Aquestive Therapeutics (AQST) AI Stock Analysis

• Market Cap: $473.01M
• Dividend Yield: N/A
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• Revenue Growth: -24.38%
• EPS Growth: -94.72%
• Country: US
• Employees: 142
• Sector: Healthcare
• Sector Strength: 48
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.14
• Shares Outstanding: 120,973,630
• 10 Day Avg. Volume: 1,874,259
• 30 Day Avg. Volume: 1,290,666
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 8.94
• Enterprise Value/Gross Profit: 14.63
• Enterprise Value/Ebitda: -8.82
• 1Y Price Target: $8.79
• Price Target Upside: 120.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 54 Neutral
• Price Target: $4.50 ▲(13.07% Upside)

Aquestive Therapeutics' overall stock score is primarily impacted by its challenging financial performance, with declining revenues and high leverage posing significant risks. However, positive technical indicators and recent corporate events provide some optimism. The potential market opportunity for Anaphylm, if approved, could improve future prospects, but current financial instability remains a concern.

Positive Factors

Commercialization Path

These deals provide Aquestive with financial runway extending through 2027 and help establish a clear path to commercialization.

FDA Approval Process

Management indicated that their interactions with the FDA have been smooth, which is a positive sign for the approval process.

Strategic Funding

A $75M strategic funding agreement with RTW Investments has been secured, contingent on FDA approval of Anaphylm.

Negative Factors

Financial Overhang

An $85M underwritten equity offering of 21.25M shares has been priced at $4.00 per share, which removes a financial overhang that has weighed on the stock.

Stock Volatility

Potential volatility in the stock could arise depending on whether the FDA decides to hold an advisory committee meeting for Anaphylm.

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 Therapeutics generates revenue through various streams including product sales, licensing agreements, and collaborations. The company earns money primarily from the sale of its approved products, with Suboxone Film being a significant contributor to its revenue. Additionally, AQST engages in strategic partnerships with other pharmaceutical companies to co-develop products or to license its proprietary drug delivery technologies, which provide upfront payments and royalties on future sales. The company also may receive milestone payments related to the progress of its product candidates in clinical development, further diversifying its revenue sources.

Aquestive Therapeutics Financial Statement Overview

Summary

Aquestive Therapeutics is experiencing significant financial difficulties, with declining revenues, negative profit margins, and high leverage. The company's inability to generate positive cash flow from operations, coupled with its reliance on debt financing, poses substantial risks to its financial health.

Income Statement

Aquestive Therapeutics shows a declining revenue trend with a negative revenue growth rate in the TTM period compared to the previous year. The company has consistently reported negative net and gross profit margins, indicating ongoing profitability challenges. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies. This performance points to significant struggles in achieving profitability and managing costs effectively.

Balance Sheet

The balance sheet indicates a high level of debt relative to the company's negative equity, resulting in a concerning debt-to-equity ratio. The negative stockholders' equity suggests financial instability, with liabilities far exceeding assets. The equity ratio is negative, highlighting the company's reliance on debt financing. These factors collectively underline the financial risks and potential solvency issues facing the company.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, with a deteriorating free cash flow growth rate. The operating cash flow to net income ratio is unfavorable, suggesting cash flow management challenges. Despite significant financing inflows, the company struggles to generate positive cash flow from its core operations, which raises concerns about liquidity and sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.13M	57.56M	50.58M	47.68M	50.83M	45.85M
Gross Profit	26.96M	39.69M	29.75M	28.29M	35.84M	32.88M
EBITDA	-44.74M	-26.62M	1.18M	-39.58M	-45.11M	-39.15M
Net Income	-65.04M	-44.14M	-7.87M	-54.41M	-70.54M	-55.78M
Balance Sheet
Total Assets	93.70M	101.42M	57.42M	55.67M	61.99M	62.88M
Cash, Cash Equivalents and Short-Term Investments	60.54M	71.55M	23.87M	27.27M	28.02M	31.81M
Total Debt	126.26M	38.00M	33.32M	57.49M	56.42M	40.48M
Total Liabilities	166.29M	161.58M	163.91M	174.23M	144.13M	111.38M
Stockholders Equity	-72.59M	-60.16M	-106.49M	-118.55M	-82.13M	-48.50M
Cash Flow
Free Cash Flow	-50.02M	-35.92M	-7.38M	-12.31M	-33.89M	-45.98M
Operating Cash Flow	-49.68M	-35.76M	-6.38M	-9.79M	-32.98M	-45.46M
Investing Cash Flow	-337.00K	-159.00K	-995.00K	-2.52M	-913.00K	-517.00K
Financing Cash Flow	20.69M	83.59M	3.97M	11.56M	30.11M	28.46M

