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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on AQST

Aquestive Therapeutics' recent performance was driven by the imminent FDA filing of its Anaphylm, a sublingual epinephrine film, which has blockbuster potential. The company's participation in the Piper Sandler Spring Biopharma Symposium, where it will host investor meetings, is also a positive development. Additionally, Aquestive's recent approval of Libervant, although mired in litigation, offers greater revenue opportunity. The company's focus on innovative science and delivery technologies is expected to bring meaningful improvement to patients' lives, further driving its growth.

1.c. Company Highlights

2. Aquestive Therapeutics: Navigating the ANNAFILM Launch Amidst Tight Cash and Growing Guidance

In Q4 2025, Aquestive Therapeutics posted $13 million in revenue, up 10 % QoQ, while the full‑year total slipped 3 % to $44.5 million. Net losses widened to $18.7 million ($0.15/share) in the quarter and $70.6 million ($0.66/share) for the year, excluding one‑time legal costs. Non‑GAAP adjusted EBITDA losses were $14.1 million and $49.7 million respectively. The company sits on $121 million in cash, a runway sufficient for the ANNAFILM NDA resubmission, and trades at an EV/EBITDA of –6.8 and a P/S ratio of 9.63【Dan Barber】.

Publication Date: 06:51

📋 Highlights
  • FDA Engagement: Submitted Type A meeting request; expects FDA discussion within 30 days for ANNAFILM NDA resubmission guidance.
  • Cash Position: Ended 2025 with $121 million in cash, $75 million in revenue interest financing from RTW, and $5 million in additional investment.
  • 2025 Revenue: Q4 revenue rose 10% to $13 million (vs. Q4 2024), but full-year revenue declined 3% to $44.5 million.
  • 2026 Guidance: Projects revenue of $46–$50 million and non-GAAP adjusted EBITDA loss of $30–$35 million, with $70 million in cash by year-end.
  • Sales Force Expansion: Plans to increase reps by 50% (to ~75) to prepare for ANNAFILM launch, targeting 8-week post-approval commercialization window.

ANNAFILM Regulatory Milestones

Aquestive has filed a Type A meeting request and expects FDA dialogue within the next 30 days, aiming to clarify the two studies requested in the CRL. CEO Dan Barber emphasized the firm’s clear path to market and the potential for accelerated review, citing competitor approval timelines as a benchmark for a faster FDA process.

Capital Structure and Cash Position

The firm secured $75 million in revenue‑interest financing from RTW contingent on ANNAFILM approval, extended until June 30 2027, and an additional $5 million infusion. With $121 million in cash, the company has a robust runway to cover NDA resubmission costs, pre‑commercial infrastructure, and early commercial activities.

Revenue & Profitability Outlook

For 2026, revenue is projected at $46–$50 million, with a non‑GAAP adjusted EBITDA loss of $30–$35 million. The guidance accounts for NDA resubmission, pre‑commercial spend, AQST‑108 trials, and regulatory filings in Canada and the EU, but excludes post‑approval sales and marketing expenses. Cash is expected to end 2026 at roughly $70 million.

Sales Force Expansion & Commercial Readiness

Aquestive plans to boost its sales team by 50 %, reaching about 75 reps focused on allergists and pediatricians. The expansion is timed to align with a rapid 8‑week window from FDA approval to full market launch, ensuring reps are onboarded and ready to drive uptake.

AQST‑108 Development & Prioritization

While ANNAFILM remains the top priority, the company will continue advancing AQST‑108, targeting alopecia areata as the primary indication and exploring secondary indications. Development will accelerate once ANNAFILM achieves commercialization.

Market Perception & Investor Sentiment

Positive feedback at the Quad AI conference, especially from allergists, has bolstered enthusiasm for ANNAFILM. The firm’s proactive engagement with the FDA on tolerability and PK concerns further strengthens investor confidence in its regulatory strategy.

Valuation Snapshot

Current metrics reflect the company’s loss‑heavy profile: EV/EBITDA –6.8, P/S 9.63, and P/B –15.65, underscoring the market’s valuation of potential upside rather than current earnings.

