Aquestive Therapeutics, Inc.
AQST · Pharmaceutical Preparations · 125.5M shares · +27%/yr ↑ shares · EDGAR filings ↗
Reference price $5.02 · est. market cap ~$629M — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — specialty pharma (Anaphylm), losses, negative equity.
Strengths
- Liquidity — current ratio 3.1 (43rd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -1.34)
- Net lossNet loss (net margin -188.1%)
- Cash burnNegative free cash flow (-53.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +27%/yr over 4y (dilution)
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.3%
Operating margin
-159.5%
Net margin
-188.1%
Return on equity
248.9%
Return on assets
-52.2%
ROIC
-495.1%
Revenue growth (QoQ)
11.0%
Debt / equity
-1.3×
Current ratio
3.1×
Free cash flow
-$53M
EBITDA
-$71M
Tangible book value
-$34M
Stock comp / revenue
17.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Krop Julie | Sell | 25K | $5.02 |
| 2026-06-23 | Krop Julie | Option exercise | 25K | $0.71 |
| 2026-06-15 | Barber Daniel | Sell | 25K | $4.16 |
| 2026-06-08 | Korczynski Sherry | Tax withheld | 2.7K | — |
| 2026-05-18 | Zalewski Thomas A. | Grant | 100K | — |
| 2026-05-15 | Cioffi Melina | Tax withheld | 1.7K | $4.17 |
| 2026-05-15 | Barber Daniel | Sell | 8.3K | $4.29 |
| 2026-05-07 | BRAENDER LORI J | Tax withheld | 136K | $4.23 |
| 2026-05-05 | Boyd Peter E. | Tax withheld | 57K | $4.18 |
| 2026-05-05 | Barber Daniel | Tax withheld | 336K | $4.18 |
| 2026-05-05 | TOTH A ERNEST JR | Tax withheld | 93K | $4.18 |
| 2026-05-05 | Jung Cassie | Tax withheld | 73K | $4.18 |
| 2026-05-05 | BRAENDER LORI J | Tax withheld | 76K | $4.18 |
| 2026-03-10 | Barber Daniel | Sell | 181K | $4.17 |
| 2026-03-10 | Boyd Peter E. | Sell | 30K | $4.17 |
| 2026-03-10 | BRAENDER LORI J | Sell | 40K | $4.17 |
| 2026-03-10 | Cioffi Melina | Sell | 25K | $4.17 |
| 2026-03-10 | TOTH A ERNEST JR | Sell | 58K | $4.17 |
| 2026-03-10 | Korczynski Sherry | Sell | 16K | $4.17 |
| 2026-03-10 | Jung Cassie | Sell | 46K | $4.17 |
| 2026-03-09 | Greenhawt Matthew J. | Grant | 75K | — |
| 2026-03-09 | TOTH A ERNEST JR | Grant | 95K | — |
| 2026-03-09 | BRAENDER LORI J | Grant | 80K | — |
| 2026-03-09 | Davis Matthew W. | Grant | 50K | — |
| 2026-03-09 | Cioffi Melina | Grant | 100K | — |
| 2026-03-09 | Korczynski Sherry | Grant | 75K | — |
| 2026-03-09 | Jung Cassie | Grant | 80K | — |
| 2026-03-09 | Barber Daniel | Grant | 262K | — |
| 2026-03-09 | Boyd Peter E. | Grant | 80K | — |
| 2025-12-04 | Boyd Peter E. | Grant | 20K | — |
| 2025-12-02 | Cioffi Melina | Tax withheld | 2.1K | $5.93 |
| 2025-11-10 | Davis Matthew W. | Grant | 50K | — |
| 2025-10-15 | Boyd Peter E. | Sell | 10K | $7.00 |
| 2025-10-15 | Jung Cassie | Option exercise | 25K | $3.10 |
| 2025-10-15 | Jung Cassie | Sell | 68K | $7.01 |
| 2025-10-15 | Kraus Carl N | Sell | 20K | $7.00 |
| 2025-09-26 | Boyd Peter E. | Sell | 10K | $6.30 |
| 2025-09-26 | Barber Daniel | Sell | 91K | $6.03 |
| 2025-09-19 | Barber Daniel | Sell | 400 | $6.00 |
| 2025-09-05 | Boyd Peter E. | Sell | 15K | $5.30 |
