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AQST · NASDAQ · Drug Manufacturers - Specialty & Generic

Aquestive Therapeutics

Develops PharmFilm oral medicines and manufactures licensed films for global partners.

$5.02

After-hours close0.00 (0.00%)

At close$5.02(−2.71%)

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Profile

Aquestive Therapeutics, Inc.AQSTHealth Care

Develops oral-film medicines through PharmFilm, with commercial revenue from licensed manufacturing, royalties, and collaborations. The proprietary pipeline is centered on Anaphylm for severe allergic reactions and Libervant for seizure clusters, both shaped by FDA review, litigation, and market-access constraints.

Built around PharmFilm, a proprietary oral-film delivery technology used in buccal, sublingual, and lingual formats. Commercial activity comes from manufacturing licensed products such as Suboxone, Sympazan, Ondif, and Emylif, while proprietary development focuses on rescue medicines including Anaphylm and Libervant.

Operations are U.S.-based, with headquarters and research in Warren, New Jersey and manufacturing in Portage, Indiana. The model depends on film formulation know-how, controlled manufacturing, licensee relationships, and regulatory execution.

Anaphylm remains unapproved after an FDA complete response tied to human-factors validation and a packaging-related pharmacokinetic study. Libervant's U.S. access remains constrained by orphan-exclusivity litigation and tentative approval timing.

Company facts

CEODaniel Barber

ListedJul 25, 2018

ExchangeNASDAQ

HeadquartersWarren, NJ

CountryUnited States

Employees147

CIK0001398733

ISINUS03843E1047

Key statistics

Market cap$629.8M

EPS (ttm)−$0.6500

P/E (ttm)−7.72

ROE243.7%

P/B−11.09

P/S11.65

Dividend yield—

Beta1.10vs XLV 0.63

Year to date −22.2% · Average volume (30d) 3.3M

Analysts

Price target, next 12 months$10.00+99.2%Median of 10 analysts · vs the Aug 28 close

ConsensusBuy10 of 10 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $5.02

High$12.00+139.0%

Median$10.00+99.2%

Low$6.00+19.5%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Target
Feb 3, 2026	Lake Street	Target		$6
Feb 2, 2026	New Street	Target		$12
Oct 9, 2025	JMP Securities	Reiterate	Market Outperform	$12

Earnings

EPS

Estimate−$0.11

ReportedDue Nov 4, 2026

Revenue

Estimate$11.0M

ReportedDue Nov 4, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 11, 2026Q2 FY26	−$0.11	−$0.18	−71.4%	$11.4M	$13.8M	+21.0%	−4.08%
May 13, 2026Q1 FY26	−$0.14	−$0.07	+50.0%	$10.9M	$14.4M	+32.6%	+14.53%
Mar 4, 2026Q4 FY25	−$0.13	−$0.26	−100.0%	$13.3M	$13.0M	−2.0%	−2.52%
Nov 5, 2025Q3 FY25	−$0.11	−$0.14	−27.3%	$12.9M	$12.8M	−1.1%	+2.17%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$8.7M	$10.0M	$12.8M	$13.0M	$14.4M	$13.8M
Gross profit	$5.1M	$5.4M	$8.3M	$7.2M	$11.0M	$9.8M
Operating income	−$19.4M	−$11.4M	−$11.5M	−$28.8M	−$4.2M	−$8.2M
Net income	−$22.9M	−$13.5M	−$15.4M	−$31.9M	−$8.1M	−$22.9M
Diluted EPS	−$0.24	−$0.14	−$0.14	−$0.26	−$0.07	−$0.18
Gross margin	58.1%	54.4%	64.8%	55.2%	76.0%	70.9%
Operating margin	-222.1%	-113.6%	-89.6%	-221.6%	-29.1%	-59.5%

Fiscal years (4-quarter sums)FY21 $50.8M · FY22 $47.7M · FY23 $50.6M · FY24 $57.6M · FY25 $44.5M

Revenue by product · Q2 FY26

Manufacture And Supply Revenue$11.9M · 86%

License And Royalty Revenue$1.3M · 10%

Co-Development And Research Fees$582.0K · 4%

Revenue by geography · Q2 FY26

United States$11.0M · 80%

Non-US$2.8M · 20%

Balance sheet, Jun 30, 2026Cash & short-term investments $98.5M · Total debt $59.0M · Total assets $132.1M · Shareholders' equity −$56.6M

Dividends

No dividends on record.

Ownership

Institutions 57.64%72.32M sharesInsiders 2.39%3.00M sharesOther 39.97%50.15M shares

Shares outstanding 125.47M · Float 114.59M · 91.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Bratton Douglas K	10.08M	11.10%	13G	Feb 13, 2025
Bratton Capital Management, L.P.	9.81M	7.82%	13F	Aug 11, 2026
BlackRock, Inc.	8.07M	6.43%	13F	Aug 7, 2026
RTW Investments, LP	7.43M	5.92%	13F	Aug 14, 2026
Vanguard Capital Management LLC	4.58M	3.65%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 17, 2026	Daniel Barber	director, officer: President and CEO	−25,000	$4.29
Jul 16, 2026	Daniel Barber	officer: President and CEO	−20,369	$4.00
Jul 15, 2026	Daniel Barber	officer: President and CEO	−4,631	$4.03
Jun 23, 2026	Julie Krop	director	−25,000	$5.02
Jun 15, 2026	Daniel Barber	officer: President and CEO	−25,000	$4.16