Aquestive Therapeutics (AQST) grants CMO new stock and option awards

Rhea-AI Filing Summary

Greenhawt Matthew J. reported acquisition or exercise transactions in this Form 4 filing.

Aquestive Therapeutics Chief Medical Officer Matthew J. Greenhawt received new equity awards. He was granted a non-qualified stock option for 50,000 shares of Common Stock at $4.29 per share, expiring on March 9, 2036. The option vests in three annual installments of 25%, 25%, and 50%.

He also received 75,000 shares of restricted Common Stock at no cost, vesting on the same 25%, 25%, and 50% schedule. Following these grants, he holds 75,000 shares of Common Stock directly, 50,000 option shares directly, and 2,000 shares indirectly through his spouse.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Greenhawt Matthew J.

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Non-Qualified Stock Option (right to buy)	50,000	$4.29	$215K
Grant/Award	Common Stock	75,000	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Non-Qualified Stock Option (right to buy) — 50,000 shares (Direct); Common Stock — 75,000 shares (Direct); Common Stock — 2,000 shares (Indirect, by spouse)

Footnotes (1)

1. The Common Stock is represented by restricted stock which will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment. The option will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Greenhawt Matthew J.

(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)
03/09/2026

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	03/09/2026		A		75,000(1)	A	$0	75,000	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)	$4.29	03/09/2026		A		50,000		(2)	03/09/2036	Common Stock	50,000	$4.29	50,000	D

Explanation of Responses:

1. The Common Stock is represented by restricted stock which will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.

2. The option will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.

Remarks:

	/s/ Lori J. Braender, as Attorney-In-Fact	03/11/2026
	** 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 equity awards did Aquestive Therapeutics (AQST) grant to its CMO?

Aquestive Therapeutics granted Chief Medical Officer Matthew J. Greenhawt 50,000 non-qualified stock options at $4.29 per share and 75,000 restricted shares of Common Stock. These awards significantly increase his equity-based compensation and align his incentives with long-term shareholder value.

How do Matthew Greenhawt’s new Aquestive (AQST) stock options vest?

The 50,000 non-qualified stock options granted to Matthew Greenhawt vest in three annual installments: 25% on the first installment, 25% on the second, and 50% on the third. The options expire on March 9, 2036, providing a long-term incentive horizon.

What is the vesting schedule for Matthew Greenhawt’s restricted AQST shares?

Matthew Greenhawt’s 75,000 restricted shares of Aquestive Common Stock vest in three annual tranches: 25% on the first installment, 25% on the second, and 50% on the third. This staged vesting encourages ongoing service and performance over several years.

How many Aquestive (AQST) shares does the CMO hold after these Form 4 grants?

After these grants, Matthew Greenhawt holds 75,000 shares of Common Stock directly and 50,000 underlying option shares directly, plus 2,000 shares indirectly held by his spouse. This mix of direct, derivative, and indirect holdings increases his overall exposure to Aquestive’s equity.

Are the new Aquestive (AQST) awards to the CMO open-market purchases?

No, the awards are not open-market purchases. The Form 4 shows them as acquisitions coded “A,” representing a grant or award. He received 50,000 stock options at a set exercise price and 75,000 restricted shares at no cost as part of compensation.

What does the Form 4 reveal about indirect AQST share ownership by the CMO?

The Form 4 shows 2,000 shares of Aquestive Common Stock held indirectly by Matthew Greenhawt’s spouse. While reported as indirect beneficial ownership, they are distinct from his 75,000 directly held shares and the 50,000 options granted in this filing.