| 2025-09-04 | Jung Cassie | Option exercise | 25K | $0.71 |
| 2025-09-04 | Jung Cassie | Sell | 62K | $5.00 |
| 2025-09-04 | Jung Cassie | Option exercise | 25K | $3.15 |
| 2025-08-14 | Korczynski Sherry | Grant | 25K | — |
| 2025-08-09 | Kraus Carl N | Tax withheld | 11K | $3.90 |
| 2025-06-09 | Korczynski Sherry | Tax withheld | 2.7K | $3.54 |
| 2025-05-15 | Cioffi Melina | Grant | 20K | — |
| 2025-03-10 | Wargacki Stephen | Tax withheld | 4.6K | $2.54 |
| 2025-03-10 | Jung Cassie | Tax withheld | 2.2K | $2.54 |
| 2025-03-09 | Barber Daniel | Tax withheld | 54K | $2.65 |
| 2025-03-09 | Wargacki Stephen | Tax withheld | 15K | $2.65 |
| 2025-03-09 | Jung Cassie | Tax withheld | 8.0K | $2.65 |
| 2025-03-09 | TOTH A ERNEST JR | Tax withheld | 8.7K | $2.65 |
| 2025-03-09 | BRAENDER LORI J | Tax withheld | 11K | $2.65 |
| 2025-03-09 | Boyd Peter E. | Tax withheld | 7.7K | $2.65 |
| 2025-03-07 | TOTH A ERNEST JR | Grant | 110K | — |
| 2025-03-07 | TOTH A ERNEST JR | Tax withheld | 10K | $2.65 |
| 2025-03-07 | Barber Daniel | Grant | 272K | — |
| 2025-03-07 | Kraus Carl N | Grant | 70K | — |
| 2025-03-07 | Kraus Carl N | Tax withheld | 8.1K | $2.65 |
| 2025-03-07 | Korczynski Sherry | Grant | 90K | — |
| 2025-03-07 | Korczynski Sherry | Tax withheld | 5.4K | $2.65 |
| 2025-03-07 | BRAENDER LORI J | Grant | 110K | — |
| 2025-03-07 | BRAENDER LORI J | Tax withheld | 9.6K | $2.65 |
| 2025-03-07 | Barber Daniel | Tax withheld | 29K | $2.65 |
| 2025-03-07 | Boyd Peter E. | Grant | 80K | — |
| 2025-03-07 | Boyd Peter E. | Tax withheld | 6.6K | $2.65 |
| 2025-03-07 | Jung Cassie | Grant | 80K | — |
| 2025-03-07 | Jung Cassie | Tax withheld | 7.4K | $2.65 |
| 2025-03-07 | Wargacki Stephen | Grant | 115K | — |
| 2025-03-07 | Wargacki Stephen | Tax withheld | 13K | $2.65 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Shareholder voteExhibits | filing ↗ |
| 2026-05-13 | Material agreement1.02ResultsDebt obligation3.02Reg FDExhibits | filing ↗ |
| 2026-03-30 | Reg FDExhibits | filing ↗ |
| 2026-03-20 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-04 | Material agreementResults3.02Reg FDExhibits | filing ↗ |
| 2026-02-26 | Reg FDExhibits | filing ↗ |
| 2026-02-02 | Reg FDExhibits | filing ↗ |
| 2026-01-09 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-10 | 0001398733-26-000033 ↗ |
| 8-K | 2026-05-13 | 2026-05-12 | 0001398733-26-000029 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001398733-26-000030 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0001398733-26-000022 ↗ |
| 8-K | 2026-03-20 | 2026-03-16 | 0001398733-26-000020 ↗ |
| 8-K | 2026-03-04 | 2026-03-03 | 0001398733-26-000016 ↗ |
| 10-K | 2026-03-04 | 2025-12-31 | 0001398733-26-000018 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001398733-26-000007 ↗ |
| 8-K | 2026-02-02 | 2026-01-30 | 0001398733-26-000005 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001398733-26-000003 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001398733-25-000030 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001398733-25-000027 ↗ |