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

Rhea-AI Filing Summary

Aquestive Therapeutics (AQST) reported an insider equity award to its Chief Development Officer. On 11/10/2025, the officer acquired 50,000 shares of Common Stock at $0, described as restricted stock that vests over three annual installments (25%, 25%, 50%). The filing also shows a non-qualified stock option for 50,000 shares at an exercise price of $5.58, granted on 11/10/2025 and expiring on 11/10/2035, with the same 25/25/50 vesting schedule.

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
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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^*

Davis Matthew W.

(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 Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

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	11/10/2025		A		50,000(1)	A	$0	50,000	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)	$5.58	11/10/2025		A		50,000		(2)	11/10/2035	Common Stock	50,000	$0	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 Braender, as Attorney-In-Fact	11/12/2025
	** 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 AQST report?

A grant of 50,000 restricted shares at $0 and a 50,000-share stock option at an exercise price of $5.58, both on 11/10/2025.

Who received the AQST equity awards?

The company’s Chief Development Officer received both the restricted stock and stock option grants.

What is the vesting schedule for the AQST awards?

Both awards vest in three annual installments: 25% on the first, 25% on the second, and 50% on the third installment.

What are the terms of the AQST stock option?

It covers 50,000 shares at an exercise price of $5.58, granted on 11/10/2025, expiring on 11/10/2035.

How many shares were beneficially owned after the AQST transaction?

The filing lists 50,000 shares beneficially owned directly following the reported transaction.

What SEC form did AQST file for this event?

A Form 4 detailing insider acquisitions of restricted stock and a stock option.