Aquestive Therapeutics Announces Grant of Inducement Award Pursuant to Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Aquestive Therapeutics (NASDAQ: AQST) granted inducement equity awards to Matthew Greenhawt, its newly hired Chief Medical Officer, under the 2022 Equity Inducement Plan. The awards total 75,000 RSUs and 50,000 non‑qualified stock options to be granted on March 9, 2026.

The awards vest 25% after each of the first and second anniversaries and 50% on the third anniversary, the options have a ten‑year term and an exercise price equal to the March 9, 2026 closing price. Awards rely on Nasdaq Listing Rule 5635(c)(4) and were approved by the independent Compensation Committee.

Key Figures

Inducement RSUs: 75,000 units Inducement options: 50,000 options Option term: 10 years +5 more

8 metrics

Inducement RSUs 75,000 units Equity award under 2022 Equity Inducement Plan to new CMO

Inducement options 50,000 options Non-qualified stock options granted to new CMO

Option term 10 years Term of Inducement Options from grant date

Vesting first year 25% Inducement awards vest 25% after first anniversary

Vesting second year 25% Inducement awards vest 25% after second anniversary

Vesting third year 50% Inducement awards vest 50% on third anniversary

RTW warrant shares 375,000 shares Warrant to RTW at $4.00 per share expiring in 2029

Shares outstanding 122,045,049 shares Common stock outstanding as of Mar 2, 2026 (10-K)

Market Reality Check

Price: $4.23 Vol: Volume 1,987,210 is about...

normal vol

$4.23 Last Close

Volume Volume 1,987,210 is about 20% below the 20-day average of 2,471,875 shares. normal

Technical Price $4.23 is trading below the 200-day MA at $4.70 and 44% under the 52-week high.

Peers on Argus

AQST slipped 0.94% with below-average volume, while close peers were mixed: ORGO...

1 Up 1 Down

AQST slipped 0.94% with below-average volume, while close peers were mixed: ORGO -2.45%, SIGA -5.54%, AKBA +3.25%, EOLS -2.64%. No clear sector-wide direction.

Historical Context

5 past events · Latest: Mar 04 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 04	Earnings and update	Neutral	-2.5%	Q4 and full-year 2025 results plus Anaphylm CRL and cash guidance.
Feb 25	Investor conferences	Positive	+1.2%	Announcement of participation in multiple March investor conferences.
Feb 24	Earnings date set	Neutral	+3.0%	Scheduled Q4 2025 results release and investor conference call.
Feb 23	Conference presentation	Neutral	+0.5%	Planned presentation at Oppenheimer healthcare conference with webcast access.
Feb 20	Clinical data update	Positive	-0.3%	New Anaphylm data showing target epinephrine levels and no BP dip.

Pattern Detected

Recent AQST news has mostly seen price moves that align directionally with the news tone, with one divergence on favorable clinical data.

Recent Company History

Over the last few months, Aquestive has focused on financial updates, conferences and Anaphylm data. On Feb 20, new clinical data on Anaphylm showed clinically relevant epinephrine levels, but shares dipped slightly. Subsequent conference participation and earnings-date announcements around Feb 23–24 saw modest positive reactions. The Q4 and full‑year 2025 results on Mar 4 brought a small decline after discussing revenue growth alongside the prior FDA Complete Response Letter. Today’s inducement grant fits into ongoing management and incentive alignment rather than a major pipeline or financial catalyst.

Market Pulse Summary

This announcement details an equity inducement grant to the new Chief Medical Officer, totaling 75,0...

Analysis

This announcement details an equity inducement grant to the new Chief Medical Officer, totaling 75,000 restricted stock units and 50,000 stock options with a three-year 25/25/50 vesting schedule. It follows a series of regulatory and financial updates, including an FDA Complete Response Letter for Anaphylm and recent earnings. Investors may watch how leadership changes, incentive structures, and upcoming NDA resubmission plans influence execution on Anaphylm and the broader pipeline over the next several years.

Key Terms

restricted stock units, exercise price, nasdaq listing rule 5635(c)(4), equity inducement plan

4 terms

restricted stock units financial

"will receive an equity award of 75,000 Restricted Stock Units (the “Inducement RSUs”)"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

exercise price financial

"an exercise price per share equal to the closing price of Aquestive’s common stock"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

nasdaq listing rule 5635(c)(4) regulatory

"granted in reliance on the employment inducement exemption provided under Nasdaq Listing Rule 5635(c)(4)"

NASDAQ Listing Rule 5635(c)(4) is a rule that requires a company to get approval from its shareholders before selling a large amount of its shares, usually over 20%. This helps protect investors by making sure the company doesn't flood the market with new shares without their say, which could lower the stock's value.

equity inducement plan financial

"under the Company’s 2022 Equity Inducement Plan"

An equity inducement plan is a program that gives new hires or targeted employees stock, restricted shares, or stock options as a hiring or retention reward, often separate from the company’s regular long-term incentive plans. Think of it as a signing bonus paid in company stock: it helps attract and keep talent but matters to investors because it can dilute existing shares, change executive incentives, and affect future earnings through compensation expense.

