AQST

MKT CAP:$408M

Aquestive Therapeutics, Inc.

Market Cap

$408M

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NASDAQ

Healthcare·Drug·🇺🇸·NASDAQ

Stock Price

$4.07-$2.38 (-36.90%)

Apr 23, 2026

Company Details

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 ...

CEO

Daniel Barber

IPO Date

Jul 25, 2018

Website

www.aquestive.com

Key Metrics TTM

Revenue

$45M

-22.6% YoY

Net Income

-$84M

EPS (Diluted)

-$0.78

Free Cash Flow

-$53M

Revenue / Share

$0.37

Gross Margin

58.3%

Operating Margin

-159.5%

Net Margin

-188.1%

FCF Margin

-119.0%

P/S

9.2x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 4, 2026

$45M-22.6%EPS -$0.76

Q4 2025

Mar 4, 2026

$13M+9.7%EPS -$0.26

Q3 2025

Nov 5, 2025

$13M-5.4%EPS -$0.14

Q2 2025

Aug 11, 2025

$10M-50.2%EPS -$0.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$12M	$8M	-$10M
Q2 22	$13M	$8M	-$13M
Q3 22	$11M	$7M	-$9M
Q4 22	$11M	$5M	-$11M
Q1 23	$11M	$6M	-$5M
Q2 23	$13M	$7M	-$4M
Q3 23	$13M	$8M	-$2M
Q4 23	$13M	$9M	-$4M
Q1 24	$12M	$8M	-$9M
Q2 24	$20M	$16M	$55.0K
Q3 24	$14M	$9M	-$8M
Q4 24	$12M	$7M	-$14M
Q1 25	$9M	$5M	-$19M
Q2 25	$10M	$5M	-$11M
Q3 25	$13M	$8M	-$11M
Q4 25	$13M	$7M	-$29M

Valuation

Quarter	P/S	P/E
Q1 22	7.9x	—
Q2 22	8.2x	—
Q3 22	8.5x	—
Q4 22	8.6x	—
Q1 23	8.8x	—
Q2 23	8.8x	—
Q3 23	8.5x	—
Q4 23	8.1x	—
Q1 24	7.9x	—
Q2 24	7.0x	—
Q3 24	6.9x	—
Q4 24	7.1x	—
Q1 25	7.5x	—
Q2 25	9.2x	—
Q3 25	9.4x	—
Q4 25	9.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$15M
Q2 22	-$7M	-$7M
Q3 22	$3M	$1M
Q4 22	$8M	$8M
Q1 23	$9M	$9M
Q2 23	-$8M	-$9M
Q3 23	-$2M	-$2M
Q4 23	-$5M	-$5M
Q1 24	-$10M	-$10M
Q2 24	-$7M	-$7M
Q3 24	-$12M	-$12M
Q4 24	-$6M	-$7M
Q1 25	-$23M	-$24M
Q2 25	-$8M	-$8M
Q3 25	-$13M	-$13M
Q4 25	-$8M	-$9M

Capital Expenditures

Quarter	CapEx
Q1 22	$104.0K
Q2 22	$677.0K
Q3 22	$2M
Q4 22	$26.0K
Q1 23	$2.0K
Q2 23	$826.0K
Q3 23	$151.0K
Q4 23	$16.0K
Q1 24	$29.0K
Q2 24	$35.0K
Q3 24	$80.0K
Q4 24	$15.0K
Q1 25	$135.0K
Q2 25	$107.0K
Q3 25	$235.0K
Q4 25	$85.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.3%	+12.0%
Q2 22	-13.6%	+19.1%
Q3 22	-13.7%	-4.4%
Q4 22	-3.6%	-5.9%
Q1 23	-9.3%	-28.5%
Q2 23	-0.2%	-33.0%
Q3 23	+13.4%	-24.3%
Q4 23	+23.6%	-20.0%
Q1 24	+8.3%	+33.5%
Q2 24	+51.8%	+14.9%
Q3 24	+4.2%	+42.0%
Q4 24	-10.1%	+48.7%
Q1 25	-27.7%	+33.7%
Q2 25	-50.2%	+6.6%
Q3 25	-5.4%	+11.2%
Q4 25	+9.7%	+64.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$913.0K	7.4%
Q2 22	$2M	16.7%
Q3 22	$535.0K	4.7%
Q4 22	$714.0K	6.7%
Q1 23	$344.0K	3.1%
Q2 23	$631.0K	4.8%
Q3 23	$774.0K	6.0%
Q4 23	$940.0K	7.1%
Q1 24	$2M	13.1%
Q2 24	$2M	7.7%
Q3 24	$2M	11.6%
Q4 24	$2M	20.2%
Q1 25	$2M	18.2%
Q2 25	$2M	18.8%
Q3 25	$3M	21.7%
Q4 25	$1M	10.6%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$5M	$13M
Q2 22	$5M	$16M
Q3 22	$3M	$12M
Q4 22	$4M	$12M
Q1 23	$4M	$7M
Q2 23	$3M	$7M
Q3 23	$3M	$7M
Q4 23	$3M	$10M
Q1 24	$6M	$11M
Q2 24	$4M	$11M
Q3 24	$5M	$12M
Q4 24	$5M	$16M
Q1 25	$5M	$19M
Q2 25	$4M	$13M
Q3 25	$5M	$15M
Q4 25	$3M	$33M

