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Aquestive Therapeutics, Inc. (AQST) is the subject of a Schedule 13G reporting Edward P. Bass’s deemed beneficial ownership of 9,385,561 common shares, approximately 7.5% of the outstanding class. The reported position includes 7,876,267 shares held by Thru Line L.P. and 1,509,294 shares held by Bass individually. Thru Line L.P. separately reports beneficial ownership of 7,876,267 shares, approximately 6.3%. Bass exercises sole voting and dispositive power over the partnership’s shares as sole director and president of its general partner, Thru Line GP L.L.C.
Key Figures
Edward P. Bass deemed beneficial ownership:9,385,561 sharesEdward P. Bass beneficial ownership percentage:Approximately 7.5%Thru Line L.P. beneficial ownership:7,876,267 shares+2 more
5 metrics
Edward P. Bass deemed beneficial ownership9,385,561 sharesApproximately 7.5% of the outstanding common stock
Edward P. Bass beneficial ownership percentageApproximately 7.5%Of the outstanding common stock
Thru Line L.P. beneficial ownership7,876,267 sharesApproximately 6.3% of the outstanding common stock
Thru Line L.P. beneficial ownership percentageApproximately 6.3%Of the outstanding common stock
Shares held individually by Edward P. Bass1,509,294 sharesIncluded in Bass’s reported beneficial ownership
Key Terms
beneficial owner, sole power to vote, sole power to dispose, general partner
4 terms
beneficial ownerregulatory
"deemed to be the beneficial owner"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
sole power to voteregulatory
"sole power to vote or to direct the vote"
sole power to disposeregulatory
"sole power to dispose or to direct the disposition"
general partnertechnical
"the general partner of Thru Line"
A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many AQST shares does Edward P. Bass beneficially own?
Edward P. Bass may be deemed the beneficial owner of 9,385,561 shares, approximately 7.5% of Aquestive Therapeutics’ outstanding common stock. He has sole voting and dispositive power over the shares, including the shares held by Thru Line L.P.
How many AQST shares does Thru Line L.P. own?
Thru Line L.P. beneficially owns 7,876,267 shares, approximately 6.3% of Aquestive Therapeutics’ outstanding common stock. Edward P. Bass exercises voting and dispositive power over those shares as sole director and president of the partnership’s general partner, Thru Line GP L.L.C.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Aquestive Therapeutics, Inc.
(Name of Issuer)
Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
03843E104
(CUSIP Number)
10/07/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
03843E104
1
Names of Reporting Persons
Bass Edward P
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,385,561.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,385,561.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,385,561.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: 7,876,267 shares are held by Thru Line L.P. In his capacity as the sole director and President of Thru Line GP L.L.C., which is the general partner of Thru Line L.P., Edward P. Bass ("EPB") exercises voting and dispositive power over the 7,876,267 shares held by Thru Line L.P. 1,509,294 shares are held by EPB individually.
SCHEDULE 13G
CUSIP Number(s):
03843E104
1
Names of Reporting Persons
THRU LINE L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
7,876,267.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
7,876,267.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
7,876,267.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.3 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Voting and dispositive power is exercised by Edward P. Bass in his capacity as the sole director and President of Thru Line GP L.L.C., the general partner of Thru Line L.P.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Aquestive Therapeutics, Inc.
(b)
Address of issuer's principal executive offices:
184 LIBERTY CORNER ROAD, SUITE 305, WARREN, NEW JERSEY, 07059
Item 2.
(a)
Name of person filing:
Pursuant to Regulation 13D-G of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Act"), the undersigned hereby files this Schedule 13G Statement on behalf of Edward P. Bass ("EPB") and Thru Line L.P., a Delaware limited partnership ("Thru Line"), all of such persons and entities being referred to herein as the "Reporting Persons." Additionally, information is included herein with respect to Thru Line GP L.L.C., a Delaware limited liability company (the "Controlling Person"). The Reporting Persons and the Controlling Person are sometimes hereinafter collectively referred to as the "Item 2 Persons." The Item 2 Persons are making this single, joint filing because they may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act, although neither the fact of this filing nor anything contained herein shall be deemed to be an admission by the Item 2 Persons that such a group exists.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Item 2 Persons is 201 Main Street, Suite 3100, Fort Worth, Texas 76102.
