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Aquestive Therapeutics
(NASDAQ:AQST)
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Rating:52Neutral
Price Target:
$4.50
▲(22.28% Upside)
Action:Reiterated
Date:08/12/26
AQST’s score is held back primarily by weak financial performance (heavy losses, negative equity, and persistent cash burn), which outweighs the improving revenue trend and reduced debt. Offsetting this, the earnings call reflects credible progress on the Anaphylm regulatory path and strengthened liquidity, while technicals are modestly supportive but not fully confirmed by momentum indicators. Valuation remains constrained by negative earnings and no provided dividend yield.
Positive Factors
Revenue Growth & Diversified Revenues
Sustained top-line growth and a mix of product sales, manufacturing supply and licensing reduce single-product reliance. A diversified revenue base supports ongoing commercial investments and provides multiple cash generation paths during the multi-quarter regulatory and launch runway.
Negative Factors
Persistent Cash Burn
Ongoing negative operating and free cash flow indicate the business consumes material cash each year, increasing reliance on external financing. Over months, this elevates dilution or covenant risk if commercialization or approval timelines slip, constraining strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Diversified Revenues
Sustained top-line growth and a mix of product sales, manufacturing supply and licensing reduce single-product reliance. A diversified revenue base supports ongoing commercial investments and provides multiple cash generation paths during the multi-quarter regulatory and launch runway.
Read all positive factors
Aquestive Therapeutics (AQST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$533.42M
Dividend YieldN/A
Average Volume (3M)2.09M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth22.56%
EPS Growth5.86%
CountryUS
Employees147
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.65
Shares Outstanding125,511,650
10 Day Avg. Volume1,852,464
30 Day Avg. Volume2,086,678
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)-23.41
Price to Sales (P/S)17.69
P/FCF Ratio-14.87
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$8.75Price Target Upside137.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.4
Revenue Forecast (FY)$50.58M
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:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call emphasized substantial progress on the Anaphylm program (completed human factors and PK studies, strong human factors improvements, favorable PD data) and solid financial execution (significant year-over-year revenue growth, materially improved adjusted EBITDA, strong cash balance and a new $150M debt facility). The principal negatives were a large one-time debt extinguishment charge that widened reported Q2 net loss, higher Q2 SG&A from legal and severance costs, a few residual human factors issues (very small), and remaining uncertainty around FDA review timing, payer coverage and reliance on contingent launch funding. On balance, operational, clinical and liquidity positives meaningfully outweigh the near-term financial and execution risks.Positive Updates
Revenue Growth (Quarter and YTD)
Total revenue rose to $13.8M in Q2 2026 from $10.0M in Q2 2025 (+38%). For the 6 months ended June 30, 2026, revenue increased to $28.3M from $18.7M (+51%).
Negative Updates
Reported Net Loss and One-Time Debt Extinguishment Charge
Reported net loss in Q2 2026 was $22.9M ($0.18/share) vs $13.5M ($0.14) in Q2 2025 (+≈69.6%). The Q2 results include a one-time $11.7M loss on extinguishment of the 13.5% notes; excluding that charge, Q2 net loss would be $11.2M (an improvement vs prior year).
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth (Quarter and YTD)
Total revenue rose to $13.8M in Q2 2026 from $10.0M in Q2 2025 (+38%). For the 6 months ended June 30, 2026, revenue increased to $28.3M from $18.7M (+51%).
