Aquestive Therapeutics, Inc. financials
Source: EDGAR filings · Built 2026-06-02T02:21:23Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -52.99M | -35.92M | -7.38M | -10.84M | -33.89M | -45.98M |
| EBITDA | -70.50M | -30.05M | -13.76M | -39.68M | -31.71M | -39.45M |
| Working Capital | 101.66M | 69.36M | 22.66M | 360.00K | 25.30M | 23.52M |
| Net Debt | -71.09M | -20.92M | 27.11M | 11.52M | -25.18M | 23.27M |
| Gross Margin | 58.35% | 68.95% | 58.82% | 59.34% | — | 71.72% |
| Operating Margin | -159.50% | -53.46% | -29.86% | -88.23% | -68.22% | -93.55% |
| Net Margin | -188.09% | -76.68% | -15.56% | -114.11% | -138.77% | -121.67% |
| Return on Equity (ROE) | 248.90% | 73.37% | 7.39% | 45.89% | 85.88% | 115.02% |
| Return on Assets (ROA) | -52.23% | -43.52% | -13.71% | -95.34% | -113.79% | -88.71% |
| Current Ratio | 3.14× | 4.68× | 2.24× | 1.01× | 2.15× | 2.11× |
| Debt-to-Equity | -1.49× | -0.84× | -0.48× | -0.33× | -0.03× | -1.14× |
| Effective Tax Rate | 0.00% | 0.03% | -3.21% | 0.00% | 0.00% | 0.00% |
| Cash Conversion Ratio | 0.63× | 0.81× | 0.81× | 0.18× | 0.47× | 0.81× |
| Accruals Ratio | -0.20× | -0.08× | -0.03× | -0.78× | -0.61× | -0.16× |
| SBC % of Revenue | 17.12% | 12.33% | 5.32% | 9.19% | 13.41% | 14.35% |
| CapEx Coverage | -93.30× | -224.90× | -6.41× | -9.59× | -36.12× | -87.93× |
| Free Cash Flow Per Share | $-0.50 | $-0.41 | $-0.12 | $-0.22 | $-0.89 | $-1.37 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| P/S | 17.70× | 5.65× | 2.74× | 1.04× | 3.16× | 4.03× |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 44.55M | 57.56M | 50.58M | 47.68M | 50.83M | 45.85M |
| Cost of Goods and Services Sold | 18.55M | 17.87M | 20.83M | 19.39M | — | 12.96M |
| Research and Development Expense | 17.19M | 20.28M | 13.10M | 17.48M | 17.05M | 19.89M |
| Selling, General and Administrative Expense | 79.85M | 50.18M | 31.75M | 52.88M | 53.48M | 55.89M |
| Operating Expenses | — | — | — | 89.75M | 85.51M | 88.74M |
| Operating Income (Loss) | -71.05M | -30.77M | -15.10M | -42.07M | -34.68M | -42.89M |
| Income Tax Expense (Benefit) | 0 | -14.00K | 245.00K | 0 | 0 | 0 |
| Net Income (Loss) Attributable to Parent | -83.78M | -44.14M | -7.87M | -54.41M | -70.54M | -55.78M |
| Earnings Per Share, Basic | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 |
| Weighted Average Number of Shares Outstanding, Basic | 106.93M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M |
| Earnings Per Share, Diluted | $-0.78 | $-0.51 | $-0.13 | $-1.12 | $-1.85 | $-1.66 |
| Weighted Average Number of Shares Outstanding, Diluted | 106.93M | 86.73M | 61.26M | 48.73M | 38.08M | 33.65M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 121.17M | 71.55M | 23.87M | 27.27M | 28.02M | 31.81M |
| Assets, Current | 149.27M | 88.22M | 40.97M | 39.89M | 47.26M | 44.63M |
| Assets | 160.43M | 101.42M | 57.42M | 57.07M | 61.99M | 62.88M |
| Long-term Debt | 45.00M | 45.00M | 45.00M | — | — | 51.50M |
| Liabilities, Current | 47.61M | 18.86M | 18.31M | 39.53M | 21.96M | 21.10M |
| Liabilities | 194.09M | 161.58M | 163.91M | 175.62M | 144.13M | 111.38M |
| Stockholders' Equity Attributable to Parent | -33.66M | -60.16M | -106.49M | -118.55M | -82.13M | -48.50M |
| Common Stock, Shares, Outstanding | 122.04M | 91.41M | 68.53M | 54.83M | 41.23M | 34.57M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -52.43M | -35.76M | -6.38M | -9.82M | -32.98M | -45.46M |
| Payments to Acquire Property, Plant, and Equipment | 562.00K | 159.00K | 995.00K | 1.02M | 913.00K | 517.00K |
| Net Cash Provided by (Used in) Investing Activities | -562.00K | -159.00K | -995.00K | -2.52M | -913.00K | -517.00K |
| Net Cash Provided by (Used in) Financing Activities | 102.62M | 83.59M | 3.97M | 11.59M | 30.11M | 28.46M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -14.86M | -8.55M | -44.44M | -31.56M | -23.54M | -6.50M |
