Aquestive Therapeutics Announces New Role of Lori J. Braender and Appointment of Thomas A. Zalewski as Chief Legal Officer and Chief Compliance Officer

Rhea-AI Summary

Aquestive Therapeutics (NASDAQ: AQST) appointed Thomas A. Zalewski as Chief Legal Officer and Chief Compliance Officer, effective April 2, 2026. Lori J. Braender will step down from those executive roles and remain as Corporate Secretary.

The company granted an inducement package of 100,000 RSUs and 75,000 options; awards vest 25% after years one and two and 50% in year three, with options exercisable for ten years and priced at the closing share price on May 8, 2026.

Positive

• Experienced hire: Thomas Zalewski brings life sciences legal expertise
• Continuity: Lori Braender remains Corporate Secretary, preserving governance knowledge
• Retention-focused equity: 100,000 RSUs plus 75,000 options align long-term incentives

Negative

• Inducement awards of 175,000 equity instruments may dilute existing shareholders
• Awards granted outside the 2018 Equity Incentive Plan could raise governance questions

News Market Reaction – AQST

-1.97%

1 alert

-1.97% News Effect

On the day this news was published, AQST declined 1.97%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Inducement RSUs: 100,000 units Inducement options: 75,000 options Vesting schedule: 25% / 25% / 50% +5 more

8 metrics

Inducement RSUs 100,000 units Equity award to Thomas A. Zalewski under 2022 Equity Inducement Plan

Inducement options 75,000 options Non-qualified common stock options granted to Thomas A. Zalewski

Vesting schedule 25% / 25% / 50% RSUs and options vest over three anniversaries of grant date

Option term 10 years Term of inducement stock options for Thomas A. Zalewski

Effective date April 2, 2026 Start date for Chief Legal Officer and Chief Compliance Officer role

Grant date reference May 8, 2026 Scheduled grant date used to set option exercise price

Current price $4.06 Pre-news close, up 1% over prior 24 hours

52-week range $2.12–$7.55 Price stood 46.23% below 52-week high before this news

Market Reality Check

Price: $3.88 Vol: Volume 2,078,759 is sligh...

normal vol

$3.88 Last Close

Volume Volume 2,078,759 is slightly below the 20-day average of 2,271,967 (relative volume 0.91x). normal

Technical Shares at $4.06 are trading below the 200-day MA of $4.77 and about 46% under the 52-week high of $7.55.

Peers on Argus

AQST gained 1% while key peers like ESPR, ORGO, SIGA, AKBA, and EOLS each showed...

1 Up

AQST gained 1% while key peers like ESPR, ORGO, SIGA, AKBA, and EOLS each showed positive moves, yet only ETON (+5.15%) appeared in the momentum scanner. Scanner data flags AQST’s action as stock-specific rather than a broad sector rotation.

Historical Context

5 past events · Latest: Mar 12 (Negative)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 12	Legal / lawsuit	Negative	-5.6%	Lawsuit related to an analyst’s slashed price target and investor losses.
Mar 09	Inducement grant	Neutral	-2.1%	Inducement RSUs and options granted to new Chief Medical Officer.
Mar 04	Earnings & update	Neutral	-2.5%	Q4 revenue growth, Anaphylm CRL, cash guidance and RTW amendments.
Feb 25	Investor conferences	Positive	+1.2%	Participation in multiple March investor conferences and meetings.
Feb 24	Earnings date set	Neutral	+3.0%	Announcement of Q4 2025 results date and investor call timing.

Pattern Detected

Recent news, including earnings and multiple inducement/compensation awards, has typically seen modest single-digit price moves, generally aligning with the tone of each announcement.

Recent Company History

Over the last month, Aquestive’s news flow has focused on legal, corporate, and financial developments. On Mar 4, 2026, Q4 2025 results showed $13.0M revenue, up 10%, alongside an FDA Complete Response Letter for Anaphylm and guidance to about $70M year-end 2026 cash. Subsequent items included conference participation and inducement equity awards for the new Chief Medical Officer. The current announcement continues this pattern of leadership evolution and equity-based hiring incentives.

Market Pulse Summary

This announcement details a transition in Aquestive’s legal leadership, with Thomas A. Zalewski appo...

Analysis

This announcement details a transition in Aquestive’s legal leadership, with Thomas A. Zalewski appointed Chief Legal Officer and Chief Compliance Officer effective April 2, 2026, while Lori J. Braender remains Corporate Secretary. As part of his hire, Zalewski receives 100,000 inducement RSUs and 75,000 options under the 2022 Equity Inducement Plan, vesting 25%/25%/50%. Recent history already includes similar inducement awards and insider equity grants, so investors may watch how these governance and compensation moves support the company’s regulatory and strategic priorities.

Key Terms

restricted stock units, non-qualified common stock options, exercise price, Nasdaq Listing Rule 5635(c)(4), +1 more

5 terms

restricted stock units financial

"will receive an equity award of 100,000 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.

non-qualified common stock options financial

"and an equity award of 75,000 non-qualified common stock options (the “Inducement Options”)"

A non-qualified common stock option is a contract that lets an employee or other holder buy a company’s common shares at a fixed price for a set period, but it does not get special tax-favored treatment. Think of it as a coupon to buy stock later at today’s price; when used it increases the number of outstanding shares and typically creates taxable income for the holder. Investors watch these options because exercising them can dilute existing shareholders and the company must record the cost as compensation expense.

