# Aquestive Therapeutics, Inc. (AQST)

> Source: Nexqual · https://nexqual.com/AQST · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Aquestive Therapeutics, Inc. (AQST), nexqual.com/AQST" · informational, not investment advice.

**Price:** USD 4.04 (-4.49% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 4.23 · day 3.99–4.29 · 52w 2.93–6.93 · market cap $507M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $54.1M, net income -$78.2M (-144.6% margin), free cash flow -$45.9M (SEC filings).
- Analysts: Buy (mean 1.78 on a 1–5 scale) (9 analysts), mean target USD 9.33 (range 6–11).
- Total return with dividends: 1Y -36.5% vs S&P 500 +14.8%; 5Y -21.4% vs S&P 500 +79.1%.
- Next earnings: 2026-11-03, EPS estimate USD -0.14, revenue estimate $11.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-03
- Dividend: AQST paid no cash dividend in the last five years.
- Short interest: 23.02% of float (as of 2026-10-15), 13.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M | $54.1M |
| Gross profit | — | $28.3M | $29.8M | $39.7M | $26.0M | — |
| Operating income | -$34.7M | -$42.1M | -$15.1M | -$30.8M | -$71.1M | -$52.7M |
| Net income | -$70.5M | -$54.4M | -$7.9M | -$44.1M | -$83.8M | -$78.2M |
| EPS (diluted) | -$1.85 | -$1.12 | -$0.13 | -$0.51 | -$0.78 | — |
| Free cash flow | -$33.9M | -$10.8M | -$7.4M | -$35.9M | -$53.0M | -$45.9M |
| Gross margin | — | 59.3% | 58.8% | 69.0% | 58.3% | — |
| Operating margin | -68.2% | -88.2% | -29.9% | -53.5% | -159.5% | -97.5% |
| Net margin | -138.8% | -114.1% | -15.6% | -76.7% | -188.1% | -144.6% |
| Revenue growth | +10.9% | -6.2% | +6.1% | +13.8% | -22.6% | — |
| Cash + short-term investments | $28.0M | $27.3M | $23.9M | $71.5M | $121M | — |
| Total debt | — | $33.4M | $45.0M | $45.0M | $55.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 9.4x · EV/Sales 8.6x · FCF yield -9.06% · Earnings yield -15.43% · Net cash $43.5M · EV $464M

## Analysts
Consensus Buy (mean 1.78 on a 1–5 scale), 9 analysts; mean target USD 9.33 (low 6, high 11).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-24 | HC Wainwright & Co. | Reiterated | Buy | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -36.5% | -21.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -36.7% | -4.7% |
| Volatility (annualized) | 79.5% | 88.0% |
| Max drawdown | -56.7% (Oct 2025→Jan 2026) | -90.1% (Nov 2021→Jun 2022) |

## Dividends
AQST paid no cash dividend in the last five years.

## Short interest
27,597,742 shares sold short, 23.02% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 27,161,738 shares (+1.6%). Days to cover: 13.2 (short shares ÷ average daily volume).

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 41.84 +1.85% · BHC (Bausch Health Companies Inc.) USD 8.91 +28.76% · RGC (Regencell Bioscience Holdings L) USD 6.86 -5.64% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 28.68 +2.17% · LQDA (Liquidia Corporation) USD 44.99 -1.60% · INDV (Indivior Pharmaceuticals, Inc.) USD 35.25 +1.38%

## More
Full page: https://nexqual.com/AQST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AQST's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1398733/000139873326000018/aqst-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | KemPharm | "In March 2012, we entered into an agreement with Zevra (formerly KemPharm, Inc.) to terminate a Collaboration and License Agreement entered into by the Company and Zevra in April 2011." |

Other companies that name AQST in their own reports (relationship from AQST's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ZEVRA THERAPEUTICS, INC. (ZVRA) | 10-K 2026-03-09 | "Under our March 2012 termination agreement with Aquestive Therapeutics ("Aquestive"), Aquestive has the right to receive a royalty amount equal to 10% of any value generated by AZSTARYS and any produc…" |

