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

Rhea-AI Filing Summary

Aquestive Therapeutics (AQST) insider sale: Peter E. Boyd, an officer serving as SVP IT, HR & Communications, reported a sale of 10,000 shares of the company’s common stock on 09/26/2025 at a price of $6.30 per share. After the transaction he beneficially owned 278,323 shares. The filing states the sales were effected under a previously adopted Rule 10b5-1 trading plan. The Form 4 was signed by attorney-in-fact Lori Braender on 09/29/2025.

Positive

• Transaction disclosed with required details: date, price ($6.30), amount (10,000 shares), and post-transaction ownership (278,323 shares).
• Sale executed under a Rule 10b5-1 trading plan, indicating the trade was pre-arranged and documented.

Negative

• Reduction in insider holdings: the reporting person disposed of 10,000 shares, decreasing direct beneficial ownership.
• No additional context provided about rationale for the sale beyond the 10b5-1 plan (e.g., size relative to total holdings or percentage sold).

Insights

Securities Analyst

TL;DR: Routine insider sale under a Rule 10b5-1 plan; ownership remains substantial at 278,323 shares.

The reported transaction is a non-derivative sale of 10,000 common shares at $6.30 per share executed on 09/26/2025 and disclosed on a Form 4. The disclosure explicitly notes the sale was effected pursuant to a pre-established Rule 10b5-1 trading plan, which indicates the trade was likely prearranged rather than opportunistic. The reporting person continues to hold 278,323 shares following the sale. From a disclosure perspective, the filing is complete and provides the key items investors and compliance teams expect: transaction date, price, amount sold, remaining beneficial ownership, and the Rule 10b5-1 remark.

Corporate Governance Expert

TL;DR: Properly documented insider transaction with Rule 10b5-1 disclosure and attorney-in-fact signature.

The Form 4 clearly identifies the reporting person (Peter E. Boyd), relationship to the issuer (officer/title listed), transaction details, and the use of a Rule 10b5-1 trading plan. The signature block shows execution by an attorney-in-fact, which is acceptable when properly authorized. There are no additional disclosures such as amendments or derivative transactions in this filing. Governance controls appear observed based on the explicit statements in the form.

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).

1. Name and Address of Reporting Person^*

Boyd Peter E.

(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)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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	09/26/2025		S(1)		10,000	D	$6.3	278,323	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:

SVP IT, HR, & Communications

	/s/ Lori Braender, as Attorney-In-Fact	09/29/2025
	** 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 insider transaction did Peter E. Boyd report for AQST?

He reported a sale of 10,000 shares of Aquestive Therapeutics common stock on 09/26/2025 at $6.30 per share.

How many AQST shares does the reporting person own after the sale?

The Form 4 reports the reporting person beneficially owned 278,323 shares following the transaction.

Was the sale part of a Rule 10b5-1 trading plan?

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

What is the reporting person's role at Aquestive Therapeutics?

The remarks identify the reporting person as SVP IT, HR, & Communications.

Who signed the Form 4 filing?

The signature on the form is /s/ Lori Braender, as Attorney-In-Fact, dated 09/29/2025.