Revenue Segments

Quarter	Co-Development and Research Fees	License and Royalty Revenue	Manufacture and Supply Revenue	Proprietary Product Sales	Manufactured Product, Other
Q1 22	$403.0K	$506.0K	$9M	$2M	—
Q2 22	$241.0K	$552.0K	$10M	$3M	—
Q3 22	$395.0K	$376.0K	$8M	$2M	—
Q4 22	$254.0K	$917.0K	$9M	$589.0K	—
Q1 23	$453.0K	$919.0K	$10M	—	—
Q2 23	$124.0K	$1M	$12M	—	—
Q3 23	$490.0K	$1M	$11M	—	—
Q4 23	$335.0K	$2M	$11M	—	—
Q1 24	$403.0K	$1M	$11M	—	—
Q2 24	$756.0K	$11M	$8M	—	—
Q3 24	$492.0K	$2M	$11M	—	$217.0K
Q1 25	$418.0K	$790.0K	$7M	—	$319.0K
Q2 25	$378.0K	$839.0K	$10M	—	-$797.0K
Q3 25	$302.0K	$1M	$11M	—	—
Q4 25	$181.0K	$852.0K	$12M	—	—

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$1M	$11M
Q2 22	$2M	$11M
Q3 22	$2M	$9M
Q4 22	$2M	$9M
Q1 23	$3M	$8M
Q2 23	$6M	$7M
Q3 23	$3M	$10M
Q4 23	$1M	$12M
Q1 24	$2M	$10M
Q2 24	$10M	$10M
Q3 24	$3M	$11M
Q1 25	$4M	$5M
Q2 25	$5M	$5M
Q3 25	$3M	$10M
Q4 25	$4M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$18M	$0	$18M
Q3 22	$19M	$0	$19M
Q4 22	$27M	$0	$27M
Q1 23	$27M	$0	$27M
Q2 23	$22M	$0	$22M
Q3 23	$25M	$0	$25M
Q4 23	$24M	$0	$24M
Q1 24	$95M	$0	$95M
Q2 24	$90M	$0	$90M
Q3 24	$78M	$0	$78M
Q4 24	$72M	$0	$72M
Q1 25	$69M	$0	$69M
Q2 25	$61M	$0	$61M
Q3 25	$129M	$0	$129M
Q4 25	$121M	$0	$121M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	41M	+2.7%	+16.6%
Q2 22	45M	+9.6%	+22.7%
Q3 22	53M	+17.5%	+36.2%
Q4 22	54M	+1.8%	+34.7%
Q1 23	74M	+35.7%	+78.0%
Q2 23	57M	-22.3%	+26.1%
Q3 23	65M	+12.8%	+21.1%
Q4 23	69M	+6.0%	+26.0%
Q1 24	74M	+7.4%	-0.2%
Q2 24	91M	+23.5%	+58.5%
Q3 24	91M	+0.2%	+40.8%
Q4 24	91M	+0.1%	+33.1%
Q1 25	95M	+4.7%	+29.7%
Q2 25	99M	+4.0%	+9.3%
Q3 25	111M	+11.3%	+21.4%
Q4 25	122M	+10.3%	+33.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$78.2K	157
Q2 22	$84.5K	157
Q3 22	$73.0K	157
Q4 22	$82.2K	130
Q1 23	$85.6K	130
Q2 23	$101.9K	130
Q3 23	$100.0K	130
Q4 23	$97.8K	135
Q1 24	$89.3K	135
Q2 24	$148.9K	135
Q3 24	$100.3K	135
Q4 24	$83.6K	142
Q1 25	$61.4K	142
Q2 25	$70.4K	142
Q3 25	$90.2K	142
Q4 25	$130	100K

Revenue / Employee