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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% | - |
| 2024 | $58M | $-27M | $-44M | $-36M | 73.4% | 13.8% | - |
| 2023 | $51M | $1M | $-8M | $-7M | 7.4% | 6.1% | - |
| 2022 | $48M | $-40M | $-54M | $-12M | 45.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 47.68 | 50.58 | 57.56 | 44.55 |
| Cost Of Revenue | 19.39 | 20.83 | 17.87 | 18.55 |
| Gross Profit | 28.29 | 29.75 | 39.69 | 25.99 |
| Operating Expense | 70.36 | 44.85 | 70.46 | 97.04 |
| Operating Income | -42.07 | -15.10 | -30.77 | -71.05 |
| EBITDA | -39.58 | 1.18 | -26.62 | -66.14 |
| EBIT | -41.97 | -0.16 | -27.33 | -66.68 |
| Pretax Income | -54.41 | -7.62 | -44.15 | -83.78 |
| Tax Provision | 0 | 0.24 | -0.01 | 0 |
| Net Income | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income Common Stockholders | -54.41 | -7.87 | -44.14 | -83.78 |
| Total Expenses | 89.75 | 65.69 | 88.33 | 115.60 |
| Interest Expense | 12.44 | 7.46 | 16.82 | 17.10 |
| Interest Income | 0.10 | 16.32 | 3.44 | 4.37 |
| Research And Development | 17.48 | 13.10 | 20.28 | 17.19 |
| Selling General And Administration | 52.88 | 31.75 | 50.18 | 79.85 |
| Normalized EBITDA | -39.58 | 2.56 | -26.62 | -66.14 |
| Normalized Income | -54.41 | -6.78 | -44.14 | -83.78 |
| Basic EPS | -1.12 | -0.13 | -0.51 | 0 |
| Diluted EPS | -1.12 | -0.13 | -0.51 | 0 |
| Tax Effect Of Unusual Items | 0 | -0.29 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0.21 | 0 | 0 |
| Total Unusual Items | 0 | -1.38 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | -1.38 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -54.41 | -7.87 | -44.14 | -83.78 |
| Reconciled Depreciation | 2.39 | 1.34 | 0.72 | 0.55 |
| Reconciled Cost Of Revenue | 19.39 | 20.83 | 17.87 | 18.55 |
| Net Interest Income | -12.34 | 8.86 | -13.38 | -12.73 |
| Net Income From Continuing And Discontinued Operation | -54.41 | -7.87 | -44.14 | -83.78 |
| Total Operating Income As Reported | -42.07 | -15.10 | -30.77 | -71.05 |
| Diluted Average Shares | 48.73 | 61.26 | 86.73 | 0 |
| Basic Average Shares | 48.73 | 61.26 | 86.73 | 0 |
| Diluted NI Availto Com Stockholders | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income Including Noncontrolling Interests | -54.41 | -7.87 | -44.14 | -83.78 |
| Net Income Continuous Operations | -54.41 | -7.87 | -44.14 | -83.78 |
| Other Income Expense | 0 | -1.38 | 0 | 0 |
| Special Income Charges | 0 | -1.38 | 0 | 0 |
| Other Special Charges | 0 | 1.38 | 0 | 0 |
| Net Non Operating Interest Income Expense | -12.34 | 8.86 | -13.38 | -12.73 |
| Interest Expense Non Operating | 12.44 | 7.46 | 16.82 | 17.10 |
| Interest Income Non Operating | 0.10 | 16.32 | 3.44 | 4.37 |
| Operating Revenue | 47.68 | 50.58 | 57.56 | 44.55 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aquestive Therapeutics, Inc.this co. | AQST | $503M | - | -14.67 | 248.9% | -5.90 |
| Personalis, Inc. | PSNL | $528M | - | 1.98 | -31.1% | -4.25 |
| Tactile Systems Technology, Inc. | TCMD | $512M | 27.44 | 2.31 | 8.7% | 12.18 |
| Altimmune, Inc. | ALT | $511M | - | 1.30 | -39.2% | -1.10 |
| Tectonic Therapeutic, Inc. | TECX | $510M |
| - |
| 2.02 |
| -29.5% |
| -3.09 |
| XOMA Royalty Corporation | XOMA | $497M | 28.08 | 5.79 | 37.8% | 38.75 |
| Entrada Therapeutics, Inc. | TRDA | $494M | - | 1.50 | -47.0% | -1.40 |
| Esperion Therapeutics, Inc. | ESPR | $492M | - | -1.55 | 7.5% | 14.42 |
| ADC Therapeutics SA | ADCT | $481M | - | -2.56 | 76.7% | -6.25 |
| Peer Median | - | 27.76 | 1.74 | -11.0% | -1.25 | |