AQST · Aquestive Therapeutics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.45M | - | $12.81M | $10.00M | $8.72M | - | $13.54M | $20.10M | $12.05M | - |
| Cost of Revenue | $3.47M | - | $4.51M | $4.56M | $3.65M | - | $4.44M | $4.53M | $4.39M | - |
| Gross Profit | $10.98M | - | $8.30M | $5.44M | $5.07M | - | $9.11M | $15.57M | $7.66M | - |
| R&D | $4.20M | - | $4.53M | $4.11M | $5.36M | - | $5.27M | $4.16M | $5.93M | - |
| SG&A | $10.98M | - | $15.25M | $12.71M | $19.07M | - | $12.13M | $11.36M | $10.69M | - |
| Total Operating Expenses | $18.65M | - | $24.29M | $21.37M | $28.09M | - | $21.83M | $20.04M | $21.01M | - |
| D&A | $113.0K | - | $139.0K | $140.0K | $139.0K | - | $159.0K | $165.0K | $207.0K | - |
| Operating Income | ($4.20M) | - | ($11.48M) | ($11.37M) | ($19.36M) | - | ($8.29M) | $55.0K | ($8.96M) | - |
| Interest Expense | $2.90M | - | $2.78M | $2.78M | $2.78M | - | $2.78M | $2.78M | $2.78M | - |
| Income Tax | $0 | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($8.06M) | - | ($15.45M) | ($13.55M) | ($22.93M) | - | ($11.51M) | ($2.75M) | ($12.83M) | - |
| EPS - Basic | ($0.07) | - | ($0.14) | ($0.14) | ($0.24) | - | ($0.13) | ($0.03) | ($0.17) | - |
| EPS - Diluted | ($0.07) | - | ($0.14) | ($0.14) | ($0.24) | - | ($0.13) | ($0.03) | ($0.17) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $121.17M | $121.17M | $129.06M | $60.54M | $68.66M | $71.55M | $77.89M | $89.87M | $23.87M | $23.87M |
| Accounts Receivable | $6.87M | $17.76M | - | - | - | $7.34M | - | - | - | $8.47M |
| Inventory | $8.07M | $6.17M | $7.88M | $8.13M | $7.20M | $6.04M | $7.02M | $6.97M | $7.73M | $6.77M |
| Accounts Payable | $11.89M | $29.86M | $10.87M | $11.95M | $12.28M | $10.29M | $7.57M | $5.70M | $10.52M | $8.93M |
| Current Assets | $130.18M | $149.27M | $151.67M | $81.72M | $89.17M | $88.22M | $96.57M | $104.01M | $113.38M | $40.97M |
| Total Assets | $141.13M | $160.43M | $163.56M | $93.70M | $102.23M | $101.42M | $109.96M | $117.61M | $129.52M | $57.42M |
| Current Liabilities | $31.75M | $47.61M | $25.57M | $23.16M | $18.30M | $18.86M | $15.15M | $13.89M | $18.06M | $18.31M |
| Long-term Debt | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M | $45.00M |
| Total Liabilities | $175.18M | $194.09M | $167.67M | $166.29M | $163.16M | $161.58M | $155.38M | $153.08M | $165.82M | $163.91M |
| Stockholders' Equity | ($34.05M) | ($33.66M) | ($4.11M) | ($72.59M) | ($60.93M) | ($60.16M) | ($45.42M) | ($35.48M) | ($36.30M) | ($106.49M) |
| Retained Earnings | ($455.06M) | ($447.00M) | ($415.14M) | ($399.69M) | ($386.14M) | ($363.21M) | ($346.16M) | ($334.65M) | ($331.90M) | ($319.08M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($14.81M) | - | - | - | ($23.40M) | - | - | - | ($10.38M) | - |
| Investing Cash Flow | ($52.0K) | - | - | - | ($135.0K) | - | - | - | ($29.0K) | - |
| Financing Cash Flow | $4.42M | - | - | - | $20.65M | - | - | - | $81.74M | - |
| CapEx | $52.0K | - | - | - | $135.0K | - | - | - | $29.0K | - |
| Free Cash Flow | ($14.86M) | - | - | - | ($23.54M) | - | - | - | ($10.41M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 76.0% | - | 64.8% | 54.4% | 58.1% | - | 67.2% | 77.5% | 63.6% | - |
| Operating margin | -29.1% | - | -89.6% | -113.6% | -222.1% | - | -61.2% | 0.3% | -74.3% | - |
| EBITDA margin | -28.3% | - | -88.5% | -112.2% | -220.5% | - | -60.0% | 1.1% | -72.6% | - |
| Net margin | -55.8% | - | -120.6% | -135.4% | -263.0% | - | -85.0% | -13.7% | -106.4% | - |
