Aquestive (AQST) Insider Exercise and Proposed Sale of 400 Shares

Rhea-AI Filing Summary

Aquestive Therapeutics (AQST) filed a Form 144 reporting a proposed sale of 400 shares of common stock through Morgan Stanley Smith Barney LLC on 09/19/2025. The filing shows an aggregate market value of $1,976.00 and lists total outstanding shares as 99,723,635. The shares were acquired on 09/19/2025 by exercise of stock options from the issuer, with payment made in cash. The filer reports no securities sold in the past three months and signs the standard representation that they are unaware of undisclosed material adverse information.

Positive

• Transparent disclosure of the insider exercise and proposed sale via Form 144
• Includes acquisition details: shares acquired by exercise of stock options and paid in cash
• No securities sold in past three months, per the filing

Negative

• None.

Insights

Financial Analyst

TL;DR: A routine insider sale following option exercise; size is immaterial relative to outstanding shares.

The Form 144 documents a proposed disposition of 400 shares originating from an option exercise and immediate planned sale via Morgan Stanley. The reported aggregate market value is $1,976 on a 99.7 million share base, indicating the transaction is routine and economically small for the company. There are no reported sales in the prior three months, and the filer makes the standard attestation regarding material undisclosed information. This filing provides transparency about insider liquidity but does not convey material company-level impact based on the disclosed figures.

Corporate Governance Expert

TL;DR: Proper disclosure of insider exercise and sale is consistent with governance and securities rules.

The notice identifies the nature of acquisition as an exercise of stock options and the planned broker facilitation, satisfying Rule 144 disclosure format. The filing includes required representations and indicates no aggregated sales in the prior three months, which helps confirm compliance with applicable reporting obligations. From a governance perspective, the document shows adherence to procedural requirements but contains no indications of governance concerns or material changes.

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	400	1976.00	99723635	09/19/2025	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	09/19/2025	Exercise of Stock Options	Issuer			400	09/19/2025	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 did AQST report in the Form 144?

The filer reported a proposed sale of 400 common shares via Morgan Stanley on 09/19/2025 with an aggregate market value of $1,976.00.

How were the 400 AQST shares acquired?

The shares were acquired on 09/19/2025 by exercise of stock options from the issuer, with payment made in cash.

Does the filing report any other sales in the past three months for AQST?

No. The filing states "Nothing to Report" for securities sold during the past three months.

Who is the broker handling the proposed sale?

The proposed sale is to be handled by Morgan Stanley Smith Barney LLC Executive Financial Services at 1 New York Plaza, New York, NY.

What is the total number of AQST shares outstanding reported in the filing?

The filing lists 99,723,635 shares outstanding.