AQST Stock: Insider Activity, Filings & Research
Aquestive Therapeutics, Inc. (AQST) — Drillr’s hub for AQST insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, AQST insiders filed 0 open-market buys and 8 sales (SEC Form 4).
AQST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | Zalewski Thomas A.officer: Chief Legal Officer | Grant | 75,000 | $4.13 |
| May 19, 2026 | Zalewski Thomas A.officer: Chief Legal Officer | Grant | 100,000 | — |
| May 18, 2026 | Barber Danielofficer: President and CEO | Sell | 8,257 | $4.29 |
| May 18, 2026 | Cioffi Melinaofficer: SVP, Regulatory Affairs | Tax | 1,667 | $4.17 |
| May 11, 2026 | BRAENDER LORI Jofficer: Corporate Secretary | Tax | 135,690 | $4.23 |
| May 7, 2026 | BRAENDER LORI Jofficer: Corporate Secretary | Tax | 76,147 | $4.18 |
| May 7, 2026 | Barber Danielofficer: President and CEO | Tax | 335,922 | $4.18 |
| May 7, 2026 | Boyd Peter E.officer: Chief People Officer | Tax | 56,778 | $4.18 |
| May 7, 2026 | TOTH A ERNEST JRofficer: Chief Financial Officer | Tax | 92,652 | $4.18 |
| May 7, 2026 | Jung Cassieofficer: Chief Operating Officer | Tax | 72,734 | $4.18 |
| Apr 13, 2026 | Korczynski Sherryofficer: Chief Commercial Officer | Grant | 67,500 | — |
| Apr 13, 2026 | Barber Danielofficer: President and CEO | Grant | 293,100 | — |
| Apr 13, 2026 | Boyd Peter E.officer: Chief People Officer | Grant | 60,000 | — |
| Apr 13, 2026 | Jung Cassieofficer: Chief Operating Officer | Grant | 60,000 | — |
| Apr 13, 2026 | TOTH A ERNEST JRofficer: SVP, Chief Financial Officer | Grant | 82,500 | — |
Source: AQST SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
Aquestive Therapeutics, Inc. company profile
Overview
Aquestive Therapeutics, Inc. (NASDAQ:AQST) is a specialty pharmaceutical company founded in 2004 and headquartered in Warren, New Jersey. The company went public in July 2018 and focuses on developing and commercializing innovative drug delivery technologies, particularly through its proprietary oral soluble film platform. Aquestive has evolved from a contract manufacturing organization into a fully integrated pharmaceutical company with both commercial products and a robust pipeline of proprietary drug candidates targeting various therapeutic areas including epilepsy, anaphylaxis, ADHD, and rare diseases.
Business
Aquestive operates in the specialty pharmaceutical industry, developing and commercializing complex drug formulations using advanced delivery technologies. The company's core expertise lies in oral soluble film technology, which allows medications to be delivered through thin, dissolvable films placed in the mouth rather than traditional pills or injections. The company operates through three main business segments: 1. Proprietary Products (approximately 15-20% of revenue): Aquestive markets several FDA-approved medications including Sympazan (clobazam oral film for Lennox-Gastaut syndrome), Libervant (diazepam buccal film for seizures), and co-promotes Azstarys (ADHD treatment). These products leverage the company's film delivery technology to provide alternatives to traditional dosage forms. 2. Manufacturing and Supply Services (approximately 70-75% of revenue): The company provides contract manufacturing services for other pharmaceutical companies, producing oral soluble films and other complex dosage forms. This includes manufacturing Suboxone (buprenorphine/naloxone films for opioid dependence) and Zuplenz (ondansetron films for nausea/vomiting). 3. License and Royalty Revenue (approximately 5-10% of revenue): Aquestive generates income from licensing its proprietary technologies and receives royalties from products developed using its platforms. The oral soluble film technology addresses several medical challenges: it provides rapid drug absorption, eliminates swallowing difficulties for patients who cannot take pills, offers precise dosing, and can be administered without water. This is particularly valuable for pediatric patients, elderly individuals, and emergency situations where traditional dosage forms are impractical.