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

"being 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, Mr. Zalewski will receive an equity award"

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.

• Thomas A. Zalewski, a Partner at Day Pitney LLP, appointed Chief Legal Officer and Chief Compliance Officer effective April 2, 2026
• Lori J. Braender to remain in a non-executive role as Corporate Secretary after nearly eight years as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary

WARREN, N.J., March 20, 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 the appointment of Thomas A. Zalewski as Chief Legal Officer and Chief Compliance Officer, effective April 2, 2026, succeeding Lori J. Braender, who will be stepping down as Chief Legal Officer and Chief Compliance Officer and remaining as Corporate Secretary of the Company. Mr. Zalewski brings to Aquestive extensive experience advising life sciences and healthcare companies on strategic, commercial, and regulatory matters, having served most recently as a Partner and Chair of the Healthcare and Life Sciences practice at Day Pitney LLP.

"We are delighted to welcome Tom to Aquestive. His deep expertise in life sciences law, his track record advising companies at critical stages of their development, and his familiarity with our Company make him ideally suited to support our mission as we advance Anaphylm, the first and only oral epinephrine rescue medication, toward approval for patients around the world," said Daniel Barber, President and Chief Executive Officer of Aquestive. "I also want to express our sincere gratitude to Lori for her nearly eight years of dedicated service and the significant contributions she has made in building the legal and compliance foundation of this Company. We are grateful that Lori will continue as Corporate Secretary of the Company."

"I have had the privilege of working closely with Aquestive and its leadership team for many years as outside counsel, developing a deep appreciation for the Company’s mission, team, and commitment to patients,” said Mr. Zalewski. “I am honored to now join the Company in this role and look forward to continuing that work from within as we support its next phase of growth and advance Anaphylm toward the patients who need it, if approved by the FDA."

Mr. Zalewski joins Aquestive as Chief Legal Officer and Chief Compliance Officer effective April 2, 2026. Mr. Zalewski is a Partner at Day Pitney LLP, where he serves as Chair of the firm's Healthcare and Life Sciences practice. He has considerable experience advising life sciences, technology, and healthcare companies on a broad range of strategic and commercial matters, including mergers and acquisitions, licensing and intellectual property transactions, corporate governance, and regulatory matters. Mr. Zalewski has also served as outside general counsel to emerging and middle-market companies and previously served as a senior member of the legal team at Dendrite International, Inc. (now IQVIA), a publicly held provider of technology, sales, and marketing solutions to the global life sciences industry. He received a B.A. from Rutgers University and a J.D. from Seton Hall University School of Law.

Ms. Braender joined Aquestive Therapeutics in September 2018 as Chief Legal Officer, Chief Compliance Officer and Secretary. Ms. Braender will remain as Corporate Secretary of the Company effective as of April 2, 2026. Prior to joining the Company, Ms. Braender was an attorney at Day Pitney LLP for 35 years, most recently serving as a Partner and Chair of the firm's Life Sciences Practice Group. Ms. Braender received a Bachelor of Science from Rider University and a J.D. from Seton Hall University School of Law.

Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
Under the Company’s 2022 Equity Inducement Plan, Mr. Zalewski will receive an equity award of 100,000 Restricted Stock Units (the “Inducement RSUs”) and an equity award of 75,000 non-qualified common stock options (the “Inducement Options”), each award to be granted on the second full trading date following the date of the next public release of quarterly or annual financial results. 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 on the Nasdaq Global Market on May 8, 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 Mr. Zalewski’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; the advancement and related timing of potential international regulatory filings and marketing authorization of Anaphylm outside of the U.S.; and that Anaphylm will be the first and only oral administration of epinephrine, if Anaphylm is approved by the FDA. 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

Who is joining Aquestive as Chief Legal Officer and when will Thomas Zalewski start (AQST)?

Thomas A. Zalewski will join as Chief Legal Officer and Chief Compliance Officer effective April 2, 2026. According to the company, Zalewski joins from Day Pitney where he chaired Healthcare and Life Sciences and will support legal, regulatory, and commercial matters at Aquestive.

What equity inducement did Aquestive (AQST) grant to Thomas Zalewski and how large is it?

Aquestive granted 100,000 Restricted Stock Units and 75,000 non-qualified options as an inducement award. According to the company, the awards were approved by the independent Compensation Committee and are intended as material inducements for joining the company.

When will the Zalewski inducement awards vest and what is the option exercise term for AQST?

The Inducement RSUs and options vest 25% after years one and two and 50% on the third anniversary. According to the company, the Inducement Options have a ten-year term and require continued employment through each vesting date.

When will Aquestive (AQST) actually grant the inducement RSUs and options to the new CLO?

The awards will be granted on the second full trading day after the next public quarterly or annual financial release. According to the company, the scheduled option exercise price will equal the closing Nasdaq price on May 8, 2026, the planned grant date.

What leadership changes will occur at Aquestive (AQST) after April 2, 2026?

Lori J. Braender will step down as Chief Legal Officer and Chief Compliance Officer and continue as Corporate Secretary. According to the company, this preserves institutional knowledge while moving Zalewski into the executive legal and compliance roles.