[Form 4] Aquestive Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Aquestive Therapeutics (AQST) Chief Operating Officer reported transactions on 10/15/2025. The officer exercised 25,000 non-qualified stock options at a $3.1027 exercise price (code M) and sold 67,575 shares at an average price of $7.01 (code S), pursuant to a Rule 10b5-1 trading plan.

Following the transactions, the officer beneficially owned 240,771 shares directly and 2,000 shares indirectly by spouse. The reported option, granted on June 10, 2021, is fully vested and shows 0 derivative securities remaining after the exercise.

Insights

Insider trading compliance analyst

Routine 10b5-1 plan activity; administrative disclosure.

The filing lists a scheduled option exercise at $3.1027 for 25,000 shares and a same-day sale of 67,575 shares at $7.01. The explanation states these were effected under a Rule 10b5-1 trading plan, indicating pre-arranged transactions.

Post-transaction holdings are 240,771 shares direct and 2,000 indirect by spouse, with the exercised option (granted June 10, 2021) fully vested and showing 0 remaining after exercise. This is a standard Form 4 update without stated strategic implications.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jung Cassie

(Last) (First) (Middle)

C/O AQUESTIVE THERAPEUTICS, INC.

30 TECHNOLOGY DRIVE

(Street)

WARREN NJ 07059

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Aquestive Therapeutics, Inc. [ AQST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								2,000	I	by spouse
Common Stock	10/15/2025		M(1)		25,000	A	$3.1027	308,346	D
Common Stock	10/15/2025		S(2)		67,575	D	$7.01	240,771	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)	$3.1027	10/15/2025		M(1)			25,000	(3)	06/10/2031	Common Stock	25,000	$0	0	D

Explanation of Responses:

1. This is a scheduled exercise from 10b5-1 trading plan. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was affected.

2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan previously adopted by the reporting person in this Form 4.

3. This option was granted on June 10, 2021 and is fully vested.

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	10/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did AQST’s COO report on 10/15/2025?

An exercise of 25,000 options at $3.1027 (code M) and a sale of 67,575 shares at $7.01 (code S).

Were the AQST insider transactions under a Rule 10b5-1 plan?

Yes. The filing states the exercise and sales were effected pursuant to a Rule 10b5-1 trading plan.

How many AQST shares does the COO hold after the transactions?

The officer beneficially owns 240,771 shares directly and 2,000 shares indirectly by spouse.

What was the exercise price and number for the AQST option exercised?

A non-qualified stock option for 25,000 shares with an exercise price of $3.1027.

What was the sale price for the AQST shares sold?

The shares were sold at an average price of $7.01.

What is the status of the exercised AQST option grant?

The option, granted on June 10, 2021, is fully vested and shows 0 remaining after exercise.