Aquestive Therapeutics (AQST) AI Stock Analysis

• Market Cap: $701.65M
• Dividend Yield: N/A
• Average Volume (3M): 3.42M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -24.38%
• EPS Growth: -94.72%
• Country: US
• Employees: 142
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.14
• Shares Outstanding: 120,973,630
• 10 Day Avg. Volume: 4,040,333
• 30 Day Avg. Volume: 3,421,746
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.56
• Enterprise Value/Revenue: 8.94
• Enterprise Value/Gross Profit: 14.63
• Enterprise Value/Ebitda: -8.82
• 1Y Price Target: $8.86
• Price Target Upside: 52.76% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 54 Neutral
• Price Target: $6.00 ▲(3.45% Upside)

Aquestive Therapeutics' stock score is primarily impacted by its weak financial performance, characterized by declining revenues and high leverage. While technical analysis shows positive momentum, the valuation remains unattractive due to negative earnings. The earnings call provided some optimism regarding product development, but financial challenges persist.

Positive Factors

Product Development

Progress in Anaphylm's FDA review and launch preparation indicates potential for future revenue growth and market expansion, enhancing long-term business prospects.

Market Opportunity

The growing market for Anaphylm offers significant revenue potential, positioning Aquestive to capture a substantial share in a $2 billion market, supporting long-term growth.

International Expansion

Securing international regulatory meetings indicates strategic expansion efforts, potentially increasing global market reach and diversifying revenue streams.

Negative Factors

Revenue Decline

Significant revenue decline poses challenges to financial stability, impacting cash flow and limiting resources for strategic investments and growth initiatives.

High Leverage

High leverage increases financial risk, limiting flexibility and potentially increasing costs, which can hinder long-term operational and strategic initiatives.

Negative Cash Flow

Negative cash flow indicates ongoing financial strain, reducing the company's ability to invest in growth opportunities and manage debt obligations effectively.

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 through various streams including product sales, licensing agreements, and collaborations. The company earns money primarily from the sale of its approved products, with Suboxone Film being a significant contributor to its revenue. Additionally, AQST engages in strategic partnerships with other pharmaceutical companies to co-develop products or to license its proprietary drug delivery technologies, which provide upfront payments and royalties on future sales. The company also may receive milestone payments related to the progress of its product candidates in clinical development, further diversifying its revenue sources.

Aquestive Therapeutics Financial Statement Overview

Summary

Aquestive Therapeutics faces significant financial challenges, with declining revenues, persistent losses, and high leverage. The company struggles with profitability and cash flow generation, posing risks to financial stability. Strategic improvements are needed to enhance operational efficiency and financial health.

Income Statement

Aquestive Therapeutics has experienced declining revenue with a negative growth rate of -18.62% TTM. The gross profit margin has decreased from 70.51% in 2021 to 48.76% TTM, indicating reduced efficiency in cost management. Net profit margin remains negative, reflecting ongoing losses. The EBIT and EBITDA margins are also negative, highlighting operational challenges.

Balance Sheet

The company's balance sheet shows high leverage with a negative debt-to-equity ratio, indicating more debt than equity. Return on equity is positive but driven by negative equity, which is not sustainable. The equity ratio is negative due to negative stockholders' equity, suggesting financial instability.

Cash Flow

Operating and free cash flows are negative, though free cash flow has shown slight improvement. The operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is slightly above 1, suggesting some alignment between cash flow and reported losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.13M	57.56M	50.58M	47.68M	50.83M	45.85M
Gross Profit	26.96M	39.69M	29.75M	28.29M	35.84M	32.88M
EBITDA	-44.74M	-26.62M	1.18M	-39.58M	-45.11M	-39.15M
Net Income	-65.04M	-44.14M	-7.87M	-54.41M	-70.54M	-55.78M
Balance Sheet
Total Assets	93.70M	101.42M	57.42M	55.67M	61.99M	62.88M
Cash, Cash Equivalents and Short-Term Investments	60.54M	71.55M	23.87M	27.27M	28.02M	31.81M
Total Debt	126.26M	38.00M	33.32M	57.49M	56.42M	40.48M
Total Liabilities	166.29M	161.58M	163.91M	174.23M	144.13M	111.38M
Stockholders Equity	-72.59M	-60.16M	-106.49M	-118.55M	-82.13M	-48.50M
Cash Flow
Free Cash Flow	-50.02M	-35.92M	-7.38M	-12.31M	-33.89M	-45.98M
Operating Cash Flow	-49.68M	-35.76M	-6.38M	-9.79M	-32.98M	-45.46M
Investing Cash Flow	-337.00K	-159.00K	-995.00K	-2.52M	-913.00K	-517.00K
Financing Cash Flow	20.69M	83.59M	3.97M	11.56M	30.11M	28.46M