(c)
Citizenship:
All of the natural persons listed in Item 2(a) are citizens of the United States of America.
(d)
Title of class of securities:
Common Stock, Par Value $0.001 Per Share
(e)
CUSIP Number(s):
03843E104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Reporting Persons
EPB
Because of his position as the sole director and President of the Controlling Person, which is the general partner of Thru Line, and his ownership of 1,509,294 shares held by him directly, EPB may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an aggregate of 9,385,561 shares of the Stock.
Thru Line
The aggregate number of shares of the Stock that Thru Line owns beneficially, pursuant to Rule 13d 3 of the Act, is 7,876,267.
Controlling Person
Because of its position as the general partner of Thru Line, the Controlling Person may, pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of 7,876,267 shares of the Stock.
To the best of the knowledge of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 herein is the beneficial owner of any shares of the Stock.
(b)
Percent of class:
Reporting Persons
EPB
EPB may be deemed to be the beneficial owner of approximately 7.5% of the outstanding shares of the Stock.
Thru Line
Thru Line owns approximately 6.3% of the outstanding shares of the Stock.
Controlling Person
The Controlling Person may be deemed to be the beneficial owner of approximately 6.3% of the outstanding shares of the Stock.
To the best of the knowledge of the Reporting Persons, other than as set forth above, none of the persons named in Item 2 herein is the beneficial owner of any shares of the Stock.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Reporting Persons
EPB
EPB has the sole power to vote or to direct the vote of an aggregate of 9,385,561 shares of the Stock, including (i) 7,876,267 shares in his capacity as the sole director and President of the Controlling Person, which is the general partner of Thru Line, and (ii) 1,509,294 shares held by him individually.
Thru Line
Acting through its general partner, Thru Line has the sole power to vote or to direct the vote of 7,876,267 shares of the Stock.
Controlling Person
In its capacity as the general partner of Thru Line, the Controlling Person has the sole power to vote or to direct the vote of 7,876,267 shares of the Stock.
(ii) Shared power to vote or to direct the vote:
Reporting Persons
EPB
EPB has no shared power to vote or to direct the vote of any shares of the Stock.
Thru Line
Thru Line has no shared power to vote or to direct the vote of any shares of the Stock.
Controlling Person
The Controlling Person has no shared power to vote or to direct the vote of any shares of the Stock.
(iii) Sole power to dispose or to direct the disposition of:
Reporting Persons
EPB
EPB has the sole power to dispose or to direct the disposition of an aggregate of 9,385,561 shares of the Stock, including (i) 7,876,267 shares in his capacity as the sole director and President of the Controlling Person, which is the general partner of Thru Line, and (ii) 1,509,294 shares held by him individually.
Thru Line
Acting through its general partner, Thru Line has the sole power to dispose or to direct the disposition of 7,876,267 shares of the Stock.
Controlling Person
In its capacity as the general partner of Thru Line, the Controlling Person has the sole power to dispose or to direct the disposition of 7,876,267 shares of the Stock.
(iv) Shared power to dispose or to direct the disposition of:
Reporting Persons
EPB
EPB has no shared power to dispose or to direct the disposition of any shares of the Stock.
Thru Line
Thru Line has no shared power to dispose or to direct the disposition of any shares of the Stock.
Controlling Person
The Controlling Person has no shared power to dispose or to direct the disposition of any shares of the Stock.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
This Schedule 13G is being filed on behalf of each of the Item 2 Persons pursuant to Rule 13d-1(c). Consistent with Item 2 of the cover page for each Reporting Person and Item 2(a) of this Schedule 13G, the Item 2 Persons neither affirm nor disclaim the existence of a group among them. The identity of each of the Item 2 Persons is set forth in Item 2(a) hereof.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
