Aquestive Therapeutics (AQST) AI Stock Analysis

• Market Cap: $771.06M
• Dividend Yield: N/A
• Average Volume (3M): 2.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• Revenue Growth: -26.32%
• EPS Growth: -56.54%
• Country: US
• Employees: 142
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.14
• Shares Outstanding: 122,003,110
• 10 Day Avg. Volume: 2,184,300
• 30 Day Avg. Volume: 2,665,222
• PEG Ratio: -0.02
• Price to Book (P/B): -5.13
• Price to Sales (P/S): 5.36
• P/FCF Ratio: -8.60
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: 14.24
• Enterprise Value/Gross Profit: 23.62
• Enterprise Value/Ebitda: -12.71
• 1Y Price Target: $9.80
• Price Target Upside: 57.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.62
• Revenue Forecast (FY): $44.88M

• Rating: 56 Neutral
• Price Target: $7.00 ▲(12.72% Upside)

Aquestive Therapeutics' overall stock score is primarily impacted by its weak financial performance, which poses significant risks. Positive technical indicators and recent corporate events provide some optimism, but ongoing financial challenges and valuation concerns limit the overall attractiveness.

Positive Factors

Product Pipeline Expansion

The advancement of Anaphylm and other candidates like AQST-108 indicates a robust product pipeline, enhancing long-term growth potential and market positioning.

Successful Financing

The successful financing rounds provide capital support through 2027, ensuring financial stability and enabling strategic initiatives.

Patent Protection

New patents for Anaphylm ensure long-term competitive advantage, potentially enhancing market share and revenue streams.

Negative Factors

Declining Revenue

The decline in revenue reflects ongoing challenges in maintaining sales growth, which could impact long-term financial health and operational viability.

High Leverage

High leverage and negative equity indicate financial instability, potentially limiting strategic flexibility and increasing risk.

Increased Operating Expenses

Rising operating expenses may strain profitability and cash flow, challenging the company's ability to sustain long-term growth.

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 primarily through the commercialization of its products, including prescription sales of Suboxone film. The company also engages in partnerships and collaborations with other pharmaceutical entities to develop and market new therapies, which can include milestone payments and royalties on product sales. Additionally, AQST may receive funding from government grants or private investments aimed at supporting its research and development efforts. By leveraging its expertise in drug delivery technologies, the company aims to expand its portfolio of products and increase its market reach, contributing to its overall revenue growth.

Aquestive Therapeutics Financial Statement Overview

Summary

Aquestive Therapeutics is facing significant financial challenges, including declining revenues, persistent losses, and high leverage. Despite minor improvements in cash flow metrics, the overall financial health remains concerning, necessitating strategic interventions.

Income Statement

Aquestive Therapeutics has faced significant challenges in its income statement metrics. The company has experienced a declining revenue trend with a negative revenue growth rate of -166.5% in the TTM period. Profitability metrics are concerning, with negative net profit margins and EBIT margins indicating ongoing losses. The gross profit margin remains relatively stable but is overshadowed by the negative net income and EBIT figures.

Balance Sheet

The balance sheet reveals a precarious financial position with negative stockholders' equity, leading to a negative debt-to-equity ratio. This indicates high leverage and potential financial instability. Return on equity is positive but misleading due to negative equity, and the equity ratio is not favorable, suggesting a need for financial restructuring.

Cash Flow

Cash flow analysis shows a slight improvement in free cash flow growth, but operating cash flow remains negative, indicating ongoing cash burn. The operating cash flow to net income ratio is negative, reflecting inefficiencies in converting income to cash. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and accounting profits, but overall cash flow health is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	43.40M	57.56M	50.58M	47.68M	50.83M	45.85M
Gross Profit	26.16M	39.69M	29.75M	28.29M	35.84M	32.88M
EBITDA	-48.63M	-26.62M	1.18M	-39.58M	-45.11M	-39.15M
Net Income	-68.98M	-44.14M	-7.87M	-54.41M	-70.54M	-55.78M
Balance Sheet
Total Assets	163.56M	101.42M	57.42M	57.07M	61.99M	62.88M
Cash, Cash Equivalents and Short-Term Investments	129.06M	71.55M	23.87M	27.27M	28.02M	31.81M
Total Debt	128.86M	38.00M	33.32M	57.49M	56.42M	40.48M
Total Liabilities	167.67M	161.58M	163.91M	175.62M	144.13M	111.38M
Stockholders Equity	-4.11M	-60.16M	-106.49M	-118.55M	-82.13M	-48.50M
Cash Flow
Free Cash Flow	-50.94M	-35.92M	-7.38M	-12.31M	-33.89M	-45.98M
Operating Cash Flow	-50.45M	-35.76M	-6.38M	-9.79M	-32.98M	-45.46M
Investing Cash Flow	-492.00K	-159.00K	-995.00K	-2.52M	-913.00K	-517.00K
Financing Cash Flow	102.11M	83.59M	3.97M	11.56M	30.11M	28.46M

Aquestive Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.21
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 6.21 is above the 20-day moving average (MA) of 6.06, below the 50-day MA of 6.30, and above the 200-day MA of 4.22, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 51.38 is Neutral, neither overbought nor oversold. The STOCH value of 42.32 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
SIGA	73 Outperform	$582.87M	7.09	39.94%	―	-0.85%	-13.50%
EBS	71 Outperform	$607.13M	9.06	13.92%	―	-29.91%	―
AQST	56 Neutral	$771.06M	―	―	―	-26.32%	-56.54%
ESPR	56 Neutral	$975.38M	―	―	―	2.83%	13.61%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ORGO	50 Neutral	$600.29M	―	0.30%	―	2.24%	-67.56%
EOLS	50 Neutral	$458.92M	―	―	―	15.10%	0.18%

Aquestive Therapeutics Corporate Events

Aquestive Therapeutics Advances Anaphylm Towards FDA Approval

Aquestive Therapeutics has announced updates regarding its product pipeline, particularly the advancement of Anaphylm (dibutepinephrine) Sublingual Film and other candidates like AQST-108 and Libervant. The company is working towards FDA approval and international market entry, with potential implications for its market positioning and stakeholder interests, contingent on overcoming regulatory and competitive challenges.

Aquestive Therapeutics Reports Q3 2025 Financial Results

Aquestive Therapeutics reported its third quarter 2025 financial results and provided a business update, highlighting preparations for the potential U.S. launch of Anaphylm, a needle-free oral medication for severe allergic reactions, pending FDA approval in early 2026. The company also advanced its regulatory activities for Anaphylm in Canada and the EU, expanded its patent estate, and continued developing its product pipeline, including a topical gel for alopecia areata. Financially, the company saw a 4% year-over-year revenue increase excluding deferred revenue impacts, despite a net loss of $15.4 million due to higher commercial and regulatory expenses.

Aquestive Therapeutics Secures New Patents for Anaphylm

On October 8, 2025, Aquestive Therapeutics announced the issuance of two new U.S. patents for Anaphylm™, a novel epinephrine prodrug sublingual film, extending its protection until 2037. This development is significant as Anaphylm, if approved by the FDA, will be the first oral medication for severe allergic reactions, providing a needle-free alternative to epinephrine injections, thus potentially impacting the treatment landscape for anaphylaxis.

Aquestive Therapeutics Advances Anaphylm Clinical Development

Aquestive Therapeutics announced plans for the advancement of its product candidate Anaphylm, a sublingual film for epinephrine administration, through clinical development and potential FDA approval. The company is also progressing with its Adrenaverse pipeline, including AQST-108 for alopecia areata, and preparing for the commercial launch of Libervant, highlighting potential market growth and revenue opportunities.