Aquestive Therapeutics, Inc.
AQSTHealthcare|Drug Manufacturers - Specialty & Generic|US
$3.61
-0.05 (-1.37%)
Cash / Share
$0.72
Financials
Financial Snapshot
Market Cap
$453.1M
Enterprise Value
$370.9M
Revenue (TTM)
$48.8M
Net Income (TTM)
-$79.3M
Cash & Investments
$90.3M
Net Cash
$82.2M
Free Cash Flow (TTM)
-$40.7M
Operating CF (TTM)
-$39.8M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$90.3M
Quarterly Burn
$9.9M
Monthly Burn
$3.3M
Est. Runway
~9.1 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $9.2M | $17.4M | $60.6M | $49.3M | $31.8M | $28.0M | $27.3M | $23.9M | $71.5M | $121.2M | $90.3M | |
| Operating Cash Flow | -$8.2M | $5.8M | -$13.0M | -$60.2M | -$45.5M | -$33.0M | -$9.8M | -$6.4M | -$35.8M | -$52.4M | -$39.8M | |
| Free Cash Flow | -$9.2M | $3.8M | -$14.8M | -$60.9M | -$46.0M | -$33.9M | -$12.3M | -$7.4M | -$35.9M | -$53.0M | -$40.7M | |
| Capital Expenditure | -$976.0K | -$2.1M | -$1.8M | -$663.0K | -$517.0K | -$913.0K | -$2.5M | -$995.0K | -$159.0K | -$562.0K | -$933.0K | |
| Financing Cash Flow | $5.7M | $4.4M | $58.0M | $49.6M | $28.5M | $30.1M | $11.6M | $4.0M | $83.6M | $102.6M | $2.0M |
R&D Spending
R&D (TTM)
$15.6M
R&D Intensity
32.0%
R&D Growth vs Prior
-9.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.8M | $66.9M | $67.4M | $52.6M | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M | $48.8M | |
| R&D Expense | $15.4M | $22.1M | $23.1M | $20.6M | $19.9M | $17.0M | $17.5M | $13.1M | $20.3M | $17.2M | $15.6M | |
| R&D % of Revenue | 29.8% | 33.1% | 34.3% | 39.1% | 43.4% | 33.5% | 36.7% | 25.9% | 35.2% | 38.6% | 32.0% | |
| SG&A | $20.8M | $25.1M | $72.3M | $64.3M | $55.9M | $53.5M | $52.9M | $31.8M | $50.2M | $79.8M | $72.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.8M | $66.9M | $67.4M | $52.6M | $45.8M | $50.8M | $47.7M | $50.6M | $57.6M | $44.5M | $48.8M | |
| Cost of Revenue | $16.4M | $19.8M | $21.0M | $20.4M | $13.0M | $15.0M | $19.4M | $20.8M | $17.9M | $17.2M | $16.9M | |
| Gross Profit | $35.4M | $47.1M | $46.4M | $32.2M | $32.9M | $35.8M | $28.3M | $29.8M | $39.7M | $27.4M | $31.9M | |
| R&D | $15.4M | $22.1M | $23.1M | $20.6M | $19.9M | $17.0M | $17.5M | $13.1M | $20.3M | $17.2M | $15.6M | |
| SG&A | $20.8M | $25.1M | $72.3M | $64.3M | $55.9M | $53.5M | $52.9M | $31.8M | $50.2M | $79.8M | $72.0M | |
| Operating Income | -$847.0K | -$113.0K | -$48.9M | -$52.7M | -$42.9M | -$34.7M | -$42.1M | -$15.1M | -$30.8M | -$69.7M | -$55.7M | |
| Interest Expense | $6.1M | $7.7M | $7.7M | $9.3M | $13.0M | $22.5M | $12.4M | $7.5M | $16.8M | $17.1M | $14.9M | |
