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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Ex-United States
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $29.6M | $39.9M |
| Ex-United States | $14.9M | $17.6M |
As the company reported it, from the “Revenues and Trade Receivables, Net - Schedule of Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $66.9M | $67.4M | $52.6M | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M |
| Gross profit | — | — | — | $32.2M | $32.9M | — | $28.3M | $29.8M | $39.7M | $26.0M |
| Net income | — | -$8.9M | -$61.4M | -$66.2M | -$55.8M | -$70.5M | -$54.4M | -$7.9M | -$44.1M | -$83.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| LLY | ELI LILLY & Co | $1.20T | 55.5x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $635.76B | 23.9x | 6.0% |
| ABBV | AbbVie Inc. | $504.76B | 121.0x | 8.6% |
| MRK | Merck & Co., Inc. | $358.41B | 20.0x | 1.3% |
| ABT | ABBOTT LABORATORIES | $180.63B | 27.9x | 5.7% |
| PFE | PFIZER INC | $171.16B | 22.1x | -1.6% |
| VRTX | VERTEX PHARMACEUTICALS INC / MA | $132.80B | 34.2x | 8.9% |
| BMY | BRISTOL MYERS SQUIBB CO | $125.59B | 17.8x | -0.2% |