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Aquestive Therapeutics, Inc. operates as a pharmaceutical company in the United States and internationally. It offers Libervant, a buccal soluble film formulation of diazepam for the treatment of seizures; Suboxone, a sublingual film formulation of buprenorphine and naloxone for the treatment of opioid dependence; EMYLIF, an oral film formulation of riluzole; ONDIF, an oral soluble film formulation of ondansetron; SYMPAZAN, an oral soluble film formulation of clobazam used for the treatment of seizures associated with a rare, intractable form of epilepsy; KYNMOBI, a sublingual film formulation of apomorphine; and AZSTARYS, an fda-approved, once-daily product for the treatment of ADHD in patients age 6 years or older. The company's proprietary pipeline products include Anaphylm, an epinephrine sublingual film, which is in phase 3 clinical trial for the emergency treatment of allergic reactions, including anaphylaxis; and AQST-108, a topical gel that is in phase 2 clinical trial for the treatment of alopecia areata. In addition, it develops PharmFilm technology for patients suffering from certain central nervous system disorders; and Adrenaverse, an epinephrine prodrug platform. The company was incorporated in 2004 and is headquartered in Warren, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $45M | $-66M | $-84M | $-53M | 248.9% | -22.6% | 89.8% |
| 2024 | $58M | $-27M | $-44M | $-36M | 73.4% | 13.8% | 460.8% |
| 2023 | $51M | $1M | $-8M | $-7M | 7.4% | 6.1% | -85.5% |
| 2022 | $48M | $-40M | $-54M | $-12M | 45.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 47.68 | 50.58 | 57.56 | 44.54 |
| Operating Revenue | - | 47.68 | 50.58 | 57.56 | 44.54 |
| Cost Of Revenue | - | 19.39 | 20.83 | 17.87 | 18.56 |
| Gross Profit | - | 28.29 | 29.75 | 39.69 | 25.99 |
| Operating Expense | - | 70.36 | 44.85 | 70.46 | 97.04 |
| Research And Development | - | 17.48 | 13.10 | 20.28 | 17.19 |
| Selling General And Administration | - | 52.88 | 31.75 | 50.18 | 79.85 |
| Total Expenses | - | 89.75 | 65.68 | 88.33 | 115.60 |
| Operating Income | - | -42.07 | -15.10 | -30.77 | -71.05 |
| Total Operating Income As Reported | - | -42.07 | -15.10 | -30.77 | -71.05 |
| EBITDA | - | -39.58 | 1.18 | -26.62 | -66.14 |
| Normalized EBITDA | - | -39.58 | 2.56 | -26.62 | -66.14 |
| EBIT | - | -41.97 | -0.16 | -27.33 | -66.68 |
| Interest Income | - | 0.10 | 16.32 | 3.44 | 4.37 |
| Interest Expense | - | 12.44 | 7.46 | 16.82 | 17.10 |
| Net Interest Income | - | -12.34 | 8.86 | -13.38 | -12.73 |
| Other Income Expense | -13.82 | - | -1.38 | - | - |
| Interest Income Non Operating | - | 0.10 | 16.32 | 3.44 | 4.37 |
| Interest Expense Non Operating | - | 12.44 | 7.46 | 16.82 | 17.10 |
| Net Non Operating Interest Income Expense | - | -12.34 | 8.86 | -13.38 | -12.73 |
| Pretax Income | - | -54.41 | -7.62 | -44.15 | -83.78 |
| Tax Provision | - | 0 | 0.24 | -0.01 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.29 | 0 | 0 |
| Net Income Continuous Operations | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income From Continuing And Discontinued Operation | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income From Continuing Operation Net Minority Interest | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income Common Stockholders | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income Including Noncontrolling Interests | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Normalized Income | - | -54.41 | -6.78 | -44.14 | -83.78 |
| Diluted NI Availto Com Stockholders | - | -54.41 | -7.87 | -44.14 | -83.78 |
| Basic Average Shares | 38.08 | 48.73 | 61.26 | 86.73 | - |
| Diluted Average Shares | 38.08 | 48.73 | 61.26 | 86.73 | - |
| Reconciled Depreciation | - | 2.39 | 1.34 | 0.72 | 0.55 |
| Reconciled Cost Of Revenue | - | 19.39 | 20.83 | 17.87 | 18.56 |
| Total Unusual Items | -13.82 | 0 | -1.38 | 0 | - |
| Total Unusual Items Excluding Goodwill | -13.82 | 0 | -1.38 | 0 | - |
| Special Income Charges | -13.82 | 0 | -1.38 | 0 | - |
| Other Special Charges | 13.82 | - | 1.38 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aquestive Therapeutics, Inc.this co. | AQST | $519M | -6.20 | -15.43 | 248.9% | -6.66 |
| Strata Critical Medical, Inc. | SRTA | $542M | 13.10 | 1.94 | 14.8% | -36.28 |
| XOMA Royalty Corporation | XOMA | $532M | 16.77 | 6.34 | 37.8% | 12.14 |
| 4D Molecular Therapeutics, Inc. | FDMT | $523M | -3.73 | 1.03 | -27.7% | -3.19 |
| Pacific Biosciences of California, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| PACB |
| $506M |
| -0.93 |
| 94.65 |
| -10214.5% |
| -7.50 |
| Arvinas, Inc. | ARVN | $499M | -6.18 | 1.15 | -18.6% | -3.23 |
| AngioDynamics, Inc. | ANGO | $497M | -14.62 | 2.72 | -18.6% | 256.27 |
| Standard BioTools Inc. | LAB | $496M | -6.62 | 1.17 | -17.7% | -4.73 |
| Evolent Health, Inc. | EVH | $493M | -0.92 | 1.19 | -128.7% | -3.68 |
| Peer Median | - | -2.33 | 1.56 | -18.6% | -3.45 | |