Aquestive Therapeutics, Inc. (AQST)
Nasdaq · Pharmaceutical Preparations · Manufacturing · CIK 1398733 · fiscal year ends in Dec
Closing price $4.03 on 29 Oct 2026; 52-week range $2.95 to $6.82.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $54.1M
- Revenue growth
- 22.6%
- Net income, last twelve months
- -$78.2M
- Earnings per share
- -$0.65
- Gross margin
- 67.0%
- Operating margin
- -97.5%
- Net margin
- -144.6%
- Free cash flow
- -$45.9M
- Market value
- $505.2M
- Cash
- $98.5M
- Debt
- $55.0M
- Shares outstanding
- 125.5M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 31 Dec 2025 | $44.5M | -$71.1M | -$83.8M | -$0.78 | -$53.0M | 10-K filed 4 Mar 2026 |
| FY2024 | 31 Dec 2024 | $57.6M | -$30.8M | -$44.1M | -$0.51 | -$35.9M | 10-K filed 5 Mar 2025 |
| FY2023 | 31 Dec 2023 | $50.6M | -$15.1M | -$7.9M | -$0.13 | -$7.4M | 10-K filed 5 Mar 2024 |
| FY2022 | 31 Dec 2022 | $47.7M | -$42.1M | -$54.4M | -$1.12 | -$10.8M | 10-K filed 31 Mar 2023 |
| FY2021 | 31 Dec 2021 | $50.8M | -$34.7M | -$70.5M | -$1.85 | -$33.9M | 10-K filed 8 Mar 2022 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 30 Jun 2026 | $13.8M | -$22.9M | -$0.18 |
| Q1 FY2026 | 31 Mar 2026 | $14.4M | -$8.1M | -$0.07 |
| Q4 FY2025 | 31 Dec 2025 | $13.0M | -$31.9M | -$0.26 |
| Q3 FY2025 | 30 Sep 2025 | $12.8M | -$15.4M | -$0.14 |
| Q2 FY2025 | 30 Jun 2025 | $10.0M | -$13.5M | -$0.14 |
| Q1 FY2025 | 31 Mar 2025 | $8.7M | -$22.9M | -$0.24 |
| Q4 FY2024 | 31 Dec 2024 | $11.9M | -$17.1M | -$0.19 |
| Q3 FY2024 | 30 Sep 2024 | $13.5M | -$11.5M | -$0.13 |
Revenue by segment
As the company reports it in the segment note of its annual report.
By product, FY2025
| Segment | Revenue | Share |
|---|---|---|
| Manufacture and supply revenue | $40.2M | 89.3% |
| License and royalty revenue | $3.5M | 7.8% |
| Co-development and research fees | $1.3M | 2.8% |
By region, FY2025
| Segment | Revenue | Share |
|---|---|---|
| United States | $29.6M | 66.5% |
| Ex-United States | $14.9M | 33.5% |
Company events
The newest 8-K filings of 182 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 19 Oct 2026 | 8-K | Bylaws or fiscal year change | 5.03, 9.01 |
| 15 Oct 2026 | 8-K | Investor update | 7.01, 9.01 |
| 14 Oct 2026 | 8-K | Material agreement | 1.01, 9.01 |
| 29 Sep 2026 | 8-K | Leadership change | 5.02, 9.01 |
| 25 Sep 2026 | 8-K | Investor update | 7.01, 9.01 |
| 17 Sep 2026 | 8-K | Investor update, Other events | 7.01, 8.01, 9.01 |
| 11 Aug 2026 | 8-K | Results, Investor update | 2.02, 7.01, 9.01 |
| 10 Aug 2026 | 8-K | Investor update, Other events | 7.01, 8.01, 9.01 |
| 10 Jun 2026 | 8-K | Shareholder vote | 5.07, 9.01 |
| 13 May 2026 | 8-K | Results, Material agreement, Agreement ended, New debt, Share sale, Investor update | 1.01, 1.02, 2.02, 2.03, 3.02, 7.01, 9.01 |
| 30 Mar 2026 | 8-K | Investor update | 7.01, 9.01 |
| 20 Mar 2026 | 8-K | Leadership change, Investor update | 5.02, 7.01, 9.01 |
Every filing
The newest filings with the SEC of 304 held.
