Aquestive Therapeutics, Inc.

Aquestive Therapeutics is a U.S.-based pharmaceutical company focused on developing and manufacturing medicines that use proprietary delivery technologies to make complex drugs easier to administer. Its core platform, PharmFilm®, supports oral film and other non-invasive dosage forms, while its pipeline includes Anaphylm™, a late-stage epinephrine prodrug candidate for severe allergic reactions, and the broader AdrenaVerse™ platform. The company also earns revenue from four licensed commercialized products that are marketed by partners in the U.S. and internationally, with Aquestive serving as the exclusive manufacturer. In addition to internal development, it collaborates with other pharmaceutical companies to bring new molecules to market using its delivery science and manufacturing capabilities.

−158,3 %

58,3 %

−188,1 %

−22,6 %

3.14

3.01

— Aquestive Therapeutics, Inc.
%
Proprietary product candidates15% Late-stage and pipeline medicines developed for Aquestive's own commercialization or partnering, including Anaphylm and AdrenaVerse.
Manufacture and supply40% Contract manufacturing of licensed products that partners commercialize in the U.S. and globally.
License and royalty revenue20% Royalties and licensing income from intellectual property and partnered products.
Co-development and research services15% Development services and collaboration fees earned under pharmaceutical partner agreements.
Commercialized proprietary products10% Self-commercialized products such as Libervant, where applicable, though access has been disrupted by litigation and FDA action.

Aquestive sells primarily to pharmaceutical partners rather than directly to end consumers, which makes its business...

  • Pharmaceutical licenseesprimary

    Buy manufactured doses of licensed products from Aquestive because the company is the exclusive manufacturer and they need reliable supply for commercialization.

  • Development and collaboration partnerssecondary

    Use Aquestive's delivery technologies and development capabilities to advance new molecules and formulations through co-development agreements.

  • Royalty and IP partnerssecondary

    Pay license and royalty fees tied to commercialized products that use Aquestive's intellectual property.

  • Patients and healthcare providersemerging

    Use proprietary products such as Libervant and, if approved, Anaphylm, because the company aims to offer less invasive alternatives to standard care.

Aquestive is headquartered in Warren, New Jersey, with manufacturing operations in Portage, Indiana, and its primary...

  • •Headquarters and primary R&D are in Warren, New Jersey
  • •Manufacturing is centered in Portage, Indiana
  • •Licensed products are marketed by partners in the U.S. and internationally
  • •Facilities are subject to FDA, TGA, DEA, ANVISA, and EMA oversight
  • •No country-level revenue split was disclosed in the excerpts

Aquestive's strategy centers on advancing Anaphylm and the AdrenaVerse platform while preserving optionality through...

01
Advance Anaphylm through regulatory approvalshort-term

Anaphylm is the company's most important late-stage proprietary asset and could materially change the business mix if approved.

02
Preserve liquidity and access external capitalshort-term

The company expects continued losses and negative cash flow, so funding is required to sustain development and debt service.

03
Monetize assets through partnering or outlicensingmedium-term

Outlicensing can reduce commercialization burden and create milestone or royalty income while limiting cash burn.

04
Expand the proprietary delivery platformmedium-term

PharmFilm and related technologies are the company's core differentiation and can support future collaborations.

Aquestive faces substantial development and regulatory risk because its lead proprietary programs depend on FDA...

critical

Liquidity shortfall and refinancing risk

The company expects continued losses and needs capital to fund operations, development, and debt service.

Scope
Operating runway and 13.5% Notes
Materiality
high
high

FDA regulatory setbacks for Anaphylm

The lead proprietary program depends on resolving FDA concerns and obtaining approval, and a delay or rejection would materially impair growth prospects.

Scope
Anaphylm and the broader epinephrine prodrug strategy
Materiality
high
high

Clinical trial execution dependence on CROs

Delays, data quality issues, or vendor failures could slow or invalidate development programs.

Scope
Preclinical and clinical pipeline
Materiality
high
high

Commercial concentration in a limited product set

Revenue depends on a small number of licensed products and proprietary launches, making the business vulnerable to single-product disruption.

Scope
Manufacture and supply revenue, Libervant, future launches
Materiality
high
medium

Intellectual property and litigation exposure

The company relies on proprietary delivery technologies and may face disputes over patents, trade secrets, or commercialization rights.

Scope
PharmFilm and product pipeline
Materiality
medium
Revenue recognition across multiple revenue streams
Affects reported revenue mix and comparability
Variable consideration reserves
Affects net revenue and accrued liabilities
Sale of future revenue liability accounting
Affects leverage presentation and interest expense
Development-stage asset valuation
Affects asset carrying values and loss recognition

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: 11/08/2026