Aquestive Therapeutics, Inc. (AQST)
NASDAQ:AQST
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Aquestive Therapeutics
(NASDAQ:AQST)
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Rating:47Neutral
Price Target:
$4.50
▲(4.17% Upside)
Action:Reiterated
Date:06/11/26
The score is held down primarily by weak financial performance (heavy losses, negative equity, and persistent cash burn). Earnings-call updates provide an offset with clearer regulatory path and improved liquidity, but technicals remain soft and valuation is constrained by ongoing losses.
Positive Factors
Strengthened Liquidity
A secured $150M facility plus ~$110M cash materially extends runway through regulatory resubmission and launch preparations. Lower near-term principal payments and refinancing reduce refinancing risk, enabling sustained commercial buildout and regulatory study execution over the next 2–6 months.
Negative Factors
Persistent Cash Burn
Sustained negative operating and free cash flows necessitate continued external financing or milestone-dependent inflows. This ongoing burn increases dilution risk or forces spending cuts if anticipated approvals or tranche draws are delayed, constraining the firm's ability to invest in commercialization and development.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthened Liquidity
A secured $150M facility plus ~$110M cash materially extends runway through regulatory resubmission and launch preparations. Lower near-term principal payments and refinancing reduce refinancing risk, enabling sustained commercial buildout and regulatory study execution over the next 2–6 months.
Read all positive factors
Aquestive Therapeutics (AQST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$590.87M
Dividend YieldN/A
Average Volume (3M)1.72M
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-7.30%
EPS Growth-3.31%
CountryUS
Employees142
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.61
Shares Outstanding125,450,120
10 Day Avg. Volume1,486,781
30 Day Avg. Volume1,716,082
Financial Highlights & Ratios
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 Cap0.78
Enterprise Value/Revenue9.21
Enterprise Value/Gross Profit14.51
Enterprise Value/Ebitda-8.96
Forecast
1Y Price Target
$8.17Price Target Upside89.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.42
Revenue Forecast (FY)$50.52M
Aquestive Therapeutics Business Overview & Revenue Model
Company Description
Aquestive Therapeutics, Inc. is a pharmaceutical company focused on discovering, developing, and commercializing products to address significant unmet medical needs across both the United States and international markets. The company's commerciali...
How the Company Makes Money
Aquestive Therapeutics makes money primarily through (1) product revenues from sales of its commercialized medicines, where the company (directly or through commercialization partners, depending on the product and territory) earns revenue tied to ...
Aquestive Therapeutics Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call contained multiple strong positives: substantive regulatory progress, a completed Phase I safety study with promising directional biomarkers for AQST-108, materially improved Q1 financials (revenues +66%, sharply reduced net loss and non-GAAP EBITDA loss), a strengthened liquidity position via a $150M Oaktree facility and RTW extension, and active commercial and medical affairs preparations (75-person sales force plan, conference/publication program). The primary negatives are the existing FDA CRL requirements (human factors and PK studies) that make resubmission timing dependent on FDA responses, expected challenges around payer coverage and physician-office friction at launch, the one-time nature of a portion of Q1 royalty revenue, and conditional access to some debt tranches. Overall, the positives (regulatory path clarity in progress, improved financials, strong liquidity, promising pipeline signal, and concrete launch planning) outweigh the risks and remaining obstacles, though execution on studies, FDA timelines, and market access remain critical.Positive Updates
Regulatory Progress Toward Anaphylm Resubmission
Completed a Type A face-to-face meeting with the FDA, completed a teleconference with the U.K. MHRA, submitted a pediatric investigational plan to the EMA, and submitted the human factors protocol to the FDA. Company guides to availability of human factors data and potentially PK data by the August earnings call and currently expects a Q3 2026 NDA resubmission (company expects a Type 2 submission with a 6-month review, while pursuing expedited review).
Negative Updates
Complete Response Letter (CRL) and Remaining FDA Requirements
Company received an FDA Complete Response Letter (Jan 30, 2026) that requires a human factors validation study and a PK study prior to approval. Resubmission timing and review length remain dependent on FDA responses and classification; while the company expects a 6-month Type 2 review, timing cannot be guaranteed and is contingent on FDA feedback and turnaround on human factors protocol review.
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory Progress Toward Anaphylm Resubmission
Completed a Type A face-to-face meeting with the FDA, completed a teleconference with the U.K. MHRA, submitted a pediatric investigational plan to the EMA, and submitted the human factors protocol to the FDA. Company guides to availability of human factors data and potentially PK data by the August earnings call and currently expects a Q3 2026 NDA resubmission (company expects a Type 2 submission with a 6-month review, while pursuing expedited review).
