Aquestive Therapeutics SEC Filings

Aquestive Therapeutics (AQST) filed a Form 144 reporting a proposed sale of 62,180 common shares with an aggregate market value of $245,611, representing part of 99,723,635 shares outstanding. The sale is scheduled for 09/04/2025 on NASDAQ through Morgan Stanley Smith Barney LLC.

The securities were acquired in three events: 50,000 shares from option exercises on 09/04/2025 (paid in cash), 7,613 shares as restricted stock units on 07/13/2019, and 4,567 shares via the employee stock purchase plan on 06/28/2019. The filer reports no securities sold in the past three months.

A reporting person affiliated with Aquestive Therapeutics (AQST) acquired 25,000 shares of common stock on 08/14/2025 as restricted stock. The award carries a three‑installment vesting schedule: 25% at the first installment, 25% at the second, and 50% at the third. After the reported transaction the reporting person beneficially owns 181,858 shares. The form identifies the reporting person as an officer (Chief Commercial Officer) and the transaction was reported on 08/15/2025 by an attorney‑in‑fact.

Aquestive Therapeutics is offering 21,250,000 shares of common stock, listed on Nasdaq as "AQST," with delivery expected on or about August 15, 2025. The supplement states the last reported Nasdaq sale price was $4.01 on August 13, 2025 and that there were 99,353,270 shares outstanding as of June 30, 2025, before this offering. The filing discloses a range of dilution sources including options, RSUs, PSUs, warrants and reserved shares, and assumes no exercises for purposes of the offering. The company maintains an ATM facility with capacity up to $100.0 million, having sold ~27.3 million shares for net proceeds of ~$81.8 million to date. Underwriting terms note dealer concessions up to $0.144 per share, estimated offering expenses of ~$0.4 million, and reimbursement of up to $15,000 for FINRA counsel fees. The prospectus lists extensive risks including clinical and regulatory delays for Anaphylm, Libervant and AQST-108, manufacturing and commercialization risks, potential further dilution from future capital raises, reliance on revenue from a sunsetting licensed product (Suboxone®), debt default risk, intellectual property and litigation risks, and general market, geopolitical and macroeconomic risks. The underwriters may stabilize or engage in short covering in the market; lock-up restrictions and customary underwriting indemnities are described.

Aquestive Therapeutics entered a purchase and sale agreement with funds managed by RTW Investments LP under which the Purchaser will pay the Company $75 million in exchange for a true sale of assigned interests related to U.S. sales of Anaphylm, subject to FDA approval by a specified date, the refinancing of the Company’s existing 13.5% Senior Secured Notes and customary closing conditions. Revenue-share payments begin in the first fiscal quarter after the first U.S. commercial sale following closing and are tiered between 7.5% and 1.0% of Net Sales, with a 9.5% rate for a subsequent calendar year if Net Sales do not meet a specified level beginning in 2027.

Payments to the Purchaser will cease when the Purchaser has received $187.5 million by December 31, 2035, or $225 million thereafter. The Purchase Agreement includes customary affirmative and negative covenants, including limitations on incurrence of indebtedness until the Purchaser attains a specified return. A press release describing the transaction is attached as Exhibit 99.1.

Aquestive Therapeutics insider activity: Carl N. Kraus, the company's Chief Medical Officer and an officer/director, reported a transaction on 08/09/2025 in which 10,819 shares of Common Stock were withheld by the issuer to satisfy tax withholding obligations associated with the vesting of previously granted restricted stock units (RSUs). The transaction is reported under code F, indicating shares were retained by the issuer rather than sold in the open market. The per-share amount shown on the form is $3.90.

After the withholding, the reporting person beneficially owns 302,747 shares directly. The filing includes an explanatory remark that the withheld shares were used solely for tax withholding related to RSU vesting.

Aquestive Therapeutics is a single-segment pharmaceutical company focused on alternative delivery technologies and a pipeline for severe allergic reactions and epinephrine prodrugs. For the six months ended June 30, 2025, total revenue fell to $18.7 million from $32.2 million a year earlier, driven by an 87% decline in license and royalty revenue tied to prior contract terminations. The company reported a $36.5 million net loss for the six-month period (loss per share $0.37), compared with a $15.6 million loss in the prior year period.

At June 30, 2025, cash and cash equivalents were $60.5 million, total assets $93.7 million, total liabilities $166.3 million, and stockholders’ deficit $(72.6) million. The company has $45.0 million of 13.5% senior secured notes with associated royalty obligations and recorded $50.0 million in proceeds from a prior monetization of future royalties. Equity issuance through an ATM generated ~$21.3 million in the six-month period. Management states existing cash, expense management and access to equity markets provide near-term liquidity for at least the next twelve months.

Aquestive Therapeutics announced a press release reporting its reported financial results for the second quarter ended June 30, 2025 and provided a business update. The press release and accompanying financial schedules are included as Exhibit 99.1 and are referenced in Item 2.02 of the Current Report.

The company also furnished investor presentations and a corporate presentation as Exhibits 99.2 and 99.3, stating those materials are available on the Events and Presentations page of its website. The filing clarifies that the disclosed materials are furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.

In an 8-K filed on July 15, 2025, Aquestive Therapeutics (AQST) disclosed that Health Canada has granted the company a formal meeting to discuss a planned New Drug Submission (NDS) for its lead candidate, Anaphylm™ (epinephrine) Sublingual Film. The company also confirmed it has submitted an initial briefing book to the European Medicines Agency (EMA) and intends to file a Marketing Authorization Application (MAA) "as soon as possible."

Although the filing contains no financial figures, the regulatory milestones could significantly expand Anaphylm’s addressable market beyond the U.S., potentially accelerating future revenue once approvals are secured.