AI-generated analysis. Not financial advice.

WARREN, N.J., March 09, 2026 (GLOBE NEWSWIRE) -- Aquestive Therapeutics, Inc. (NASDAQ: AQST) (“Aquestive” or the “Company”), a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies, today announced an inducement grant for Matthew Greenhawt, MD, MBA, MSc, Chief Medical Officer of Aquestive Therapeutics (the “Company”), under the Company’s 2022 Equity Inducement Plan. The inducement grant was approved by the Company’s Compensation Committee.

Under the Company’s 2022 Equity Inducement Plan, Dr. Greenhawt will receive an equity award of 75,000 Restricted Stock Units (the “Inducement RSUs”) and an equity award of 50,000 non-qualified common stock options (the “Inducement Options”), each award to be granted on March 9, 2026, which is the second full trading date following the date of the Company’s public release of annual financial results on March 5, 2026. The Inducement RSUs and the Inducement Options will vest 25% after each of the first and second anniversaries of the grant date, and 50% on the third anniversary of the grant date, subject to continued employment through the applicable grant date. The Inducement Options will have a term of ten years and an exercise price per share equal to the closing price of Aquestive’s common stock, par value $0.001 per share, on the Nasdaq Global Market on March 9, 2026, the scheduled grant date of the award. The Inducement RSUs and the Inducement Options are being granted in reliance on the employment inducement exemption provided under Nasdaq Listing Rule 5635(c)(4), and these awards were approved by the independent Compensation Committee of the Board of Directors of the Company as a material inducement for Dr. Greenhawt’s acceptance of employment with Aquestive. The Inducement RSUs and the Inducement Options were granted outside of the Company’s 2018 Equity Incentive Plan.

About Aquestive Therapeutics, Inc.
Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. The worldwide leader in delivering trusted, quality medications on oral film, Aquestive operates as both a developer of its own proprietary products and a Contract Development and Manufacturing Organization (CDMO) for licensees, with its headquarters in New Jersey and U.S.-based manufacturing facilities in Indiana. The Company is the exclusive manufacturer of four commercialized products marketed by its licensees across six continents using proprietary, best-in-class technologies like PharmFilm®. Aquestive's AdrenaVerse™ platform contains a library of more than 20 epinephrine prodrugs enabling the pursuit of various potential allergy and dermatological indications. The Company is advancing Anaphylm™ (dibutepinephrine) sublingual film for the treatment of severe allergic reactions, including anaphylaxis, and AQST-108 (epinephrine prodrug) topical gel for various potential dermatological conditions, including alopecia areata. For more information, visit Aquestive.com and follow us on LinkedIn.

Forward Looking Statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the advancement and related timing of our product candidates, including Anaphylm™ (dibutepinephrine) sublingual film and AQST-108 (epinephrine prodrug) topical gel, through clinical development and approval by the U.S. Food and Drug Administration (FDA) for the respective targeted indications. These forward-looking statements are based on the Company’s current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company’s development work, including any delays or changes to the timing, cost and success of its product development activities and clinical trials, including relating to Anaphylm and AQST-108, and other risks and uncertainties affecting the Company described in the “Risk Factors” section and in other sections included in its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission. Given those uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update forward-looking statements or outlook or guidance after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by applicable law.

PharmFilm® and the Aquestive logo are registered trademarks of Aquestive Therapeutics, Inc.

Investor Contact:
Brian Korb
astr partners
brian.korb@astrpartners.com

FAQ

What equity awards did Aquestive (AQST) grant to its new Chief Medical Officer on March 9, 2026?

Aquestive granted 75,000 Restricted Stock Units and 50,000 non‑qualified stock options to its Chief Medical Officer. According to the company, both awards were granted as inducements under the 2022 Equity Inducement Plan on March 9, 2026.

How do the vesting terms for the AQST inducement awards to Dr. Matthew Greenhawt work?

The awards vest 25% after year 1, 25% after year 2, and 50% after year 3 of the grant. According to the company, vesting is subject to continued employment through each applicable anniversary.

What is the exercise price and term for the 50,000 inducement options granted by Aquestive (AQST)?

The inducement options have a ten‑year term and an exercise price equal to the closing price on March 9, 2026. According to the company, the exercise price equals Aquestive’s Nasdaq closing price on the scheduled grant date.

Why were the inducement awards to AQST’s CMO granted outside the 2018 equity plan?

The awards were granted outside the 2018 equity plan to rely on the employment inducement exemption under Nasdaq Listing Rule 5635(c)(4). According to the company, the independent Compensation Committee approved them as a material inducement.

When were Aquestive’s inducement awards to Dr. Greenhawt approved and by whom?

The awards were approved by Aquestive’s independent Compensation Committee and granted on March 9, 2026. According to the company, the committee approved the inducement awards as part of recruiting the new Chief Medical Officer.