Read all positive updates
Company Guidance
Aquestive guided that, assuming timely FDA feedback on its human factors protocol (response expected in the next few weeks), it expects human factors data — and potentially pharmacokinetic (PK) data — to be available by the August earnings call and is targeting a third‑quarter 2026 resubmission of the Anaphylm NDA (anticipated to be classified as a Type 2, six‑month review, with a request for expedited review); financially, the company ended Q1 with approximately $110M cash, closed a $150M Oaktree debt facility (Tranche A $55M to refinance existing debt; Tranche B $20M available on FDA approval; Tranche C $25M on sales milestones; Tranche D $50M by mutual consent), which together with RTW funding positions the company to project >$150M in cash at launch (before ex‑U.S. or licensing deals) and to provide runway through launch, while 2026 guidance ranges remain total revenue $46–50M and non‑GAAP adjusted EBITDA loss ~$30–35M.Aquestive Therapeutics Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.27M | 44.55M | 57.56M | 50.58M | 47.68M | 50.83M |
| Gross Profit | 31.90M | 27.39M | 39.69M | 29.75M | 28.29M | 35.84M |
| EBITDA | -51.63M | -66.13M | -26.62M | 1.18M | -39.58M | -45.11M |
| Net Income | -68.91M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M |
Balance Sheet | ||||||
| Total Assets | 141.13M | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M |
| Cash, Cash Equivalents and Short-Term Investments | 110.73M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M |
| Total Debt | 133.58M | 131.44M | 38.00M | 33.32M | 57.49M | 56.42M |
| Total Liabilities | 175.18M | 194.09M | 161.58M | 163.91M | 175.62M | 144.13M |
| Stockholders Equity | -34.05M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M |
Cash Flow | ||||||
| Free Cash Flow | -44.32M | -52.99M | -35.92M | -7.38M | -12.31M | -33.89M |
| Operating Cash Flow | -43.84M | -52.43M | -35.76M | -6.38M | -9.79M | -32.98M |
| Investing Cash Flow | -479.00K | -562.00K | -159.00K | -995.00K | -2.52M | -913.00K |
| Financing Cash Flow | 86.39M | 102.62M | 83.59M | 3.97M | 11.56M | 30.11M |
Aquestive Therapeutics Technical Analysis
Positive
4.32
Price Trends
4.17
Positive
4.08
Positive
4.89
Negative
Market Momentum
0.07
Negative
69.67
Neutral
93.24
Negative
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 4.32 is above the 20-day moving average (MA) of 4.12, above the 50-day MA of 4.17, and below the 200-day MA of 4.89, indicating a neutral trend. The MACD of 0.07 indicates Negative momentum. The RSI at 69.67 is Neutral, neither overbought nor oversold. The STOCH value of 93.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AQST.
Aquestive Therapeutics Risk Analysis
Aquestive Therapeutics disclosed 68 risk factors in its most recent earnings report. Aquestive Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aquestive Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $412.77M | -48.28 | -1.59% | ― | -29.89% | 93.33% | |
57 Neutral | $436.62M | -9.95 | 174.92% | ― | 9.56% | 24.52% | |
56 Neutral | $309.85M | 15.28 | 10.62% | ― | -22.07% | -58.28% | |
54 Neutral | $811.73M | -106.66 | 1.99% | ― | 61.13% | 92.51% | |
52 Neutral | $313.97M | -1,097.97 | -0.07% | ― | 12.19% | 1.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $590.87M | -8.38 | 190.87% | ― | -7.30% | -3.31% |
* Healthcare Sector Average
AQST
Aquestive Therapeutics
4.71
1.46
44.92%
EBS
Emergent Biosolutions
8.00
1.78
28.62%
SIGA
SIGA Technologies
4.32
-1.09
-20.19%
ESPR
Esperion
3.15
2.08
194.39%
ORGO
Organogenesis Holdings
2.44
-0.79
-24.46%
EOLS
Evolus
6.63
-2.65
-28.56%
Aquestive Therapeutics Corporate Events
Executive/Board ChangesShareholder Meetings
Aquestive Shareholders Back Directors, Pay Plan, Auditor
Positive
Jun 10, 2026
Aquestive Therapeutics, Inc. held its 2026 Annual Meeting of Stockholders on June 10, 2026, at which shareholders elected Gregory B. Brown, M.D., John S. Cochran, and Abigail L. Jenkins as Class II directors to serve three-year terms ending at the...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Aquestive Secures New Oaktree Term Loan to Fund Anaphylm
Positive
May 13, 2026
On May 12, 2026, Aquestive Therapeutics entered into a new five‑year term loan facility of up to $150 million with funds managed by Oaktree, including a $55 million tranche funded at closing to refinance $45 million of existing debt without ...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Aquestive Advances Anaphylm NDA Resubmission After FDA Meeting
Positive
Mar 30, 2026
On March 30, 2026, Aquestive Therapeutics reported that it had received preliminary comments and successfully completed an in-person Type A meeting with the U.S. Food and Drug Administration regarding the planned resubmission of its New Drug Appli...
Business Operations and StrategyExecutive/Board Changes
Aquestive Therapeutics Announces Key Legal Leadership Transition
Positive
Mar 20, 2026
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 effectiv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.