## Company outlook (8-K filed 2026-08-11)

- "Aquestive's full-year 2026 financial guidance remains unchanged."
- "The Company expects: Guidance Total revenue (in millions) $46 to $50 Non-GAAP adjusted EBITDA loss (in millions) $35 to $30 Tomorrow's Conference Call and Webcast Reminder The Company will host a conference call at 8:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.14 | $-0.11 | −$0.03 | $11.0M | 2 |
| Next quarter (ends 2026-12-31) | $-0.14 | $-0.10 | −$0.04 | $11.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $-0.46 | +$0.01 | $51.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.57 | $-0.58 | +$0.01 | $67.8M | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.07 | −$0.12 | Beat +41.7% | — |
| — | Quarter ended Mar 31, 2026 | −$0.05 | −$0.13 | Beat +61.5% | — |
| — | Quarter ended Dec 31, 2025 | −$0.14 | −$0.12 | Miss −16.7% | — |
| — | Quarter ended Sep 30, 2025 | −$0.11 | −$0.11 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-19 | 8-K | Bylaws or fiscal-year change | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000063/0001398733-26-000063-index.htm |
| 2026-10-15 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000058/0001398733-26-000058-index.htm |
| 2026-10-14 | 8-K | Entered a material agreement — “On October 13, 2026, Aquestive Therapeutics, Inc. ("Aquestive" or the "Company") entered into a license agreement (the "License Agreement") with Eton Pharmaceuticals, Inc. ("Eton") pursuant to which the Company granted Eton exclusive U.S. rights to commercialize LIBERVANT (diazepam) buccal film (the "Product") for the acute treatment of seizure clusters in patients with epilepsy, subject to applicable regulatory approvals. The Product has received tentative approval from the U.S. Food and Drug Administration…” | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000056/0001398733-26-000056-index.htm |
| 2026-10-07 | Schedule 13G | Bass Edward P, THRU LINE L.P.: 7.5% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1398733/000089742326000125/0000897423-26-000125-index.htm |
| 2026-10-07 | Schedule 13G/A | BRATTON DOUGLAS K, MonoLine RX II, L.P.: 0.6% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1398733/000089742326000124/0000897423-26-000124-index.htm |
| 2026-09-29 | 8-K | Director or executive officer change, or pay arrangement — “On September 29, 2026, Aquestive Therapeutics, Inc. (the "Company") announced that the Board of Directors of the Company (the "Board") has elected Richard J. Daly as a director of the Company, effective October 14, 2026. Mr. Daly will serve as a Class I director with a term expiring at the Company's 2028 Annual Meeting of Stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. The Company announced Mr. Daly's election in a press release dated…” | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000052/0001398733-26-000052-index.htm |
| 2026-09-25 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000048/0001398733-26-000048-index.htm |
| 2026-09-17 | 8-K | Regulation FD disclosure; Other material event — “On September 17, 2026, the Company issued a press release announcing it has resubmitted its New Drug Application to the U.S. Food and Drug Administration for Anaphylm (dibutepinephrine) sublingual film for the treatment of Type I allergic reactions, including anaphylaxis. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by reference.” | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000044/0001398733-26-000044-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000042/0001398733-26-000042-index.htm |
| 2026-08-11 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000041/0001398733-26-000041-index.htm |
| 2026-08-10 | 8-K | Regulation FD disclosure; Other material event — “On August 10, 2026, Aquestive Therapeutics, Inc. (the "Company") issued a press release announcing the results from its human factors validation study and pharmacokinetic study for Anaphylm (dibutepinephrine) sublingual film, conducted in support of the Company's planned resubmission of its New Drug Application to the U.S. Food and Drug Administration for the treatment of Type 1 allergic reactions, including anaphylaxis. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated…” | https://www.sec.gov/Archives/edgar/data/1398733/000139873326000035/0001398733-26-000035-index.htm |
| 2026-07-27 | Schedule 13G/A | BlackRock, Inc.: 6.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1398733/000201238326002183/0002012383-26-002183-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.