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MARKETS / NASDAQ / AQST
NASDAQ · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Aquestive Therapeutics, Inc. AQST

9 fiscal years on record · USD · FY2025 reported · SEC filings only
$44.5M
▼ 22.6% YoY
$-83.8M
$-53.0M
In brief

What this company does

We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies. 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. Our production facilities are located in Portage, Indiana, and our corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey. As of December 31, 2025, we employed approximately 147 colleagues.

Written from the business description in Aquestive Therapeutics, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 4 March 2026. Every sentence was checked against that document before publication.

Growth
USD 44.5M
Revenue, FY2025 · full 9-year series below
Revenue $M Net income $M
FY2025 · Revenue 44.5 · Net income -83.8
25.0M50.0M-40.0M-80.0M201720182019202020212022202320242025
Compound annual growth
−2.2%
−0.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −0.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−188 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -159.5% · Net -188.1%
-50%-100%-150%201720182019202020212022202320242025
ROE

Not applicable: equity was negative in this period, so return on equity has no meaning.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -53.0
-25.0M-50.0M201720182019202020212022202320242025

Total assetsUSD 160.4M
EquityUSD -33.7M
CashUSD 121.2M
Gross debtUSD 45.0M
Net debtUSD -76.2M
Current ratio3.14×

Equity was negative — liabilities exceeded assets. No ratio is shown.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue $B0.00.10.10.00.10.00.10.10.1
Operating income $B−0.1−0.0−0.0−0.0−0.0−0.0−0.1−0.0−0.0
EBITDA $B−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0
Income tax $B0.0−0.00.00.00.00.00.00.00.0
Net income $B−0.1−0.0−0.0−0.1−0.1−0.1−0.1−0.1−0.0
Free cash flow $B−0.1−0.0−0.0−0.0−0.0−0.0−0.1−0.00.0
EPS, diluted $−0.78−0.51−0.13−1.12−1.85−1.66−2.61−2.96·
Dividend / sh $·········
Payout %·········
ROE %······−3347.4··
Shares out B0.120.090.070.050.040.030.030.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 35 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 54 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2017

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