative and net losses widened (~-$83.8M). The balance sheet shows persistent negative equity, and cash flow is consistently negative with worsening free cash flow in 2025 (about -$53M), indicating ongoing funding needs.

Income Statement

Revenue growth is strong on paper in 2025 (up ~265% YoY) but comes off a depressed 2024 level, and profitability deteriorated sharply: gross profit turned negative in 2025 (vs. ~69% gross margin in 2024) and net losses widened to about -$83.8M (net margin ~-188%). While 2023 showed a much smaller loss and briefly positive EBITDA, the broader multi-year picture is persistent operating losses and highly volatile margins, indicating an uneven path to sustainable profitability.

Balance Sheet

The balance sheet remains stressed by consistently negative stockholders’ equity across all periods, which limits financial flexibility and makes leverage harder to evaluate cleanly (debt-to-equity is negative due to negative equity). Total debt is moderate in absolute dollars (~$42.5M in 2025), but the capital structure is weakened by accumulated losses. A positive is asset growth in 2025 (total assets up materially vs. 2024), though the company still carries elevated balance-sheet risk given the equity deficit.

Cash Flow

Cash generation remains a key weakness: operating cash flow and free cash flow are negative every year shown, including 2025 (operating cash flow about -$52.4M; free cash flow about -$53.0M), implying ongoing cash burn. Cash burn worsened versus 2024 (when free cash flow was about -$35.9M). Free cash flow tracks net losses (free cash flow to net income ~1x), suggesting losses are broadly cash-backed rather than purely non-cash—reinforcing funding needs if profitability doesn’t improve.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	44.55M	57.56M	50.58M	47.68M	50.83M
Gross Profit	25.99M	39.69M	29.75M	28.29M	35.84M
EBITDA	-70.49M	-26.62M	1.18M	-39.58M	-45.11M
Net Income	-83.78M	-44.14M	-7.87M	-54.41M	-70.54M
Balance Sheet
Total Assets	160.43M	101.42M	57.42M	57.07M	61.99M
Cash, Cash Equivalents and Short-Term Investments	121.17M	71.55M	23.87M	27.27M	28.02M
Total Debt	131.44M	38.00M	33.32M	57.49M	56.42M
Total Liabilities	194.09M	161.58M	163.91M	175.62M	144.13M
Stockholders Equity	-33.66M	-60.16M	-106.49M	-118.55M	-82.13M
Cash Flow
Free Cash Flow	-52.99M	-35.92M	-7.38M	-12.31M	-33.89M
Operating Cash Flow	-52.43M	-35.76M	-6.38M	-9.79M	-32.98M
Investing Cash Flow	-562.00K	-159.00K	-995.00K	-2.52M	-913.00K
Financing Cash Flow	102.62M	83.59M	3.97M	11.56M	30.11M

Aquestive Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.98
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AQST, the sentiment is Negative. The current price of 3.98 is below the 20-day moving average (MA) of 4.13, above the 50-day MA of 3.88, and below the 200-day MA of 4.78, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.91 is Neutral, neither overbought nor oversold. The STOCH value of 13.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AQST.

Aquestive Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIGA	62 Neutral	$353.92M	-20.25	―	―	-0.85%	-13.50%
EBS	53 Neutral	$418.31M	12.57	9.59%	―	-29.91%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
EOLS	49 Neutral	$301.88M	-8.30	267.84%	―	15.10%	0.18%
AQST	47 Neutral	$485.74M	-9.40	195.65%	―	-26.32%	-56.54%
ESPR	47 Neutral	$654.87M	-33.91	5.62%	―	2.83%	13.61%
ORGO	47 Neutral	$307.45M	17.73	9.56%	―	2.24%	-67.56%

Aquestive Therapeutics Corporate Events

Aquestive Therapeutics Announces Key Legal Leadership Transition

On March 16, 2026, Aquestive Therapeutics agreed that longtime Chief Legal Officer, Chief Compliance Officer and Corporate Secretary Lori J. Braender would step down from her legal and compliance posts and cease being an executive officer effective April 2, 2026, while remaining Corporate Secretary. Under a separation agreement, she will receive salary continuation through May 7, 2026, bonus-based cash severance, extended health and life benefits, and accelerated vesting of equity awards, and she will keep change-in-control severance protections tied to her pre-May 2026 compensation.

In a parallel move, Aquestive set Braender’s new compensation at $15,000 per month for her continuing Corporate Secretary role and confirmed the appointment of Day Pitney partner Thomas A. Zalewski as Chief Legal Officer and Chief Compliance Officer, effective April 2, 2026. Zalewski, a seasoned life sciences lawyer who has advised the company externally, will receive a significant inducement package of restricted stock units and stock options, signaling Aquestive’s effort to bolster its legal and compliance leadership as it advances its Anaphylm oral epinephrine program and broader pipeline.

Aquestive announced these leadership changes in a press release dated March 20, 2026, underscoring continuity in corporate governance while transitioning its top legal role. The structured handover, retention of Braender as Corporate Secretary, and equity-based incentives for Zalewski suggest a focus on regulatory readiness and strategic support during a critical growth phase for the company’s allergy and dermatology portfolio.