Aquestive Therapeutics Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AQST, the sentiment is Positive. The current price of 3.98 is above the 20-day moving average (MA) of 3.95, above the 50-day MA of 3.81, and above the 200-day MA of 3.42, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 52.27 is Neutral, neither overbought nor oversold. The STOCH value of 40.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AQST.

Aquestive Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EBS	67 Neutral	$490.30M	3.77	30.24%	―	-22.74%	―
ESPR	60 Neutral	$429.46M	―	23.44%	―	-3.48%	36.57%
DERM	55 Neutral	$172.60M	―	-57.22%	―	-27.40%	-475.41%
AQST	54 Neutral	$473.01M	―	77.48%	―	-24.38%	-94.72%
RMTI	54 Neutral	$36.15M	―	-8.65%	―	-6.79%	61.56%
Sector *	51 Neutral	$7.82B	-0.16	-39.78%	2.19%	21.38%	-1.56%
LFCR	49 Neutral	$271.21M	―	-76.41%	―	0.47%	-430.88%

Aquestive Therapeutics Corporate Events

Aquestive Therapeutics Announces $85M Stock Offering

On August 14, 2025, Aquestive Therapeutics announced an underwriting agreement for an offering of 21,250,000 shares of common stock at $4.00 per share, expected to raise $85 million. The proceeds will primarily fund the launch and commercialization of Anaphylm™, a sublingual film for severe allergic reactions, pending FDA approval, and support the company’s operations into 2027.

Aquestive Therapeutics Secures $75M Funding for Anaphylm

On August 13, 2025, Aquestive Therapeutics announced a $75 million strategic funding agreement with RTW Investments, contingent upon FDA approval of Anaphylm, a sublingual film for treating severe allergic reactions. This financing aims to support the potential commercialization of Anaphylm, strengthening the company’s financial position and offering a novel treatment option for patients. The agreement includes tiered revenue share payments to RTW based on Anaphylm’s net sales in the U.S., with payments ceasing upon reaching specified financial thresholds.

Aquestive Therapeutics Reports Q2 2025 Financial Results

Aquestive Therapeutics announced its second quarter 2025 financial results and business updates, highlighting the FDA’s acceptance of their New Drug Application for Anaphylm, a sublingual film epinephrine product. The company is preparing for a potential U.S. launch in 2026 and is also pursuing regulatory engagements in Canada and the EU. Aquestive aims to address unmet needs in emergency allergy treatment with Anaphylm, which offers advantages over existing epinephrine therapies. Financially, the company reported a net loss of $13.5 million for the second quarter of 2025, attributed to decreased revenues and increased expenses.

FDA Accepts Aquestive’s New Drug Application for Anaphylm

On June 16, 2025, Aquestive Therapeutics announced that the FDA accepted its New Drug Application for Anaphylm™, an orally delivered epinephrine for treating severe allergic reactions, with a PDUFA target action date set for January 31, 2026. If approved, Anaphylm would be the first oral epinephrine option in the U.S., potentially transforming anaphylaxis care by addressing barriers such as fear of administration and the inconvenience of carrying bulky devices.

Aquestive Therapeutics Holds Annual Stockholders Meeting

On June 11, 2025, Aquestive Therapeutics, Inc. held its Annual Meeting of Stockholders, where key decisions were made. Daniel Barber and Timothy E. Morris were elected as Class I members of the Board of Directors for a three-year term. Additionally, the stockholders approved executive compensation on a non-binding advisory basis and ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

Aquestive Therapeutics Prepares for FDA Approvals and Launches

Aquestive Therapeutics has announced plans regarding the advancement of its product candidates, including Anaphylm, a sublingual film for epinephrine, and AQST-108, a topical gel for alopecia areata. The company is preparing for potential FDA approvals and market launches, which could significantly impact its market positioning and offer new alternatives in the treatment of these conditions.