(AQST) Aquestive Therapeutics - Overview
Stock: Buccal Film, Sublingual Film, Oral Film, Topical Gel, Prodrug Platform
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 131% |
| Relative Tail Risk | -11.3% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.75 |
| Alpha | 14.41 |
| Character TTM | |
|---|---|
| Beta | 1.256 |
| Beta Downside | 1.135 |
| Drawdowns 3y | |
|---|---|
| Max DD | 63.55% |
| CAGR/Max DD | 1.08 |
Description: AQST Aquestive Therapeutics December 29, 2025
Aquestive Therapeutics, Inc. (NASDAQ:AQST) is a U.S.-based pharmaceutical company that develops and commercializes film-based drug delivery products for central-nervous-system (CNS) and other acute indications, and it holds a portfolio of FDA-approved products and a pipeline of late-stage candidates.
Its marketed lineup includes Libervant (buccal soluble film diazepam for seizures), Suboxone (sublingual buprenorphine/naloxone film for opioid dependence), Sympazan (oral soluble film clobazam for Lennox-Gastaut syndrome), KYNMOBI (sublingual apomorphine film for “off” periods in Parkinson’s disease), and Azstarys (once-daily ADHD therapy). All products leverage the company’s proprietary PharmFilm technology, which aims to improve onset, adherence, and patient convenience.
The pipeline features Anaphylm, a sublingual epinephrine film currently in Phase 3 for emergency treatment of anaphylaxis, and AQST-108, a topical gel in Phase 2 for alopecia areata. Additional R&D focuses on the Adrenaverse epinephrine pro-drug platform, which could expand the company’s reach into acute care markets beyond allergy treatment.
As of the most recent 10-K (FY 2023), AQST reported $44 million in total revenue, a cash balance of $115 million, and a net loss of $78 million, reflecting heavy investment in Phase 3 trials and commercialization. The CNS specialty drug market is projected to grow at a CAGR of ~6 % through 2030, driven by rising prevalence of neurological disorders and increasing demand for rapid-onset formulations-trends that directly support AQST’s film-based delivery approach. Moreover, the ADHD market alone is expected to exceed $15 billion globally by 2027, providing a sizable addressable base for Azstarys.
For a data-driven deep-dive into AQST’s valuation metrics and comparable peers, you may find the ValueRay platform a useful next step.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: -69.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.31 > 0.02 and ΔFCF/TA 0.11 > 1.0 |
| NWC/Revenue: 290.6% < 20% (prev 138.2%; Δ 152.3% < -1%) |
| CFO/TA -0.31 > 3% & CFO -50.5m > Net Income -69.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 5.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (110.6m) vs 12m ago 21.41% < -2% |
| Gross Margin: 60.28% > 18% (prev 0.69%; Δ 5958 % > 0.5%) |
| Asset Turnover: 31.73% > 50% (prev 53.57%; Δ -21.83% > 0%) |
| Interest Coverage Ratio: -3.05 > 6 (EBITDA TTM -48.6m / Interest Expense TTM 17.1m) |
Altman Z'' -8.37
| A: 0.77 (Total Current Assets 151.7m - Total Current Liabilities 25.6m) / Total Assets 163.6m |
| B: -2.54 (Retained Earnings -415.1m / Total Assets 163.6m) |
| C: -0.38 (EBIT TTM -51.9m / Avg Total Assets 136.8m) |
| D: -2.48 (Book Value of Equity -415.0m / Total Liabilities 167.7m) |
| Altman-Z'' Score: -8.37 = D |
Beneish M -2.95
| DSRI: 1.65 (Receivables 11.8m/9.68m, Revenue 43.4m/58.9m) |
| GMI: 1.15 (GM 60.28% / 69.39%) |
| AQI: 0.51 (AQ_t 0.02 / AQ_t-1 0.04) |
| SGI: 0.74 (Revenue 43.4m / 58.9m) |
| TATA: -0.11 (NI -69.0m - CFO -50.5m) / TA 163.6m) |
| Beneish M-Score: -2.95 (Cap -4..+1) = A |
What is the price of AQST shares?
Over the past week, the price has changed by +39.32%, over one month by -34.13%, over three months by -32.95% and over the past year by +36.09%.
Is AQST a buy, sell or hold?
- StrongBuy: 5
- Buy: 4
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the AQST price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 8.6 | 110% |
| Analysts Target Price | 8.6 | 110% |
| ValueRay Target Price | 4.4 | 6.3% |
AQST Fundamental Data Overview February 02, 2026
Revenue TTM = 43.4m USD
EBIT TTM = -51.9m USD
EBITDA TTM = -48.6m USD
Long Term Debt = 29.9m USD (from longTermDebt, last quarter)
Short Term Debt = 8.49m USD (from shortTermDebt, last quarter)
Debt = 128.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -201.0k USD (from netDebt column, last quarter)
Enterprise Value = 359.7m USD (359.9m + Debt 128.9m - CCE 129.1m)
Interest Coverage Ratio = -3.05 (Ebit TTM -51.9m / Interest Expense TTM 17.1m)
EV/FCF = -7.06x (Enterprise Value 359.7m / FCF TTM -50.9m)
FCF Yield = -14.16% (FCF TTM -50.9m / Enterprise Value 359.7m)
FCF Margin = -117.4% (FCF TTM -50.9m / Revenue TTM 43.4m)
Net Margin = -158.9% (Net Income TTM -69.0m / Revenue TTM 43.4m)
Gross Margin = 60.28% ((Revenue TTM 43.4m - Cost of Revenue TTM 17.2m) / Revenue TTM)
Gross Margin QoQ = 64.82% (prev 54.40%)
Tobins Q-Ratio = 2.20 (Enterprise Value 359.7m / Total Assets 163.6m)
Interest Expense / Debt = 3.32% (Interest Expense 4.27m / Debt 128.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -41.0m (EBIT -51.9m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 5.93 (Total Current Assets 151.7m / Total Current Liabilities 25.6m)
Debt / Equity = -31.36 (negative equity) (Debt 128.9m / totalStockholderEquity, last quarter -4.11m)
Debt / EBITDA = 0.00 (negative EBITDA) (Net Debt -201.0k / EBITDA -48.6m)
Debt / FCF = 0.00 (negative FCF - burning cash) (Net Debt -201.0k / FCF TTM -50.9m)
Total Stockholder Equity = -49.4m (last 4 quarters mean from totalStockholderEquity)
RoA = -50.44% (Net Income -69.0m / Total Assets 163.6m)
RoE = 139.5% (negative equity) (Net Income TTM -69.0m / Total Stockholder Equity -49.4m)
RoCE = 266.3% (negative capital employed) (EBIT -51.9m / Capital Employed (Equity -49.4m + L.T.Debt 29.9m))
RoIC = 272.7% (negative operating profit) (NOPAT -41.0m / Invested Capital -15.0m)
WACC = 8.45% (E(359.9m)/V(488.8m) * Re(10.54%) + D(128.9m)/V(488.8m) * Rd(3.32%) * (1-Tc(0.21)))
Discount Rate = 10.54% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 27.03%
Fair Price DCF = unknown (Cash Flow -50.9m)
EPS Correlation: 61.31 | EPS CAGR: 118.2% | SUE: 0.37 | # QB: 0
Revenue Correlation: -3.89 | Revenue CAGR: 3.94% | SUE: -0.04 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.14 | Chg30d=+0.000 | Revisions Net=+0 | Analysts=2
EPS next Year (2026-12-31): EPS=-0.45 | Chg30d=+0.002 | Revisions Net=+0 | Growth EPS=+21.9% | Growth Revenue=+43.0%