AQST on Nasdaq
Aquestive Therapeutics, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Manufacture and Supply Revenue brought in 88% of the revenue Aquestive Therapeutics, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Manufacture and Supply Revenue | $40.0M | $40.2M |
| License and Royalty Revenue | $15.3M | $3.5M |
| Co-Development and Research Fees | $1.9M | $1.3M |
| Royalty | $1.0M | $938.0K |
Regions
United States brought in 66% of the revenue Aquestive Therapeutics, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $39.9M | $29.6M |
| Outside the United States | $17.6M | $14.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue16¢$18.6M
- Research and development15¢$17.2M
- Selling, general and admin69¢$79.8M
Out of $44.5M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $44.5M | $57.6M |
| Manufacture and supply | $18.6M | $17.9M |
| Research and development | $17.2M | $20.3M |
| Selling, general and administrative | $79.8M | $50.2M |
| Total costs and expenses | $115.6M | $88.3M |
| Loss from operations | -$71.1M | -$30.8M |
| Interest expense | -$11.1M | -$11.1M |
| Interest expense related to royalty obligations | -$5.7M | -$5.5M |
| Interest expense related to the sale of future revenue | -$243.0K | -$236.0K |
| Interest income and other income, net | $4.4M | $3.4M |
| Net loss before income taxes | -$83.8M | -$44.2M |
| Income taxes benefit | $0 | $14.0K |
| Net loss | -$83.8M | -$44.1M |
| Comprehensive loss | -$83.8M | -$44.1M |
| Basic (in dollars per share) | -$0.78 | -$0.51 |
| Diluted (in dollars per share) | -$0.78 | -$0.51 |
| Basic (in shares) | 106.9M shares | 86.7M shares |
| Diluted (in shares) | 106.9M shares | 86.7M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $121.2M | $71.5M | $23.9M |
| Trade and other receivables, net | $17.8M | $7.3M | |
| Inventories, net | $6.2M | $6.0M | |
| Prepaid expenses and other current assets | $4.2M | $3.3M | |
| Total current assets | $149.3M | $88.2M | |
| Property and equipment, net | $3.9M | $3.8M | |
| Right-of-use assets, net | $4.6M | $5.2M | |
| Other non-current assets | $2.6M | $4.2M | |
| Total assets | $160.4M | $101.4M | |
| Accounts payable | $29.9M | $10.3M | |
| Accrued expenses | $5.0M | $5.9M | |
| Lease liabilities, current | $631.0K | $510.0K | |
| Deferred revenue, current | $1.1M | $1.0M | |
| Liability related to the sale of future revenue, current | $1.0M | $1.0M | |
| Royalty obligations, current | $0 | $87.0K | |
| Loans payable, current | $10.0M | $26.0K | |
| Total current liabilities | $47.6M | $18.9M | |
| Notes payable, net | $27.5M | $32.5M | |
| Royalty obligations, net | $25.9M | $20.1M | |
| Liability related to the sale of future revenue, net | $62.0M | $62.7M | |
| Lease liabilities | $4.3M | $5.0M | |
| Deferred revenue, net of current portion | $19.4M | $20.0M | |
| Other non-current liabilities | $7.3M | $2.4M | |
| Total liabilities | $194.1M | $161.6M | |
| Common stock, $0.001 par value. Authorized 250,000,000 shares; 122,044,299 and 91,413,742 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $122.0K | $91.0K | |
| Additional paid-in capital | $413.2M | $303.0M | |
| Accumulated deficit | -$447.0M | -$363.2M | |
| Total stockholders deficit | -$33.7M | -$60.2M | -$106.5M |
| Total liabilities and stockholders deficit | $160.4M | $101.4M | |
| Common stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common stock, shares issued (in shares) | 122.0M shares | 91.4M shares | |
| Common stock, shares outstanding (in shares) | 122.0M shares | 91.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$83.8M | -$44.1M |
| Depreciation and amortization | $548.0K | $718.0K |
| Share-based compensation | $7.6M | $7.1M |
| Amortization of debt issuance costs and discounts | $11.0M | $10.7M |
| Gain on contract termination | $0 | -$300.0K |
| Other, net | $1.0K | $104.0K |
| Trade receivables and other receivables, net | -$10.4M | $1.1M |
| Inventories | -$126.0K | $725.0K |
| Prepaid expenses and other assets | $698.0K | -$223.0K |
| Accounts payable | $19.5M | $2.8M |
| Accrued expenses and other liabilities | $3.0M | -$1.5M |
| Deferred revenue | -$571.0K | -$12.8M |
| Net cash used for operating activities | -$52.4M | -$35.8M |
| Capital expenditures | -$562.0K | -$159.0K |
| Net cash used for investing activities | -$562.0K | -$159.0K |
| Proceeds from issuance of common stock under public equity offering-ATM, net | $21.2M | $11.8M |
| Proceeds from common stock issued under public equity offering, net | $79.5M | $72.0M |
| Proceeds from exercise of warrants, net | $1.4M | $165.0K |
| Proceeds from shares issued under employee stock purchase plan | $110.0K | $67.0K |
| Proceeds from exercise of stock options | $1.3M | $732.0K |
| Repayment of debt principal including lease liabilities | -$26.0K | -$23.0K |
| Payments for royalty obligations | -$11.0K | -$5.0K |
| Payments for taxes on share-based compensation | -$810.0K | -$1.1M |
| Net cash provided by financing activities | $102.6M | $83.6M |
| Net increase in cash and cash equivalents | $49.6M | $47.7M |
| Cash payments for interest | $6.1M | $7.1M |
| Cash payments for income taxes | $0 | $305.0K |
| Cash refunds received for income taxes | -$65.0K | $0 |
| Non-cash investing activities: capital expenditures in accounts payable | $52.0K | $78.0K |
| Non-cash financing activities: accrued taxes on share-based compensation | $0 | $250.0K |
Former names
- MonoSol Rx, Inc.May 14, 2007 to Mar 27, 20082
Recent filings
- Oct 14, 20268-K
- Oct 7, 2026SCHEDULE 13G/A
- Oct 7, 2026SCHEDULE 13G
- Sep 29, 20268-K
- Sep 25, 20268-K
- Sep 17, 20268-K
- Sep 16, 20264 PRIMARY DOCUMENT
- Sep 15, 2026144
- Sep 11, 20264 PRIMARY DOCUMENT
- Sep 10, 20264 PRIMARY DOCUMENT
- Sep 9, 2026144
- Sep 9, 20264 PRIMARY DOCUMENT
- Sep 8, 20264 PRIMARY DOCUMENT
- Aug 18, 20264 PRIMARY DOCUMENT
- Aug 17, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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