Revenue model
Aquestive generates revenue through multiple complementary business models. The largest revenue stream comes from contract manufacturing services, where the company produces oral films and other complex dosage forms for pharmaceutical partners on a fee-for-service basis. This business provides steady cash flow and leverages the company's specialized manufacturing capabilities. The company also earns revenue through product sales of its proprietary medications, where it acts as the commercial entity selling directly to wholesalers, pharmacies, and healthcare systems. For co-promoted products like Azstarys, Aquestive receives milestone payments and profit-sharing arrangements. Licensing and royalty income represents another revenue stream, where Aquestive licenses its technology platforms to other companies and receives upfront payments, milestones, and ongoing royalties based on product sales. Several factors influence Aquestive's profitability margins. Manufacturing efficiency and capacity utilization directly impact the contract services business, as higher volumes spread fixed costs across more units. Regulatory approval timelines affect proprietary product launches and associated development costs. Competition from generic alternatives and biosimilars can pressure pricing for existing products. Patent protection and exclusivity periods determine the duration of premium pricing for proprietary products. The company's margins are also sensitive to raw material costs, regulatory compliance expenses, and the need for ongoing research and development investments. Market access and payer coverage decisions significantly impact proprietary product uptake and pricing negotiations. The specialized nature of oral film manufacturing provides some competitive protection, but the business remains capital-intensive with substantial regulatory and quality requirements.
Competitive moat
Aquestive's competitive moat is moderately strong but faces several challenges. The company's primary advantage lies in its specialized expertise in oral soluble film technology, which requires significant technical know-how, regulatory approval, and manufacturing infrastructure that competitors cannot easily replicate. The company has built proprietary formulation capabilities and accumulated regulatory experience across multiple therapeutic areas. However, this moat has limitations. Large pharmaceutical companies with substantial resources could potentially develop competing film technologies or acquire similar capabilities. The contract manufacturing business, while providing steady revenue, operates in a competitive market where clients can potentially switch suppliers or bring manufacturing in-house. Patent protection provides temporary exclusivity, but patents eventually expire, opening markets to generic competition. The company's strongest competitive position lies in its Anaphylm program for emergency epinephrine delivery, where the oral film format could offer significant advantages over existing auto-injector devices. If approved, this product could establish a differentiated market position that would be difficult for competitors to replicate quickly. Potential disruption could come from alternative drug delivery technologies, such as nasal sprays, transdermal patches, or next-generation injection devices. Large pharmaceutical companies with greater resources could develop competing platforms or acquire Aquestive's technology. Generic manufacturers may eventually develop their own film technologies as patents expire. The company's relatively small size also makes it vulnerable to acquisition or competitive pressure from better-funded rivals.
Risks & safety
The margin of safety appears moderate to concerning given the company's current financial position and cash burn rate. • Liquidity and Cash Position: $68.7 million in cash and short-term investments as of Q1 2025, with current ratio of 4.87, indicating strong short-term liquidity. However, the company is burning approximately $23-24 million per quarter in operating cash flow. • Debt and Solvency: Total liabilities of $163.2 million exceed total assets of $102.2 million, creating negative equity of approximately $61 million. The company carries significant debt obligations that will require refinancing or repayment. • Cash Burn and Runway: At current burn rates of approximately $90-95 million annually, the company has roughly 9-12 months of cash runway, requiring additional financing before Anaphylm's potential launch in early 2026. • Valuation Metrics: Trading at negative book value with P/E ratio of -3.02 due to ongoing losses. EV/EBITDA multiple is negative due to negative EBITDA. • Revenue Stability: Contract manufacturing provides some revenue stability, but proprietary product sales remain small and the company is heavily dependent on successful Anaphylm approval and launch for future growth.
Recent development
Over the past few years, Aquestive has undergone a significant strategic transformation, pivoting from primarily a contract manufacturer to a proprietary product-focused pharmaceutical company. The most critical development has been the advancement of Anaphylm, an epinephrine sublingual film for emergency treatment of anaphylaxis, which represents the company's largest commercial opportunity with potential peak sales exceeding $1 billion globally. The company has systematically completed clinical studies for Anaphylm, including pivotal pharmacokinetic studies, temperature/pH stability studies, self-administration studies, and an oral allergen challenge study demonstrating significant symptom resolution benefits. Management filed the New Drug Application (NDA) with the FDA and expects acceptance in mid-2025, with potential approval and launch in early 2026. Aquestive has also expanded its proprietary product portfolio through the launch of Libervant for pediatric seizure treatment, achieving coverage across all 50 state Medicaid programs and securing agreements with major pharmacy benefit managers. The company is appealing court rulings regarding orphan drug exclusivity to expand Libervant's addressable patient population. The company has developed the ADRENAVERSE platform for topical epinephrine delivery, with AQST-108 advancing toward Phase 2a trials for alopecia areata treatment. This represents diversification of the epinephrine franchise beyond emergency anaphylaxis treatment. Strategically, Aquestive has streamlined operations by terminating unprofitable collaborations and focusing resources on high-potential proprietary programs. The company has built commercial capabilities, hiring experienced marketing and sales teams, particularly for the anticipated Anaphylm launch. Management has also explored potential partnerships for international markets and different therapeutic areas while maintaining flexibility between self-commercialization and strategic collaboration approaches.
AQST company profile · for informational purposes only — not investment advice.
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