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

Rhea-AI Filing Summary

Aquestive Therapeutics insider activity: Carl N. Kraus, the company's Chief Medical Officer and an officer/director, reported a transaction on 08/09/2025 in which 10,819 shares of Common Stock were withheld by the issuer to satisfy tax withholding obligations associated with the vesting of previously granted restricted stock units (RSUs). The transaction is reported under code F, indicating shares were retained by the issuer rather than sold in the open market. The per-share amount shown on the form is $3.90.

After the withholding, the reporting person beneficially owns 302,747 shares directly. The filing includes an explanatory remark that the withheld shares were used solely for tax withholding related to RSU vesting.

Positive

• Transaction was a tax-withholding of vested RSUs, not an open-market sale, so it did not add selling pressure to the market.
• Reporting person retains significant ownership with 302,747 shares beneficially owned after the withholding.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine RSU tax withholding; no open-market sale, limited investor impact.

The Form 4 discloses a non-sale transaction where 10,819 shares were withheld to cover tax on vested RSUs at an indicated per-share amount of $3.90, leaving the reporting officer with 302,747 shares. Because the shares were withheld by the issuer (transaction code F), this does not increase market supply or signal liquidity-driven selling by management. The magnitude is modest relative to typical outstanding share counts and should be treated as an administrative consequence of equity compensation rather than a material change to insider ownership.

Corporate Governance Expert

TL;DR: Consistent with standard equity compensation practices; governance signal is neutral.

The disclosure explicitly states the shares were withheld to satisfy tax obligations on vested RSUs, which is a common mechanism and aligns with typical executive compensation administration. The report shows continued direct ownership of 302,747 shares by the Chief Medical Officer after withholding. There is no indication of extraordinary compensation acceleration, related-party transfer, or open-market disposition, so governance implications are routine and neutral.

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
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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).

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^*

Kraus Carl N

(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 Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/09/2025

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	08/09/2025		F		10,819(1)	D	$3.9	302,747	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. Represents shares withheld by the Issuer to satisfy the Reporting Person's tax withholding obligation in connection with the vesting of certain Restricted Stock Units ("RSUs") previously granted to the Reporting Person.

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	08/12/2025
	** 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 the Form 4 filed for AQST report?

The Form 4 reports that CMO Carl N. Kraus had 10,819 shares withheld to satisfy tax withholding on vested RSUs; he holds 302,747 shares following the transaction.

Was the reported transaction an open-market sale for AQST (AQST)?

No. The transaction is reported under code F, indicating shares were withheld by the issuer for tax purposes, not sold in the open market.

When did the RSU-related withholding occur?

The Form shows the transaction date as 08/09/2025 and an explanatory note that the shares were withheld to satisfy tax withholding on RSU vesting.

What per-share amount is shown on the Form 4 for the withheld shares?

The form lists a per-share amount of $3.90 associated with the transaction record.

Who signed or submitted the Form 4 for the reporting person?

The filing is signed by Lori Braender, as Attorney-In-Fact, per the form signature block.