The most recent analyst rating on (AQST) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Aquestive Therapeutics stock, see the AQST Stock Forecast page.

Aquestive Therapeutics Amends RTW Deal, Strengthens Financing Outlook

On March 3, 2026, Aquestive Therapeutics amended its existing revenue-sharing Purchase and Sale Agreement with RTW Investments to extend the marketing approval deadline for its lead product candidate Anaphylm to June 30, 2027, easing timing pressure around regulatory milestones. In connection with the amendment, RTW funds received a warrant to buy up to 375,000 Aquestive common shares at $4.00 per share through March 3, 2029, and affiliated RTW funds committed to purchase at least $5 million of common stock within 90 days, bolstering the company’s balance sheet as it works toward resubmitting Anaphylm’s NDA and preparing for a potential launch.

The company also reported fourth-quarter and full-year 2025 results on March 4, 2026, noting that it met 2025 guidance for revenue and non-GAAP adjusted EBITDA loss excluding one-time items and expects to end 2026 with $70 million in cash and equivalents. Operationally, Aquestive is addressing a January 30, 2026 Complete Response Letter from the FDA for Anaphylm with new human factors and PK studies ahead of a planned NDA resubmission in the third quarter of 2026, continued regulatory work in Canada and the EU, ongoing development of AQST-108 following completion of Phase 1 dosing, and stable manufacturing and royalty revenue streams that help support its allergy and neurology-focused growth strategy.

The most recent analyst rating on (AQST) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Aquestive Therapeutics stock, see the AQST Stock Forecast page.

Aquestive Highlights Strategy, Pipeline and Risk Disclosures

On February 2026, Aquestive Therapeutics furnished an investor presentation for institutional investors, analysts and other stakeholders, outlining its corporate strategy and clinical pipeline. The materials, made available via the company’s website and an accompanying SEC filing, detail the advancement plans and regulatory timelines for Anaphylm, Libervant and AQST-108, as well as the company’s capital position, debt obligations and reliance on sunsetting revenue from Suboxone.

The presentation also highlights significant regulatory and commercial risks, including FDA review uncertainties, potential delays, manufacturing and market-acceptance challenges and the impact of royalty and debt agreements on liquidity. Together, these disclosures underscore both the growth opportunity tied to prospective product launches and the substantial execution, financing and competitive hurdles that could affect Aquestive’s future performance and stakeholder outcomes.

The most recent analyst rating on (AQST) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Aquestive Therapeutics stock, see the AQST Stock Forecast page.

FDA Issues Complete Response Letter on Anaphylm Application

On February 2, 2026, Aquestive Therapeutics reported that the U.S. Food and Drug Administration issued a Complete Response Letter on January 30, 2026, for its New Drug Application for Anaphylm, a sublingual epinephrine prodrug film intended to treat Type I allergic reactions, including anaphylaxis, in patients weighing 30 kg or more. The FDA’s concerns were limited to human factors and administration issues—such as difficulty opening the pouch and incorrect film placement—as well as the need for a single pharmacokinetics study related to packaging and labeling modifications, with no additional clinical trials, chemistry, manufacturing and controls, or core comparability data questioned. Aquestive has already modified Anaphylm’s packaging, instructions for use, and labeling, plans to conduct a new human factors validation study and the requested pharmacokinetics study in parallel, and targets a resubmission of the application as early as the third quarter of 2026, while emphasizing its strong cash position to fund U.S. approval and pre-launch activities. In parallel, the company is pushing ahead with its global strategy for Anaphylm, having begun regulatory engagement in Canada, Europe, and the U.K. in 2025; it expects to file for marketing authorization in Europe and submit a New Drug Submission in Canada in the second half of 2026, building on European Medicines Agency feedback that no further clinical trials are needed, a move that could strengthen its competitive position in non-invasive epinephrine treatments and broaden access to its allergy therapy in key international markets.

The most recent analyst rating on (AQST) stock is a Sell with a $3.00 price target. To see the full list of analyst forecasts on Aquestive Therapeutics stock, see the AQST Stock Forecast page.

Aquestive Faces FDA Deficiencies on Anaphylm NDA Review

On January 9, 2026, Aquestive Therapeutics announced that the U.S. Food and Drug Administration has identified unspecified deficiencies in its New Drug Application for Anaphylm, a sublingual epinephrine film for severe allergic reactions, which currently prevents the agency from discussing labeling and post-marketing commitments and could delay a potential approval beyond the January 31, 2026 PDUFA date, although the FDA’s review remains ongoing and no final decision has been made. The company is engaging with the FDA to clarify and resolve the issues while pushing ahead with a global regulatory strategy for Anaphylm, including regulatory interactions in Canada, Europe and the U.K. in 2025 and planned approval submissions in 2026, and reported unaudited cash and cash equivalents of about $120 million as of December 31, 2025, which it believes is sufficient to fund U.S. approval and launch efforts and support its international expansion plans.

The most recent analyst rating on (AQST) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Aquestive Therapeutics stock, see the AQST Stock Forecast page.