| Pretax Income | -$9.6M | -$8.9M | -$61.4M | -$66.2M | -$55.8M | -$70.5M | -$54.4M | -$7.6M | -$44.2M | -$83.8M | -$79.3M | |
| Net Income | -$9.6M | -$8.9M | -$61.4M | -$66.2M | -$55.8M | -$70.5M | -$54.4M | -$7.9M | -$44.1M | -$83.8M | -$79.3M | |
| EPS (Diluted) | -0.39 | -0.45 | -2.96 | -2.87 | -1.66 | -1.85 | -1.12 | -0.13 | -0.51 | -0.76 | -0.64 | |
| EBITDA | $2.9M | $2.6M | -$50.4M | -$54.0M | -$39.3M | -$45.1M | -$39.6M | $1.2M | -$26.6M | -$66.1M | -$64.8M | |
| Shares Out. (M) | 24.50 | 20.00 | 20.73 | 25.36 | 33.65 | 38.08 | 48.73 | 61.26 | 86.73 | 121.97 | 125.55 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.2M | $17.4M | $60.6M | $49.3M | $31.8M | $28.0M | $27.3M | $23.9M | $71.5M | $121.2M | $90.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $23.3M | $28.2M | $74.2M | $68.3M | $44.6M | $47.3M | $39.9M | $41.0M | $88.2M | $149.3M | $105.8M | |
| Total Assets | $39.4M | $43.1M | $86.9M | $78.5M | $62.9M | $62.0M | $57.1M | $57.4M | $101.4M | $160.4M | $119.3M | |
| Total Current Liabilities | $10.8M | $15.3M | $33.0M | $18.6M | $21.1M | $22.0M | $39.5M | $18.3M | $18.9M | $47.6M | $17.3M | |
| Long-Term Debt | $38.6M | $45.5M | $42.6M | $60.3M | $34.3M | $51.6M | $33.4M | $27.5M | $32.5M | $115.5M | $0.00 | |
| Total Liabilities | $57.0M | $69.6M | $76.8M | $84.6M | $111.4M | $144.1M | $175.6M | $163.9M | $161.6M | $194.1M | $190.2M | |
| Stockholders' Equity | -$17.6M | -$26.5M | $10.1M | -$6.1M | -$48.5M | -$82.1M | -$118.6M | -$106.5M | -$60.2M | -$33.7M | $0.00 | |
| Retained Earnings | -$108.7M | -$120.1M | -$61.4M | -$130.5M | -$186.3M | -$256.8M | -$311.2M | -$319.1M | -$363.2M | -$447.0M | -$494.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.2M | $5.8M | -$13.0M | -$60.2M | -$45.5M | -$33.0M | -$9.8M | -$6.4M | -$35.8M | -$52.4M | -$39.8M | |
| Capital Expenditure | -$976.0K | -$2.1M | -$1.8M | -$663.0K | -$517.0K | -$913.0K | -$2.5M | -$995.0K | -$159.0K | -$562.0K | -$933.0K | |
| Free Cash Flow | -$9.2M | $3.8M | -$14.8M | -$60.9M | -$46.0M | -$33.9M | -$12.3M | -$7.4M | -$35.9M | -$53.0M | -$40.7M | |
| Investing Cash Flow | $190.0K | -$2.1M | -$1.8M | -$663.0K | -$517.0K | -$913.0K | -$2.5M | -$995.0K | -$159.0K | -$562.0K | -$933.0K | |
| Financing Cash Flow | $5.7M | $4.4M | $58.0M | $49.6M | $28.5M | $30.1M | $11.6M | $4.0M | $83.6M | $102.6M | $2.0M | |
| Issuance of Stock | $0.00 | $24.0K | $68.8M | $39.3M | $6.2M | $29.8M | $13.6M | $8.9M | $83.8M | $103.5M | -$48.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $6.9M | $5.0M | $0.00 | $17.1M | -$22.5M | $0.00 | -$2.0M | -$20.4M | -$23.0K | -$37.0K | $63.0M | |
