[144] Aquestive Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

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.

Positive

• Full disclosure of transaction details including acquisition dates, nature of acquisition, and payment method which supports regulatory compliance
• Use of a registered broker (Morgan Stanley Smith Barney LLC) for the proposed sale indicates an orderly market execution channel
• No reported sales in past three months which clarifies this filing is not part of a recent pattern of disposals

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine Section 144 notice for sale of recently exercised options and prior equity awards; disclosure aligns with Rule 144 requirements.

The filing documents a proposed sale of 62,180 common shares valued at $245,611 through an established broker on NASDAQ. The largest tranche (50,000 shares) stems from option exercises executed the same day as the notice, with cash payment recorded; smaller tranches are from earlier RSUs and ESPP acquisitions. There are no reported sales in the prior three months, which suggests the filer is using the Form 144 to comply with resale notification requirements. For investors, this is an ownership change disclosure rather than an operational signal; it provides transparency about insider-originated shares entering the market.

Corporate Governance Expert

TL;DR: Compliance-focused filing showing an insider sale plan; procedural disclosure rather than governance concern.

The notice includes acquisition dates and payment methods for each lot, meeting the specificity expected for Rule 144 reporting. The representation language and signature blocks indicate the filer affirms absence of undisclosed material adverse information. Because the filing records option exercise and subsequent proposed sale via a broker, it reflects typical executive liquidity activity and proper procedural disclosure under securities regulations.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	62180	245611.00	99723635	09/04/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/04/2025	Exercise of Stock Options	Issuer			50000	09/04/2025	Cash
Common	07/13/2019	Restricted Stock Units	Issuer			7613	07/13/2019	N/A
Common	06/28/2019	Employee Stock Purchase Plan	Issuer			4567	06/28/2019	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does AQST's Form 144 report?

The filing reports a proposed sale of 62,180 common shares (aggregate value $245,611) to be sold on 09/04/2025 on NASDAQ via Morgan Stanley Smith Barney LLC.

How were the AQST shares being sold acquired?

The lots include 50,000 shares from option exercises on 09/04/2025 (cash payment), 7,613 RSUs from 07/13/2019, and 4,567 ESPP shares from 06/28/2019.

Has the filer sold AQST securities in the past three months?

The filing states "Nothing to Report" for securities sold during the past three months.

Which broker is handling the proposed AQST share sale?

The proposed sale is to be executed through Morgan Stanley Smith Barney LLC, Executive Financial Services.

What does the filer represent regarding material information?

By signing, the filer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.