Aquestive Therapeutics, Inc. (AQST) Stock

Aquestive Therapeutics, Inc. (AQST) is a Healthcare stock trading at $4.65 (as of 2026-08-21), with a market capitalization of $583.63M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Aquestive Therapeutics, Inc. is a pharmaceutical company that identifies, develops, and commercializes products focused on treating conditions in the United States and internationally. Its marketed therapies include Sympazan, Suboxone, Zuplenz, and Azstarys, and it also develops additional proprietary product candidates in areas such as seizures and amyotrophic lateral sclerosis.

Understand Aquestive Therapeutics, Inc.: how it makes money

Aquestive Therapeutics develops and commercializes prescription products, including Sympazan, Suboxone, Zuplenz, and Azstary, and it generates revenue primarily from manufacturer and supply sales, with limited reported license and royalty revenue.

The companys profit model depends on turning adoption and prescriptions for its marketed products into manufacturer and supply revenue, while license and royalty revenue is shown as negligible in the latest reported period.

Revenue by segment (latest quarter)
Mfg and Supply$0.0B
Licenses and Royalties$0.0B

Business quality (Mixed): Gross margin is reported at 76.0%, but the company also shows a negative operating margin of -29.1% in the latest quarter, so scaling execution matters and profitability is currently a challenge.

Bull case

  • Strong gross margin reported (76.0%): If the company can grow the revenue base, product-level economics could support improved operating results.
  • Some evidence of prescriber adoption in study metrics: Physicians aware of an FDA-approved nasal spray product on an aided basis were 92%, and 65% had already written a prescription for the nasal spray.

Bear case

  • Negative operating margin reported (-29.1%): Operating losses indicate the company is not currently converting its gross profit into operating profitability.
  • License and royalty revenue is reported as 0.0B in the latest period: If manufacturing and supply revenue remains the main contributor, the business may be more exposed to execution and demand for specific products.
Valuation — source: SEC EDGAR (first-party)
Price$4.65
Market Cap$583.63M
Price / Sales10.51
FCF Yield-16.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$44.55M
Net Margin-188.1%
Revenue Growth (YoY)-22.6%
EPS Growth (YoY)52.9%
FCF Growth (YoY)47.5%
Financial Health — source: SEC EDGAR
Altman Z-Score-2.57 (distress)
Piotroski F-Score2/9 (weak)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.7
Industry P/E (Pharmaceutical Products)17.2
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBratton Capital Management, L.P. ($40.72M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEODaniel Barber
Employees142
CountryUS
IPO Date2018-07-25

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AQST earnings history · AQST institutional & insider holders · AQST KPIs & operating metrics · AQST financials · AQST investor presentations & press releases · AQST SEC filings · AQST peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.