| EBITDA | -4.09M | -28.71M | — | — | -19.23M | -13.43M |
| Working Capital | 98.43M | 101.66M | 126.10M | 58.57M | 70.87M | 69.36M |
| Net Debt | -60.91M | -71.09M | -78.95M | -10.30M | -18.30M | -20.92M |
| Gross Margin | 75.99% | 55.16% | 64.82% | 54.40% | 58.12% | 61.91% |
| Operating Margin | -29.10% | -221.58% | -89.63% | -113.65% | -222.08% | -114.43% |
| Net Margin | -55.77% | -244.79% | -120.61% | -135.44% | -262.96% | -143.72% |
| Return on Equity (ROE) | 23.66% | 94.65% | 375.91% | 18.66% | 37.63% | 28.35% |
| Return on Assets (ROA) | -5.71% | -19.86% | -9.44% | -14.46% | -22.43% | -16.82% |
| Current Ratio | 4.10× | 3.14× | 5.93× | 3.53× | 4.87× | 4.68× |
| Debt-to-Equity | -1.46× | -1.49× | -12.19× | -0.69× | -0.83× | -0.84× |
| Effective Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.08% |
| Cash Conversion Ratio | 1.84× | 0.27× | 2.85× | 2.31× | 1.02× | 0.38× |
| Accruals Ratio | 0.05× | -0.15× | 0.17× | 0.19× | 0.00× | -0.10× |
| SBC % of Revenue | 16.05% | 10.57% | 48.79% | 34.70% | 18.20% | 20.25% |
| CapEx Coverage | -284.73× | -99.64× | -92.17× | -129.40× | -173.33× | -432.60× |
| Free Cash Flow Per Share | $-0.12 | $-0.08 | $-0.40 | $-0.32 | $-0.25 | $-0.07 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/S | 10.26× | 17.70× | 15.67× | 7.45× | 5.31× | 5.65× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 14.45M | 13.02M | 12.81M | 10.00M | 8.72M | 11.87M |
| Cost of Goods and Services Sold | 3.47M | 5.84M | 4.51M | 4.56M | 3.65M | 4.52M |
| Research and Development Expense | 4.20M | 3.20M | 4.53M | 4.11M | 5.36M | 4.92M |
| Selling, General and Administrative Expense | 10.98M | 32.82M | 15.25M | 12.71M | 19.07M | 16.01M |
| Operating Income (Loss) | -4.20M | -28.84M | -11.48M | -11.37M | -19.36M | -13.58M |
| Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 | 0 | -14.00K |
| Net Income (Loss) Attributable to Parent | -8.06M | -31.86M | -15.45M | -13.55M | -22.93M | -17.05M |
| Earnings Per Share, Basic | $-0.07 | $-0.27 | $-0.14 | $-0.14 | $-0.24 | $-0.19 |
| Weighted Average Number of Shares Outstanding, Basic | 122.61M | 106.93M | 110.58M | 99.33M | 95.50M | 86.73M |
| Earnings Per Share, Diluted | $-0.07 | $-0.27 | $-0.14 | $-0.14 | $-0.24 | $-0.19 |
| Weighted Average Number of Shares Outstanding, Diluted | 122.61M | 106.93M | 110.58M | 99.33M | 95.50M | 86.73M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 110.73M | 121.17M | 129.06M | 60.54M | 68.66M | 71.55M |
| Assets, Current | 130.18M | 149.27M | 151.67M | 81.72M | 89.17M | 88.22M |
| Assets | 141.13M | 160.43M | 163.56M | 93.70M | 102.23M | 101.42M |
| Long-term Debt | 45.00M | 45.00M | 45.00M | 45.00M | 45.00M | 45.00M |
| Liabilities, Current | 31.75M | 47.61M | 25.57M | 23.16M | 18.30M | 18.86M |
| Liabilities | 175.18M | 194.09M | 167.67M | 166.29M | 163.16M | 161.58M |
| Stockholders' Equity Attributable to Parent | -34.05M | -33.66M | -4.11M | -72.59M | -60.93M | -60.16M |
| Common Stock, Shares, Outstanding | 124.28M | 122.04M | 121.66M | 99.35M | 99.32M | 91.41M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -14.81M | -8.47M | -43.96M | -31.31M | -23.40M | -6.49M |
| Payments to Acquire Property, Plant, and Equipment | 52.00K | 85.00K | 477.00K | 242.00K | 135.00K | 15.00K |
| Net Cash Provided by (Used in) Investing Activities | -52.00K | -85.00K | -477.00K | -242.00K | -135.00K | -15.00K |
| Net Cash Provided by (Used in) Financing Activities | 4.42M | 660.00K | 101.96M | 20.55M | 20.65M | 157.00K |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (AQST CIK 0001398733),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
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statement than on the actual 10-K / 10-Q; custom concepts and
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For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.