Every 10-Q that Aquestive Therapeutics, Inc. (AQST) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AQST and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AQST filings page.
Aquestive Therapeutics reported higher revenues but continued losses for the quarter and six months ended June 30, 2026. Quarterly revenue rose to $13,819 from $10,003, and six‑month revenue increased to $28,265 from $18,723, driven largely by manufacture and supply and higher license and royalty revenue, including $5,000 of Zevra‑related royalties.
Loss from operations narrowed to $8,223 from $11,368 for the quarter and to $12,427 from $30,733 for the six months, but a $11,683 loss on extinguishment of debt associated with refinancing 13.5% notes with a new Oaktree $55,000 Term Loan Facility increased quarterly net loss to $22,864. Six‑month net loss improved to $30,921 from $36,478.
Cash and cash equivalents were $98,490 at June 30, 2026, down from $121,169 after $24,247 of operating cash use and debt retirement costs, partly offset by equity raised through the ATM facility and new debt proceeds. Total liabilities exceeded assets, resulting in a stockholders’ deficit of $56,586, and the company carried $51,886 of royalty obligations linked to future Anaphylm and Libervant sales. Management states that existing cash, expense management, and capital markets access provide liquidity for at least the next twelve months.
Aquestive Therapeutics reported stronger Q1 2026 results with higher revenue and a smaller loss. Revenue rose to $14,446 from $8,720 a year earlier, driven by manufacture and supply activity and $4,500 of royalty revenue from Zevra. The net loss narrowed to $8,057 from $22,930, helped by lower R&D and selling, general and administrative costs. Cash and cash equivalents were $110,734 as of March 31, 2026, against total liabilities of $175,179, leaving stockholders’ deficit at $34,054. The company continued to use its at-the-market equity program, raising about $4,810 net in the quarter, and carries $45,000 of 13.5% Senior Secured Notes and royalty obligations tied to future sales of Anaphylm and Libervant. Management believes current cash, reduced spending and access to equity markets are sufficient to fund operations for at least the next twelve months.
Aquestive Therapeutics reported Q3 2025 results, showing revenue of $12.8 million and a net loss of $15.4 million. Year-to-date revenue was $31.5 million with a net loss of $51.9 million as the company continued to invest in R&D and commercialization.
Cash and cash equivalents were $129.1 million as of September 30, 2025. The capital position was bolstered by a public offering completed on August 14, 2025 for 21.25 million shares at $4.00 per share, generating $79.9 million in net proceeds, and by 7.46 million shares sold under the ATM program year-to-date for $21.3 million in net proceeds. Shares outstanding were 121,658,113 at quarter-end and 122,003,113 as of November 3, 2025.
Manufacture and supply revenue rose year over year in Q3 to $11.5 million, while license and royalty revenue declined due to prior year one-time deferred revenue recognition. Selling, general and administrative expenses increased to $15.3 million in the quarter. Customer concentration remained high, with Indivior representing approximately 72% of nine-month 2025 revenue and Hypera 18%.
The company also disclosed an August 13, 2025 agreement with funds managed by RTW Investments LP for a $75.0 million purchase price tied to FDA approval of Anaphylm and other conditions, with tiered U.S. revenue-share payments capped at $187.5 million by December 31, 2035 or $225.0 million thereafter.
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.