Read all positive updates
Company Guidance
Aquestive reiterated full‑year 2026 guidance of total revenue $46–50 million and a non‑GAAP adjusted EBITDA loss of $35–30 million, and said it is on track to resubmit the Anaphylm NDA in Q3 (before quarter‑end, <8 months from the CRL) with a base‑case 6‑month FDA review (while seeking an accelerated 2‑month classification). The company ended Q2 with $98.5 million in cash, completed a $150 million Oaktree debt facility and expects $75 million in launch funding from RTW plus $20 million from Oaktree upon approval. Q2 revenue was $13.8 million (+38% YoY from $10.0M; manufacture & supply $11.9M vs $9.6M prior; license & royalty $1.3M vs $0.8M) and 6‑month revenue was $28.3M (+51% YoY from $18.7M); R&D was $4.0M in Q2 ($8.2M YTD) and SG&A was $14.1M in Q2 ($25.0M YTD). Reported net loss in Q2 was $22.9M ($0.18/sh) including an $11.7M one‑time loss on extinguishment of debt (adjusted Q2 net loss $11.2M); YTD net loss $30.9M ($0.25; adjusted $19.2M). Non‑GAAP adjusted EBITDA loss improved to $5.2M in Q2 (vs $9.3M prior) and $7.0M YTD (vs $27.0M). The human‑factors and PK data supporting the resubmission were strong (packaging difficulty 26→1, tears 6→0, misplacements 20→2; no statistical PK difference clinician vs self‑admin; off‑use PK/PD cleared the ~50–100 pg/mL Cmax thresholds).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 | 54.09M | 44.55M | 57.56M | 50.58M | 47.68M | 50.83M |
| Gross Profit | 36.26M | 27.39M | 39.69M | 29.75M | 28.29M | 35.84M |
| EBITDA | -61.27M | -66.13M | -26.62M | 1.18M | -39.58M | -45.11M |
| Net Income | -78.23M | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M |
Balance Sheet | ||||||
| Total Assets | 132.10M | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M |
| Cash, Cash Equivalents and Short-Term Investments | 98.49M | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M |
| Total Debt | 59.00M | 131.44M | 38.00M | 33.32M | 57.49M | 56.42M |
| Total Liabilities | 188.69M | 194.09M | 161.58M | 163.91M | 175.62M | 144.13M |
| Stockholders Equity | -56.59M | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M |
Cash Flow | ||||||
| Free Cash Flow | -45.95M | -52.99M | -35.92M | -7.38M | -12.31M | -33.89M |
| Operating Cash Flow | -45.37M | -52.43M | -35.76M | -6.38M | -9.79M | -32.98M |
| Investing Cash Flow | -584.00K | -562.00K | -159.00K | -995.00K | -2.52M | -913.00K |
| Financing Cash Flow | 83.90M | 102.62M | 83.59M | 3.97M | 11.56M | 30.11M |
Aquestive Therapeutics Technical Analysis
Positive
3.68
Price Trends
4.12
Positive
4.14
Positive
4.55
Negative
Market Momentum
0.05
Negative
58.19
Neutral
57.66
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 3.68 is below the 20-day moving average (MA) of 3.92, below the 50-day MA of 4.12, and below the 200-day MA of 4.55, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 58.19 is Neutral, neither overbought nor oversold. The STOCH value of 57.66 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $215.55M | -68.81 | -1.53% | ― | -70.13% | -103.41% | |
52 Neutral | $533.42M | -6.54 | 190.87% | ― | 22.56% | 5.86% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $230.33M | -2.18 | -24.23% | ― | 6.50% | -613.22% | |
50 Neutral | $235.34M | -1.33 | -35.91% | ― | -9.56% | -231.68% | |
50 Neutral | $538.64M | -15.74 | 123.11% | ― | 13.87% | 45.83% |
* Healthcare Sector Average
AQST
Aquestive Therapeutics
4.25
0.07
1.67%
EBS
Emergent Biosolutions
4.59
-4.48
-49.39%
SIGA
SIGA Technologies
3.00
-4.89
-61.98%
ORGO
Organogenesis Holdings
1.79
-2.79
-60.92%
EOLS
Evolus
8.16
1.46
21.90%
Aquestive Therapeutics Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Aquestive Advances Anaphylm Program and Q2 2026 Results
Positive
Aug 11, 2026
On August 11, 2026, Aquestive Therapeutics reported second quarter 2026 results and detailed progress on its Anaphylm sublingual epinephrine film program following a January 30, 2026 FDA Complete Response Letter. The company completed required hum...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Aquestive Advances Anaphylm With Positive Study Results
Positive
Aug 10, 2026
On August 10, 2026, Aquestive Therapeutics furnished an updated investor presentation to institutional investors and analysts, signaling active engagement with the market around its development programs and regulatory strategy. The materials, whic...
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 ...
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.