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

Rhea-AI Filing Summary

Daniel Barber, President & CEO and director of Aquestive Therapeutics (AQST), reported a sale of common stock executed on 09/19/2025. The Form 4 shows 400 shares were disposed of at $6.00 per share under a previously adopted Rule 10b5-1 trading plan.

The filing reports that after the sale Barber beneficially owns 1,014,773 shares. The Form 4 was submitted by one reporting person and signed on behalf of Barber by an attorney-in-fact, Lori Braender, on 09/22/2025.

Positive

• Transaction executed under a Rule 10b5-1 trading plan, indicating the sale was pre-authorized
• Reporting person retained substantial ownership after the sale (1,014,773 shares)

Negative

• Disposition by CEO/director: 400 shares were sold (09/19/2025) at $6.00 per share

Insights

Financial Analyst

TL;DR: Small, preplanned insider sale; transaction size appears immaterial relative to total holdings.

The Form 4 discloses a 400-share disposition by Daniel Barber at $6.00 via a Rule 10b5-1 plan, indicating the trade was pre-authorized and not a ad-hoc open-market sale. Post-transaction beneficial ownership remains at 1,014,773 shares, which suggests continued significant economic exposure to AQST equity. From a financial-materiality perspective, the disclosed sale is minor in absolute share count and was executed under an established trading plan, reducing its immediate informational value to investors.

Corporate Governance Expert

TL;DR: Disclosure follows Section 16 rules and confirms use of a 10b5-1 plan; governance procedures appear observed.

The filing identifies Barber as both President & CEO and a director, and it checks the box that the sale was made pursuant to a Rule 10b5-1 trading plan, which provides an affirmative defense against insider trading claims when properly adopted. The Form 4 was executed by an attorney-in-fact and filed as required, demonstrating compliance with filing formalities. The transaction details are straightforward and consistent with routine insider reporting obligations.

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).

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^*

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)
09/19/2025

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	09/19/2025		S		400(1)	D	$6	1,014,773	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.

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	09/22/2025
	** 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?

The Form 4 reports a sale of 400 shares of Aquestive Therapeutics common stock on 09/19/2025 at $6.00 per share.

Was the AQST insider sale part of a 10b5-1 plan?

Yes. The filing indicates the sale was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the reporting person.

How many AQST shares does Daniel Barber beneficially own after the sale?

The Form 4 shows Barber beneficially owns 1,014,773 shares following the reported transaction.

Who signed the Form 4 for Daniel Barber and when?

The Form 4 was signed on behalf of the reporting person by attorney-in-fact Lori Braender on 09/22/2025.

What roles does the reporting person hold at Aquestive Therapeutics (AQST)?

The filing lists Daniel Barber as both President and CEO and a Director of Aquestive Therapeutics.