| Stock Based Comp. | $0.00 | $0.00 | $29.9M | $7.1M | $6.6M | $6.8M | $4.4M | $2.7M | $7.1M | $7.6M | $8.7M | |
| Net Change in Cash | -$2.3M | $8.2M | $43.2M | -$11.3M | -$17.5M | -$3.8M | -$751.0K | -$3.4M | $47.7M | $49.6M | -$38.7M |
Dilution Tracker
Shares outstanding grew 262.4% over 5 years — significant dilution
Shares Outstanding
126M
5-Year Share Growth
+262.4%
Stock Issuance (TTM)
-$48.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.50 | 20.00 | 20.73 | 25.36 | 33.65 | 38.08 | 48.73 | 61.26 | 86.73 | 121.97 | 125.55 | |
| Change vs Prior % | — | -18.4% | 3.6% | 22.3% | 32.7% | 13.2% | 28.0% | 25.7% | 41.6% | 40.6% | 2.9% | |
| Stock Issuance | $0.00 | $24.0K | $68.8M | $39.3M | $6.2M | $29.8M | $13.6M | $8.9M | $83.8M | $103.5M | -$48.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $29.9M | $7.1M | $6.6M | $6.8M | $4.4M | $2.7M | $7.1M | $7.6M | $8.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 68.4% | 70.4% | 68.9% | 61.3% | 71.7% | 70.5% | 59.3% | 58.8% | 69.0% | 61.5% | 65.3% | |
| Operating Margin % | -1.6% | -0.2% | -72.6% | -100.1% | -93.6% | -68.2% | -88.2% | -29.9% | -53.5% | -156.4% | -114.1% | |
| Net Margin % | -18.5% | -13.4% | -91.0% | -125.9% | -121.7% | -138.8% | -114.1% | -15.6% | -76.7% | -188.1% | -162.3% | |
| EBITDA Margin % | 5.7% | 3.8% | -74.8% | -102.7% | -85.8% | -88.8% | -83.0% | 2.3% | -46.2% | -148.5% | -132.7% | |
| FCF Margin % | -17.7% | 5.6% | -22.0% | -115.7% | -100.3% | -66.7% | -25.8% | -14.6% | -62.4% | -119.0% | -83.3% | |
| ROE % | 54.6% | 33.8% | -608.9% | 1082.1% | 115.0% | 85.9% | 45.9% | 7.4% | 73.4% | 248.9% | 255.1% | |
| ROA % | -24.4% | -20.7% | -70.7% | -84.4% | -88.7% | -113.8% | -95.3% | -13.7% | -43.5% | -52.2% | -66.4% | |
| ROIC % | -3.0% | -0.4% | -83.6% | -87.9% | -95.1% | -80.7% | -115.3% | -38.2% | -37.0% | -56.0% | -54.3% | |
| R&D / Revenue % | 29.8% | 33.1% | 34.3% | 39.1% | 43.4% | 33.5% | 36.7% | 25.9% | 35.2% | 38.6% | 32.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 29.2% | 0.8% | -22.0% | -12.8% | 10.9% | -6.2% | 6.1% | 13.8% | -22.6% | |
| Gross Profit | 0.0% | 33.0% | -1.4% | -30.6% | 2.0% | 9.0% | -21.1% | 5.2% | 33.4% | -31.0% | |
| Operating Income | 0.0% | 86.7% | -43204.4% | -7.6% | 18.6% | 19.1% | -21.3% | 64.1% | -103.8% | -126.4% | |
| Net Income | 0.0% | 6.9% | -586.3% | -7.9% | 15.8% | -26.5% | 22.9% | 85.5% | -460.8% | -89.8% | |
| EPS (Diluted) | 0.0% | -15.4% | -557.8% | 3.0% | 42.2% | -11.4% | 39.5% | 88.4% | -292.3% | -49.0% | |
