Aquestive (AQST) Files Form 144 to Sell 91,343 Shares via Morgan Stanley

Rhea-AI Filing Summary

Aquestive Therapeutics insider sale notice: The filer intends to sell 91,343 shares of common stock through Morgan Stanley Smith Barney, with an approximate sale date of 09/26/2025 and an aggregate market value reported at $480,464.18. The shares were acquired on 06/08/2022 in a private acquisition from the issuer, and payment was made in cash. The filing reports 99,723,635 shares outstanding for the class. The form also discloses a recent 10b5-1 sale of 400 shares on 09/19/2025 for $2,400.00. The filer represents there is no undisclosed material adverse information and references compliance with Rule 10b5-1 where applicable.

Positive

• Full disclosure of sale details including broker, share count, aggregate market value, and approximate sale date
• Origin of shares disclosed (private acquisition from issuer on 06/08/2022) and payment method (cash)
• Previous 10b5-1 sale disclosed (400 shares on 09/19/2025 for $2,400), indicating trading-plan usage

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider disposition of previously issued shares under broker arrangement; not obviously material to valuation.

The filing documents a proposed sale of 91,343 common shares through Morgan Stanley Smith Barney with a stated aggregate market value of $480,464.18 and an approximate sale date of 09/26/2025. The shares were originally acquired in a private issuance on 06/08/2022 and were paid for in cash. A prior 10b5-1 sale of 400 shares on 09/19/2025 for $2,400 is disclosed, suggesting prearranged trading activity by the seller. This is a standard Rule 144 disclosure intended to provide market transparency about insider sales rather than operational or financial changes at the issuer.

Corporate Governance Expert

TL;DR: Proper Rule 144 notice with 10b5-1 history; disclosure aligns with insider reporting and governance norms.

The form identifies the broker, acquisition source (private issuance from the issuer on 06/08/2022), and required representations about material information. The inclusion of a recent 10b5-1 sale indicates attention to trading-plan compliance. From a governance perspective, the filing supplies necessary transparency about insider liquidity without revealing nonpublic corporate developments.

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

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	91343	480464.18	99723635	09/26/2025	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	06/08/2022	Private Acquisition from Issuer or an Affiliate	Issuer			91343	06/08/2022	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for DANIEL BARBER 30 Technology Drive Warren NJ 07059	Common	09/19/2025	400	2400.00

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 the Form 144 for AQST disclose about the number of shares to be sold?

The notice reports an intended sale of 91,343 shares of common stock.

When is the proposed sale date listed on the AQST Form 144?

The approximate date of sale is listed as 09/26/2025.

What is the aggregate market value of the shares to be sold according to the filing?

The filing reports an aggregate market value of $480,464.18 for the 91,343 shares.

How and when were the shares being sold originally acquired?

The shares were acquired on 06/08/2022 in a private acquisition from the issuer, paid in cash.

Does the filing show any recent insider sales in the past three months?

Yes; it discloses a 10b5-1 sale of 400 shares on 09/19/2025 that generated $2,400.00 in gross proceeds.