3. NewsRoom

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ROSEN, LEADING INVESTOR COUNSEL, Encourages Aquestive Therapeutics, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - AQST

Apr -18

Source: newsfilecorp.com

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ROSEN, A TOP RANKED LAW FIRM, Encourages Aquestive Therapeutics, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action - AQST

Apr -17

Source: newsfilecorp.com

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Bronstein, Gewirtz & Grossman LLC Urges Driven Brands Holdings Inc. Investors to Act: Class Action Filed Alleging Investor Harm

Apr -17

Source: newsfilecorp.com

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AQST Shareholder Alert: Aquestive Therapeutics, Inc. Securities Class Action Lawsuit Investors With Losses May Join — The Gross Law Firm

Apr -17

Source: globenewswire.com

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AQST Investors Have Opportunity to Lead Aquestive Therapeutics, Inc. Securities Fraud Lawsuit

Apr -16

Source: prnewswire.com

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ROSEN, LEADING TRIAL ATTORNEYS, Encourages Aquestive Therapeutics, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action – AQST

Apr -16

Source: globenewswire.com

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INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Aquestive Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadlines - AQST

Apr -16

Source: prnewswire.com

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AQST Lawsuit Alleges Allegedly Concealed Anaphylm NDA Deficiencies - AQUESTIVE THERAPEUTICS, INC. Investors Face Losses Following Allegedly Concealed Anaphylm NDA Deficiencies: SueWallSt

Apr -16

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.50%)

6. Segments

Pharmaceutical

Expected Growth: 8.5%

Aquestive Therapeutics, Inc.'s 8.5% growth in pharmaceuticals is driven by increasing demand for its proprietary PharmFilm technology, expanding product pipeline, and strategic partnerships. Growing awareness of rare diseases and unmet medical needs also contribute to growth. Additionally, the company's focus on improving patient outcomes and adherence through innovative drug delivery systems fuels its expansion.

7. Detailed Products

Sympazan

Sympazan is a treatment for seizures associated with Lennox-Gastaut syndrome, a rare and severe form of epilepsy.

Libervia

Libervia is a buccally administered soluble film formulation of diazepam, a benzodiazepine, for the acute treatment of intermittent, stereotypic episodes of frequent seizure activity in patients with epilepsy.

Exservan

Exservan is a treatment for oral mucositis, a common and debilitating side effect of cancer treatment.

8. Aquestive Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Aquestive Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and therapies for the conditions they are targeting.

Bargaining Power Of Customers

Aquestive Therapeutics, Inc. has a low bargaining power of customers due to the specialized nature of their products and the lack of alternative options for patients.

Bargaining Power Of Suppliers

Aquestive Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and the company's dependence on a few key suppliers.

Threat Of New Entrants

Aquestive Therapeutics, Inc. has a high threat of new entrants due to the growing demand for pharmaceutical products and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

Aquestive Therapeutics, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight -715.12%
Debt Cost 7.32%
Equity Weight 815.12%
Equity Cost 18.65%
WACC 99.70%
Leverage -87.73%

11. Quality Control: Aquestive Therapeutics, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Phibro Animal Health

A-Score: 5.3/10

Value: 4.0

Growth: 5.2

Quality: 4.7

Yield: 4.0

Momentum: 10.0

Volatility: 4.0

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ANI Pharmaceuticals

A-Score: 5.1/10

Value: 4.6

Growth: 6.0

Quality: 4.5

Yield: 0.0

Momentum: 9.5

Volatility: 6.0

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Aquestive Therapeutics

A-Score: 4.5/10

Value: 8.0

Growth: 3.7

Quality: 5.8

Yield: 0.0

Momentum: 8.0

Volatility: 1.7

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Evolus

A-Score: 4.3/10

Value: 9.2

Growth: 6.9

Quality: 6.2

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

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Esperion Therapeutics

A-Score: 4.2/10

Value: 8.8

Growth: 5.9

Quality: 5.2

Yield: 0.0

Momentum: 4.5

Volatility: 1.0

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OptiNose

A-Score: 4.0/10

Value: 7.4

Growth: 4.4

Quality: 5.1

Yield: 0.0

Momentum: 5.5

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.35$

Current Price

4.32$

Potential

-68.68%

Expected Cash-Flows