| Operating Cash Flow | 0.0% | 171.2% | -323.1% | -363.5% | 24.5% | 27.5% | 70.3% | 34.8% | -460.5% | -46.6% | |
| Free Cash Flow | 0.0% | 141.0% | -494.4% | -310.9% | 24.5% | 26.3% | 63.7% | 40.1% | -387.0% | -47.5% | |
| R&D Expense | 0.0% | 43.3% | 4.4% | -11.0% | -3.3% | -14.3% | 2.5% | -25.0% | 54.8% | -15.2% | |
| SG&A Expense | 0.0% | 20.5% | 188.2% | -11.0% | -13.1% | -4.3% | -1.1% | -40.0% | 58.0% | 59.1% | |
| Total Assets | 0.0% | 9.5% | 101.4% | -9.6% | -19.9% | -1.4% | -7.9% | 0.6% | 76.6% | 58.2% | |
| Book Value / Share | 0.0% | -84.7% | 136.7% | -149.6% | -496.9% | -49.7% | -12.8% | 28.5% | 60.1% | 60.2% | |
| Debt | 0.0% | 17.7% | 3.7% | 27.8% | -32.9% | 39.4% | 1.9% | -42.0% | 14.1% | 245.9% | |
| Diluted Shares | 0.0% | -18.4% | 3.6% | 22.3% | 32.7% | 13.2% | 28.0% | 25.7% | 41.6% | 40.6% |
Valuation
P/E (TTM)At Loss
P/S9.28
10Y Low / Med / High0.92 / 3.93 / 17.69
P/B0.00
EV/EBITDAAt Loss
10Y Low / Med / High112.68 / 136.11 / 143.52
EV/Revenue7.59
10Y Low / Med / High1.56 / 4.12 / 17.92
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.72
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -41.15 | -35.67 | -2.13 | -2.03 | -3.22 | -2.10 | -0.81 | -15.54 | -6.98 | -8.50 | -5.64 | |
| P/S Ratio | 7.59 | 4.80 | 1.94 | 2.81 | 3.93 | 2.91 | 0.92 | 2.45 | 5.36 | 17.69 | 9.28 | |
| P/B Ratio | -22.37 | -12.12 | 12.95 | -24.11 | -3.71 | -1.80 | -0.37 | -1.16 | -5.13 | -23.41 | 0.00 | |
| EV/EBITDA | 143.52 | 136.11 | -2.32 | -2.94 | -4.80 | -3.91 | -1.87 | 112.68 | -10.34 | -12.07 | -5.72 | |
| EV/Revenue | 8.16 | 5.22 | 1.74 | 3.01 | 4.12 | 3.47 | 1.56 | 2.63 | 4.78 | 17.92 | 7.59 |
Analyst Estimates & Quality
Altman Z-Score
-4.87
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $50.5M | $69.2M | $102.1M |
| Net Income | -$55.1M | -$61.8M | -$33.6M |
| EPS | $-0.47 | $-0.48 | $-0.36 |
| # Analysts (EPS) | 4 | 4 | 3 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Co-Development and Research Fees | $1.3M | $1.6M | $1.3M | $1.4M | $1.9M | $1.3M |
| License and Royalty Revenue | $14.1M | $5.4M | $2.4M | $5.4M | $15.3M | $3.5M |
| Manufacture and Supply Revenue | $24.9M | $35.3M | $36.4M | $43.8M | $40.0M | $40.2M |
| Proprietary Product Sales | $5.6M | $8.5M | $7.7M | — | — | — |
| Royalty | — | -$1.1M | — | — | — | — |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Non-US | $4.9M | $8.0M | $7.8M | $13.5M | $17.6M | $14.9M |
| United States | $41.0M | — | — | — | — | — |
| UNITED STATES | — | $42.9M | $39.9M | $37.1M | $39.9M | $29.6M |