Investment Thesis
Aquestive Therapeutics exhibits severe financial distress with negative stockholders' equity of -$33.7M, indicating liabilities exceed assets by this amount. The company is burning cash at an unsustainable rate (-$53.0M free cash flow) while generating only $44.5M in declining revenue, with operating losses of -$71.1M and net losses of -$83.8M in the latest period. Despite adequate short-term liquidity, the company's fundamental business model is not generating profits and the negative equity position represents a critical solvency risk.
AQST Strengths
- Current ratio of 3.14x provides adequate short-term liquidity runway
- Cash position of $121.2M offers near-term operational flexibility
- 9 Form 4 insider filings suggest ongoing management involvement
AQST Risks
- Negative stockholders' equity of -$33.7M indicates technical insolvency
- Operating cash burn of -$52.4M is unsustainable even with $121.2M cash reserves
- Revenue declining 22.6% YoY while operating losses exceed $71M demonstrates failed unit economics
- Net margin of -188.1% shows company loses $1.88 for every $1 of revenue generated
- Pharmaceutical sector requires sustained R&D investment but company is in survival mode
Key Metrics to Watch
- Cash burn rate and runway until capital depletion
- Revenue stabilization or reversal of YoY decline
- Path to operating profitability or evidence of asset sales/restructuring
AQST Financial Metrics
AQST Profitability Ratios
AQST Balance Sheet & Liquidity
AQST 5-Year Financial Trend
5-Year Trend Summary: Aquestive Therapeutics, Inc.'s revenue has grown significantly by 13% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.51 indicates the company is currently unprofitable.
AQST Growth Metrics (YoY)
AQST Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $12.8M | -$2.7M | $-0.13 |
| Q2 2025 | $10.0M | -$2.7M | $-0.03 |
| Q1 2025 | $8.7M | -$12.8M | $-0.17 |
| Q3 2024 | $13.0M | $241.0K | $0.00 |
| Q2 2024 | $13.2M | $2.3M | $-0.03 |
| Q1 2024 | $11.1M | $8.1M | $0.11 |
| Q3 2023 | $11.5M | $241.0K | $0.00 |
| Q2 2023 | $13.2M | $2.3M | $0.04 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AQST Capital Allocation
AQST SEC Filings
Access official SEC EDGAR filings for Aquestive Therapeutics, Inc. (CIK: 0001398733)