Aquestive Therapeutics, Inc.

Aquestive Therapeutics reported a net loss of $83.8 million for fiscal year 2025, driven by total costs and expenses of $115.6 million which significantly exceeded revenues of $44.5 million. The company generated negative operating cash flow of $52.4 million, though financing activities provided $102.6 million primarily from equity offerings, resulting in a net cash increase of $49.6 million and year-end cash of $121.2 million. Key challenges include the CRL received for Anaphylm in January 2026 requiring additional clinical work, the conversion of Libervant approval to tentative status following litigation, and upcoming debt obligations with $45 million in 13.5% Notes requiring principal payments starting June 2026. Revenue declined from prior years due to sunsetting Suboxone sales, with Indivior representing 73% of total revenue.

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