| Filed | Form | Period |
|---|---|---|
| 19 Oct 2026 | 8-K | 15 Oct 2026 |
| 15 Oct 2026 | 8-K | 15 Oct 2026 |
| 14 Oct 2026 | 8-K | 13 Oct 2026 |
| 29 Sep 2026 | 8-K | 29 Sep 2026 |
| 25 Sep 2026 | 8-K | 23 Sep 2026 |
| 17 Sep 2026 | 8-K | 14 Sep 2026 |
| 11 Aug 2026 | 10-Q | 30 Jun 2026 |
| 11 Aug 2026 | 8-K | 11 Aug 2026 |
| 10 Aug 2026 | 8-K | 10 Aug 2026 |
| 8 Jul 2026 | EFFECT | – |
| 26 Jun 2026 | S-3 | – |
| 10 Jun 2026 | 8-K | 10 Jun 2026 |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 15 Oct 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 25,000 | $4.22 | $105.6K | 627,317 | 16 Oct 2026 |
| 15 Sep 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 25,000 | $4.82 | $120.5K | 652,317 | 16 Sep 2026 |
| 9 Sep 2026 | Korczynski Sherry, Chief Commercial Officer | Sale under a trading plan | 8,750 | $5.22 | $45.7K | 235,689 | 11 Sep 2026 |
| 17 Aug 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 25,000 | $4.29 | $107.2K | 585,574 | 18 Aug 2026 |
| 16 Jul 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 20,369 | $4.00 | $81.5K | 610,574 | 17 Jul 2026 |
| 15 Jul 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 4,631 | $4.03 | $18.7K | 630,943 | 17 Jul 2026 |
| 23 Jun 2026 | Krop Julie, Director | Sale under a trading plan | 25,000 | $5.02 | $125.4K | 0 | 24 Jun 2026 |
| 15 Jun 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 25,000 | $4.16 | $104.0K | 635,574 | 16 Jun 2026 |
| 15 May 2026 | Barber Daniel, President and CEO | Sale under a trading plan | 8,257 | $4.29 | $35.4K | 660,574 | 18 May 2026 |
| 10 Mar 2026 | Boyd Peter E., Chief People Officer | Sale outside a trading plan | 29,814 | $4.17 | $124.4K | 338,509 | 11 Mar 2026 |
| 10 Mar 2026 | Barber Daniel, President and CEO | Sale outside a trading plan | 180,677 | $4.17 | $754.0K | 1,004,753 | 11 Mar 2026 |
| 10 Mar 2026 | Braender Lori J, Chief Legal Officer | Sale outside a trading plan | 40,102 | $4.17 | $167.3K | 442,879 | 11 Mar 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| Filed | Seller | Shares | Value | Planned sale |
|---|---|---|---|---|
| 15 Sep 2026 | Daniel Barber, Director, Officer | 50,000 | $244.0K | 15 Sep 2026 |
| 9 Sep 2026 | Sherry M. Korczynski, Officer | 8,750 | $45.6K | 9 Sep 2026 |
| 17 Aug 2026 | Daniel Barber, Officer | 25,000 | $106.3K | 17 Aug 2026 |
| 15 Jul 2026 | Daniel Barber, Officer | 25,000 | $101.0K | 15 Jul 2026 |
| 23 Jun 2026 | JULIE KROP, Director | 25,000 | $118.0K | 23 Jun 2026 |
| 15 Jun 2026 | Daniel Barber, Officer | 25,000 | $104.3K | 15 Jun 2026 |
| 15 May 2026 | Daniel Barber, Officer | 8,257 | $39.1K | 15 May 2026 |
| 17 Nov 2025 | Carl N. Kraus, Affiliate | 53,100 | $286.2K | 17 Nov 2025 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 7 Oct 2026 | Bass Edward P | 13G | 7.5% | 9.4M |
| 7 Oct 2026 | BRATTON DOUGLAS K | 13G amended | 0.6% | 691.9K |
| 27 Jul 2026 | BlackRock, Inc. | 13G amended | 6.4% | 8.0M |
| 14 Nov 2025 | RTW Investments, LP | 13G | 5.2% | 6.3M |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 27.6M | -4% | 13.88 |
| 30 Sep 2026 | 28.7M | +5.84% | 13.06 |
| 15 Sep 2026 | 27.2M | +6.61% | 11.81 |
| 31 Aug 2026 | 25.5M | +21.61% | 7.15 |
| 14 Aug 2026 | 21.0M | +16.09% | 5.19 |
| 31 Jul 2026 | 18.0M | +8.24% | 8.92 |
| 15 Jul 2026 | 16.7M | +4.24% | 10.9 |
| 30 Jun 2026 | 16.0M | +8.1% | 5.28 |
Funds that hold it
From each fund's latest Form 13F.
202 funds held it at 30 Jun 2026: 87 added and 44 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| Bratton Capital Management, L.P. | 9,810,958 | $40.8M | 0 |
| BlackRock, Inc. | 8,069,373 | $33.6M | +560,302 |
| RTW Investments, LP | 7,426,471 | $30.9M | 0 |
| Vanguard Capital Management LLC | 4,584,533 | $19.1M | +140,835 |
| Federated Hermes, Inc. | 3,112,561 | $12.9M | +172,222 |
| State Street Corp. | 2,928,020 | $12.2M | +381,829 |
| Geode Capital Management, LLC | 2,622,888 | $10.9M | +214,697 |
| Samsara Biocapital, LLC | 2,500,000 | $10.4M | 0 |
| Bank of America Corp. | 1,668,423 | $6.9M | -736,627 |
| Sio Capital Management, LLC | 1,486,175 | $6.2M | -436,712 |
Peers
Companies in the same industry.
- Eli Lilly & Co. (LLY): revenue $86.5B, market value $1.29T
- Johnson & Johnson (JNJ): revenue $99.3B, market value $662.4B
- AbbVie Inc. (ABBV): revenue $64.4B, market value $513.9B
- Merck & Co., Inc. (MRK): revenue $66.6B, market value $361.0B
- Novartis AG (NVS): revenue $54.5B, market value $307.3B
- AstraZeneca PLC (AZN): revenue $58.7B, market value $270.6B
- Abbott Laboratories (ABT): revenue $46.6B, market value $180.9B
- Novo Nordisk A/S (NVO): revenue $46.8B, market value $174.8B
- Pfizer Inc. (PFE): revenue $63.7B, market value $170.7B
- Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $136.8B