| Free cash flow margin | -102.9% | - | - | - | -269.9% | - | - | - | -86.4% | - |
| FCF / Net income | 1.84 | - | - | - | 1.03 | - | - | - | 0.81 | - |
| R&D / Revenue | 29.1% | - | 35.4% | 41.0% | 61.5% | - | 38.9% | 20.7% | 49.2% | - |
| SG&A / Revenue | 76.0% | - | 119.1% | 127.0% | 218.7% | - | 89.5% | 56.5% | 88.7% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -5.7% | - | -9.4% | -14.5% | -22.4% | - | -10.5% | -2.3% | -9.9% | - |
| Return on equity | 23.7% | - | 375.9% | 18.7% | 37.6% | - | 25.3% | 7.7% | 35.3% | - |
| Return on invested capital | -30.3% | - | -22.2% | - | - | - | - | 0.5% | -81.3% | - |
| Liquidity | ||||||||||
| Current ratio | 4.10 | 3.14 | 5.93 | 3.53 | 4.87 | 4.68 | 6.37 | 7.49 | 6.28 | 2.24 |
| Quick ratio | 3.85 | 3.01 | 5.62 | 3.18 | 4.48 | 4.36 | 5.91 | 6.98 | 5.85 | 1.87 |
| Cash ratio | 3.82 | 2.55 | 5.05 | 2.61 | 3.75 | 3.79 | 5.14 | 6.47 | 1.32 | 1.30 |
| Leverage | ||||||||||
| Debt / Equity | -1.32 | -1.34 | -10.95 | -0.62 | -0.74 | -0.75 | -0.99 | -1.27 | -1.24 | -0.42 |
| Debt / Assets | 0.32 | 0.28 | 0.28 | 0.48 | 0.44 | 0.44 | 0.41 | 0.38 | 0.35 | 0.78 |
| Debt / EBITDA | - | - | - | - | - | - | - | 204.55 | - | - |
| Interest coverage | -1.4x | - | -4.1x | -4.1x | -7.0x | - | -3.0x | 0.0x | -3.2x | - |
| Equity multiplier | -4.14 | -4.77 | -39.81 | -1.29 | -1.68 | -1.69 | -2.42 | -3.31 | -3.57 | -0.54 |
| Liabilities / Assets | 1.24 | 1.21 | 1.03 | 1.77 | 1.60 | 1.59 | 1.41 | 1.30 | 1.28 | 2.85 |
| Efficiency | ||||||||||
| Asset turnover | 0.10 | - | 0.08 | 0.11 | 0.09 | - | 0.12 | 0.17 | 0.09 | - |
| Inventory turnover | 0.43 | - | 0.57 | 0.56 | 0.51 | - | 0.63 | 0.65 | 0.57 | - |
| Days sales outstanding | 174d | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 849d | - | 639d | 650d | 719d | - | 578d | 562d | 643d | - |
| Days payable outstanding | 1251d | - | 880d | 956d | 1227d | - | 623d | 459d | 875d | - |
| Cash conversion cycle | -229d | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 35.2x | - | 48.3x | 32.9x | 31.8x | - | 33.5x | 11.8x | 26.0x | - |
| EV / EBITDA | - | - | - | - | - | - | - | 870.5x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 65.7% | - | -5.4% | -50.2% | -27.7% | - | 4.2% | 51.8% | 8.3% | - |
| Revenue CAGR (3y) | 9.1% | - | 3.8% | -9.0% | -10.8% | - | 0.6% | 9.4% | 2.7% | - |
| Revenue CAGR (5y) | 5.4% | - | 9.2% | -14.3% | -0.1% | - | 0.4% | 12.5% | -1.0% | - |
| Gross profit growth (YoY) | 116.6% | - | -8.8% | -65.1% | -33.9% | - | 11.0% | 135.1% | 19.8% | - |
| Operating income growth (YoY) | 78.3% | - | -38.5% | - | -116.2% | - | -248.8% | - | -94.5% | - |
| Net income growth (YoY) | 64.9% | - | -34.2% | -393.6% | -78.7% | - | -465.6% | 52.6% | - | - |
| EPS growth (YoY) | 70.8% | - | -7.7% | -366.7% | -41.2% | - | -333.3% | 70.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 36.9% | - | - | - | -126.0% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 44.1% | 44.0% | 91.0% | -104.6% | -67.8% | 43.5% | 55.9% | 66.7% | 66.8% | 10.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$44.55M totalReportable Segment$44.55M · 100.0%
Product / service
$45.48M totalManufacture And Supply Revenue$40.23M · 88.4%
License And Royalty Revenue$3.52M · 7.7%
Co Development And Research Fees$1.28M · 2.8%
Royalty$938.0K · 2.1%
Proprietary Product Revenue($478.0K) · -1.1%
Geographic
$44.55M totalUS$29.60M · 66.5%
Non Us$14.94M · 33.5%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Aquestive Therapeutics against the 5 most active filers in the same SIC group.