Aquestive Therapeutics (AQST) AI Stock Analysis

• Market Cap: $381.42M
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.96
• Revenue Growth: 5.29%
• EPS Growth: -37.31%
• Country: US
• Employees: 142
• Sector: Healthcare
• Sector Strength: 37
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.24
• Shares Outstanding: 99,327,930
• 10 Day Avg. Volume: 1,143,160
• 30 Day Avg. Volume: 1,169,088
• PEG Ratio: 0.52
• Price to Book (P/B): -6.27
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.10
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 2.82
• Enterprise Value/Gross Profit: 30.02
• Enterprise Value/Ebitda: -9.75
• 1Y Price Target: $6.96
• Price Target Upside: 81.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 48 Neutral
• Price Target: $4.50 ▲(17.19%Upside)

The overall stock score is primarily influenced by the company's challenging financial performance, characterized by declining revenues, negative profit margins, and high leverage. Although the technical analysis suggests positive momentum, the valuation remains unattractive due to ongoing losses. The earnings call provided some optimism with strategic progress for Anaphylm, but significant financial challenges persist.

Positive Factors

International Expansion

Aquestive is making proactive efforts to lay the regulatory groundwork for Anaphylm’s international expansion beyond the US.

Launch Preparations

Aquestive is proactively preparing for Anaphylm’s potential US launch by conducting market research and setting up early commercial infrastructure.

Regulatory Approval Process

The FDA has accepted Anaphylm’s NDA on time with a PDUFA action date, which is seen as a positive step for Aquestive’s Anaphylm.

Negative Factors

Legal Risks

The recent US District Court Ruling for Libervant brings uncertainty to the program's future outlook on the US market.

Regulatory Uncertainty

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

Revenue Guidance

Management lowered full-year revenue guidance due to the FDA's revision of Libervant's regulatory status.

Aquestive Therapeutics Business Overview & Revenue Model

Company Description

Aquestive Therapeutics, Inc. (AQST) is a specialty pharmaceutical company focused on developing and commercializing innovative products to address unmet needs in the treatment of central nervous system (CNS) disorders and other therapeutic areas. The company specializes in the creation of orally administered therapeutics using its proprietary PharmFilm® technology, which delivers medication through thin, dissolvable films. Aquestive's portfolio includes FDA-approved products as well as a robust pipeline of development-stage candidates aimed at enhancing patient care and improving therapeutic outcomes.

How the Company Makes Money

Aquestive Therapeutics generates revenue primarily through the commercialization of its proprietary pharmaceutical products, particularly those leveraging its PharmFilm® technology. Key revenue streams include product sales of its FDA-approved therapies, licensing agreements with other pharmaceutical companies, and royalty income from out-licensed products. The company also enters into collaborative partnerships to co-develop and co-market products, sharing both development costs and profits. These partnerships and licensing deals are significant contributors to Aquestive's earnings, allowing the company to expand its market reach and leverage its technological innovations.

Aquestive Therapeutics Financial Statement Overview

Summary

Aquestive Therapeutics is facing significant financial challenges, including declining revenues and negative profit margins. The balance sheet shows high leverage with negative equity, indicating financial instability and potential solvency issues. Negative operating and free cash flows highlight liquidity problems.

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	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	57.56M	50.58M	47.68M	50.83M	45.85M
Gross Profit	39.69M	29.75M	28.29M	35.84M	32.88M
EBITDA	-26.62M	1.18M	-39.58M	-45.11M	-39.15M
Net Income	-44.14M	-7.87M	-60.20M	-90.04M	-65.36M
Balance Sheet
Total Assets	101.42M	57.42M	55.67M	61.99M	62.88M
Cash, Cash Equivalents and Short-Term Investments	71.55M	23.87M	27.27M	28.02M	31.81M
Total Debt	38.00M	33.32M	56.09M	56.42M	40.48M
Total Liabilities	161.58M	163.91M	174.23M	144.13M	111.38M
Stockholders Equity	-60.16M	-106.49M	-118.55M	-82.13M	-48.50M
Cash Flow
Free Cash Flow	-35.92M	-7.38M	-12.31M	-33.89M	-45.98M
Operating Cash Flow	-35.76M	-6.38M	-9.79M	-32.98M	-45.46M
Investing Cash Flow	-159.00K	-995.00K	-2.52M	-913.00K	-517.00K
Financing Cash Flow	83.59M	3.97M	11.56M	30.11M	28.46M

Aquestive Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 3.84 is below the 20-day moving average (MA) of 4.01, above the 50-day MA of 3.49, and above the 200-day MA of 3.52, indicating a neutral trend. The MACD of 0.14 indicates Positive momentum. The RSI at 49.80 is Neutral, neither overbought nor oversold. The STOCH value of 8.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AQST.

Aquestive Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DERM	64 Neutral	$171.22M	―	-48.14%	―	-29.69%	-105.88%
RMTI	57 Neutral	$31.78M	―	-2.12%	―	12.82%	96.46%
ESPR	55 Neutral	$281.44M	―	23.44%	―	12.99%	17.78%
EBS	54 Neutral	$319.15M	―	-21.63%	―	-18.56%	76.88%
LFCR	51 Neutral	$259.18M	―	-83.58%	―	6.88%	-17.54%
AQST	48 Neutral	$381.42M	―	77.48%	―	5.29%	-37.31%
Sector *	46 Neutral	C$198.38M	-2.33	-23.14%	2.83%	20.73%	-1.08%

Aquestive Therapeutics Corporate Events

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.

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 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.

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 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.

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 Therapeutics Submits NDA for Anaphylm

Aquestive Therapeutics reported its first quarter 2025 financial results and provided a business update, highlighting the submission of a New Drug Application (NDA) for Anaphylm, an oral sublingual film for severe allergic reactions. The company plans a potential U.S. launch in early 2026, subject to FDA approval, and is focusing resources on this launch, pausing other projects. Financially, the company saw a 28% decrease in total revenues compared to the first quarter of 2024, primarily due to a decline in manufacture and supply revenue. The net loss increased to $22.9 million, driven by higher selling, general, and administrative expenses.

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.