Aquestive Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.80
• 50DMA: Positive
• 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 5.8 is above the 20-day moving average (MA) of 5.30, above the 50-day MA of 4.53, and above the 200-day MA of 3.47, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 54.57 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	82 Outperform	$640.87M	7.79	43.61%	10.13%	3.86%	-2.60%
EBS	61 Neutral	$488.16M	3.73	30.24%	―	-22.74%	―
ESPR	60 Neutral	$584.71M	―	23.44%	―	-3.48%	36.57%
AQST	54 Neutral	$701.65M	―	77.48%	―	-24.38%	-94.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ORGO	48 Neutral	$536.61M	928.57	-2.64%	―	-4.21%	7.78%
EOLS	43 Neutral	$420.46M	―	-9999.00%	―	17.15%	-7.23%

Aquestive Therapeutics Corporate Events

Aquestive Therapeutics Highlights at Global Investor Conference

On September 8, 2025, Aquestive Therapeutics presented an investor presentation at the H.C. Wainwright 27th Annual Global Investor Conference. The presentation highlighted the company’s progress with its product candidates, including Anaphylm and AQST-108, and discussed potential market opportunities and regulatory challenges. The company aims to position Anaphylm as a novel oral administration of epinephrine, pending FDA approval, and anticipates growth in the U.S. epinephrine market. However, the company faces risks related to regulatory approvals, market acceptance, and financial resources.

Aquestive Therapeutics Awaits FDA Decision on Anaphylm

On September 4, 2025, Aquestive Therapeutics announced that the FDA will not require an advisory committee meeting for their new drug application for Anaphylm™, a sublingual film for severe allergic reactions. This decision keeps the Prescription Drug User Fee Act target action date on track for January 31, 2026, potentially making Anaphylm the first FDA-approved, non-invasive epinephrine product. The company is preparing for a rapid launch upon approval, supported by recent financing activities, which could significantly impact the treatment landscape for anaphylaxis by offering a needle-free alternative.

Aquestive Therapeutics Announces $85M Stock Offering

On August 14, 2025, Aquestive Therapeutics announced an underwriting agreement for an offering of 21,250,000 shares of common stock at $4.00 per share, expected to raise $85 million. The proceeds will primarily fund the launch and commercialization of Anaphylm™, a sublingual film for severe allergic reactions, pending FDA approval, and support the company’s operations into 2027.

Aquestive Therapeutics Secures $75M Funding for Anaphylm

On August 13, 2025, Aquestive Therapeutics announced a $75 million strategic funding agreement with RTW Investments, contingent upon FDA approval of Anaphylm, a sublingual film for treating severe allergic reactions. This financing aims to support the potential commercialization of Anaphylm, strengthening the company’s financial position and offering a novel treatment option for patients. The agreement includes tiered revenue share payments to RTW based on Anaphylm’s net sales in the U.S., with payments ceasing upon reaching specified financial thresholds.

Aquestive Therapeutics Reports Q2 2025 Financial Results

Aquestive Therapeutics announced its second quarter 2025 financial results and business updates, highlighting the FDA’s acceptance of their New Drug Application for Anaphylm, a sublingual film epinephrine product. The company is preparing for a potential U.S. launch in 2026 and is also pursuing regulatory engagements in Canada and the EU. Aquestive aims to address unmet needs in emergency allergy treatment with Anaphylm, which offers advantages over existing epinephrine therapies. Financially, the company reported a net loss of $13.5 million for the second quarter of 2025, attributed to decreased revenues and increased expenses.

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.

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.