Aquestive (AQST) CEO Executes 10b5-1 Sale, Retains 923,430 Shares

Rhea-AI Filing Summary

Daniel Barber, President and CEO and a director of Aquestive Therapeutics (AQST), reported the sale of 91,343 shares on 09/26/2025 under a previously adopted Rule 10b5-1 trading plan. The sales were executed at prices ranging from $6.00 to $6.11 per share, with a weighted average price of $6.0343. After the reported transactions, Mr. Barber beneficially owned 923,430 shares. The filer notes they will provide, upon request, details on the number of shares sold at each separate price.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating the transactions were pre-arranged.
• Reporting person retains substantial ownership after the sale: 923,430 shares beneficially owned.
• Weighted average sale price disclosed ($6.0343) and offer to provide per-price sale details on request, supporting transparency.

Negative

• Insider sold 91,343 shares, a material disposition that may attract investor attention.
• Reporting person is CEO and director, so any insider sale can be viewed as more significant by the market.

Insights

Securities Analyst

TL;DR: CEO sold a portion of holdings under a pre-established 10b5-1 plan; beneficial ownership remains substantial.

The filing shows a single-date sale of 91,343 common shares by Daniel Barber via a Rule 10b5-1 plan, with a weighted average price of $6.0343 per share. Sales under 10b5-1 plans are pre-arranged and generally reduce the likelihood that trades were based on undisclosed, material information. Following the sale, the reporting person still holds 923,430 shares, indicating continued significant alignment with shareholders. For investors, the transaction documents liquidity by management but does not, by itself, provide evidence of changed company fundamentals.

Corporate Governance Expert

TL;DR: Insider disposal was executed through a documented trading plan, consistent with standard governance practices.

The Form 4 discloses that the reporting person is both CEO and a director and that the sales were effected pursuant to a 10b5-1 trading plan. Use of such a plan typically indicates pre-scheduled dispositions rather than discretionary post-information sales. The report includes an undertaking to provide granular price-by-price sale details on request, which supports transparency. Materiality for governance review: the filer retained a majority stake relative to the shares sold, but monitoring of future filings is recommended to observe any trend in insider selling.

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

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

1. Name and Address of Reporting Person^*

Barber Daniel

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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	09/26/2025		S		91,343(1)	D	$6.0343(2)	923,430	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

Explanation of Responses:

1. 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.

2. The reported transaction involves sale transactions from $6.00 to $6.11 per share. The weighted average price per share was $6.0343. The Reporting Person undertakes to provide upon request by the SEC staff, the Issuer or a security holder of the Issuer, information regarding the number of shares sold at each separate price.

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	09/29/2025
	** 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 did Daniel Barber (AQST) report on Form 4?

He reported the sale of 91,343 common shares on 09/26/2025 under a Rule 10b5-1 plan, with a weighted average price of $6.0343 per share.

How many AQST shares does the reporting person own after the sale?

923,430 shares beneficially owned following the reported transaction.

Was the sale discretionary or under a pre-established plan?

The sales were effected pursuant to a Rule 10b5-1 trading plan that the reporting person previously adopted.

What price range did the AQST share sales occur at?

Sales occurred between $6.00 and $6.11 per share; the weighted average price was $6.0343.

Will more detail about the individual trade prices be available?

Yes. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder, the number of shares sold at each separate price.