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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $44.55M | $57.56M | $50.58M | $47.68M | $50.83M | $45.85M |
| Cost of Revenue | $18.55M | $17.87M | $20.83M | - | - | $12.96M |
| Gross Profit | $25.99M | $39.69M | $29.75M | - | - | $32.88M |
| R&D | $17.19M | $20.28M | $13.10M | $17.48M | $17.05M | $19.89M |
| SG&A | $79.85M | $50.18M | $31.75M | $52.88M | $53.48M | $55.89M |
| Total Operating Expenses | $115.60M | $88.33M | $89.75M | $89.75M | $88.74M | $88.74M |
| D&A | $548.0K | $718.0K | $1.34M | $2.39M | $2.96M | $3.44M |
| Operating Income | ($71.05M) | ($30.77M) | ($15.10M) | ($42.07M) | ($34.68M) | ($42.89M) |
| Interest Expense | $11.12M | $11.12M | $6.34M | $6.55M | $10.05M | $11.06M |
| Income Tax | $0 | ($14.0K) | $245.0K | $0 | $0 | $0 |
| Net Income | ($83.78M) | ($44.14M) | ($7.87M) | ($54.41M) | ($70.54M) | ($55.78M) |
| EPS - Basic | ($0.78) | ($0.51) | ($0.13) | ($1.12) | ($1.66) | - |
| EPS - Diluted | ($0.78) | ($0.51) | ($0.13) | ($1.12) | ($1.66) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $121.17M | $71.55M | $23.87M | $27.27M | $28.02M | $31.81M |
| Accounts Receivable | $17.76M | $8.47M | - | - | - | - |
| Inventory | $6.17M | $6.04M | $6.77M | $5.78M | $4.04M | $2.46M |
| Accounts Payable | $29.86M | $10.29M | $8.93M | $9.95M | $8.31M | $7.09M |
| Current Assets | $149.27M | $88.22M | $40.97M | $39.89M | $47.26M | $44.63M |
| Total Assets | $160.43M | $101.42M | $57.42M | $57.07M | $61.99M | $62.88M |
| Current Liabilities | $47.61M | $18.86M | $18.31M | $39.53M | $21.96M | $21.10M |
| Long-term Debt | $45.00M | $45.00M | $45.00M | - | - | $51.50M |
| Total Liabilities | $194.09M | $161.58M | $163.91M | $175.62M | $144.13M | $111.38M |
| Stockholders' Equity | ($33.66M) | ($60.16M) | ($106.49M) | ($118.55M) | ($82.13M) | ($48.50M) |
| Retained Earnings | ($447.00M) | ($363.21M) | ($319.08M) | ($311.21M) | ($256.80M) | ($186.26M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($52.43M) | ($35.76M) | ($6.38M) | ($9.79M) | ($32.98M) | ($45.46M) |
| Investing Cash Flow | ($562.0K) | ($159.0K) | ($995.0K) | ($2.52M) | ($913.0K) | ($517.0K) |
| Financing Cash Flow | $102.62M | $83.59M | $3.97M | $11.56M | $30.11M | $28.46M |
| CapEx | $562.0K | $159.0K | $995.0K | $1.02M | $913.0K | $517.0K |
| Free Cash Flow | ($52.99M) | ($35.92M) | ($7.38M) | ($10.81M) | ($33.89M) | ($45.98M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 58.3% | 69.0% | 58.8% | - | - | 71.7% |
| Operating margin | -159.5% | -53.5% | -29.9% | -88.2% | -68.2% | -93.6% |
| EBITDA margin | -158.3% | -52.2% | -27.2% | -83.2% | -62.4% | -86.0% |
| Net margin | -188.1% | -76.7% | -15.6% | -114.1% | -138.8% | -121.7% |
| Free cash flow margin | -119.0% | -62.4% | -14.6% | -22.7% | -66.7% | -100.3% |
| FCF / Net income | 0.63 | 0.81 | 0.94 | 0.20 | 0.48 | 0.82 |
| R&D / Revenue | 38.6% | 35.2% | 25.9% | 36.7% | 33.5% | 43.4% |
| SG&A / Revenue | 179.3% | 87.2% | 62.8% | 110.9% | 105.2% | 121.9% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -52.2% | -43.5% | -13.7% | -95.3% | -113.8% | -88.7% |
| Return on equity | 248.9% | 73.4% | 7.4% | 45.9% | 85.9% | 115.0% |
| Return on invested capital | -495.1% | - | - | - | - | -1128.4% |
| Liquidity | ||||||
| Current ratio | 3.14 | 4.68 | 2.24 | 1.01 | 2.15 | 2.11 |
| Quick ratio | 3.01 | 4.36 | 1.87 | 0.86 | 1.97 | 2.00 |
| Cash ratio | 2.55 | 3.79 | 1.30 | 0.69 | 1.28 | 1.51 |
| Leverage | ||||||
| Debt / Equity | -1.34 | -0.75 | -0.42 | - | - | -1.06 |
| Debt / Assets | 0.28 | 0.44 | 0.78 | - | - | 0.82 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -6.4x | -2.8x | -2.4x | -6.4x | -3.5x | -3.9x |
| Equity multiplier | -4.77 | -1.69 | -0.54 | -0.48 | -0.75 | -1.30 |
| Liabilities / Assets | 1.21 | 1.59 | 2.85 | 3.08 | 2.32 | 1.77 |
| Efficiency | ||||||
| Asset turnover | 0.28 | 0.57 | 0.88 | 0.84 | 0.82 | 0.73 |
| Inventory turnover | 3.01 | 2.96 | 3.08 | - | - | 5.27 |
| Days sales outstanding | 146d | 54d | - | - | - | - |
| Days inventory outstanding | 121d | 123d | 119d | - | - | 69d |
| Days payable outstanding | 587d | 210d | 156d | - | - | 200d |
| Cash conversion cycle | -321d | -33d | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | 15.5x | 5.4x | 2.4x | 0.9x | 2.6x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -22.6% | 13.8% | 6.1% | -6.2% | 10.9% | -12.8% |
| Revenue CAGR (3y) | -2.2% | 4.2% | 3.3% | -3.2% | -8.8% | - |
| Revenue CAGR (5y) | -0.6% | 1.8% | -5.4% | - | 66.3% | - |
| Gross profit growth (YoY) | -34.5% | 33.4% | - | - | - | - |
| Operating income growth (YoY) | -130.9% | -103.8% | 64.1% | -21.3% | 19.1% | 18.6% |
| Net income growth (YoY) | -89.8% | -460.8% | 85.5% | 22.9% | -26.5% | 15.8% |
| EPS growth (YoY) | -52.9% | -292.3% | 88.4% | 32.5% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -47.5% | -387.0% | 31.8% | 68.1% | 26.3% | 24.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 44.0% | 43.5% | 10.2% | -44.3% | -69.4% | -692.2% |
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%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-3.08
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
1/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Aquestive Therapeutics against the 5 most active filers in the same SIC group.