Were the AQST share sales by the CCO open-market discretionary trades?

The 15,741-share sale was executed in multiple trades between $4.17 and $4.32, but footnotes clarify it was required to satisfy tax withholding through a “sell to cover” mechanism under equity incentive plans, not a discretionary decision to reduce holdings.

Aquestive (AQST) CCO granted stock and options, sells shares to cover taxes

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Aquestive Therapeutics Chief Commercial Officer Sherry Korczynski reported a mix of equity awards and related share sales. She received 75,000 shares of restricted common stock and a non-qualified stock option for 42,500 shares at $4.29 per share, vesting in three annual installments of 25%, 25% and 50%. In connection with the vesting of restricted stock units, she sold 15,741 common shares at a weighted average price of $4.173 per share to cover tax withholding obligations under the company’s equity plan, which the footnotes state were mandated “sell to cover” transactions rather than discretionary trades. After these transactions, she directly holds 241,117 common shares and the newly granted option expiring in 2036.

Insider Trade Summary

Net Seller: 15,741 shares ($65,687)

Net Sell 3 txns

Insider Korczynski Sherry

Role Chief Commercial Officer

Sold 15,741 shs ($66K)

Type	Security	Shares	Price	Value
Sale	Common Stock	15,741	$4.173	$66K
Grant/Award	Non-Qualified Stock Option (right to buy)	42,500	$4.29	$182K
Grant/Award	Common Stock	75,000	$0.00	--

Holdings After Transaction: Common Stock — 241,117 shares (Direct); Non-Qualified Stock Option (right to buy) — 42,500 shares (Direct)

Footnotes (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. Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units. These sales are mandated by the Issuer's election under its equity incentive plans to require the satisfaction of a tax withholding obligation to be funded by a "sell to cover" transaction and do not represent discretionary trades by the Reporting Person. This transaction was executed in multiple trades at prices ranging from $4.17 to $4.32. The price reported above reflects the weighted average sale price. 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 effected. The options will vest in three annual installments with 25% on the 1st installment, 25% on the 2nd installment and 50% on the 3rd installment.

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Form 4 Insider Transactions: What Each Field Means →

03/11/2026 - 12:51 PM

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^*

Korczynski Sherry

(Last)

(First)

(Middle)

C/O AQUESTIVE THERAPEUTICS, INC.

30 TECHNOLOGY DRIVE

(Street)

WARREN

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 Commercial 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/09/2026		A		75,000⁽¹⁾	A	$0	256,858	D
Common Stock	03/10/2026		S		15,741⁽²⁾	D	$4.173⁽³⁾	241,117	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (right to buy)	$4.29	03/09/2026		A		42,500		⁽⁴⁾	03/09/2036	Common Stock	42,500	$4.29	42,500	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. Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units. These sales are mandated by the Issuer's election under its equity incentive plans to require the satisfaction of a tax withholding obligation to be funded by a "sell to cover" transaction and do not represent discretionary trades by the Reporting Person.

3. This transaction was executed in multiple trades at prices ranging from $4.17 to $4.32. The price reported above reflects the weighted average sale price. 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 effected.

4. The options 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 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.

Source: View Original Filing on SEC EDGAR

FAQ

What equity awards did AQST’s Chief Commercial Officer receive in this Form 4?

Sherry Korczynski received 75,000 shares of restricted common stock and a non-qualified stock option covering 42,500 shares at $4.29 per share, vesting in three installments of 25%, 25% and 50%, with the option expiring in 2036.

Why did Sherry Korczynski sell 15,741 Aquestive (AQST) shares?

She sold 15,741 common shares at a weighted average price of $4.173 solely to cover tax withholding obligations tied to vesting restricted stock units. Footnotes specify these were mandated “sell to cover” transactions under the company’s equity plans, not discretionary trades.

How many Aquestive (AQST) shares does the CCO hold after the reported trades?

Following the transactions, Sherry Korczynski directly holds 241,117 shares of Aquestive Therapeutics common stock. She also holds a newly granted non-qualified stock option for 42,500 underlying shares at a $4.29 exercise price, expiring in 2036, subject to vesting.

How do the new option grants for AQST’s CCO vest over time?

The 42,500-share non-qualified stock option and the 75,000 restricted shares both vest in three annual installments. The schedule allocates 25% at the first installment, 25% at the second, and 50% at the third, aligning long-term incentives with multi-year service.