Aquestive Therapeutics (AQST)
NASDAQ:AQST
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Aquestive Therapeutics
(NASDAQ:AQST)
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Rating:48Neutral
Price Target:
$4.00
▼(-7.41% Downside)
Action:ReiteratedDate:03/31/26
The score is held down primarily by weak financial performance (widening losses, negative gross profit, ongoing cash burn, and negative equity). Earnings-call updates provide partial support via a clearer regulatory timeline and financing/cash position, while technicals are neutral and valuation remains pressured by unprofitability and no dividend.
Positive Factors
Proprietary oral-film platform & diversified revenue streams
Aquestive's oral-film delivery platform and dual revenue model (product sales plus licensing, milestone and service fees) create multiple durable cash channels. Licensing and royalty potential can provide recurring, low-capital revenue and de-risk commercial concentration while enabling partner-funded development.
Negative Factors
Negative gross profit & widening net losses
A negative gross profit and materially wider net losses indicate the business is not yet generating sustainable product economics. Persistent operating losses erode equity, constrain reinvestment capacity, and increase reliance on external capital, making long-term profitability and balance-sheet recovery uncertain absent structural margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary oral-film platform & diversified revenue streams
Aquestive's oral-film delivery platform and dual revenue model (product sales plus licensing, milestone and service fees) create multiple durable cash channels. Licensing and royalty potential can provide recurring, low-capital revenue and de-risk commercial concentration while enabling partner-funded development.
Read all positive factors
Aquestive Therapeutics (AQST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$497.94M
Dividend YieldN/A
Average Volume (3M)1.43M
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-22.61%
EPS Growth-50.14%
CountryUS
Employees142
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.26
Shares Outstanding122,045,050
10 Day Avg. Volume1,012,653
30 Day Avg. Volume1,431,385
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 Cap0.84
Enterprise Value/Revenue9.40
Enterprise Value/Gross Profit16.12
Enterprise Value/Ebitda-6.48
Forecast
1Y Price Target
$8.86Price Target Upside105.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.45
Revenue Forecast (FY)$49.35M
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...
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 phar...
Aquestive Therapeutics Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Neutral
The call conveys a cautiously optimistic operational and regulatory outlook: management has clarified a concrete plan and timeline to address the FDA's CRL, strengthened the clinical and commercial teams, secured additional investor support and maintains a healthy cash balance entering 2026. However, financial performance shows materially wider losses and negative adjusted EBITDA versus prior year, driven by increased SG&A (notably legal and prelaunch commercial spending), and approval still depends on completing and executing additional studies that create timing and execution risk. Competitive pressures and meaningful near-term cash burn temper the enthusiasm.Positive Updates
Clear regulatory path and timeline for ANNAFILM resubmission
Company submitted a Type A meeting request with the FDA and expects the meeting within ~30 days; plans to resubmit the NDA in Q3 2026 and has selected CROs and written protocols for the required human factors and supportive PK studies.
Negative Updates
Significant increase in SG&A and one-time legal expenses
FY 2025 SG&A including one-time legal expenses rose to $79.8M from $50.2M in FY 2024 (increase of ~$29.6M); legal fees alone were ~ $14.3M FY 2025 and Q4 2025 legal expense was ~ $13.6M, driving a large portion of SG&A growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Clear regulatory path and timeline for ANNAFILM resubmission
Company submitted a Type A meeting request with the FDA and expects the meeting within ~30 days; plans to resubmit the NDA in Q3 2026 and has selected CROs and written protocols for the required human factors and supportive PK studies.
Read all positive updates
Company Guidance
Management reiterated a clear path to resubmission and commercialization: an NDA resubmission for ANNAFILM is targeted in Q3 2026 with a Type A meeting with FDA expected within ~30 days and human‑factors and PK studies already contracted, and they plan to launch with ~75 sales reps (50% more than prior guidance of 50) with an approval‑to‑full‑commercial launch window of up to ~8 weeks; they also expect to file in Europe and Canada before year‑end. Key financial metrics: 2026 guidance of $46–50M total revenue and a non‑GAAP adjusted EBITDA loss of $30–35M, expected year‑end cash of ~ $70M (excluding additional RTW or out‑licensing proceeds); cash at 12/31/2025 was $121.2M. Capital and deal metrics: RTW extended revenue‑interest financing to 06/30/2027 with $75M available upon approval and a $5M incremental RTW investment; the company closed an $85M equity raise in 2025. Recent operating results and P&L metrics noted on the call included Q4 2025 revenue $13.0M (manufacturer & supply $12.0M), FY 2025 revenue $44.5M, Q4 R&D $3.2M (FY R&D $17.2M), Q4 net loss excluding one‑time legal $18.7M ($0.15/share) and including legal $31.9M ($0.26/share), FY net loss excluding legal $70.6M ($0.66/share) and including legal $83.8M ($0.78/share), and FY non‑GAAP adjusted EBITDA loss (ex‑legal) $49.7M.Aquestive Therapeutics Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
28
Negative
Cash Flow
24
Negative
| 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
Neutral
4.32
Price Trends
4.07
Positive
4.62
Negative
4.85
Negative
Market Momentum
0.04
Negative
59.06
Neutral
84.60
Negative
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 4.32 is above the 20-day moving average (MA) of 4.12, above the 50-day MA of 4.07, and below the 200-day MA of 4.85, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 59.06 is Neutral, neither overbought nor oversold. The STOCH value of 84.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $327.41M | 18.78 | 11.26% | ― | -31.82% | -60.71% | |
53 Neutral | $414.71M | 12.57 | 9.59% | ― | -28.81% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $490.51M | -33.91 | 5.62% | ― | 21.31% | 27.38% | |
49 Neutral | $302.31M | 17.73 | 9.56% | ― | 17.04% | 1511.69% | |
48 Neutral | $497.94M | -9.40 | 195.65% | ― | -22.61% | -50.14% | |
45 Neutral | $344.82M | 824.46 | 267.84% | ― | 11.61% | 1.39% |
* Healthcare Sector Average
AQST
Aquestive Therapeutics
4.10
1.27
44.88%
EBS
Emergent Biosolutions
8.03
2.58
47.34%
SIGA
SIGA Technologies
4.56
-0.53
-10.34%
ESPR
Esperion
1.91
1.00
110.58%
ORGO
Organogenesis Holdings
2.39
-2.28
-48.82%
EOLS
Evolus
5.22
-6.09
-53.85%
Aquestive Therapeutics Corporate Events
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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Aquestive Therapeutics Amends RTW Deal, Strengthens Financing Outlook
Positive
Mar 4, 2026
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 pressu...
Business Operations and StrategyRegulatory Filings and Compliance
Aquestive Highlights Strategy, Pipeline and Risk Disclosures
Neutral
Feb 26, 2026
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...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
FDA Issues Complete Response Letter on Anaphylm Application
Negative
Feb 2, 2026
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 tre...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Aquestive Faces FDA Deficiencies on Anaphylm NDA Review
Negative
Jan 9, 2026
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 cu...
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.