Aquestive Therapeutics, Inc. AQST
Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies. We are advancing our late stage non-device based epinephrine prodrug product candidate for the treatment of severe allergic reactions, including anaphylaxis, under the "Anaphylm™" trade name, and our AdrenaVerse™ epinephrine prodrug pipeline platform. We have four licensed commercialized products which are marketed by our licensees in the U.S. and around the world. We are the exclusive manufacturer of these licensed products. Aquestive also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven drug development and commercialization capabilities. Our production facilities are located in Portage, Indiana, and our corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.5M | $57.6M | $50.6M | $47.7M | $50.8M | $45.8M | $52.6M | $67.4M | $66.9M | — |
| Cost of revenue | $18.6M | $17.9M | $20.8M | $19.4M | — | $13.0M | $20.4M | — | — | — |
| Gross profit | $26.0M | $39.7M | $29.8M | $28.3M | — | $32.9M | $32.2M | — | — | — |
| R&D | $17.2M | $20.3M | $13.1M | $17.5M | $17.0M | $19.9M | $20.6M | $23.1M | $22.1M | — |
| SG&A | $79.8M | $50.2M | $31.8M | $52.9M | $53.5M | $55.9M | $64.3M | $72.3M | $25.1M | — |
| Total operating expenses | $115.6M | $88.3M | $65.7M | $89.7M | $85.5M | $88.7M | $105.3M | $116.4M | $67.0M | — |
| Operating income | -$71.1M | -$30.8M | -$15.1M | -$42.1M | -$34.7M | -$42.9M | -$52.7M | -$48.9M | -$113.0K | — |
| Interest expense | $11.1M | $11.1M | $6.3M | $6.6M | $10.0M | $11.1M | $9.3M | $7.7M | $7.7M | — |
| Pre-tax income | -$83.8M | -$44.2M | -$7.6M | -$54.4M | -$70.5M | -$55.8M | -$66.2M | -$61.4M | -$8.9M | — |
| Income tax | $0 | $14.0K | $245.0K | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$83.8M | -$44.1M | -$7.9M | -$54.4M | -$70.5M | -$55.8M | -$66.2M | -$61.4M | -$8.9M | — |
| EPS, basic | -0.78 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | — | — | — | — |
| EPS, diluted | -0.78 | -0.51 | -0.13 | -1.12 | -1.85 | -1.66 | -2.61 | -2.96 | — | — |
| Shares, diluted (wtd. avg.) | $106.9M | $86.7M | $61.3M | $48.7M | $38.1M | $33.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $121.2M | $71.5M | $23.9M | $27.3M | $28.0M | $31.8M | $49.3M | $60.6M | $17.4M | $9.2M |
| Receivables | $17.8M | $7.3M | $8.5M | — | — | — | — | — | — | — |
| Inventory | $6.2M | $6.0M | $6.8M | $5.8M | $4.0M | $2.5M | $2.9M | $5.4M | $4.0M | — |
| Total current assets | $149.3M | $88.2M | $41.0M | $39.9M | $47.3M | $44.6M | $68.3M | $74.2M | $28.2M | — |
| Property, plant and equipment | $3.9M | $3.8M | $4.2M | $4.1M | $5.1M | $6.9M | $9.7M | $12.2M | $13.5M | — |
| Other intangibles | $0 | $0 | $1.3M | $1.4M | $51.0K | $102.0K | $153.0K | $204.0K | $254.0K | — |
| Total assets | $160.4M | $101.4M | $57.4M | $57.1M | $62.0M | $62.9M | $78.5M | $86.9M | $43.1M | — |
| Accounts payable | $29.9M | $10.3M | $8.9M | $9.9M | $8.3M | $7.1M | $12.3M | $20.4M | $9.6M | — |
| Total current liabilities | $47.6M | $18.9M | $18.3M | $39.5M | $22.0M | $21.1M | $18.6M | $33.0M | $15.3M | — |
| Long-term debt | $45.0M | $45.0M | $45.0M | — | — | $51.5M | $70.0M | — | — | — |
| Total liabilities | $194.1M | $161.6M | $163.9M | $175.6M | $144.1M | $111.4M | $84.6M | $76.8M | $69.6M | — |
| Retained earnings | -$447.0M | -$363.2M | -$319.1M | -$311.2M | -$256.8M | -$186.3M | -$130.5M | -$61.4M | -$120.1M | — |
| Total equity | -$33.7M | -$60.2M | -$106.5M | -$118.6M | -$82.1M | -$48.5M | -$6.1M | $10.1M | -$26.5M | -$57.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$52.4M | -$35.8M | -$6.4M | -$9.8M | -$33.0M | -$45.5M | -$60.2M | -$13.0M | $5.8M | — |
| Depreciation and amortisation | $548.0K | $640.0K | $1.2M | $2.3M | $2.9M | $3.4M | $2.9M | $3.2M | $3.8M | — |
| Stock-based compensation | $7.6M | $7.1M | $2.7M | $4.4M | $6.8M | $6.6M | $7.1M | $29.9M | $0 | — |
| Capital expenditure | $562.0K | $159.0K | $995.0K | $1.0M | $913.0K | $517.0K | $663.0K | $1.8M | $2.1M | — |
| Investing cash flow | -$562.0K | -$159.0K | -$995.0K | -$2.5M | -$913.0K | -$517.0K | -$663.0K | -$1.8M | -$2.1M | — |
| Financing cash flow | $102.6M | $83.6M | $4.0M | $11.6M | $30.1M | $28.5M | $49.6M | $58.0M | $4.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016757.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |