Aquestive (AQST) Insider: Option Exercise and 62,180-Share Sale Under 10b5-1

Rhea-AI Filing Summary

Cassie Jung, Chief Operating Officer of Aquestive Therapeutics (AQST), reported transactions on Form 4 dated 09/04/2025 showing option exercises and an open-market sale under a 10b5-1 plan. The filing shows two option exercises that converted into 50,000 common shares (25,000 shares from a $3.15 strike option and 25,000 shares from a $0.7063 strike option). The reporting table also shows a sale of 62,180 shares at $5.00 per share and an indirect holding of 2,000 shares held by the reporting person’s spouse. Following the transactions, the reporting person beneficially owned 283,346 shares. The filing states the exercises and sales were made pursuant to a 10b5-1 trading plan and notes both option grants are fully vested.

Positive

• Transactions executed under a Rule 10b5-1 trading plan, providing an affirmative defense and pre-specified timing
• Options exercised were fully vested, with grant dates disclosed (August 9, 2019 and August 5, 2022)
• Reporting person retains significant ownership after transactions (283,346 shares)

Negative

• Insider sale of 62,180 shares at $5.00 reduced beneficial ownership, which may be viewed as insider liquidity
• Net decrease in shares held compared with pre-transaction level (ownership fell from 345,526 to 283,346)

Insights

Securities Analyst

TL;DR: Insider exercised vested options and sold shares under a 10b5-1 plan; meaningful share reduction but material ownership remains.

The reporting person exercised two fully vested non-qualified stock options totaling 50,000 shares, converting option rights into common stock. A contemporaneous sale of 62,180 shares at $5.00 reduced total beneficial ownership to 283,346 shares. The filing explicitly states the transactions were effected under a Rule 10b5-1 plan, which provides an affirmative defense for planned trades. For investors, this is a routine insider liquidity event rather than a disclosed change in corporate outlook; the continued six-figure share ownership indicates ongoing alignment with shareholder value.

Corporate Governance Expert

TL;DR: Transactions properly documented and executed under a 10b5-1 plan; disclosure includes option grant dates and vesting status.

The Form 4 supplies grant dates for the options (August 9, 2019 and August 5, 2022) and confirms both options are fully vested. The reporting person provided the required signature via attorney-in-fact and included an explanation that the exercise was scheduled under the trading plan. From a governance perspective, the filing appears complete and compliant with Section 16 reporting obligations; it documents the nature of indirect ownership and the mechanics of conversion and sale without additional qualifiers.

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)
09/04/2025

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	09/04/2025		M(1)		25,000	A	$3.15	320,526	D
Common Stock	09/04/2025		M(1)		25,000	A	$0.7063	345,526	D
Common Stock	09/04/2025		S(2)		62,180	D	$5	283,346	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)	$3.15	09/04/2025		M(1)			25,000	(3)	08/09/2029	Common Stock	25,000	$0	0	D
Non-Qualified Stock Option (right to buy)	$0.7063	09/04/2025		M(1)			25,000	(4)	08/05/2032	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 August 9, 2019 and is fully vested.

4. This option was granted on August 5, 2022 and is fully vested.

Remarks:

	/s/ Lori Braender, as Attorney-In-Fact	09/08/2025
	** 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 AQST COO Cassie Jung report on Form 4?

She reported exercising two options totaling 50,000 shares and a sale of 62,180 shares at $5.00, with beneficial ownership of 283,346 shares following the trades.

Were these transactions part of a 10b5-1 trading plan?

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

What were the exercise prices and grant dates for the options?

One option had a $3.15 exercise price (granted August 9, 2019) and the other a $0.7063 exercise price (granted August 5, 2022); both are fully vested.

How many shares does the reporting person own indirectly?

The filing shows an indirect holding of 2,000 shares by the reporting person’s spouse.

How much ownership did the reporting person have before and after the transactions?

Before the sale the filing shows up to 345,526 shares; after the sale the filing reports 283,346 shares held.